How to Apply for College

FundingFree Application for Federal Student

Aid (FAFSA)Alternative forms of Lending

Joanne Gaita

WH

AT IS

TH

E FA

FSA?

• FAFSA or Free Application For Federal Student Aid -government program to help students with the expenses of college.

• Filing the FAFSA is used to obtain:– Federal Stafford Loans– Federal Perkins Loans– Grants, Scholarships– Work Study Jobs on Campus.

FAFSAFAFSA MAN

FAFSA Form file once a year after taxes are

completeWHEN DO I FILE MY FAFSA???

Helpful Hints for First Time FAFSA Filers

• Complete the FAFSA after January 1, 2010. The FAFSA can be completed online www.fafsa.ed.gov

• The FAFSA requires pin number(s) for student and/or parent. Pin numbers may be obtained at www.pin.ed.gov. You should request your pin at least three weeks before you plan on filing.

List ESU's code [003320] so we receive the results.

Helpful Hints

for First Time

FAFSA Filers Continued

Apply early -March 1, 2010, priority

deadline for Grants.

If the answer to

any item is "none", "not applicable", or

"unknown" fill in that ite

m with a "0".

Question #31 on the FAFSA Form must be checked for:

Federal Stafford

Federal Perkins Loans

Campus Work Study.

(Checking yes does not obligate you to take loans or work on campus)

Helpful Hints for First Time

FAFSA Filers : Continued

• If you have any questions about the FAFSA or about Financial Aid, contact the Financial Aid Office at – (570) 422-2820– 1-800-378-6732– financial.aid@po-box.esu.edu.

• Financial Aid Counselors are located in Zimbar Hall, The Center for Enrollment Services should you need assistance.

About Federal Student Loans

• The Federal Government offers both Subsidized and Unsubsidized Federal Stafford Loans. These are low interest loans created to help you pay for your education. The Center for Enrollment Services will determine your eligibility for loans, based on your financial need as determined from the Free Application for Federal Student Aid

• Current Interest Rate for Federal Subsidized Loans 5.30%

• Current Interest Rate for Federal Unsubsidized Loans 6.8%

About Federal Student Loans

• Maximum Annual Loan Amount For Subsidized and Unsubsidized Federal Stafford Loans:

• Year 1 $ 5,500 0-29 Credits • Year 2 $ 6,500 30-59 Credits • Year 3 $ 7,500 60-89 Credits • Year 4 $ 7,500 90 - Credits • Year 5 $ 7,500 Teacher Certification • Graduate $20,500 500 Level(*Graduate $8500 Subsidized/$12,000 Unsubsidized)

Graduate Federal Student Loans

• Graduate or professional degree:– The maximum total debt allowed from Stafford Loans is

$138,500.– No more than $65,500 in subsidized loans.

– This debt limit includes Stafford Loans received for undergraduate study.

– However, the aggregate loan limit for graduate and professional students enrolled in certain approved health profession programs is $224,000.

Federal Perkins Loans

• The Federal Perkins Loan is a campus-based federal program which is awarded to students on the basis of financial need. It is interest free and non-repayable until nine months after termination of education, at which time it becomes repayable at 5.30 percent interest.

Federal Parent Plus Loan

To be eligible for a PLUS Loan, your parent must: Be your natural parent, adoptive parent, legal

guardian, or in some cases, stepparents.

Be a U.S. citizen or eligible non-citizen.

Not be in default on an educational loan or owe any educational grant refunds.

Be credit worthy.

To be eligible for a PLUS Loan, the dependent undergraduate student must:

• Be a U.S. citizen or eligible non-citizen. • Be accepted for enrollment in a participating school,

or if enrolled, be making satisfactory progress. • Be classified as at least a half-time student and

working toward a degree or certificate. • Not be in default on an educational loan or owe any

educational grant refunds. • Be registered with the Selective Service

Federal Parent Plus Loans

Graduate Plus Loan

• A PLUS loan for graduate students is available • The FAFSA must be completed

***BUT REMEMBER***– the first option to be considered should be the Federal Stafford

Loan which is a lower interest loan than the Graduate PLUS loan.

Alternative Student Loans

• Private loan programs are available to:– Students ineligible for federal financial aid – Students in need of additional funds for education.

• Loan approval:– is based on creditworthiness and ability to repay. – careful consideration should be made in determining the amounts

borrowed, the loan must be repaid.

• Interest:– most alternative loans accrue interest while the student is in

school. – in some cases it can be deferred

Federal Pell Grants

• Federal Pell Grants are available to undergraduates who are pursuing their first baccalaureate degree. Eligibility is determined from the information submitted on the Free Application for Federal Student Aid (FAFSA).

• Federal Pell Grants program is the largest grant program available to students. Unlike loan funding, Pell money does not have to be repaid. This grant is limited to undergraduates who have been accepted by the university.

State Grant

Major Eligibility Requirements: Be a Pennsylvania resident (domiciliary). • Be enrolled on at least a half-time • Be a high school graduate or the recipient of a GED. • Demonstrate academic progress for continued aid according

to the PHEAA academic progress guideline.

* All students are urged to apply even if the deadlines have passed, since late applications are considered if funds permit*

Federal Supplemental Education Opportunity Grants

• Federal Supplemental Education Opportunity Grants (FSEOG);– are available to eligible students who demonstrate exceptional

financial need as determined by the analysis of the Free Application for Federal Student Aid (FAFSA).

– is generally awarded to Pell-eligible students. The awards range from $400 to $1,000 per academic year at East Stroudsburg University. It is an award given to undergraduate students only.

$tudent Employment

• Student employment or the Federal Work-Study Program (FWSP) provides jobs for undergraduate and graduate students with financial need.

• Students are generally paid $7.25 per hour and work an average of ten hours per week.

• This allows students to earn money for personal expenses, as they receive a paycheck every other week.

• The available positions are posted on the ESU Website.

Student Employm

entTo be eligible for student employment:

• students must file the 2010-2011 FREE APPLICATION FOR FEDERAL STUDENT AID.

• Returning ESU students must also have academic progress.