Paying for College

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Paying for College Financial Aid Overview
North Dakota Association of Student Financial Aid
Administrators
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• College Expenses
• Its not free
• Tuition Fees
• Room Board
• Books Supplies
• Transportation
• Miscellaneous Personal Expenses

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• Plan Save
• Its never too late!
• RUReadyND.com
• Choices Explorer
• Choices Planner
• testGEAR for ACT
• College SAVE
• State tax deduction
• Tax free growth
• Matching grant program
• Upromise Rewards program

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• What is Financial Aid
• Scholarships
• Assistance Programs
• State Grants
• Federal Grants
• Federal Work Study
• Student Loans

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• Where to Find Scholarships
• Local businesses organizations
• Library
• Colleges/Universities
• Call NDCAN
• Religious Organizations
• Fraternal Organizations
• Employers
• Tribal Agencies
• State Agencies
• Large Corporations
• Internet

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• Internet Addresses
• www.nd-can.com
• www.fastweb.com
• www.finaid.org
• www.scholarships.com
• www.collegenet.com
• www.srnexpress.com
• www.cashe.com
• www.winscholarships.com

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• Assistance Programs
• ND Job Corps
• Vocational Rehabilitation
• Employee Assistance
• Military Tuition Benefits
• Individual Development Accounts
• North Dakota Community Action Partnership
• Call 701-232-2452 or visit www.capnd.org

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• State Programs
• STEM Loan Forgiveness Program
• Teacher Shortage Loan Forgiveness Program
• NDUS Tuition Waivers
• www.ndus.edu

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• State Grants
• Academic or Career/Tech Ed Scholarship 1,500
• Indian Scholarship 800
• Scholars Program
• State Grant 1,200
• Complete FAFSA by March 15
• www.ndus.edu
• Amounts are subject to change!

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• How much
• federal financial aid
• will be awarded
• this year?

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• FAFSA
• Free Application for Federal Student Aid
• Basic application for federal student aid
• Collects student and family information
• School determines financial aid eligibility
• Completed online
• fafsa.gov

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(No Transcript)
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• FAFSA4caster.ed.gov
• Federal aid estimator
• Any student of any age may use it
• Reminder to fill out the FAFSA
• Wont have to retype

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• IRS Data Retrieval Tool
• Simplify application
• Increase accuracy
• Participation is voluntary
• Reduce documents requested by financial aid
  office
• Available January 30, 2011

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• Frequent FAFSA Questions
• Who is a parent?
• Who is included in household size?
• What assets to report?

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• How many FAFSAs are processed each year?

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• FAFSA Tips
• Complete as soon as possible after January 1
• By March 1 for best results.
• Gather documents you need
• Complete a FAFSA on the Web Worksheet
• Follow up with the financial aid office
• Must submit a FAFSA each year

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• Get FAFSA Help
• February 13, 2011
• Receive hands-on assistance
• Eleven North Dakota locations
• Belcourt, Bismarck, Dickinson, Fargo, Fort Yates,
  Fort Totten, Grafton, Grand Forks, Minot, New
  Town Williston
• Chance to win prizes
• www.collegegoalnd.org

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• Financial Aid Process

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• Federal Grants
• Pell Grant
• Up to 5,550
• FSEOG
• Up to 4,000
• TEACH Grant
• 4,000

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• Pell Grants
• 2008-09 Pell Grant Recipients by Family Income

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• Federal Work Study
• Say yes on FAFSA
• Employment may be on or off campus
• Eligible employers
• School
• Federal, state, or local public agencies
• Private nonprofit and for-profit organizations

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• Federal Student Loans
• Federal Perkins
• Federal Stafford
• Federal PLUS

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• Can all students
• get a loan?

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• Federal Stafford Loans
• Subsidized Government pays interest for student
  while in-school, grace or deferment status
• Unsubsidized Government does not pay interest
  for student the interest is billed quarterly

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• Federal Stafford Loans
• Student is the borrower
• Must be enrolled at least half-time
• School determines loan eligibility
• Must sign Master Promissory Note (MPN)
• Fixed interest rate (2010-11)
• 4.5 subsidized loans
• 6.8 unsubsidized loans
• 1 loan fee (.5 rebate for Subsidized)

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• Federal Stafford Loan Limits
• Dependent Students
• 5,500 Year 1
• 6,500 Year 2
• 7,500 Years 3-5
• Aggregate Sub Unsub Limits
• 31,000 (23,000 Sub) Dependent Undergraduate
• 57,500 (23,000 Sub) Independent Undergraduate
• 138,000 (65,500 Sub) Graduate/Professional
• Repayment
• Begins 6 months after student graduates,
  withdraws or drops below half-time enrollment

• Independent Students
• 9,500 Year 1
• 10,500 Year 2
• 12,500 Years 3-5
• 20,500 Graduates

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• Federal PLUS Loans
• Loan in parents name
• Parent responsible for repaying loan
• Credit application required
• Fixed rate 7.9
• 4 loan fees
• Maximum loan amount is cost of education less
  other financial aid
• Repayment begins 60 days after final disbursement
  
• Must sign Master Promissory Note (MPN)

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• State DEAL Loan
• Dakota Education Alternative Loan
• FAFSA required
• Low interest rate
• Fixed or variable
• No tiers
• Cosigner if under 24
• Deferment options

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• Alternative Loans
• Variable interest rates
• Tiers based on credit
• Cosigner needed
• Terms vary among private lenders
• Wells Fargo
• US Bank
• Citi Bank

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• What is the average
• student loan debt
• in North Dakota?

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• Reduce Student Loans
• Graduate in 4 years
• Take advantage of free credits
• Work save
• Buy your own books
• Trim expenses
• Avoid credit cards
• Pay interest as it accrues
• Dont borrow the max

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• Tax Benefits
• Hope Tax Credit
• Lifetime Learning Credit
• Deduction for Student Loan Interest
• Tuition and Fees Deduction
• Coverdell ESA (Education Savings Account)
• 529 Savings Plans (College SAVE)
• You generally cannot claim more than one benefit
  for the same education expense.
• www.irs.gov

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• Who Can Help
• High School Counselor
• College Financial Aid Office
• College Goal Sunday
• North Dakota College Access Network (NDCAN)
• www.nd-can.com
• 1-800-554-2717

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www.nd-can.com1-800-554-2717