ARE YOU LOOKING FOR MONEY? Your Guide to Federal Stafford and PLUS Loans Oklahoma Guaranteed Student Loan Program A division of the Oklahoma State Regents for Higher Education A college education is a major investment. Fortunately, financial aid is available to help almost everyone manage the cost. While it is best to use as much savings or free financial aid as possible, you may still need to borrow money to pay for your education. This brochure provides information on Federal Stafford and Federal PLUS Loans. If you would like additional information, contact your lender or the financial aid office at the school you plan to attend. You may also contact the Oklahoma Guaranteed Student Loan Program (OGSLP) online at www.ogslp.org or by calling the OGSLP borrower hotline at 800.442.8642. Table of Contents What types of federal student loans are available? How do I apply for a federal student loan? How much can I borrow? What are the interest rates for federal student loans? When do I have to start repaying my federal student loan, and how much will I pay? Where can I get more information? Glossary of Terms 1 2 3 4 5 6 8 9 10 11 15 Financial Aid Checklist 16
What types of federal student loans are available? The Federal Family Education Loan Program (FFELP) offers three types of federal loans: Subsidized Federal Stafford Loans are low-interest loans that are based on financial need. Interest is paid by the federal government while you are attending school at least half-time, during the six-month grace period following graduation or a change in enrollment status, and during specified loan deferment periods. Unsubsidized Federal Stafford Loans are low-interest loans that are not based on financial need. You are responsible for all interest accrued on unsubsidized loans from the date the loan is disbursed, including the time that you attend school and during grace periods and any type of loan deferment. Federal PLUS Loans are low-interest loans made to parents of dependent undergraduate students (parents must be the biological or adoptive parent of their dependent) and to graduate or professional students. PLUS loans are not based on financial need. A PLUS loan s repayment period begins upon the final disbursement of the loan, and the borrower is responsible for all accrued interest. Note: Some terms in this publication may be unfamiliar to you. Key words are clearly defined in the glossary of terms section. Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 1
How do I apply for a federal student loan? Federal Stafford Loans To receive a Federal Stafford loan, you must attend an eligible school at least half-time. Also, you must be a U.S. citizen or an eligible non-citizen. To apply for a student loan, as well as to find out if you are eligible for federal grants and work-study, you must complete a Free Application for Federal Student Aid (FAFSA). You can complete the FAFSA online at www.fafsa.ed.gov. You can also obtain a paper copy of the FAFSA by calling toll-free 800.4.FED.AID, visiting any financial aid office and most public libraries, or by calling OGSLP at 800.442.8642. After you complete and return the FAFSA to the U.S. Department of Education, you will receive a Student Aid Report (SAR). At that time, you must review the SAR to ensure that all information submitted is correct. The information from the SAR will then be sent electronically to the school(s) listed on your FAFSA. After all application materials are complete, the financial aid office will notify you of your eligibility for federal student aid, including any loan eligibility. Federal PLUS Loans To apply for a Federal PLUS loan, parents and graduate or professional students should contact their lender or the financial aid office at the school, college or university the student plans to attend. Parent applicants do not have to show financial need to qualify and are not required to complete the FAFSA. However, all graduate and professional student applicants must first complete the FAFSA. Applicants with an unfavorable credit history are not usually eligible for a Federal PLUS loan. What do I need to do to get a federal student loan once my eligibility is confirmed? If you are eligible for a Stafford Loan (subsidized or unsubsidized), you will be given a Master Promissory Note (MPN), which is a legal agreement of repayment between you and your lender. The school may deliver the MPN in a paper or electronic format. After your loan has been approved, the lender will send the loan funds to your school. With the MPN, you may be eligible to receive multiple loans under one note for a maximum 10-year period. Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 2
How much can I borrow? Federal Stafford Loans The following charts show the maximum loan amounts for a full academic year. Your financial need, other sources of aid, cost of attendance and length of academic year which is defined by your school may affect the amount you can borrow. Dependent Student - Federal Annual Loan Limit Grade Level First Year Second Year Third-Fifth Year Graduate/Professional Total Subsidized & Unsubsidized $3,500 $4,500 $5,500 N/A Independent Student - Federal Annual Loan Limit Grade Level First Year Second Year Third-Fifth Year Graduate/Professional Subsidized Limit $3,500 $4,500 $5,500 $8,500 *Unsubsidized Limit $7,500 $8,500 $10,500 $20,500 Health Professions $8,500 $47,167 *Less amount borrowed under Subsidized Loan Program Note: Your annual Federal Stafford loan eligibility is determined by each school s financial aid office. Please contact your financial aid office if you have questions about eligibility. The unsubsidized Federal Stafford loan amount that a health professions student may borrow annually is based upon the student s academic program and the length of the enrollment period (9 or 12 months). Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 3
In addition to the maximum amounts you can receive each year, Federal Stafford loans have an overall total aggregate limit that you cannot exceed. Classification Total Federal Aggregate Loan Limit Dependent Undergraduate Independent Undergraduate Graduate/Professional Health Professions $23,000 $46,000 $138,500 $189,125 Federal PLUS Loans A school s financial aid office determines how much can be borrowed. The amount depends on the school s cost of attendance (includes tuition, fees and an estimate of other expenses reasonably related to attending school) and any other financial aid the student may receive. The loan cannot exceed the cost of attendance. Non-Federal Alternative or Private Loans Many lenders offer loans outside the federal loan program; these are called alternative or private loans. These loans allow you to borrow money to cover the gap between the cost of your education and the amount of financial aid you receive in the form of grants, scholarships, and federal student loans. Terms and conditions and eligibility requirements for these loans vary by lender. Since alternative or private loans can have higher interest rates and may offer fewer flexible repayment options, you should consider them only after you ve exhausted all of your federal loan options. Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 4
What are the interest rates for federal student loans? Federal Stafford and PLUS loans have fixed interest rates. This means the interest rate will remain constant for the life of the loan. Federal Stafford loans have an interest rate of 6.80 percent, and Federal PLUS loans have an interest rate of 8.50 percent. Subsidized Federal Stafford loans the federal government pays the interest while you are in school at least half-time or in a grace or deferment period. Unsubsidized Federal Stafford loans you are responsible for the interest while you are in school or in a grace or deferment period. You may either make interest payments while you are in school or have the interest added to the principal of the loan. Each time the lender adds the unpaid interest to your loan s principal, the total amount you repay, and possibly your monthly payment, will increase. Federal PLUS loans borrowers are responsible for paying all interest on the loan from the date the loan is disbursed. Are there any fees for Federal Stafford and PLUS loans? Yes. For Stafford loans, the lender deducts 2.5 percent from the amount borrowed for origination and default fees. Of this 2.5 percent, the Department of Education receives 1.5 percent, and the guarantor collects the remaining 1 percent. For PLUS loans, the lender deducts 4 percent from the amount borrowed for origination and default fees. Of this 4 percent, the Department of Education receives 3 percent and the guarantor collects the remaining 1 percent. Federal student loans offer a variety of services to borrowers, including flexible repayment options, money management tools, and exceptional customer care. These fees help cover the administrative expenses that make this low-cost, full service loan program possible. Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 5
When do I have to start repaying my federal student loan, and how much will I pay? When do I have to start making payments, and how much will I have to repay on my Federal Stafford loan? Repayment of your Federal Stafford loan begins six months after you graduate or drop below half-time enrollment. This six-month period, called a grace period, gives you time to prepare for repayment. At the end of your grace period, you must begin making payments. The minimum monthly payment is $50, but you may have to make a higher monthly payment depending on how much you have borrowed. Unless you receive a deferment or forbearance, you will have a maximum of 10 years to pay off your loan. Eligible borrowers with more than $30,000 to repay will have 25 years. A deferment is an authorized period of time during which you may postpone either principal payments or principal and interest payments. The federal government makes interest payments on subsidized Federal Stafford loans and certain consolidation loans during authorized deferment periods. Check with your financial aid office or lender for more information about repaying your student loan. There are several repayment options for you to consider. Contact your lender immediately if you have problems making your monthly payments, because you may be able to delay your payments by getting a deferment or forbearance. A forbearance is an authorized period of time during which the lender agrees to temporarily postpone or reduce your payment. You are still responsible for the accrued interest during this period. A forbearance may be granted at the lender s discretion if you intend to repay your loan but are having temporary financial difficulties. Your lender can provide you with options to help but you have to ask! The chart on page 7 gives an idea of the monthly payment amounts needed to pay off your student loan. This chart illustrates the required $50 minimum monthly payment, 6.80 percent interest rate and 10-year repayment period. Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 6
For example: If you borrowed a total of $10,000 in Federal Stafford loans with a 6.80 percent interest rate and a repayment period of 10 years, you would pay $3,810 in interest; therefore, the total amount you would have to repay over the 10 years would be $13,810. Federal Stafford Loans Loan Amount with 6.80% Interest Rate Minimum Monthly Payment Total Interest Paid Total Amount Paid $1,000 $50 $64 $1,064 $5,000 $58 $1,905 $6,905 $7,500 $86 $2,857 $10,357 $10,000 $115 $3,810 $13,810 $12,000 $138 $4,572 $16,572 $15,000 $173 $5,714 $20,714 $20,000 $230 $7,619 $27,619 $30,000 $345 $11,429 $41,429 $40,000 $460 $15,239 $55,239 $50,000 $575 $19,048 $69,048 When do Federal PLUS borrowers have to start making payments on their loan? The first payment on a Federal PLUS loan is due within 60 days after full disbursement unless the borrower qualifies for a deferment. The deferment process may be automatic for graduate or professional students enrolled in school on at least a half-time basis. If parent borrowers are interested in a deferment, they must contact the lender about the eligibility requirements. The minimum monthly payment is $50. However, the actual payment will depend on the total amount borrowed. Generally, borrowers have a maximum of 10 years to pay off the loan. The chart on page 8 gives an idea of the monthly payment amounts on a Federal PLUS loan. Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 7
For example: If you borrowed a total of $10,000 in Federal PLUS loans with an 8.50 percent interest rate and a repayment period of 10 years, you would pay $4,878 in interest; therefore, the total amount you would have to repay over the 10 years would be $14,878. Federal PLUS Loans Loan Amount with 8.50% Interest Rate Minimum Monthly Payment Total Interest Paid Total Amount Paid $1,000 $50 $80 $1,080 $5,000 $62 $2,439 $7,439 $7,500 $93 $3,659 $11,159 $10,000 $124 $4,878 $14,878 $12,000 $149 $5,854 $17,854 $15,000 $186 $7,317 $22,317 $20,000 $248 $9,757 $29,757 $30,000 $372 $14,635 $44,635 $40,000 $496 $19,513 $59,513 $50,000 $620 $24,391 $74,391 Is there a way to consolidate my federal education loans? The Federal Consolidation Loan program enables you to combine all of your federal education loans into a single, more manageable loan, allowing you to make one monthly payment and extending your repayment period up to 30 years depending on the loan amount. You may also be able to secure a low fixed interest rate for the life of the loan. Consolidation loans are not for everyone. Consider the advantages and disadvantages, and determine if a consolidation loan is best for you. Visit www.ogslp.org/students/loan-consolidation.shtml for more information. Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 8
Where can I get more information? Who can answer my federal student loan questions? The Oklahoma Guaranteed Student Loan Program s (OGSLP) Customer Service department can answer a variety of questions regarding federal student loans. In addition to providing information about applying for a student loan, staff can assist you with completion of the Master Promissory Note (MPN) and offer information about eligibility, loan maximums, deferments, and forbearances. Contact the Customer Service department at 800.442.8642 or visit www.ogslp.org. Who can help me manage my federal student loan debt? OGSLP s Early Assistance department helps borrowers manage their student loan debt. If you are unable to make your student loan payment, please contact your lender immediately to explore available deferment or forbearance options. OGSLP s Early Assistance department is also available to help you develop a successful repayment strategy and offer general debt management counseling. Contact Early Assistance at 800.358.5460 or visit www.ogslp.org. Where can I get additional information about preparing academically and financially for college? For more information, visit the following Web sites: Oklahoma Guaranteed Student Loan Program www.ogslp.org Oklahoma State Regents for Higher Education www.okcollegestart.org Oklahoma Money Matters www.oklahomamoneymatters.org Cash for College www.cashforcollegeok.info College Access & Preparation Programs www.going2college.org U.S. Department of Education www.studentaid.ed.gov Financial Aid Information Page www.finaid.org Mapping Your Future www.mapping-your-future.org Fast Web Scholarship Search www.fastweb.com The College Board www.collegeboard.com Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 9
Oklahoma Guaranteed Student Loan Program A division of the Oklahoma State Regents for Higher Education P.O. Box 3000 Oklahoma City, OK 73101-3000 405.234.4340 For more information, visit the OGSLP Web site at www.ogslp.org, e-mail info@ogslp.org or call the OGSLP Customer Service department at 800.442.8642. Check out these additional borrowing tips Complete the FAFSA as early in the year as possible. Exhaust all grant and scholarship options before considering a federal student loan. If you do borrow, exhaust all your federal student loan options before considering non-federal alternative or private loans and avoid putting college expenses on a credit card. Borrow only what you need to pay school expenses. Use the same lender for all student loans. Notify your lender of any changes in your address, school enrollment status or ability to repay. Know your rights and responsibilities. Keep copies of all loan correspondence. Make your loan payments on time. Don t be afraid to ask questions. Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 10
Glossary of Terms What does it mean? Borrowing money for college can be confusing, but understanding the language of educational loans can help you navigate the process. The following definitions should clarify the meaning of terms related to educational loans. A academic year: a period of at least 30 weeks of instructional time (26 weeks for clock hour programs) that begins on the first day of classes and ends on the last day of classes or examinations. A full-time undergraduate student would be expected to complete a minimum of 24 semester or trimester hours or 36 quarter hours. For a program measuring progress in clock hours, the student would be expected to complete at least 900 clock hours. accrual date: the day interest charges on an education loan begin. accrued interest: the accumulated total of interest paid for the use of borrowed money, such as an education loan. alternative loans: see non-federal alternative or private loans C capitalization: the process of adding unpaid interest to the principal balance of an education loan, increasing the total amount to be repaid and possibly the monthly payment. consolidation: a loan program that allows borrowers to combine all of their federal education loans into a single loan. The program allows borrowers to make a single monthly payment and extend the repayment period (up to 30 years depending on the loan amount). Consolidation loans can make loan repayment more manageable for borrowers with high loan balances. D default: failure of a borrower to repay his or her loan according to the terms agreed upon when the promissory note was signed. When a borrower defaults, the school, organization holding the loan, state government, and federal government can take action to recover the money. Defaults are reported to national credit bureaus and might affect a borrower s ability to get credit in the future. default fee: an insurance premium that is deducted from the borrower s loan proceeds before disbursement and is collected by the guarantee agency that insures the loan. By law, the fee cannot exceed 1 percent of the loan amount. Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 11
deferment: an authorized period of time during which a borrower may postpone either principal payments or principal and interest payments. Deferments are available while borrowers are in school at least half time or enrolled in a graduate fellowship program or rehabilitation training program, as well as during periods of unemployment or economic hardship. Other deferments might be available for those who borrowed money prior to July 1, 1993. The federal government makes interest payments on subsidized Federal Stafford and certain consolidation loans during authorized deferment periods. delinquency: failure of a borrower to make a loan payment on the scheduled payment due date. dependent students: students who must report their parents income and assets, as well as their own, on the FAFSA. Federal student aid is based on the concept that a dependent student s parents have the primary responsibility for the student s education. (A student is considered dependent if he or she does not meet any of the criteria in the independent students definition.) disbursement: the release of loan funds to a school for delivery to the borrower. Disbursements for most loans are made in equal, multiple installments usually co-payable to the borrower and school and sent to the school from the lender. E eligible non-citizen: students must meet one of the following criteria to receive federal student aid: U.S. citizen; U.S. national (includes natives of American Samoa or Swains Island); or U.S. permanent resident who has an I-151, I-551, or I-551C (Permanent Resident Card). Students who are not in one of these categories must have an Arrival-Departure Record (I-94) from the U.S. Citizenship and Immigration Services (USCIS) showing one of the following designations: Refugee; Asylum Granted; Cuban-Haitian Entrant, Status Pending; Conditional Entrant (valid only if issued before April 1,1980); Victims of human trafficking, T-visa (T-2, T-3, or T-4, etc.) holder; or Parolee (You must be paroled into the U.S. for at least one year and provide evidence from the USCIS that you are in the U.S. for other than a temporary purpose and intend to become a U.S. citizen or permanent resident). Please note the definition for eligible non-citizen is used when determining federal student aid. Oklahoma financial aid programs may have different eligibility requirements. If you need additional information, please check with your financial aid office. expected family contribution (EFC): the amount a student and his or her family are expected to pay toward college expenses for one academic year. This amount is calculated based on the information supplied by the student and parents on the Free Application for Federal Student Aid (FAFSA). F Federal Family Education Loan Program (FFELP): a program authorized by Congress, through which education loans are provided by private lenders and guaranteed by the federal government. Subsidized and unsubsidized Federal Stafford loans and PLUS loans are included in the program. Federal PLUS loan (parent loan): a non-need-based loan available to parents with a good credit history to help pay educational expenses of a dependent, undergraduate student who is enrolled on at least a half-time basis. Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 12
Federal PLUS loan (graduate and professional student loan): a non-need-based loan available to graduate and professional students, who are eligible to borrow up to their cost of attendance minus other estimated financial assistance. Applicants must complete the FAFSA and must have a good credit history. Federal Work-Study (student employment): the Federal Work-Study Program provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay educational expenses. The program encourages community service employment and work related to each student s course of study. financial aid: money provided to the student and/or the parents to help pay for the student s education. Major forms of financial aid include gift aid (grants and scholarships) and self-help aid (loans and workstudy). financial need: the difference between the cost of attending a particular school and the calculated family contribution, less any other financial aid a student is receiving. A student s financial need determines the federal loan amount for which he or she qualifies. forbearance: an authorized period of time during which the lender agrees to temporarily postpone or reduce a borrower s payment. Borrowers are still responsible for the interest during this period. A forbearance may be granted at the lender s discretion if a borrower intends to repay his or her loan, but is experiencing temporary financial difficulties. Free Application for Federal Student Aid (FAFSA): a federal form required to apply for federal student aid. Forms are available online at www.fafsa.ed.gov, or paper copies can be found at high schools, colleges and local libraries. The information provided on this form is used to determine the student s expected family contribution (EFC), which allows financial aid offices to identify the types of aid the student might be eligible to receive. G grace period: a transition period generally six months following the date a borrower leaves school or drops below half-time status during which the borrower is not required to make loan payments. This period is designed to help the borrower prepare for repayment. guarantee agency (guarantor): an entity which acts as an agent for the federal government to administer and insure FFELP loans made by lenders in the event of default, bankruptcy, disability, or death of borrowers. The guarantor will also assist you if you experience problems with your student loan. If you do not repay your loan, the guarantee agency will purchase your loan from the lender and work with you directly. In Oklahoma, the Oklahoma Guaranteed Student Loan Program (OGSLP), a division of the Oklahoma State Regents for Higher Education, serves as the federal government s guarantee agency. I independent students: students who meet one of the following criteria: at least 24 years old as of January 1 of the academic year; married; a graduate or professional student; has a legal dependent other than a spouse; serving on active duty in the U.S. Armed Forces for purposes other than training; a veteran of the U.S. Armed Forces; or an orphan or ward of the court (or was a ward of the court until age 18). The student reports only his/her own income and assets (and those of a spouse, if married). Not living with parents or not being claimed by them on tax forms does not qualify you as an independent student. Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 13
in-school status: the enrollment status assigned to a student who is either attending school at least halftime or who is in a grace period. The federal government pays the interest on subsidized Federal Stafford loans while a student is in this status. interest: a fee charged for the use of borrowed money. Interest is calculated as a percentage of the principal loan amount. The rate may remain constant throughout the life of the loan (fixed rate) or it may change at specified times (variable rate). As of July 1, 2006, all new Federal Family Education Loan Program loans have fixed interest rates. L lender: a financial institution (e.g. bank, savings and loan, or credit union) that loans funds to students and parents for educational costs. Some lenders use servicers to perform the administrative tasks associated with education loans. loan: borrowed money that must be repaid with interest. M Master Promissory Note (MPN): the legal agreement that a student makes with the lender when receiving an education loan. The MPN lists conditions under which the money is borrowed and the terms under which the borrower agrees to repay the loan with interest. It allows a borrower to receive loans for either a single academic year or multiple academic years. The school may deliver the MPN in a paper or electronic format. Borrowers should always keep copies of their MPN(s) until loans are fully repaid. N non-federal alternative or private loans: loans you can borrow to cover the gap between the cost of your education and the amount of financial aid you receive in the form of grants, scholarships, and federal student loans. Terms and conditions and eligibility requirements for these loans vary by lender. Since alternative or private loans can have higher interest rates and may offer less payment flexibility, you should consider them only after you ve exhausted all of your federal loan options. O origination fee: a fee charged by the federal government and deducted from federal loan proceeds before disbursement. The proceeds from this fee are used to partially offset administrative costs of the education loan program. P PLUS loan: see Federal PLUS loan principal: the amount of money borrowed. Interest is charged based on the principal. Guarantee and origination fees are deducted from the principal prior to loan disbursement. Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 14
private loan: see non-federal alternative or private loans R repayment schedule: a schedule listing a borrower s monthly payment, interest rate, total repayment amount, payment due dates, and repayment period. S secondary market: an organization established to purchase loans from lenders. This allows lenders to replenish capital to fund new loans. Selling loans is a common practice among lenders and does not affect the terms and conditions under which the loan was originally made. servicer: a company employed by a lender or secondary market to perform the administrative tasks, such as processing payments, that are associated with education loans. Original interest and repayment terms remain in effect. Stafford loans: see subsidized Federal Stafford loan or unsubsidized Federal Stafford loan subsidized Federal Stafford loan: a need-based loan for which interest is paid by the federal government during the in-school, grace and deferment periods. U unsubsidized Federal Stafford loan: a loan that is not based on need, and for which interest is not paid by the federal government. Borrowers are responsible for all interest accrued on unsubsidized loans from the date the loan is disbursed. U.S. Department of Education: the agency of the United States government that regulates education. This agency administers federal student aid programs such as the Federal Family Education Loan Program (FFELP) and develops regulations to protect and assist student loan borrowers. W work-study: see Federal Work-Study Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 15
Junior Year Financial Aid Checklist Take the core courses required to attend an Oklahoma college or university (check with your counselor). Explore opportunities to earn college credit while in high school, like concurrent enrollment and AP courses. Prepare for and take the PSAT/NMSQT and the ACT or SAT exams. You may take the ACT or SAT several times to improve your score. Some colleges use these scores to make admission, guidance, and placement decisions. Visit Oklahoma's official higher education Web site for students, www.okcollegestart.org, and check out www.going2college.org to learn about the wide range of college access and preparation resources available to Oklahoma students and parents. Research financial aid options and application deadlines. Visit Mapping Your Future at www.mapping-your-future.org and Federal Student Aid for Students at www.studentaid.ed.gov. Use the ACT Financial Aid Need Estimator at www.act.org/fane to plan financially for college. Find tax tips for you and your parents on the Hope Scholarship Tax Credit and Lifetime Learning Tax Credit at www.nasfaa.org/annualpubs/taxbenefitsguide.html. Attend a College Day/Night event in your area. Narrow your choice of colleges, universities, technology centers or trade schools; investigate admission requirements and programs of study; and consider visiting the campuses. Senior Year Continue to take the core courses required to attend an Oklahoma college or university (check with your counselor). Continue to explore opportunities to earn college credit while in high school, like concurrent enrollment and AP courses. Before you graduate from high school, talk to your counselor about your goals and visit Oklahoma s official higher education Web site for students, www.okcollegestart.org, or call 800.858.1840 for more information. Remember that you may take the ACT or SAT several times to improve your score. Colleges use these scores to make admission, guidance, and placement decisions. Attend a College Day/Night event in your area and visit Mapping Your Future at www.mapping-your-future.org. Investigate private sources of financial aid and scholarships for college at your school, work, with civic organizations, and with your parent s employer. Check these helpful online resources, too: www.studentaid.ed.gov, www.finaid.org, and www.fastweb.com. Obtain a Personal Identification Number (PIN) for use throughout the federal aid process including completing the Free Application for Federal Student Aid (FAFSA) from the U.S. Department of Education s PIN Web site at www.pin.ed.gov. Complete the FAFSA as soon as possible after Jan. 1. Apply online at www.fafsa.ed.gov. You will use your PIN to access the FAFSA. Decide which college(s) you are interested in attending and submit admission and financial aid applications. Review your Student Aid Report (SAR), which is sent to you after you file the FAFSA, for accuracy. Any inaccurate items need to be corrected and returned for processing. To avoid delays, respond quickly to any requests for additional information or documentation. Promptly accept your financial award letter, if required. Complete the Master Promissory Note (MPN) to accept any federal loan you have been offered. If you have questions, contact your educational institution or the Oklahoma Guaranteed Student Loan Program (OGSLP) at www.ogslp.org or 800.442.8642. Stay on track so you can reach your educational and financial goals. We re here to help! Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 16
For more information, contact your lender or financial aid office. You may also contact the Oklahoma Guaranteed Student Loan Program (OGSLP) at: Oklahoma Guaranteed Student Loan Program A division of the Oklahoma State Regents for Higher Education P.O. Box 3000 Oklahoma City, OK 73101-3000 800.442.8642 (234.4340 in Oklahoma City) www.ogslp.org e-mail: info@ogslp.org The Oklahoma State Regents for Higher Education, in compliance with Titles VI and VII of the Civil Rights Act of 1964, Executive Order 11246 as amended, Title IX of the Education Amendments of 1972, Americans with Disabilities Act of 1990 and other federal laws and regulations, do not discriminate on the basis of race, color, national origin, sex, age, religion, handicap or status as a veteran in any of its policies, practices or procedures. This includes, but is not limited to, admissions, employment, financial aid and educational services. This publication, printed by State Regents Central Services, is issued by the State Regents as authorized by 70 O.S. 2001, Section 3206. 1,000 copies have been printed at a cost of approximately $509. Copies have been deposited with the Publications Clearinghouse of the Oklahoma Department of Libraries. This publication was produced in August 2007. Are You Looking for Money? OGSLP www.ogslp.org 800.442.8642 17