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How am I going to pay for college? Got Money?

How am I going to pay for college? Got Money?. Projected College Costs. Budget. Calculate how much money you earn or are given in a month. Calculate your expenses. Set your spending goals. Decide on a method to keep track of your budget (Budget Worksheet).

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How am I going to pay for college? Got Money?

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  1. How am I going to pay for college?Got Money?

  2. Projected College Costs

  3. Budget • Calculate how much money you earn or are given in a month. • Calculate your expenses. • Set your spending goals. • Decide on a method to keep track of your budget (Budget Worksheet). • Review progress regularly.

  4. Budget Ideas • Set and Stick to a Budget. • Pay Yourself (Savings). • Limit Eating Out. • Free or Low Cost Entertainment.

  5. Sample Budget Worksheet

  6. Savings Chart

  7. What is Financial Aid? Financial aid consists of funds provided to students and families to help pay for postsecondary (college) educational expenses. When planning for college and comparing aid packages, it is important to look at the net cost of attendance: How to determine your Net Cost Example: XYZ UniversityBYUHawaii Tuition $20,000 $2,385 Scholarship ($10,000)($500) Net Cost $10,000 $1,885 What are the different types of Financial Aid? Scholarships, grants, employment, and loans. Financial Aid

  8. Financial Aid • Scholarships and Grants • Money that does not have to be paid back. • Awarded on the basis of merit, skills, unique characteristics or financial need.

  9. Employment • Students who work do better in school. • Allows student to contribute towards education. • A paycheck. • Non-monetary compensation such as room and board. Financial Aid

  10. Aid awarded primarily on the basis of financial need. • Must apply every year using the Free Application for Federal Student Aid (FAFSA). • Amount of aid is calculated based on government formulas and not determined by institution. Federal Aid

  11. Common Federal Aid Programs at BYU-H: • Pell Grant • TEACH Grant • Stafford Loans • PLUS Loans Federal Aid

  12. Loans • Money students and parents borrow to help pay college expenses. • Repayment usually begins after education is completed. • Interest will accrue while in school. • Only borrow what is really needed. Federal Aid

  13. Other Resources at BYU-Hawaii? • Student Employment • Deferred Payment Plan • Book Loan • Payroll Deduction

  14. Mahalo! BYU-Hawaii Financial Aid Office Phone: 675-3316 Fax: 675-3323 Email: financialservices@byuh.edu Office Hours: Monday – Friday 8:00am – 5:00pm

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