Financial Aid Basics 2.0: The College Years
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1 Financial Aid Basics 2.0: The College Years
2 2
3 Objectives o Students will understand recent and upcoming changes to the FAFSA, including FSA IDs and Prior-Prior-Year. o Students will review financial aid available to them and learn about requirements for maintaining eligibility and recent changes to several aid programs. o Students will learn about resources available to help them manage debt. Participants will learn about resources for managing debt, repayment plans, and options for deferment and forbearance. Furthermore, students will be given information about the protections offered through federal student loans. o Students will receive information about the financial aid available for graduate studies. 3
4 Recent & Upcoming Changes Federal Student Aid (FSA) ID An FSA ID is a username and password, which will be used to access all Federal Student Aid websites, including the FAFSA. FSA IDs can be created at Individuals with PINs can connect their PIN to the new FSA ID, verifying their identity. Additionally, students may verify an address, which can be used like a username during the log-in process. Individuals must create 5 challenge questions, including an important date (may not be applicant s birthdate). Please allow approximately 15 minutes to create FSA ID. PPY: Prior-Prior-Year Beginning with the FAFSA, applicants for financial aid will complete the form beginning October 1 st. In 2016, applicants will file two FAFSAs, both using 2015 tax information. There are three primary benefits of PPY: 1. Immediate access to IRS Data Retrieval: With taxes filed in April, financial aid applicants should be able to utilize IRS Data Retrieval immediately in October. As a result, tax information can be imported the FIRST time, reducing the number of necessary corrections. 2. Reduced Verification: More financial aid applicants can successfully utilize IRS Data Retrieval. As a result, it is anticipated that fewer students will be caught up in the verification process. This will reduce paperwork and hopefully speed along the financial aid process. 3. Early Decision-Making: Especially for first-time college students, PPY will allow them to receive financial aid offers earlier in the process and, as a result, enable them to make informed decisions earlier. 4
5 Loans Grants SOURCES Federal: Subsidized or unsubsidized Stafford/Direct Loans, PLUS Private banks Scholarship Foundation SOURCES Federal: Pell, FSEOG State: A+, Access MO Institutional Private Foundations and Nonprofits FEATURES Must be repaid Most accrue interest May require parent/cosigner Credit history/check Good debt vs. bad debt SF interest-free loan: must have financial need, show academic promise/progress, and strength of character. FEATURES Does not have to be repaid Need-based Merit/talent based Application process (for most) the same as for Federal loans and work study (FAFSA) 5
6 Scholarships Work Study SOURCES National Local Institutional Organizations Corporations SOURCES Federal, state, and local Institutional: first-come, firstserved Local: community service organizations FEATURES Does not have to be repaid NO COST: never pay to apply RENEWAL: know the requirements PORTABLE: can you take it to other schools Separate application from federal and state programs Many are one-time awards FEATURES Does not have to be repaid Application process same as Federal loans and grants (FAFSA) Income may affect eligibility for need-based aid Requires time and stress management skills. 6
7 Federal Grants Pell Grant o Federal grant o Current maximum award: $5,775 o Need-based aid o FAFSA required o May receive for up to12 semesters or the equivalent. o EFC Cutoff: $5,198 Federal Supplemental Educational Opportunity Grant (FSEOG) o Federal grant o Current maximum award: $4,000 o Need-based aid o FAFSA required o First-come, first-serve o Awarded to students with lowest EFCs. State Grants Access Missouri o State grant; attend Missouri school o Current maximum award varies by school type (2 year, public 4 year, or private 4 year) o Need-based aid o FAFSA Required o EFC Cutoff: $12,000 o Must complete FAFSA by March 15 th ; schools must receive FAFSA information by April 1 st. A+ o State grant o Students at approved high schools who have completed necessary requirements. o FAFSA required o Covers tuition and fees at any Missouri community college (after Pell eligibility applied). o Funding limited to 6 semesters. o Must be used within 4 years of graduation from high school. Work-Study o Provides part-time jobs for undergraduate and graduate students with financial need. o FAFSA required o Paid by the hour. o Wages must equal at least current federal minimum wage. o Amount earned cannot exceed Federal Work Study (FWS) award. o Award amount, class schedule, and academic progress are considered when assigning work hours for work study. 7
8 Good or Better Loans Student Loans Subsidized Stafford o Federal loan o Students with financial need o Government pays interest o FAFSA required o The interest rate on subsidized loans first disbursed to undergraduate students between July 1, 2015 and June 30, 2016 will be fixed at 4.29%. 1 o Students have 6 months after graduation, leaving school, or dropping below half-time before repayment begins. Scholarship Foundation Interest-Free Loan o Private loan o Students with financial need o Maximum award is $11,000 per academic year. o 2- and 4-year schools around the country; must be accredited and nonprofit o Academic: minimum 2.0 cumulative GPA o Character: Demonstrate honesty, good judgment, forthrightness o Financial need o FAFSA required o Students have 12 month grace period Be Cautious : Limit or Avoid Loans Unsubsidized Stafford o Federal loan o NOT need-based. o Government does NOT pay interest, which means interest accrues immediately. o FASFA required. o The interest rate on unsubsidized loans first disbursed to undergraduate students between July 1, 2015 and June 30, 2016 will be fixed at 4.29%. 2 o Students have 6 months after graduation, leaving school, or dropping below halftime before repayment begins. PLUS Loan o Student must be dependent o Biological or adoptive parent borrows for the student s education. o Credit-based o Annual limit is equal to the student s cost of attendance minus any other financial aid the student receives. o The interest rate on PLUS loans first disbursed between July 1, 2015 and June 30, 2016 will be fixed at 6.84% 3. o Repayment begins when loan is fully disbursed. First payment is 60 days after final disbursement. o FAFSA NOT required, but advised. Private Loan o Institutional o Bank o May have credit requirements o May require cosigner o High and/or variable interest rate o Limited, if any, options for deferment or forbearance o FAFSA required: all private bank loans must be certified by financial aid administrator. 1 Interest on this loan is recalculated and adjusted each year on July 1 st ; the interest rate is not to exceed 8.25%. Rate is set based on 10-year Treasury note +2.05% for this loan. 2 Interest on this loan is recalculated and adjusted each year on July 1 st ; the interest rate is not to exceed 8.25%. Rate is set based on 10-year Treasury note +2.05% for this loan. 3 Interest on this loan is recalculated and adjusted each year on July 1 st ; the interest rate is not to exceed 10.5%. Rate is set based on 10-year Treasury note +4.60% for this loan. 8
9 NEED Cost of Attendance (COA) (Cost of Attendance is the total cost of attending a particular college for a year. Colleges and universities add up: tuition, books, fees, supplies, room (i.e., housing costs), board (i.e., food), transportation, and loan fees to determine COA.) -EFC (The Expected Family Contribution, or EFC, is an indicator of a student and family s ability to pay for the student s cost of attendance. It is the one piece that determines eligibility for need-based aid such as Pell grant. This amount is an outof-pocket expense.) = NEED -GRANT AID (This is can be in the form of federal, state, institutional or private sources) = UNMET NEED (LOANS!)* *Paid out of pocket in addition to EFC! 9
10 Loan Repayment: 10YR Deferment/Forbearance options Higher monthly payment Loan forgiveness Loan forgiveness Less overall interest Loan Repayment: 25YR Deferment/Forbearance options Significantly higher overall interest Loan forgiveness Longer time spent in repayment Lower monthly payments 10
11 Loan Repayment Cont d. If you borrowed $19,000 in subsidized direct/stafford loans, with a 4.29% interest rate, over a 10 year repayment plan you will pay $ per month. Your total interest paid is $4, If you borrowed that same $19,000 in subsidized direct/stafford loans, with the same 4.29% interest rate, but took a 25 year repayment plan, you would pay $ per month. Your total interest paid is $12,
12 Loan Repayment Cont d. Your monthly payment would decrease but the total amount of interest repaid would greatly increase! Repayment Period 10 Years 20 Years Subsidized Loans $271 $539 Unsubsidized Loans $476 $787 PLUS Loans $735 $1,305 12
13 Student Loan Management: National Student Loan Database (NSLDS) 13
14 NSLDS: Financial Aid Review By viewing this page, students can view the following information: o Types of loans borrowed o Loan amounts o Disbursement dates and amounts o Canceled amounts (if applicable) o Outstanding principal o Outstanding interest o Total of all federal loans in borrower s (i.e., student) name 14
15 NSLDS: Financial Aid Review Cont d. By viewing the detailed information page, students can view the following information, above and beyond the main page: o Interest rate information (is it fixed or variable) o Status Description and when that status took effect 4 o Loan Servicer Information o Lender Information 4 This is important for students to check to the status of their loans to ensure that they do not end up in default. Knowing when a student began repayment is important to avoid defaulting on any federal loans. 15
16 NSLDS: Financial Aid Review Cont d. IMPORTANT: You need to be responsible for keeping track of your Pell Grant; the school may not give you adequate warning to create a backup plan. You have 12 semesters maximum or 6 years of eligibility. 16
17 Loan Repayment Repayment Plan Standard Repayment Plan Graduated Repayment Plan Extended Repayment Plan Income-Based Repayment Plan Monthly Payment and Time Frame o Payments are fixed; minimum of $50 per month. o Repayment time frame is up to 10 years. o Payments are lower at first, but then increase, typically every two years. o Repayment time frame is up to 10 years. o Payments may be fixed or graduated. o Repayment time frame is years. o Payments will be 15% of discretionary income. 5 o Payments change as income changes. o Repayment time frame is up to 25 years. Important Information for Comparison Borrowers pay less interest under this plan than others. Borrowers pay more in interest under this plan than the Standard Repayment Plan. Borrowers will have a lower monthly payment than under the Standard Repayment Plan. You must have more than $30,000 in outstanding debt to qualify. Borrowers pay more in interest under this plan than the Standard Repayment Plan. Borrowers must have a partial financial hardship to qualify. Borrowers will have a lower monthly payment than under the Standard Repayment Plan. Borrowers pay more in interest under this plan than the Standard Repayment Plan. Borrowers who have not repaid the loan in full have making the equivalent of 25 years of qualifying monthly payments and 25 years have passed, any outstanding balance may be canceled. 5 Discretionary income is the difference between your Adjusted Gross Income and 150% of poverty guideline for your family size and state of residence. 17
18 Repayment Plan Income-Contingent Repayment Plan Income-Sensitive Repayment Plan Pay As You Earn Repayment Plan Monthly Payment and Time Frame o Payments are calculated each year and are based on annual income 6, family size, and the total amount of your Direct Loans. o Repayment time frame is up to 25 years. o Payments are based on annual income; payments change as your income changes. o Repayment time frame is up to 10 years. o Your maximum monthly payments will be 10% of discretionary income. o Payments change as your income changes. o Repayment time frame is up to 20 years. Important Information for Comparison Borrowers will have a lower monthly payment than under the Standard Repayment Plan. Borrowers pay more in interest under this plan than the Standard Repayment Plan. Borrowers who have not repaid their loan after 25 years under this plan will have the unpaid portion forgiven. Borrowers may have to pay income tax on the amount that is forgiven. Borrowers will have a lower monthly payment than under the Standard Repayment Plan. Borrowers pay more in interest under this plan than the Standard Repayment Plan. Borrowers must have a partial financial hardship to qualify. Borrowers will have a lower monthly payment than under the Standard Repayment Plan. Borrowers pay more in interest under this plan than the Standard Repayment Plan. Borrowers who have not repaid the loan in full have making the equivalent of 20 years of qualifying monthly payments, any outstanding balance may be canceled. You may have to pay income tax on any amount that is forgiven. 6 If you are married, your spouse s income is included. 18
19 Consequences of Student Loan Default o National credit bureaus can be notified of your default, which will harm your credit rating, making it hard to buy a car or a house. o You will be ineligible for additional federal student aid if you decided to return to school. o Loan payments can be deducted from your paychecks. o State and federal income tax refunds can be withheld and applied toward the amount you owe. o You will have to pay late fees and collection costs on top of what you already owe. o You can be sued. 19
20 Suggestions for Graduate Funding: How to Minimize Debt o Do your research and be open-minded. Consider all of your options for a graduate program. o Just as when you applied to undergrad, apply to a range of schools. o Look for assistantships and fellowships. These are great ways to have partial tuition covered, receive a stipend, and/or have health benefits paid for. o Research graduate scholarships; they are extremely competitive, but there are opportunities out there for graduate students. o If at all possible live at home or share housing with roommates! This will help reduce costs! o Only borrow what you absolutely need! Many graduate students live off of student loans; remember, you are paying interest for years on things like rent, groceries, and other expenses. Be frugal 20
21 Web Resources Considering graduate schools? These websites may offer good information about many colleges around the country! Do you have questions about federal aid? Are you concerned about debt management? Do you still have to complete a FAFSA?
22 22 NOTES
23 23 NOTES
24 Teresa Stock Steinkamp, LMSW Advising Director The Scholarship Foundation of St. Louis 6825 Clayton Ave, Suite 100, St. Louis, MO p: f: Teresa Stock Steinkamp, LMSW Revised October
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