November 13,2013

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November 13,2013

Paying for College:

What You need to know before They go!

Presented by: Jay London, JDZAPS Learning Company

Topics:Completing the FAFSADifferent types of Federal AidCommon Mistakes when completing

the FAFSAScholarshipsAlternative Student Loans

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Applying for Federal AidFree Application for Federal Student Aid

FAFSA

To be eligible for “financial aid” a student must first file the FAFSA

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Applying for Federal AidThe earliest a student can complete the FAFSA for the

2014-2015 academic year is January 1, 2014

* The earlier the FAFSA is completed the better chance the

student has of receiving all aid for which they are eligible.

* Each college/university will also have there own deadlines for FAFSA to be completed. * Students must re-apply for aid each year.

Website: http://www.fafsa.ed.gov4

Applying for Federal Aid

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Completing the FAFSA

Student Social Security NumberDrivers LicenseStudent’s W-2’sStudent and Spouse’s Income Tax Return for prior

yearParents Tax Returns for the prior year (if a

dependent)Most Recent Bank StatementsResident Alien card or Permanent Resident Card

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Before a student begins filling out their FAFSA they will need to gather the following items:

Common Mistakes when Completing the FAFSA

Filing too LateFailure to provide accurate informationFiling Independent vs. Dependent

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Current Federal Loan Options

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Stafford Loans

Subsidized/Unsubsidized

Parent Plus

Perkins Loan

Work Study

Grants

GrantsAmount awarded is based on the Student’s

and/or Parent’s income. The student becomes eligible by filing the FAFSA

Grants can be awarded through 3 different sources: School The State the School is located in The Federal Government

Receiving grants is a very competitive process but there are more then 100 grant programs available to students.

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ScholarshipsFree moneyNever has to be paid backAwarded to students for a variety of

programsWays to Qualify:

KnowledgeCommunity involvementAthleticismOrganization involvementLeadership

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ScholarshipsWhere to look:

Local BusinessesLocal Clubs and OrganizationsFinancial InstitutionsEmployerOn-line

Great Websites that I recommend are: www.fastweb.com

www.scholarships.com

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Scholarship ScamsTips to avoid Scams:

Be careful of on-line scholarships Can you find the scholarship on other

sites?

GuaranteeNever give out personal account

informationNever pay a fee

Scholarships are free money, you should never have to pay to get them

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When Federal Loans are not Enough

Given the strict limits the government has set, the aid they award is often not enough to cover the cost of tuition, books, and room and board.

Alternative/Private Student loans are designed as a solution to this problem.

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Alternative Student Loans Places to look for alternative

student loans:

local credit unions and banks On-line Guidance Counselors office at the

High School Financial Aid offices at

Prospective Colleges and Universities

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Commonly Used WebsitesCompleting the FAFSA:

www.fafsa.ed.gov

Monitoring Federal Loans:www.mygreatlakes.com

Scholarships:www.fastweb.com

www.scholarships.com15

What questions do you have?

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