1	SHOW ME THE MONEY! Financial Aid Resources for College
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3	Don’t panic, instead… BREATHE TAKE YOUR TIME MAKE A PLAN
4	How much does college cost? http://www.finaid.org/calculators/ http://www.americanfunds.com/college/calculator.htm http://apps.collegeboard.com/fincalc/college_cost.jsp
5	What do I need to do? You will need to fill out the FAFSA – Free Application for Federal Student Aid According to The College Board, the federal government provides about 75% of all aid awarded, so filling out the FAFSA is a must.
6	Filling out the FAFSA Paper: Find the form at your local library or your high school guidance counselor’s office and then mail it in. Online: FAFSA on the Web http://www.fafsa.ed.gov/ You may fill out the FAFSA online and then print it out to mail it. If you want to submit it online, be sure to get your PIN number first. http://www.pin.ed.gov/
7	When to file the FAFSA The FAFSA can be filed as early as January 1 of the year before your school year begins: eg. January 1, 2006 for school year July 2006-June 2007. The sooner you file, the better your chances are for receiving aid.
8	Documents you will need… Social Security Number Driver's license Income tax return Bank statements Investment records
9	Federal Codes for Colleges You will definitely want your FAFSA results to go to the colleges to which you are applying. These codes are sometimes referred to as “Title IV Codes.” The library has these codes in book form or you may search for them online at http://www.finaid.org/fafsa/tiv.phtml .
10	Enjoy the acronyms… In about 2-4 weeks after you submit your FAFSA, you will receive your Student Aid Report (SAR). Make any necessary corrections and return as soon as possible. Your SAR will list your Expected Family Contribution (EFC) – meaning the amount of money they expect you can pay.
11	Contact Colleges Once you have received a correct SAR, the colleges you listed will have received copies as well. Contact the financial aid administrators at each college to be sure they have all the information they need from you. Financial Aid Application Deadlines for VA Colleges can be found online at: http://www.schev.edu/Students/financialAidAppDeadlines.asp?from=parents
12	Determining Your NEED The financial aid administrators will use your EFC to determine your need. Simply defined, NEED = cost of attendance - EFC
13	Unless… Your college uses the PROFILE assessment from The College Board IN ADDITION to the FAFSA results. Information on PROFILE can be found online at: http://profileonline.collegeboard.com/index.jsp
14	"Unlike the FAFSA," Unlike the FAFSA, there is a fee to submit the PROFILE assessment. The PROFILE does NOT take the place of the FAFSA. Generally, the PROFILE results will indicate a greater EFC from you.
15	Sources of Funding Loans You must pay back loans. Grants You do not have to pay back grants. Scholarships You do not have to pay back scholarships. Savings Work/Study
16	Loans Federal Perkins Loans A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with financial need. Your college is your lender. The loan is made with government funds, and your school contributes a share. You must repay this loan to your college.
17	Loans Stafford Loans http://StaffordLoan.com http://studentaid.ed.gov/students/publications/FYE/2004_2005/english/stafford-loans.htm Stafford Loans can be SUBSIDIZED or UNSUBSIDIZED.
18	Stafford Loans: SUBSIDIZED SUBSIDIZED: The federal government pays the interest on the loan while you are in college. You can borrow up to: $2,625 as a first-year student (Freshman) $3,500 if you have completed your first year of study (Sophomore) $5,500 if you have completed two years of study (Junior, Senior, 5th year)
19	Stafford Loans: UNSUBSIDIZED UNSUBSIDIZED: The interest on the loan starts to accrue from the beginning of the loan and is part of what you must pay back. You can borrow up to: $6,625 if you are a first-year student enrolled in a program of study that is at least a full academic year $7,500 if you have completed your first year of study and the remainder of your program is at least a full academic year $10,500 if you have completed two years of study and the remainder of your program is at least a full academic year
20	Loans PLUS (Loans to Parents) http://www.plusloan.net/ http://www.parentplusloan.com/ http://studentaid.ed.gov/students/publications/FYE/2004_2005/english/plus-loansparents.htm
21	Loans PLUS (Loans to Parents) The yearly limit for the PLUS loan is equal to the cost of attendance minus any other financial aid your child receives. For example, if your child's cost of attendance is $8,000 and your child receives $3,000 in financial aid, you can borrow up to $5,000 with a PLUS loan.
22	Loans Private Loans In general you can borrow up to $80,000 over four years with 12 to 20 years to repay.
23	Private Loans Academic Edge 866.982.4352 http://chelastudentloans.org Bank of America 800.344.8382 http://bankofamerica.com/studentbanking CitiBank CitiAssist 888.812.5030 http://www.studentloan.com Key Alternative Loan 800.539.5363 http://www.key.com/educate NELLIE MAE EXCEL 800.367.8848 http://www.nelliemae.com SALLIE MAE Signature Loan 800.272.5543 http://www.salliemae.com Wells Fargo Collegiate Loan 800.869.3557 http://www.wellsfargo.com/per/accounts/student/finaid
24	Private Loans eStudent Loan http://www.estudentloan.com This site offers side-by-side comparisons to help you find the best deal. However, be aware that some of biggest lenders (including ones mentioned previously) do not participate.
25	Grants (Federal) Federal Pell Grant http://studentaid.ed.gov/students/publications/FYE/2004_2005/english/federalpell-grants.htm Federal Supplemental Educational Opportunity Grants (FSEOG) Limited to students with full Federal Pell Grant eligibility.
26	Scholarships Typically based on merit or financial need. The College Money Handbook has a variety of indices that list which colleges give awards for athletics and other areas of academic interest. Scholarships, Grants and Prizes lists a wide variety of private awards. However, it does not include the Discover Card Foundation scholarship, Bill Gates Foundation, etc.
27	Online Scholarship Searches You should never pay a fee for a scholarship search. Brokescholar.com http://brokescholar.com The College Board http://www.collegeboard.com/pay CollegeXpress http://www.collegexpress.com Fast Web! http://www.fastweb.com MACH25 http://www.collegenet.com Scholarship Research Network http://www.srnexpress.com Scholarships.com http://www.scholarships.com
28	Savings – Virginia 529 Plans There are 2 options available under the Virginia 529 Plan. http://www.virginia529.com/ Prepaid Education Savings Trust You may deduct up to $2,000 per year from your taxable income; qualifying withdrawals are tax-exempt.
29	Other 529 Plans You may be able to participate in 529 plans from other states. You can check this site to find contact information for other plans: http://www.collegesavings.org/locator/index.htm For a general explanation of 529 plans: http://money.howstuffworks.com/529.htm
30	Work/Study Many programs are administered through your college. You may be able to get a position related to your course of study. Usually no more than 10-20 hours per week.
31	Tax Breaks IRS Publication 970: Tax Benefits for Education http://www.irs.gov/pub/irs-pdf/p970.pdf Hope Credit Lifetime Learning Credit
32	Further Reading & Research Use the Culpeper County Library’s brochure, “Financial Aid Resources for College” to find: Books Videos Web Sites Check out the library’s web site at http://www.cclva.org for access to The College Blue Book online and other college and career links.
33	Who do we talk to now? High school guidance counselors They have information on national scholarships for seniors and copies of the FAFSA. Financial Aid Administrators at the colleges to which you are applying.
34	It will be worth it…