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Launch - Financial Aid Abbreviated

Finding your way to the college money tree can be tricky, but we're here to explain the branches.

UNC Launch

on 1 February 2013

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Transcript of Launch - Financial Aid Abbreviated

Financial Aid Harvesting the Money Tree Loans Work Study What is work study? What can I do? Why Work-Study? How Loans Work Subsidized Loans Unsubsidized Loans Private Loans Federal Grants What is a grant? Institutional Grants Grants Pell Grant - largest Federal grant
Offers up to $5,500 per year
Based on your financial need
Federal Supplemental Educational Opportunity Grant
Offers up to $4,000 per year in addition to Pell Grants
Given to those with
greatest need
Smaller Grants Provided by your individual school
Can meet some or all of your need Never needs to be repaid

Provided by the
Federal Government
or your college
Offered by banks and other institutions
Usually have higher interest rates
than Federal Loans
Must apply on your own
Variable rates vs. fixed rates
No interest until at least 6 months after you graduate.
Perkins Loan
Offers up to $5,500/year
5% fixed interest rate post-graduation
Direct Loan
Offers up to $7,500/year
3.4% fixed interest rate post-graduation Similar to private loans
Administered by the Federal Government
Interest grows as soon as you take
out the loan.
Direct Loan
Offers up to $7,500/year
6.8% fixed interest rate
Can cover remaining cost of attendance
7.9% fixed interest rate Borrow from a lender
Pay back principle + interest owed
Generally monthly installments Work-Study is a program funded by the Federal Government, administered by the college.

The Federal Government provides schools with a certain amount of funding
Schools offer jobs to students
Qualify through the FAFSA and if school has the funding to provide it Jobs vary from tutoring local elementary students, working in an office on campus, working in a library, etc.
There is a maximum amount of money you can make from work-study, depending on the school and the student.
Each school creates their own pay scale for work-study students Your Right to an Education "We have an obligation and a responsibility to be investing in our students and our schools. We must make sure that people who have the grades, the desire and the will, but not the money, can still get the best
education possible."

- Barack Obama Who Should Apply? You! High School Graduates/GED Federal Aid: Valid Social Security Number Males Registered for Selective Service Who gives out financial aid? The Federal Government Your College or University Private Donors and Corporations Financial aid can be: Need-based Merit-based Combination of both How do I apply for financial aid? FAFSA CSS Profile Run by Federal Government
Free to apply
Based on Taxes
Required for Financial Aid College Board
$25 + $16/School
Fee Waivers Offered
More In-Depth
Not required by all schools What will I need? 1040 Tax Forms Social Security Number Tax Returns W-4 Forms Medical Information Your Parents When is it due? Early Decision Fill out CSS by mid-November
Fill out FAFSA after January 1 Regular Decision Fill out both by March 1 Check each school's website!
Earlier is always better. When will I know? After your college decision is released, generally by mid-April In 2011, the Federal government gave out $157 billion in student aid and $848 billion in federal loans.

79% of full-time undergraduate students received some form financial aid., worth an average of $12,700. How much does college cost? Average Public School: $15,600
Average Private School: $32,000 COA Includes: Tuition and Fees
Room & Board
Books & Supplies Transportation Scholarships Estimated Family Contribution The amount that your family can reasonably be expected to contribute. Parent Contribution + Student Contribution
Stays constant, regardless of your college
Calculated using income and financial data
Can vary from year to year based on family finances
Online estimate: www.fafsa4caster.ed.gov So what is financial "need?" "Cost of Attendance" = COA Need = COA - EFC This is the amount of support that you'd receive ideally, but not all schools meet 100% of need. To meet your need, you'll be given a package of grants, loans, scholarship, and/or work study. Federal Loans Merit vs. Need Where do I find them? So I have my financial aid... Now what? Compare financial aid packages between schools Consider future impacts Talk to the Financial Aid Office if necessary Discuss it with your parents! What will I get? Grants
Work Study Your High School and Community Merit-based scholarships
Based on academic achievement, service, extracurriculars, etc.
Need-based scholarships
Factor in financial need, academic achievement, and other factors.
Require FAFSA, CSS Profile, and/or tax returns Provided directly by your college
Ask your school counselor
Look online
Ask your parents or friends Based on FAFSA
Better repayment plans than private loans
Separated into two categories:
Unsubsidized Work-study can provide:
A valuable work experience
A source of income
A convenient job located on campus
Be sure to:
Understand what you want from work-study (interesting or easy?)
Be pro-active in finding a job as soon as school starts. For example, UNC offers to cover 65% of your need through school grants, but 100% of your need if you qualify for Carolina Covenant. Principle - amount borrowed at start
Interest Rate - percentage of loan amount that you're charged for borrowing
Deferment - delay payments
Full transcript