college financial planning workshop ii: borrowing money glow foundation 2010 glow online curriculum...
TRANSCRIPT
![Page 1: College Financial Planning Workshop II: Borrowing Money Glow Foundation 2010 Glow Online Curriculum Session 4](https://reader036.vdocument.in/reader036/viewer/2022062718/56649eba5503460f94bc24d3/html5/thumbnails/1.jpg)
College Financial Planning Workshop II: Borrowing
Money
Glow Foundation2010
Glow Online Curriculum Session 4
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What this Session will Cover
Senior Year Calendar milestones
Student Loans
Financial Aid Review
FAFSA / AB 540 / Scholarship Search
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Financial Aid 101-Loans
What’s a loan?
When would I need a loan?
Things to pay attention to How much to borrow Interest rate & fees Repayment terms
Subsidized vs. Unsubsidized Loans
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Financial Aid 101-Loans
Federal Perkins Loan (subsidized) Up to $5,500/year Repayment starts after 9 months 5% fixed interest rate
Federal Stafford Loans Subsidized or Unsubsidized 4.5% fixed interest rate for subsidized loans 6.8% fixed interest rate for unsubsidized loans 10-year repayment term Enrolled at least half-time
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Financial Aid 101-Loans
Parent PLUS Loans (unsubsidized) Your parents are the borrowers Can borrow up to the cost of attendance 8.5% fixed interest rate Repayment starts either 60 days after loan
disbursement or 6 months after graduation No FAFSA required
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Financial Aid 101-Loans
Federal student loans: lower interest and better repayment plansHow do I apply? THE
FAFSA
Private Loans: higher interest, less favorable terms, and good credit
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Financial Aid 101-Loans
Tips:
Loan amount may depend on enrollment statusChoose federal before privateWhile in your repayment period, always pay at least the minimum balanceMake payments on early or on timeDON’T BE INTIMIDATED!
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fafsa.ed.gov – Gotten your PIN?
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Fill Out Your FAFSA
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Login
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Introduction Page
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Student Demographics Information
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Student Eligibility
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School Selection
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School Selection
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Dependency Determination
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Parent Demographics and Financial Information
Materials Needed:
Your parents’ income tax forms - your parents can do this themselves without involving you if they wish
Your income tax forms
If you don’t have everything done – submit anyway and fix it later. It’s important to get it in!
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Sign & Submit
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FAFSA Overview
FAFSA Tips:
Always click “save” before moving on
Fill in all answer boxes before you move on
Keep track of questions you’re not sure about
Use the “Help and Hints” box
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Recap:
Student Loans
Financial Aid (Review)
FAFSA
Scholarship Search
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Homework:
Finish the FAFSA and print out a
copy of your FAFSA or SAR