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Know Before You Owe

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by

Amanda Dolfin

on 4 June 2015

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Transcript of Know Before You Owe

College Funding Options
Know Before You Owe!
Funding Options:
Financial Aid
Scholarships
Employment
Family
Grants

LOANS
Types of Employment:
X
How do we get financial aid?
Submit the Free Application for Federal Student Aid,
FAFSA
where do we get the FAFSA?
fill it out online!
fafsa.ed.gov
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 Perkins Loan


Other Loan Options:

Federal Parent PLUS 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:
http://www.mnsu.edu/payment/

$25 enrollment fee per semester
mavjobs.com
QUESTIONS??
Budgeting in College
For tips on money management in college come to our Living Like a Student presentation today at 11:30-11:50am!
Scholarships
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
http://www.ohe.state.mn.us/
Know What You Owe
View your loan history
nslds.ed.gov
Borrowing Tip
Helpful Websites
Scholarships
General Information
Education and Career Choice
Department of Education
www.oldschool.org
www.fastweb.com
www.collegenet.com
www.finaid.org
www.collegeboard.com/paying
ww.ohe.state.mn.us
www.studentaid.ed.gov/scholarship
www.petersons.com
www.mapping-your-future.org
www.iseek.org
www.mncareers.org
www.ed.gov
For more information:

www.mnsu.edu/campushub/
Annually
pin.ed.gov
mnsu.edu/campushub/scholarships
X
X
visit our career development center
for tips and resources
X
X
X
Only borrow what you need
Not necessarily what you are eligible for.
mnsu.edu/cdc
March 15th
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
that are
absolutely necessary

Balance your resources
with your expenses
and live like a student
Budget Busters
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
Needs
Wants
rent/room and board
utilities
food
tuition/fees
books
frappucinos
social outings
shopping
movies
Vikings/Twins games
concerts
Little things can add up...
The Cost of a Latte:

1 cup =
$5

1 cup every weekday =
$25
per week

1 cup every weekday for a year =
$1300!!
$433.33 Per semester
$108.33 month
Budget Tips
use your meal plan
pay with cash
buy generic brands
limit fast food
student discounts and freebies
use coupons
rent or borrow text books
campus facilities
"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 Notice

Minnesota State Grant
Breakdown
Show me the Money!
Understanding and Accepting
Financial Aid Awards
What is an Award Notice?
Provides information on your financial aid eligibility for the 2015/2016 academic year
Preliminary vs. Official Award Letter
What Affects my Financial Aid Eligibility?
Enrollment
Funding Availability
Eligibility Criteria
Legislative Policy
What is......
How do I Accept my Financial Aid Award?
Complete Student Response Form
Accept your Financial Aid
Follow the steps provided in your electronic award notification
Master Promissory Note
Loan Entrance Counseling
Questions?
Full transcript