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Financing Your Education

Financing Your Education. A partnership between Government, School and Family . HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE. Government. Government Aid Regulations The Government works to determine overall aid

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Financing Your Education

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  1. Financing Your Education A partnership between Government, School and Family. HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE

  2. Government • Government Aid Regulations • The Government works to determine • overall aid • Aid regulations apply to all schools • Your eligibility for aid is established by • the government HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE

  3. School • Institutional Assistance • Depends upon funding at school • School sets eligibility requirements • Varies from school to school • High cost schools have more institutional • assistance HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE

  4. Family Expected Family Contribution Your expected family contribution or EFC is established by the federal processor. Your EFC is the amount of money you and your parents can be expected to contribute to your college costs each year. HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE

  5. FAFSA Apply Eligibility for aid is determined based upon your FAFSA (Free Application for Federal Student Aid). The FAFSA becomes available January 1 of each year. Download or complete the FAFSA on the Web at www.fafsa.ed.gov,pick one up at your high school, college or library, or call 1-800-4-FED-AID. HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE For FAFSA tips and tools visit www.fastweb.com

  6. FAFSA HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE Verification About 1 in 3 FAFSAs are picked by the government for verification. When this happens, you must supply additional information as requested. The information should be submitted to your prospective college as soon as possible to prevent delays in your aid. For FAFSA tips and tools visit www.fastweb.com

  7. NEED HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE Definition of Need Your financial need varies based on the cost of attendance. Need is the cost of attendance minus your expected family contribution (EFC). For FAFSA tips and tools visit www.fastweb.com

  8. Need • Demonstration of Need • Establish Cost - Use FastWeb’s Cost Calculators • to figure out the cost of: • - Tuition and Fees - Books and Supplies • - Room and Board - Personal and Transportation Costs • Determine Family Contributions (EFC) • - To get an early estimate of your EFC, use the Financial Aid • Estimation Calculator at www.finaid.org • Evaluate Other Resources • - Scholarships • - Benefits • - High School Awards HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE

  9. School Meets Need • Schools May Offer • Grants (gift assistance - do not need to be paid back) • Pell • Supplemental • Tuition • Talent Incentive • Federal & Private Loans (must be repaid) • Stafford (subsidized and unsubsidized) • Perkins • PLUS (parents) • Jobs (employment opportunities) • Scholarships (institutional & private) HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE

  10. Borrowing Warning Students can get hooked into a lot of borrowing for an education— students and parents can help keep borrowing to a minimum. Cut Costs by Curbing Expenses - Take advantage of campus activities - Seek out used textbooks - Exercise credit card restraint - Minimize excess travel - Carpool or take a bus when going back home - Keep phone calls minimal - Go with the basics in fashion-they won’t go out of style Manage Money Wisely - Make a budget and stick to it Be a Student Worker—Student workers typically do better in their studies - Earn and save as much as possible from a summer job - Work part-time while in school Consider Alternative Sources of Aid . . . HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE

  11. Scholarships • Use the Internet to find scholarship opportunities • FastWeb: www.fastweb.com • Over 600,000 scholarships listed • $1 billion dollars in aid available • Free • On-line applications • Expert Advice • E-mail updates when new awards become available • Help and How-tos • Printable information request letters HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE

  12. Scholarships • Scam Warning Signs: Beware of all companies that do any of the following: • Require a fee of any kind • Refuse to release their telephone number and • provide only a P.O. Box where you can mail your • check • Offer an award for which you did not apply • Promise to do all the work for the student • More... HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE

  13. Scholarships • Scam Warning Signs (continued) • Guarantees you will win an award • Claim that you cannot get the information they • supply anywhere else • Require personal financial information such as a • credit card or checking account number to “verify” • or “hold the scholarship” • Charge an up-front fee for a loan HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE

  14. More More Ways to Finance Your Education Hope Scholarship Tax Credit A direct reduction of your calculated tax for qualified out-of-pocket expenses. Lifetime Learning Tax Credit A percentage credit of 20% on the dollar; not available for those who qualify for the Hope Scholarship Tax Credit, but still applicable for students enrolled less than half time. Student Loan Interest Deduction An “above the line” deduction (does not have to be itemized) of up to $2,000 in the year 2000 and $2,500 for 2001 and thereafter. Even more ways... HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE

  15. More Ways to Finance Your Education (continued) IRA Early Withdrawal Provision for Education No penalty for early withdrawal of IRA funds to pay qualified educational expenses. Education IRA Type of IRA in which contributions are made until the beneficiary reaches the age of 18. Prepaid Tuition Programs Tuition costs are rising at a faster pace than inflation so starting this program at anytime can help reduce costs. 529 Plans Allows students of any age and their families to save money tax-free under Section 529 of the Internal Revenue Code. Plans vary from state to state. HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE

  16. The End This presentation was created by FastWeb If you have any questions or comments about this presentation or FastWeb in general, please don’t hesitate to contact the Member Services Department at 1-800-FASTWEB. Students, to complete a free Scholarship Search visit www.fastweb.com. Educators, visit www.fastweb.com/educator to find helpful resources, how-tos, and articles for your students. HOW IT WORKS GOVERNMENT SCHOOL FAMILY HOW TO GET IT FAFSA NEED BORROWING SCHOLARSHIPS MORE

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