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Paying ForCollege 202
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•Federal Aid PIN
–www.pin.ed.gov
•FAFSA
–www.fafsa.ed.gov
•Institutional Forms
Note:
Communicate with each college to inquire about
steps you need to take to have a complete application.
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Applying for Financial Aid
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Types of Financial Aid
Free
Money
Earned
Money
Borrowed
Money
Grants &Scholarships
Loans
Work-Study(Student Labor)
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Federal Pell Grant*
$5,645
Federal Supplemental EducationOpportunity Grant*
$4,000 (AU Max. = $1000)
* FAFSA Required
U.S. Department of Education
Federal Financial Aid Programs
Perkins Loan
5% fixed, 9 month grace period (AU Max. = $1500)
 
Stafford Loans
3.86% fixed, Subsidized, 6 month grace period
3.86% fixed, Unsubsidized, 6 month grace period
5.41% fixed, Graduate Unsubsidized, 6 month grace period
PLUS Loan
6.41 % fixed, within 60 days after disbursement, unless adeferment is requested
KNOW
Borrowers Rights & Responsibilities
Loan Repayment
Deferment & Forbearance
Entrance & Exit Counseling
CONSIDER
Subsidized vs. Unsubsidized
Interest Rate
Grace Period
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U.S. Department of Education
Federal Loan Programs
•While completing FAFSA, applicant may submit real-timerequest to IRS for tax data
•IRS will authenticate taxpayer’s identity
•If match found, IRS sends real-time results to applicant innew window
•Applicant chooses whether or not to transfer data to FAFSA
•Available after refund process has been completed for taxes.
•Participation is voluntary but suggested.
•Will reduce documents requested by financial aid office
•Not available to certain applicants
•IRS Transcript Request (www.irs.gov)
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IRS Data Retrieval
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Order a Transcript - Mozilla Firefox
•Parent and student Social SecurityNumbers
•Date of Birth
•Divorced/remarried parental information
•Household/members in college number
•Real estate and investment net worth
•Dependency Status Questions
•Applicant/Parent Signatures
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Frequent FAFSA Errors
1.Start planning for the future now
2.Complete the admission process
3.Apply for PIN and complete FAFSA,upload IRS data
4.Receive, revise and edit the Student AidReport (SAR)
5.Consider award letters
6.Respond to college offers
7.Advise school(s) of external scholarships
8.Renew the FAFSA every year!
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Steps for Students
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