Financial Aid Flowchart: A Guide for Students Paying for College

Student Loa Loan FINANCIAL AID FLOWCHART A GUIDE FOR STUDENTS PAYING FOR COLLEGE MILITARY Are you in the military? YES NO Are you in the Air Force? Are you in the Navy? Are you in the Army/Marines/ Coast Guard? 100% tuition not to exceed: $250 @ semester credit hour $166 @ quarter credit hour $4,500 @ fiscal year 100% tuition not to exceed: $250 @ semester credit hour $166 @ quarter credit hour 16 semester hours @ fiscal year 100% tuition not to exceed: $250 @ semester credit hour $166 @ quarter credit hour $4,500 @ fiscal year SCHOLARSHIPS Do a scholarship search to get matched to free money for school based on your specific background, interests and activities. Look for more opportunities Talk to your high school counselor, your college's financial aid office, or even your boss, to find more potential scholarships that you are eligible for. EMPLOYER PAID FUNDING Many employers help subsidize their employees' educations by offering tuition reimbursement. Does your employer offer this benefit? YES NO Contact your HR department Find out if you qualify for tuition reimbursement. What could be better than free money for college from your employer? FEDERAL STUDENT AID Do you have a high school diploma / GED? YES NO You will have trouble having others fund your school. Work to correct this problem so you can move further along the flow chart. Are you enrolled or accepted as a student in an eligible degree or certificate program? YES NO Are you a U.S. Citizen? Do you have a green card/T-VISA with a social security number? YES NO FILE THE FAFSA Apply online: fafsa.ed.gov to determine your eligibility for... FEDERAL WORK STUDY PROGRAM (FWS) Federal Work Study Programs provide funding for part-time employment for those with financial need. FWS is a great way for students to pay for personal expenses incurred while attending college. GRANTS Federal Supplemental Teacher Education Assistance for College and Higher Education (TEACH) Grants Iraq & Afghanistan Service Grants Federal Pell Grants Educational Opportunity Grants (FSEOG) (Max Pell Grant 2013/14 = (Between $100-$4,000/year) (Up to $4,000/year) (Up to $5,081 for 2013/14) $5,645/year) A need-based grant for low-income undergraduate students and specific post-baccalaureate students that do not need to be paid back. Your college's financial aid office will determine A need-based grant to help low-income undergraduate This grant requires a student to take certain types of classes and take specific types of jobs in the teaching/service field in order to be eligible. Applicants must sign an If a student has an EFC that makes him ineligible for a Pell grant due to Expected Family Contribution and their parent/guardian was a member of the U.S. armed students that does not need to be paid back. SEOG funding is limited and eligibility will be determined by your college's financial aid office. These funds are administered directly through the school's financial aid office -- forces and died as a result your eligibility for the Pell grant. Pell grants are awarded through institutions based on financial need. agreement to serve that requires them to teach in a high-need field/low income families/for at least four of military service performed in Iraq or Afghanistan after the events of 9/11, they may be eligible for this grant. years post-graduation. however, not all schools participate. FEDERAL STUDENT LOANS Direct Subsidized Direct Unsubsidized Direct PLUS Loans Federal Perkins Loans Loans Loans Loans ($3,500-$5,500 max subsidized totals included in number) Loans ($5,500-$12,500 max subsidized (of which only $3,500-5,500 may be subsidized) totals included in number) Loans ($3,500-$5,500 max subsidized totals included in This loan is available to students with exceptional number) financial need. The school will determine eligibility and acts as the lender. Students are required to demonstrate financial need and will have better terms A parent or graduate student may borrow up to the college's cost of attendance, minus other financial aid Offers a fixed interest rate of 5% and 9-month grace period before payment is required after graduation or cessation of enrollment. Students are not required to than unsubsidized loans. demonstrate financial need. including other student loans. Parents may borrow on behalf of undergraduates. Graduate and professional students may borrow on their own. Eligibility is based on credit, but income and current debt are not considered. Undergrads may receive up to $5,500 and graduate students up to $8,000/year. INSTITUTIONAL ASSISTANCE Were you offered financial assistance directly from your college or university? YES NO Contact your school's financial aid office to see if the college provides scholarships, awards, or grants. Do you have an unusual circumstance? Has your family seen a loss of income or medical issue? YES NO Talk to your college's financial aid office They may be able to reassess your situation and provide additional assistance due to these circumstances. Be prepared to write a letter and document your hardship. PLANNED / AVAILABLE RESOURCES Do you have a prepaid tuition plan? YES NO Prepaid plans help parents invest in college for the future at today's prices. See if you have a prepaid tuition plan that you can leverage to reduce the need to borrow or pay out-of-pocket. Do you have a QTP/529 Plan? YES NO Use your QTP/529 Savings Plan to pay for your schooling to help reduce the need to borrow or pay out-of-pocket. Do you have excess IRA funds that you can borrow against (tax free)? YES NO Before taking out debt, you may want to consider borrowing against an IRA. Consult your financial advisor before making this decision. PRIVATE STUDENT LOANS Still need help bridging the financial aid gap? If you've exhausted all of the above methods a private student loan may be able to provide the final funding that you need. Do you have good credit? YES NO Do you have a co-signer? YES NO Does your co-signer have excellent credit? YES NO Consider working on your credit to help bridge the financial gap, or find a co-signer with good credit. Compare private student loans to find a loan that meets your needs. Use eStudentLoan's LoanFinder to get started. 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