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Know Before You Owe
Amanda Dolfinon 21 May 2015
Transcript of Know Before You Owe
Know Before You Owe!
Types of Employment:
How do we get financial aid?
Submit the Free Application for Federal Student Aid,
where do we get the FAFSA?
fill it out online!
what do we need to fill out the FAFSA?
parent and student 2012 federal income tax forms
a PIN number for both parent and student
Federal Pell Grant
Federal SEOG Grant
Minnesota State Grant
Must be repaid
Federal Direct Subsidized Loan
Federal Direct Unsubsidized Loan
Federal Parent PLUS Loan
Federal Perkins Loan
Private Educational Loans
must be earned by working throughout the academic year
Federal Work Study
State Work Study
MSU's Automatic Payment Plan Option
makes paying for college a little bit easier
monthly payment plan with no interest
easy online enrollment at:
$25 enrollment fee per semester
Budgeting in College
For tips on money management in college come to our Living Like a Student presentation today at 11:30-11:50am!
Need-based and non-need based programs
academic, athletic, major, and other talent based scholarships
Federal Tax Benefits for Higher Education
American Opportunity Tax Credit
Lifetime Learning Tax Credit
Coverdell Education Savings Account
Penalty Free IRA Withdrawals
Student Loan Interest Deduction
Deducation for Qualified Higher Education Expenses
Know What You Owe
View your loan history
Education and Career Choice
Department of Education
For more information:
visit our career development center
for tips and resources
Only borrow what you need
Not necessarily what you are eligible for.
WHY MAKE A BUDGET?
Financial Confidence and Awareness
Lower Debt Burden
Back-up for the unexpected
How Do You Budget?
Identify your resources
Identify your expenses
Balance your resources
with your expenses
and live like a student
No Matter How Well You Plan!
The late night snack favorite…
The 8:00 class rush
Going out---and the mall
Things "you can't live without..."
Wants vs. Needs
rent/room and board
Little things can add up...
The Cost of a Latte:
1 cup =
1 cup every weekday =
1 cup every weekday for a year =
$346.67 Per semester
pay with cash
buy generic brands
Limit fast food
student discounts and freebies
rent or borrow text books
"like" your favorite businesses on Facebook
Grad Ready Info
Lacking $ for the budget?
1. Find a JOB!
2. Apply for Financial Aid
3. Pay attention to deadlines
4. Pursue Scholarships
5. Don't pay for something that’s free
6. Live like you a have a monthly paycheck
Award Letter Snapshot
Minnesota State Grant
Show me the Money!
Understanding and Accepting
Financial Aid Awards
What is an Award Letter?
Provides information on your financial aid eligibility for the 2015/2016 academic year
Preliminary vs. Official Award Letter