Student Financial Aid Booklet · classroom instruction — this item may include computer and other...

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www.SayStudent.com college financing network

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Student Financial Aid Booklet

Content Directory

Financial Aid Checklist

summary 11 tips on moving through the financial aid process

Financial Aid Steps

summary steps explaining the financial aid process

Financial Aid Charts

summary student aid charts showing available aid options for students

Aid Calculation Sheet

tracking sheet of aid awards and college costs

Managing Student Funds

summary guide on how to manage student funds while in school

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1

Checklist 1

Complete

Off-to-College Tasks

Financial Aid Checklist

Checklist 2

Understand the

Financial Aid Process

Checklist 3

Get Qualified for

Financial Aid

Checklist 4

Understand Types and

Sources of Financial Aid

Checklist 5

Submit the

FAFAS Form

Checklist 6

Check in With Your

College Financial Aid Office

Checklist 7

Search for

Scholarship Money

Checklist 8

Learn About

Stafford Student Loans

Checklist 9

See How Parents

Can Help

Checklist 10

Have Available

Private Aid Options

Checklist 11

Starting Building

Your Credit

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2

First Thing, Make Sure You Complete Your Off-to-College Tasks:

Deadlines include essay and application submissions, college visits, housing selection, and

collecting those things for your move. Our quick calendar of events can help:

www.SayStudent.com/college-planning-guide.html

Understand the Financial Aid Process:

First comes the FAFSA form, then the SAR, and then the Financial Aid Award letter from

your school. Review how the process works: www.SayStudent.com/steps

Do You Qualify for Financial Aid

Financial aid is awarded based on a formula that calculates the total cost of attending

school and the expected family contribution. Review qualifications: view tab “aid steps #1”

Understand the Types and Sources of Student Financial Student Aid

Financial aid programs include grants, scholarships, loans, state programs, and other

special aid. We have complete information on types and sources.

You can view a summary chart of financial aid options: www.SayStudent.com/charts

FAFSA Submission

Almost all financial aid begins with your filing the Free Application for Federal Student Aid

(FAFSA form).

This form is required for all Federal Student Loans and many college aid programs. You

can file the FAFSA form starting in January for the upcoming Fall academic year.

What you will need to file:

· tax returns

· W-2 forms

· bank statements

· Social Security and VA Benefits, if any

www.SayStudent.com/steps :: view side nav “aid steps #2” for our FAFSA filing

Check with Your College Financial Aid Office

Your college financial aid office is the control center for student financial aid.

Find your college and their respective financial aid center:

link to site - view tab “tools” for a directory of nationwide schools

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Start Here: www.SayStudent.com

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Aid Checklist

http://www.saystudent.com

http://www.saystudent.com/college-planning-guide.html

http://www.saystudent.com/financial-aid-index.html

http://www.saystudent.com/undergrad.html

http://www.saystudent.com/financial-aid-note2.html

http://www.saystudent.com/education-search.html


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3

Search for Scholarship Money

Scholarship awards can go fast, so start early — usually in the Fall prior to the start of your

college year. Check your field of study, ethnic background, social and religious affiliations,

parent’s employment, family club memberships, and local businesses and clubs:

Link to site - view tab “money for college :: scholarships”

Learn About Stafford Student Stafford Loans

Student loans are the most widely form of financial aid. These loans are backed by the

Federal Government to guarantee low-interest rate loans.

Link to site: view tab “money for college :: stafford student loans”

See How Parents Can Help

Parents of undergraduate students can assist with their child’s education by applying for

the Federal PLUS loans.

Link to site: view tab “money for college :: parent PLUS Loans”

Private Loans and Other Alternative Financing

Most awarded financial aid does not cover the full cost of education. Many students are

turning to private education loans and other alternative financing to finance their education.

See what Private Student Loans are available:

Link to site: view tab “money for college :: private student loans”

Additional information about home equity financing:

Link to site: view tab “money for college :: home equity loans”

Building Your Credit

Starting school brings on many new responsibilities like building a strong credit report and

managing your credit payments. This will benefit you in the future for:

· buying a home

· finding a good career

· keeping lending costs down

· perhaps starting a business

We have complete credit and debt management tips including budgeting monthly

expenses:

Link to site: view tab “tools :: the ABC’s of good credit”

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Start Here: www.SayStudent.com

Aid Checklist

http://www.saystudent.com

http://www.saystudent.com/scholarships/

http://www.saystudent.com/stafford.html

http://www.saystudent.com/private.html

http://www.saystudent.com/home-equity.html

http://www.saystudent.com/plus.html

http://www.saystudent.com/abc-credit.html

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1

Step 1

become eligible for financialaid - determine eligibility

status

Step 2

submit the FAFSA form tobegin the financial aid

process

Step 4

review the financial aidaward letter sent to you by

your college

Step 3

check the Student AidReport (SAR)

Step 5

review and your financial aidoptions and amounts

Step 6

apply forstudent financial aid

Financial Aid Steps

Link to: http://www.SayStudent.com/steps

http://www.saystudent.com/steps

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2

Aid Steps: 1.aAid Step 1.a: Qualify for Student Financial Aid

— Eligibility Requirements —

To receive financial aid assistance, you must:

• display a need for financial aid (except for unsubsidized Stafford and PLUS loans).

• complete high school and have been awarded a high school diploma or a General EducationDevelopment (GED) Certificate.

• pass a college entrance exam approved by the U.S. Department of Education, and/or meetother standards your state may establish.

for information: http://studentaid.ed.gov

• be enrolled or accepted for enrollment as a regular student working toward a degree orcertificate in an eligible program.

• be a U.S. citizen or eligible noncitizen

• have a valid Social Security number:

get your SSNumber: http://www.ssa.gov

• make satisfactory academic progress.

• sign a statement on the Free Application for Federal Student Aid (FAFSA) certifying that youwill use federal student aid only for educational purposes:

see our note on FAFSA form submission:

Link to: http://www.SayStudent.com/steps :: click on “ Aid Step 2”

• sign a statement on the FAFSA certifying that you are not in default on a federal student loanand that you do not owe money back on a federal student grant.

• register with the Selective Service (for young men age 18 and over) -

you can register online: http://www.sss.gov

Note:

The Higher Education Act of 1965 as amended (HEA) suspends aid eligibility for students who have been convictedunder federal or state law of the sale or possession of drugs. If you have a conviction(s) for these offenses, call theFederal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or go to the FAFSA on the Web site,click on “Before Beginning A FAFSA” in the left column, then click on “Drug Worksheet” .

Even if you are ineligible for federal aid, you should complete the FAFSA because you may be eligible for non-federal aid from states and private institutions. If you regain eligibility during the award year, notify your financial aidadministrator immediately. If you are convicted of a drug-related offense after you submit the FAFSA, you might loseeligibility for federal student aid, and you might be liable for returning any financial aid you received during a periodof ineligibility.

source: http://studentaid.ed.gov/

http://studentaid.ed.gov

http://www.ssa.gov

http://www.sss.gov



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3

Aid Step 1.b: Qualify for Student Financial Aid

— Dependence vs. Independent Status —

Different eligibility loan amounts will be awarded for dependent and independent students:

• students who have access to parental support are classified as dependent students.

• dependent students and their parents must report respectively their income and assets on the

FAFSA form: click on “ Aid Step 2”

• view eligible loan amounts:

Link to: http://www.SayStudent.com

click on tab “money for college :: stafford student loans :: see loan amount chart”

Students who display at least one of the following requirements are classified as independent

students:

• you were at least 24 years of age on January 1 of the academic year you begin school

• you are married on the day you apply (even if you are separated but not divorced)

• you will be enrolled in a graduate or professional program (beyond the bachelor’s degree) atthe beginning of the academic year

• you have legal dependents other than a spouse who receive more than half their support fromyou

• you are an orphan or ward of the court (or were a ward of the court until age 18)

• you are veteran of the U.S. Armed Forces (“veteran” includes a student who attended a U.S.military academy who was released under a condition other than dishonorable)

if none of the above criteria apply to you, you will be classified as an dependant

student

not living with parents or not being claimed by them on tax forms does not determine

dependency status for federal student aid

Independent students must report only income and assets of their own (and those of their

spouse, if married).

Aid Steps: 1.b

source: http://studentaid.ed.gov/




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Aid Steps: 1.cAid Step 1.c: Qualify for Student Financial Aid

— Total Costs of College Education —

Schools must tell all applicants how much it will cost to attend their school for each academic

year:

• schools determine costs based upon average budgets that students spend for the followingcategories:

you can download this spreadsheet to analyze cost among schools:go to: http://www.SayStudent.com (link on: tools :: college cost worksheet)

School Tuition and Fees:

cost to attend class instruction and the use of facilities, labs, libraries and all other relatedservices for each enrolled student

Books and Supplies:

the estimated amount for books and supplies the student will be required to purchase forclassroom instruction — this item may include computer and other electronic/telecommunicationdevices

Room and Board:

the estimated cost for housing and food if you live in a residence hall; if you live off campus, foodexpenses are not estimated

Transportation:

the estimated cost for 2-3 round trips from your home to school; if you live with your parents, theestimated commuting costs will be calculated

Personal Living Expenses:

the estimated cost for clothing, grooming supplies, laundry and limited entertainment

Other Personal Costs:

personal expenses that are specific to the student such as disability expenses, dependent care,loan fees, etc.

Miscellaneous:

any other expenses that you can identify with your school’s Financial Aid Office

http://www.saystudent.com/sf/tool-set.html

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Aid Steps: 2Aid Step 2: Submitting the FAFSA Form

— What is the FAFSA Form —

The Free Application for Federal Student Aid (FAFSA) is the first form you will need to file:

• the FAFSA form will be required for all Federal Student Loans and many scholarships. It isused by colleges to determine your financial aid eligibility

FAFSA form filing and information: http://www.fafsa.ed.gov

You must determine your dependent and independent status before completing the FAFSA form:

• see dependent vs. independent status: Aid Step 1

You may submit the FAFSA form anytime after January 1 in the year you intend to begin school:

• for example, if you plan to attend school in Fall 2007, you must submit your FAFSA formanytime after January 1, 2007 to about the end of July in order to qualify for financial aid forthe academic year coming up.

Completing the FAFSA form requires the following records:

• tax returns for the fiscal year that just ended• W-2 and 1099 forms• records of untaxed income, such as Social Security benefits, AFDC or ADC, child support,

welfare, pensions, military subsistence allowances, and veterans benefits• current bank and mortgage statements• medical and dental expenses during the past year that was not covered by medical insurance• business and/or farm records• current investment records for stock, bonds, mutual funds, CDs, and money market accounts

make sure you keep these records secure in the event that your college is required to requestrecords for verification

Returning students seeking financial aid must complete a FAFSA form each year they attend

school

• returning students will complete the Renewal FAFSA form — the renewal form updates yourprevious submitted FAFSA form.

http://www.fafsa.ed.gov


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Aid Steps: 2Aid Step 2: Submitting the FAFSA Form

— What is the FAFSA Form (con’t.) —

Some colleges may require submission of the FINANCIAL AID PROFILE® form in addition to the

FAFSA form:

• the PROFILE form is a fee-based form used by select schools to administer their ownfinancial programs.

• the PROFILE form requires more complete information not generally covered by the FAFSAform — contact your college institution to determine whether they require the PROFILE formand any other Financial Aid Application forms

you can use our college and university directory to find your college:

link to: http://www.SayEducate.com

http://www.sayeducate.com

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Aid Steps: 3Aid Step 3: Processing the Student Aid Report (SAR)

— Reviewing the SAR —

The Student Aid Report (SAR) estimates the Expected Family Contribution:

• after submission and completion of the FAFSA form, the federal government will process yourapplication and produce a Student Aid Report (SAR).

• the SAR will report the information from the FAFSA form and calculate your Expected FamilyContribution (EFC). The EFC will appear near the top section of the report.

The SAR will be sent to you and the schools you reported on your FAFSA form:

• if you submit the FAFSA form via the Internet, and sent in all required documents, you willreceive the SAR in about one week after your FAFSA application is processed;

• if you submit the FAFSA form via direct mail, you will receive the SAR in about 3-4 weeksafter your FAFSA form is received.

After you receive the SAR, you must review it and make any necessary corrections:

• read it carefully to make sure everything is correct. You can make corrections by one of thefollowing ways:

— photocopy your SAR and mail it to the school of choice— make changes online using your PIN: go to Aid Step 2— on Part 2 of the SAR and return it to the address given at the end of Part 2;— or request that your school make the changes electronically (contact your school).

Adding more schools to the SAR:

• if you want to have the SAR sent to a school that wasn’t originally reported on the FAFSAform, you may do one of the following:

— photocopy your SAR and mail it to the school of choice— correct and add the new school to your SAR and return it to the US Department of

Education— contact the Federal Student Aid Information Center at 1-800-433-3242 (or dial

directly 1-319-337-5665) and request duplicate copies to be sent to you requestduplicate copies to be sent to you

— on the FAFSA form web site (under “Request Duplicate Student Aid Report”) addmore schools by submitting a correction to your FAFSA information


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Aid Steps: 4Aid Step 4: The Financial Award Letter

— Receive and Review —

The Student Aid Report (SAR) estimates the Expected Family Contribution:

• after submission and completion of the FAFSA form, the federal government will process yourapplication and produce a Student Aid Report (SAR).

• the SAR will report the information from the FAFSA form and calculate your Expected FamilyContribution (EFC). The EFC will appear near the top section of the report.

The Financial Award Letter is processed by the college or university that you will be attending:

• the school’s financial aid office will process the SAR and determine the total financial aid youcan receive through federal, state, and college-based programs

• the school will then send you the Financial Award Letter (Package) usually upon acceptanceof your college admission — usually around March or April

The Financial Award Letter (Package) will list the type of financial aid that may include:

• grants and scholarships:

includes private and government grants and all scholarships.

• student loans:

Perkins, subsidized and unsubsidized Stafford loans, PLUS loans, state loan programs, other.

• work-study programs:

different work programs through the school or in the community.

view our aid charts for a summary review: link to: http://www.SayStudent.com/charts

Some award letters do not cover the full cost of attendance:

• the sample award letter above shows an award package that matches the financial need forthe academic years. Some colleges may offer award amounts that are less than the than thetotal financial need.

You will have to determine what additional money you can find on your own in order to attendyour college of choice.

http://www.saystudent.com/charts

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Aid Steps: 4Aid Step 4: The Financial Award Letter

— Receive and Review (con’t.) —

You should review the financial award letter understand its terms including loan interest rates,

required work hours, aid renewal and other requirements:

• look at each award item to understand exactly what requirements are necessary to earn thataward. Note that some institute grants are given to first-year students to encourage them toenroll. Make sure these grants are not reduced or removed after the first year.

• ask about the work-study program: hours required, pay, type work, etc. Some students mayopt to work the summer months instead of taking work -study programs.

• you’ll also want to ask about the continued availability of the state grant.

The school will require you to either Accept (A) or reject (R) the financial aid package:

• have all of your questions asked before accepting the financial aid package — if you feel thepackage is inadequate, contact your school’s financial aid office.

• review the financial aid packages among the various schools you plan to attend — comparewhich school offers the best financial aid package as it relates to your overall educationalrequirements.

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Aid Steps: 5.aAid Step 5: Financial Aid Options

— Grants —

Grants are generally awarded by federal and state governments for students in extreme financial

need:

• the grant is gift money that does not have to paid back. All federal grants require you to filethe FAFSA form to determine eligibility. Grants are administered and disbursed by theschools.

There are four types of Federal Aid Grants:

Pell Grant:

• the most common federal grant. It is awarded to undergraduate students only (and in somecases, post-baccalaureate students in teacher certification programs).

• the amounts awarded range from $400-to-$4,050 per academic year. The Pell Grant isreserved for the neediest students.

• to see if you are eligible for the Pell Grant, you must first submit the Free Application forFederal Student Aid (FAFSA) form.

• it will use a formula to estimate the qualified amount based on the EFC and cost ofattendance (see Aid Step1 for EFC information). Any eligible amount will be noted in yourfinancial award letter from your school

Federal Supplemental Education Opportunity Grant (FSEOG):

• this grant is available for qualified undergraduate applicants who show exceptional financialneed. The amounts awarded range from $100-to-$4,000.

• This grant is available for qualified undergraduate applicants who show exceptional financialneed. The amounts awarded range from $100-to-$4,000.

• you must first compete the Free Application for Federal Student Aid (FAFSA) form to see ifyou qualify. It will use a formula to estimate the qualified amount based on the EFC and costof attendance (see Aid Step1 for EFC information). Any eligible amount will be noted in yourfinancial award letter from your school

http://www.saystudent.com/financial-aid-note1c.html

http://www.saystudent.com/financial-aid-note1c.html

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Aid Steps: 5.aAid Step 5: Financial Aid Options

— Grants —

Academic Competitiveness Grant:

• an Academic Competitiveness Grant will provide up to $750 for the first year of undergraduatestudy and up to $1,300 for the second year of undergraduate study to full-time students whoare eligible for a Federal Pell Grant and who had successfully completed a rigorous highschool program, as determined by the state or local education agency and recognized by theSecretary of Education.

• second year students must also have maintained a cumulative grade point average (GPA) ofat least 3.0. The Academic Competitiveness Grant award is in addition to the student’s PellGrant award.

National SMART Grant

• a National SMART Grant will provide up to $4,000 for each of the third and fourth years ofundergraduate study to full-time students who are eligible for a Federal Pell Grant and whoare majoring in physical, life, or computer sciences, mathematics, technology, or engineeringor in a foreign language determined critical to national security.

• the student must also have maintained a cumulative grade point average (GPA) of at least 3.0in course work required for the major. The National SMART Grant award is in addition to thestudent’s Pell Grant award.

you download the US Department of Education Student Aid Booklet for

more detailed information about federal grants: http://studentaid.ed.gov


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Aid Steps: 5.bAid Step 5: Financial Aid Options

— Work-Study —

Federal Work-Study Program offers work-study programs:

• for both undergraduate and graduate students where the student can work part-time oncampus or in the community to earn money to help pay for education expenses.

Students are paid at the federal minimum wage (or more) on an hourly basis —

• the wage is dependent upon your skill set and work requirement. Graduate students may bepaid hourly or by salary.

• work assignments can be on-campus and off-campus work in public-related services. Theamount of work is determined by your school and cannot exceed the Federal Work-Studyaward.

• contact your school’s financial aid office for information about the Work-Study program

You must first compete the Free Application for Federal Student Aid (FAFSA) form

• to qualify for federal work study:go to the FAFSA form to file: see Aid Step 2


more detailed information about work-study programs: http://studentaid.ed.gov



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Aid Steps: 5.cAid Step 5: Financial Aid Options

— Federal Loans —

Perkins Loans:

• low-interest (5% percent) federal loans awarded to undergraduate and graduate students withexceptional financial need.

• you can borrow up to $4,000 for each year of undergraduate study; $6,000 for each year ofgraduate or professional study.

• the total amount you can borrow as an undergraduate is $20,000 after you complete twoyears of undergraduate study; $40,000 for graduate and professional.

• the loan does not charge origination fees. Your school becomes the lender using funds sharedby the federal government. You must repay this loan to your school.

FFELP (Federal Family Education Loan Program):

• the most common form of self-help aid. These are loans made to students (Stafford loans)and parents and graduates (PLUS loans) from banks, credit unions and other lenders thatparticipate in the FFELP program.

• these loans are insured by the federal government that allow lenders to lend money at lower-than-normal rates. Most schools participate in FFELP.

More information available: Link to: http://www.SayStudent.com

click on tab “money for college :: stafford student loans”

FDSLP (Federal Direct Student Loan Program):

• exactly like the FFELP program above, except the loans are funded through the schools bythe federal government directly (not by the banks).

• some schools participate in FDSLP. You need to check with your school’s financial aid officeto determine whether they participate in FDSLP or FFELP.

More information available: Link to: http://www.SayStudent.com

click on tab “money for college :: stafford student loans”


more detailed information about student loans: http://studentaid.ed.gov




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Aid Steps: 5.dAid Step 5: Financial Aid Options

— Scholarships —

About Scholarships:

• scholarships are available from many private and educational institutions. This type offinancial aid does not have to be paid back.

• the more common form of scholarships are athletic and academic. However, there are anumber of scholarships awarded for achievements in music, art, communications and byaffiliation with private groups and associations.

• take note that many unfunded scholarships may be from your own local area — areabusinesses and associations.

Scholarship Search:

• you need to start early to find all available scholarships. Check your field of study, ethnicbackground, social and religious affiliations, parent’s employment, family club memberships,and local businesses and clubs.

• beware of potential scholarship scams. A general rule to follow is, “if they request money fromyou in order to get money”, they are likely a scam:

— detecting/reporting scholarship scams: www.ftc.gov/bcp

• you can begin your scholarship search online:


click on tab “money for college :: scholarships”

Scholarship Requirements:

• every program is different, so check early on what will be required and make sure you meetall deadlines.

• the scholarship may require an essay, written exam, or some demonstration/document of youreligibility: Scholarship essay editing resources: http://www.EssayEdge.com

• most scholarships (including athletic) will require a minimum GPA. Failure to maintain yourGPA level could forfeit your award.

• most scholarship funds will be sent to the college directly on your behalf.

http://www.ftc.gov/bcp/conline/edcams/scholarship/index.html

http://www.essayedge.com

http://www.saystudent.com/scholarships/

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Aid Steps: 5.eAid Step 5: Financial Aid Options

— Private Student Loans —

Many government programs and loans do not cover the full cost of education:

• so many students are turning to private student loans to make up the difference between totalcost of school and any financial aid you may receive.

• Private Student Loans are offered by financial institutions, educational institutions, andprofessional associations. They are not guaranteed by the government so the interest rateand origination costs may be higher.

The advantage of Private Student loans is that loan amounts are not tied to any federal or college

limits —

• you can borrow as much as you need up to the approved loan limit.

• in addition, the funds can be used for any education-related expenses, including a newpersonal computer for school use.

Rates and origination costs are tied to the applicant’s credit history:

• the better your credit history (most student will need a CO-applicant such as parent), thelower the rate and costs.

• you need to consider the lending terms of private loans — borrowing money comes with fiscalresponsibilities. Inability to follow repayment terms can affect your credit rating, making itmore difficult to borrow in the future.

Private student loan programs may vary by lending institutions — for more information:


click on tab “money for college :: private student loans”


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Aid Steps: 5.fAid Step 5: Financial Aid Options

— Home Equity Loans —

Homeowners can use the equity value in their homes to pay for education.

The advantage of using your home equity include:

• you are not restricted by federal loan limits

• the funds can be used for any purpose — including auto transportation — as determined bythe home equity owner

• funds can be borrowed as they are needed — not all at once under many other programs

• the home equity line can be available from year-to-year without submitting annual applicationand qualification forms

• interest rates for home equity lines can be as low as the Prime Rate

• the interest costs for borrowed funds may be deducted from your taxes if your qualify — seeyour tax advisor for further information

The home equity line of credit is the most popular type of home equity for college education:

• the equity line allows parents to draw upon funds as needed for tuition, books, fees, livingexpenses and other miscellaneous expenses.

See our affiliated site at YourEquity.com for information:

using your home equity to finance education

http://www.yourequity.com

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Aid Steps: 5.gAid Step 5: Financial Aid Options

— Military Service —

Reserves Officer’s Training Corps (ROTC):

• Federal-merit scholarship program that will pay for college and provide a monthly allowance;

• program available at approximately 600 colleges nationwide.

• you must meet specific academic or physical fitness requirements to join.

• you will be required to complete a period of military service after you graduate.

• you will receive a commission as a U.S. military officer upon successful graduation.

link for information:

— Navy: www.nrotc.navy.mil

— Army: www-rotc.monroe.army.mil

— Air Force: www.afoats.af.mil/rotc.htm

— Marines: www.marines.com

— National Guard: www.ngb.army.mil

— Coast Guard: www.uscg.mil

Service Academies:

• appointees to the academy are nominated by a member of Congress.

• you will receive a commission as a U.S. military officer upon successful graduation.

link for information:

— Navy: www.nadn.navy.mil

— Air Force: www.usafa.af.mil

— US Military Academy: www.usma.edu

— Coast Guard: www.cga.edu

— Merchant Marine: www.usmma.edu

https://www.nrotc.navy.mil

http://www-rotc.monroe.army.mil

http://www.afoats.af.mil/rotc.htm

http://www.marines.com

http://www.ngb.army.mil

http://www.uscg.mil

http://www.nadn.navy.mil

http://www.usafa.af.mil

http://www.usma.edu

http://www.cga.edu

http://www.usmma.edu

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Aid Step 5: Financial Aid Options

— State Higher Education Agencies and Other Aid —

State Agencies offer a variety of state-sponsored financial aid programs :

• Such as grants, scholarships, and other financial aid. These programs are restricted to stateresidents or students attending state institutions

contact your state education department for complete information list of state educationagencies:

Link to: http://www.SayStudent.com/steps

click on “step5 :: step5f: state programs”

Aid Steps: 5.h

http://www.saystudent.com/financial-aid-note5f.html

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Aid Step 6: Apply for Student Financial

— Apply for Scholarships and Student Loans —

You can apply online for scholarships and student loans:

• Link to: http://www.SayStudent.com

click on “APPLY”

Aid Steps: 6

http://www.saystudent.com/apply/

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4

Financial

Aid Chart

for

Undergrads


Financial

Aid Chart

for

Parents

Financial

Aid Chart

for

Graduates

Financial

Aid Chart

for

Continuing-Ed

Summary

Loan

Chart

Pros-Cons

of

Student

Loans

Aid

Calculation

Sheet

Sa

yS

tud

en

t C

oll

eg

e F

ina

nc

ing

Ne

two

rk:

inclu

de

s:

ww

w.S

ayF

ina

ncia

lAid

.co

m -

ww

w.S

ayE

du

ca

te.c

om

Page: 1

copyr

ight ©

2005-0

7

SayS

tudent.co

m

Fin

an

cia

l Aid

Ch

art

fo

r U

nd

erg

rad

uate

s

Typ

e P

rog

ram

Pro

gra

m In

form

ati

on

Aw

ard

Lim

its

Req

uir

em

en

ts

Fe

de

ral

Gra

nts

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

4 ty

pes

of F

edera

l Gra

nts

:

1:

Federa

l Pell

Gra

nt

2:

Federa

l Supple

menta

l

Educa

tional O

pport

unity

Gra

nt (

FS

EO

G)

and tw

o n

ew

gra

nts

:

3:

Aca

dem

ic C

om

petit

iveness

Gra

nt

4:

Natio

nal S

MA

RT

Gra

nt

These

gra

nts

are

ava

ilable

to c

ontin

uin

g s

tudents

in u

nderg

radu-

ate

s pro

gra

ms

only

. These

gra

nts

do n

ot h

ave

to b

e repaid

.

Speci

al p

rovi

sions

are

required to

rece

ive th

ese

gra

nts

.

Up to

$4,0

00 a

nnually

Stu

dent m

ust

file

the F

AF

SA

form

.

Gra

nts

aw

ard

ed b

ase

d o

n fi

nanci

al n

eed.

Sch

ool a

cts

as

the U

.S. D

epart

ment o

f Educa

tion’s

agent b

y aw

ard

ing a

nd d

isburs

ing th

e fu

nds.

Make

your applic

atio

n fo

r gra

nts

thro

ugh y

our sc

hool.

Wo

rk-S

tud

y

Pro

gra

ms

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Stu

dent w

ill w

ork

a s

et n

um

ber of h

ours

for th

e s

chool o

r

appro

ved p

ublic

-serv

ice rela

ted c

om

pany.

Money

is e

arn

ed: d

oes

not h

ave

to b

e repaid

. Underg

raduate

s

paid

on a

hourly

basi

s.

No a

nnual m

axi

mum

Stu

dent m

ust f

ile th

e F

AF

SA

form

.

Sch

ool d

isburs

es

earn

ed fu

nds

to s

tudents

.

Make

your applic

atio

n fo

r w

ork

-stu

dy

thro

ugh y

our

school.

Fe

de

ral

Pe

rkin

s

Lo

an

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Lo

an

: m

ust

be repaid

.

These

are

low

-inte

rest

rate

loans

(5%

) ava

ilable

to s

tudents

with

exceptional f

inanci

al n

eed

$4,0

00 fo

r

underg

raduate

stu

dents

Stu

dent m

ust f

ile th

e F

AF

SA

form

.

Your sc

hool b

eco

mes

the le

nder usi

ng fu

nds

share

d b

y th

e fe

dera

l gove

rnm

ent. Y

ou m

ust

repay

this

loan to

your sc

hool.

Make

your applic

atio

n fo

r P

erk

ins

loans

thro

ugh

your sc

hool.

Sc

ho

lars

hip

s

be

gin

yo

ur

se

arc

h:

ww

w.S

ayS

tud

en

t.co

m

Sch

ola

rship

s are

ava

ilable

from

many

priva

te a

nd e

duca

tional

inst

itutio

ns.

This

type o

f fin

anci

al a

id d

oes

not h

ave

to p

aid

back

.

The m

ore

com

mon fo

rm o

f sch

ola

rship

s are

ath

letic

and a

ca-

dem

ic. H

ow

eve

r, th

ere

are

a n

um

ber of s

chola

rship

s aw

ard

ed fo

r

oth

er ach

ieve

ments

.

Lim

its s

ubje

ct t

o

schola

rship

aw

ard

and

pro

gra

m.

Sch

ola

rship

s m

ay

require a

n e

ssay,

written e

xam

or so

me d

em

onst

ratio

n o

f your elig

ibili

ty.

Sch

ola

rship

funds

will

be s

ent t

o th

e c

olle

ge

direct

ly o

n y

our behalf.

Sa

yS

tud

en

t C

oll

eg

e F

ina

nc

ing

Ne

two

rk:

inclu

de

s:

ww

w.S

ayF

ina

ncia

lAid

.co

m -

ww

w.S

ayE

du

ca

te.c

om

Page: 2

copyr

ight ©

2005-0

7

SayS

tudent.co

m

Fin

an

cia

l Aid

Ch

art

fo

r U

nd

erg

rad

uate

s

Typ

e P

rog

ram

Pro

gra

m In

form

ati

on

Aw

ard

Lim

its

Req

uir

em

en

ts

Fe

de

ral

Sta

ffo

rd

Stu

de

nt

Lo

an

s

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

2 ty

pes

of F

edera

l Sta

fford

Loans:

1:

su

bsid

ized

loan

s:

the F

edera

l Gove

rnm

ent p

ays

inte

rest

while

the s

tudent i

s

in s

chool a

nd d

uring g

race

and d

efe

rment p

eriods.

2:

un

su

bsid

ized

loan

s:

the b

orr

ow

er is

resp

onsi

ble

for in

tere

st d

uring th

e li

fe o

f

the lo

an.

the ty

pe o

f loans

aw

ard

ed d

epends

on fi

nanci

al s

tatu

s

Loan fu

nds w

ill b

e s

ent t

o th

e s

chool a

nd d

isburs

ed in

at l

east t

wo

inst

allm

ents

.

The fu

nds

will

firs

t be a

pplie

d to

pay

tuiti

on, f

ees,

room

and b

oard

,

and o

ther sc

hool c

harg

es.

Any

rem

ain

ing fu

nds

must

be u

sed fo

r

payi

ng e

duca

tion-r

ela

ted e

xpense

s.

See o

ur

web

sit

e fo

r cu

rren

t le

nd

er

ben

efi

ts.

$2,6

25 to

$10,5

00

annually

dependin

g o

n

the s

tudent’s

gra

de

leve

l.

Loan a

mounts

can b

e

view

ed a

t:

ww

w.S

ayS

tude

nt.c

om/s

f/

Stu

dent m

ust f

ile th

e F

AF

SA

form

.

Loan rest

rict

ed to

educa

tion-r

ela

ted e

xpense

s

only

.

Stu

dent m

ust

be e

nro

lled a

t least

half-

time in

a

degre

e o

r ce

rtifi

cate

pro

gra

m a

t an a

ppro

ved

school.

Dir

ect S

taff

ord

Lo

an

s:

The fe

dera

l gove

rnm

ent p

rovi

des

funds

to s

chools

.

FF

EL

Sta

ffo

rd L

oan

s:

priva

te le

nders

pro

vide fu

nds

to s

chools

to d

isburs

e

to s

tudents

.

Pri

vate

Stu

de

nt

Lo

an

s

dia

l:

1-8

66-2

30-4

578

for quest

ions

about t

his

pro

gra

m a

nd h

ow

it

can b

e u

sed fo

r sc

hool

you c

an s

ubm

it yo

ur

loan a

pplic

atio

n o

nlin

e

at

ou

r site

:

ww

w.S

ayS

tud

en

t.co

m

Priva

te s

tudent l

oans

are

use

d to

make

up th

e d

iffere

nce

betw

een

the to

tal c

ost

of s

chool a

nd a

ny

financi

al a

id rece

ived.

These

loans

are

not g

uara

nte

ed b

y th

e g

ove

rnm

ent s

o th

e in

tere

st

rate

and o

rigin

atio

n c

ost

s m

ay

be h

igher.

Most

priva

te lo

an p

rogra

ms

have

hig

her borr

ow

ing li

mits

than

federa

l loan p

rogra

ms.

The s

tudent w

ill s

ubm

it th

e a

pplic

atio

n a

s th

e b

orr

ow

er. T

he

pare

nt w

ill b

eco

me th

e c

o-b

orr

ow

er to

the a

pplic

atio

n if

the s

tudent

is u

nable

to m

eet t

he c

redit

guid

elin

es.

Funds

can b

e u

sed fo

r any

educa

tion-r

ela

ted e

xpense

s, in

cludin

g

a n

ew

pers

onal c

om

pute

r fo

r sc

hool u

se.

Fro

m $

1,5

00 to

$30,0

00 a

nnually

;

the a

ggre

gate

pro

gra

m

maxi

mum

is $

130,0

00

You m

ust

have

a s

atis

fact

ory

cre

dit

his

tory

You m

ust

meet t

he c

redit

guid

elin

es

for em

plo

y-

ment a

nd resi

dency

If y

ou c

an’t

meet t

hese

guid

elin

es,

you m

ay

request

your pare

nt o

r anoth

er to

co-s

ign fo

r th

e

loan

Underg

raduate

stu

dents

must

be e

nro

lled a

t least

half-

time in

a d

egre

e o

r ce

rtifi

cate

pro

gra

m a

t an

appro

ved s

chool.

Less

than h

alf

time a

ttendance

are

consi

dere

d u

nder th

e c

ontin

uin

g e

duca

tion

pro

gra

m.

Funds

dis

burs

ed d

irect

ly to

the s

tudent.

Sa

yS

tud

en

t C

oll

eg

e F

ina

nc

ing

Ne

two

rk:

inclu

de

s:

ww

w.S

ayF

ina

ncia

lAid

.co

m -

ww

w.S

ayE

du

ca

te.c

om

Page: 3

copyr

ight ©

2005-0

7

SayS

tudent.co

m

Fin

an

cia

l Aid

Ch

art

fo

r U

nd

erg

rad

uate

s

Typ

e P

rog

ram

Pro

gra

m In

form

ati

on

Aw

ard

Lim

its

Req

uir

em

en

ts

Ho

me

Eq

uit

y

Fin

an

cin

g

you c

an s

ubm

it yo

ur

equity

applic

atio

n

onlin

e a

t our si

te:

ww

w.Y

ourE

quity

.com

Inv

es

tme

nt

Fin

an

cin

g

Op

tio

ns

mo

re in

form

atio

n:

ww

w.S

ayS

tud

en

t.co

m

inclu

des a

com

ple

te d

irect

ory

of

529 p

lans

and

inve

stm

ent o

ptio

ns

Sta

te 5

29

Pla

ns

Qualif

ied in

vest

ment p

lans

that c

an b

e u

sed to

pay

educa

tion

exp

ense

s. C

ontr

ibutio

ns

are

after ta

x, b

ut

earn

ings

in th

e fu

nd a

re ta

x exe

mpt.

Funds

are

ava

ilable

to a

ny

nam

ed b

enefic

iary

. The b

enefic

iary

can

be th

e c

ontr

ibuto

r.

Ed

ucati

on

IRA

s

IRA

pla

ns

that c

an b

e s

etu

p fo

r educa

tion. C

ontr

ibutio

ns

are

after-

tax,

but e

arn

ings

in th

e fu

nd a

re ta

x exe

mpt.

The IR

A c

an b

e u

sed to

pay

for hig

her educa

tion a

nd K

-12

educa

tion e

xpense

s.

Lim

itatio

ns

are

subje

ct

to th

e a

vaila

ble

am

ount

in th

e p

lan.

Pla

ns m

ust b

e s

etu

p in

the n

am

e o

f the

benefic

iary

.

With

dra

wals

are

tax-

exe

mpt i

f the fu

nds

are

use

d

to p

ay

for educa

tion-r

ela

ted e

xpense

s.

IRA

Pla

ns

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

You c

an m

ake

with

dra

wals

from

your IR

As

for qualif

ied h

igher

educa

tion e

xpense

s w

ithout h

ave

to p

ay

the 1

0%

penalty

tax

for

early

with

dra

wal.

Lim

itatio

ns

are

subje

ct

to th

e a

vaila

ble

am

ount

in th

e p

lan.

You w

ill o

we in

com

e ta

x on th

e a

mount w

ithdra

wn

from

the p

lan.

Priva

te lo

an p

rogra

m w

here

the le

nder opens

a c

redit

line o

n y

our

behalf

(or your pare

nt)

, whic

h c

redit

line is

secure

d b

y th

e e

quity

valu

e o

f your or yo

ur pare

nt’s

hom

e.

You w

ill u

se e

quity

line c

heck

s or onlin

e tr

ansf

er ca

pabili

ties

to p

ay

for educa

tion o

r oth

er exp

ense

The li

ne o

f cre

dit

can b

e u

sed a

t any ti

me a

nd fo

r any e

xpense u

p

to y

our appro

ved c

redit

line b

ala

nce

No a

nnual l

imit

rest

rict

ions.

Your am

ount i

s s

ubje

ct

to y

our appro

ved e

quity

line b

ala

nce

.

You m

ust

have

equity

valu

e in

your hom

e

You m

ust

meet t

he le

nders

cre

dit

crite

ria a

nd

credit

check

.

There

is n

o li

mita

tions o

r re

str

ictio

ns o

n th

e u

se o

f

any

funds.

Sta

te A

ge

nc

ies

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Indiv

idual s

tate

s offer fin

anci

al a

id p

rogra

ms

for st

ate

resi

dents

and in

som

e c

ase

s out-

of-

state

resi

dents

attendin

g in

-sta

te

schools

.

Fin

anci

al a

id m

ay

incl

ude g

rants

, sch

ola

rship

s, fi

nanci

al a

id

ass

ista

nce

, and s

om

e lo

an p

rogra

ms.

Fin

anci

al a

ssis

tance

may

vary

by

state

Fin

anci

al a

id q

ualif

icatio

ns

can v

ary

by

state

copyright 2006-07

all rights reserved



5

Financial

Aid Chart

for

Undergrads


Financial

Aid Chart

for

Parents

Financial

Aid Chart

for

Graduates

Financial

Aid Chart

for

Continuing-Ed

Summary

Loan

Chart

Pros-Cons

of

Student

Loans

Aid

Calculation

Sheet

Sa

yS

tud

en

t C

oll

eg

e F

ina

nc

ing

Ne

two

rk:

inclu

de

s:

ww

w.S

ayF

ina

ncia

lAid

.co

m -

ww

w.S

ayE

du

ca

te.c

om

Page: 1

copyr

ight ©

2005-0

7

SayS

tudent.co

m

Fin

an

cia

l A

id C

hart

fo

r P

are

nts

Typ

e P

rog

ram

Pro

gra

m In

form

ati

on

Aw

ard

Lim

its

Req

uir

em

en

ts

Fe

de

ral

PL

US

Lo

an

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Federa

l loan p

rogra

m a

vaila

ble

to p

are

nts

of d

ependent under-

gra

duate

s o

nly

.

Loan fu

nds w

ill b

e s

ent t

o th

e s

chool.

The lo

an w

ill b

e d

isburs

ed in

at l

east

two in

stallm

ents

; no in

stallm

ent w

ill b

e g

reate

r th

an h

alf

the lo

an a

mount.

The fu

nds

will

firs

t be a

pplie

d to

pay

tuiti

on, f

ees,

room

and b

oard

,

and o

ther re

late

d s

chool c

harg

es.

Any

rem

ain

ing fu

nds

must

be

use

d fo

r payi

ng e

duca

tion-r

ela

ted e

xpense

s.

See o

ur

web

sit

e fo

r cu

rren

t le

nd

er

ben

efi

ts.

The a

nnual l

imit

is

equal t

o th

e to

tal c

ost

of

attendance

min

us

any

financi

al a

id rece

ived.

Pare

nt m

ust f

ile th

e F

AF

SA

form

.

Pare

nt m

ust p

ass a

cre

dit

check to

qualif

y o

r have

a rela

tive o

r fr

iend w

ho c

an p

ass th

e c

redit

check

co-s

ign th

e p

rom

isso

ry n

ote

.

Loan rest

rict

ed to

educa

tion-r

ela

ted e

xpense

s only

.

Loan rest

rict

ed fo

r dependent u

nderg

raduate

students

only

.

Stu

dent m

ust

be e

nro

lled a

t least

half-

time in

a

degre

e o

r ce

rtifi

cate

pro

gra

m a

t an a

ppro

ved s

chool.

Sta

te

Ag

en

cie

s

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Indiv

idual s

tate

s offer fin

anci

al a

id p

rogra

ms

for st

ate

resi

dents

and in

som

e c

ase

s out-

of-

state

resi

dents

attendin

g in

-sta

te

schools

.

Fin

anci

al a

id m

ay

incl

ude g

rants

, sch

ola

rship

s, fi

nanci

al a

id

ass

ista

nce

, and s

om

e lo

an p

rogra

ms.

Fin

anci

al a

ssis

tance

may

vary

by

state

Fin

anci

al a

id q

ualif

icatio

ns

can v

ary

by

state

Ho

me

Eq

uit

y

Lo

an

s a

nd

Lin

es

of

Cre

dit

you c

an s

ubm

it yo

ur

equity

applic

atio

n

on

line

at

ou

r site

:

ww

w.Y

ou

rEq

uity.

co

m

Priva

te lo

an p

rogra

m w

here

the le

nder opens

a c

redit

line o

n y

our

behalf,

whic

h c

redit

line is

secu

red b

y th

e e

quity

valu

e o

f your

hom

e.

You w

ill u

se e

quity

line c

heck

s or onlin

e tr

ansf

er ca

pabili

ties

to p

ay

for educa

tion o

r oth

er exp

ense

s.

The li

ne o

f cre

dit

can b

e u

sed a

t any ti

me a

nd fo

r any e

xpenses

up to

your appro

ved c

redit

line b

ala

nce

.

We h

ave in

form

ati

on

ho

w to

receiv

e m

axim

um

ben

efi

ts b

y

usin

g y

ou

r h

om

e e

qu

ity fo

r ed

ucati

on

.

Vis

it: w

ww

.sayb

anke

quity

.com

No

an

nu

al l

imit

restr

icti

on

s:

Your am

ount i

s s

ubje

ct

to y

our appro

ved e

quity

line b

ala

nce

.

You m

ust

have

equity

valu

e in

your hom

e.

You m

ust

meet t

he le

nders

cre

dit

crite

ria a

nd

credit

check

.

There

is n

o li

mita

tion o

r re

str

ictio

ns o

n th

e u

se o

f

the fu

nds.

Sa

yS

tud

en

t C

oll

eg

e F

ina

nc

ing

Ne

two

rk:

inclu

de

s:

ww

w.S

ayF

ina

ncia

lAid

.co

m -

ww

w.S

ayE

du

ca

te.c

om

Page: 2

copyr

ight ©

2005-0

7

SayS

tudent.co

m

Fin

an

cia

l A

id C

hart

fo

r P

are

nts

Typ

e P

rog

ram

Pro

gra

m In

form

ati

on

Aw

ard

Lim

its

Req

uir

em

en

ts

Pri

vate

Stu

de

nt

Lo

an

s

dia

l:

1-8

66-2

30-4

578

for quest

ions

about t

his

pro

gra

m a

nd h

ow

it

can b

e u

sed fo

r sc

hool

you c

an s

ubm

it yo

ur

loan a

pplic

atio

n o

nlin

e

at

ou

r site

:

ww

w.S

ayS

tud

en

t.co

m

Priva

te s

tudent l

oans

are

use

d to

make

up th

e d

iffere

nce

betw

een

the to

tal c

ost

of s

chool a

nd a

ny

financi

al a

id rece

ived.

These

loans

are

not g

uara

nte

ed b

y th

e g

ove

rnm

ent s

o th

e in

tere

st

rate

and o

rigin

atio

n c

ost

s m

ay

be h

igher.

Most

priva

te lo

an p

rogra

ms

have

hig

her borr

ow

ing li

mits

than

federa

l loan p

rogra

ms.

The s

tudent w

ill s

ubm

it th

e a

pplic

atio

n a

s th

e b

orr

ow

er. T

he

pare

nt w

ill b

eco

me th

e c

o-b

orr

ow

er to

the a

pplic

atio

n if

the

student i

s unable

to m

eet t

he c

redit

guid

elin

es.

Funds

can b

e u

sed fo

r any

educa

tion-r

ela

ted e

xpense

s, in

cludin

g

a n

ew

pers

onal c

om

pute

r fo

r sc

hool u

se.

Fro

m $

1,5

00 to

$30,0

00 a

nnually

; the

aggre

gate

pro

gra

m

maxi

mum

is $

130,0

00

You m

ust

have

a s

atis

fact

ory

cre

dit

his

tory

You m

ust

meet t

he c

redit

guid

elin

es

for em

plo

yment

and resi

dency

If y

ou c

an’t

meet t

hese

guid

elin

es,

you m

ay

request

your pare

nt o

r anoth

er to

co-s

ign fo

r th

e lo

an

Gra

duate

and p

rofe

ssio

nal s

tudents

must

be e

nro

lled

at l

east

half-

time in

a d

egre

e o

r ce

rtifi

cate

pro

gra

m a

t

an a

ppro

ved s

chool.

Less

than h

alf

time a

ttendance

are

consi

dere

d u

nder th

e c

ontin

uin

g e

duca

tion p

rogra

m.

Funds

dis

burs

ed d

irect

ly to

the s

tudent.

Inv

es

tme

nt

Fin

an

cin

g

Op

tio

ns

mo

re in

form

atio

n:

ww

w.S

ayS

tud

en

t.co

m

incl

udes

a

com

ple

te d

irect

ory

of

529 p

lans

and

inve

stm

ent o

ptio

ns

Sta

te 5

29

Pla

ns

Qualif

ied in

vest

ment p

lans

that c

an b

e u

sed to

pay

educa

tion

exp

ense

s. C

ontr

ibutio

ns

are

after ta

x, b

ut

earn

ings

in th

e fu

nd a

re ta

x exe

mpt.

Funds

are

ava

ilable

to a

ny

nam

ed b

enefic

iary

. The b

enefic

iary

can

be th

e c

ontr

ibuto

r.

Ed

ucati

on

IRA

s

IRA

pla

ns

that c

an b

e s

etu

p fo

r educa

tion. C

ontr

ibutio

ns

are

after-

tax,

but e

arn

ings

in th

e fu

nd a

re ta

x exe

mpt.

The IR

A c

an b

e u

sed to

pay

for hig

her educa

tion a

nd K

-12

educa

tion e

xpense

s.

Lim

itatio

ns

are

subje

ct

to th

e a

vaila

ble

am

ount

in th

e p

lan.

Pla

ns m

ust b

e s

etu

p in

the n

am

e o

f the

benefic

iary

.

With

dra

wals

are

tax-

exe

mpt i

f the fu

nds

are

use

d

to p

ay

for educa

tion-r

ela

ted e

xpense

s.

IRA

Pla

ns

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

You c

an m

ake

with

dra

wals

from

your IR

As

for qualif

ied h

igher

educa

tion e

xpense

s w

ithout h

ave

to p

ay

the 1

0%

penalty

tax

for

early

with

dra

wal.

Lim

itatio

ns

are

subje

ct

to th

e a

vaila

ble

am

ount

in th

e p

lan.

You w

ill o

we in

com

e ta

x on th

e a

mount w

ithdra

wn

from

the p

lan.

copyright 2006-07

all rights reserved



6

Financial

Aid Chart

for

Undergrads


Financial

Aid Chart

for

Parents

Financial

Aid Chart

for

Graduates

Financial

Aid Chart

for

Continuing-Ed

Summary

Loan

Chart

Pros-Cons

of

Student

Loans

Aid

Calculation

Sheet

Sa

yS

tud

en

t C

oll

eg

e F

ina

nc

ing

Ne

two

rk:

inclu

de

s:

ww

w.S

ayF

ina

ncia

lAid

.co

m -

ww

w.S

ayE

du

ca

te.c

om

Page: 1

copyr

ight ©

2005-0

7

SayS

tudent.co

m

Fin

an

cia

l Aid

Ch

art

fo

r G

rad

uate

s a

nd

Pro

fessio

nal S

tud

en

ts

Typ

e P

rog

ram

Pro

gra

m In

form

ati

on

Aw

ard

Lim

its

Req

uir

em

en

ts

Wo

rk-S

tud

y

Pro

gra

ms

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Stu

dent w

ill w

ork

a s

et n

um

ber of h

ours

for th

e s

chool o

r

appro

ved p

ublic

-serv

ice rela

ted c

om

pany.

Money

is e

arn

ed: d

oes

not h

ave

to b

e repaid

. Gra

duate

s paid

on a

hourly

basi

s or by

sala

ry.

No a

nnual m

axi

mum

Stu

dent m

ust f

ile th

e F

AF

SA

form

.

Sch

ool d

isburs

es

earn

ed fu

nds

to s

tudents

.

Make

your applic

atio

n fo

r w

ork

-stu

dy

thro

ugh y

our

school.

Fe

de

ral

Pe

rkin

s

Lo

an

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Lo

an

: m

ust

be repaid

.

These

are

low

-inte

rest

rate

loans

(5%

) ava

ilable

to s

tudents

with

exceptional f

inanci

al n

eed

$6,0

00 fo

r

gra

duate

stu

dents

Stu

dent m

ust f

ile th

e F

AF

SA

form

.

Your sc

hool b

eco

mes

the le

nder usi

ng fu

nds

share

d b

y th

e fe

dera

l gove

rnm

ent. Y

ou m

ust

repay

this

loan to

your sc

hool.

Make

your applic

atio

n fo

r P

erk

ins

loans

thro

ugh

your sc

hool.

Fe

de

ral

Sta

ffo

rd

Stu

de

nt

Lo

an

s

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Unsu

bsi

diz

ed F

edera

l Sta

fford

Loans:

•in

tere

st o

n th

e lo

an is

to b

e p

aid

by th

e s

tudent a

fter lo

an

funds

are

dis

burs

ed

Loan fu

nds w

ill b

e s

ent t

o th

e s

chool a

nd d

isburs

ed in

at l

east t

wo

inst

allm

ents

.

The fu

nds

will

firs

t be a

pplie

d to

pay

tuiti

on, f

ees,

room

and b

oard

,

and o

ther sc

hool c

harg

es.

Any

rem

ain

ing fu

nds

must

be u

sed fo

r

payi

ng

educa

tion-r

ela

ted e

xpense

s.

See o

ur

web

sit

e fo

r cu

rren

t le

nd

er

ben

efi

ts.

gra

du

ate

:

up to

$18,5

00 fo

r each

aca

dem

ic y

ear

Stu

dent m

ust f

ile th

e F

AF

SA

form

.

Loan rest

rict

ed to

educa

tion-r

ela

ted e

xpense

s only

.

Stu

dent m

ust

be e

nro

lled a

t least

half-

time in

a

degre

e o

r ce

rtifi

cate

pro

gra

m a

t an a

ppro

ved s

chool.

Dir

ect S

taff

ord

Lo

an

s:

The fe

dera

l gove

rnm

ent p

rovi

des

funds

to s

chools

.

FF

EL

Sta

ffo

rd L

oan

s:

priva

te le

nders

pro

vide fu

nds

to s

chools

to d

isburs

e

to s

tudents

.

Sc

ho

lars

hip

s

be

gin

yo

ur

se

arc

h:

ww

w.S

ayS

tud

en

t.co

m

Sch

ola

rship

s are

ava

ilable

from

many

priva

te a

nd e

duca

tional

inst

itutio

ns.

This

type o

f fin

anci

al a

id d

oes

not h

ave

to p

aid

back

.

The m

ore

com

mon fo

rm o

f sch

ola

rship

s are

ath

letic

and a

ca-

dem

ic. H

ow

eve

r, th

ere

are

a n

um

ber of s

chola

rship

s aw

ard

ed fo

r

oth

er ach

ieve

ments

.

Lim

its s

ubje

ct t

o

schola

rship

aw

ard

and

pro

gra

m.

Sch

ola

rship

s m

ay

require a

n e

ssay,

written e

xam

or so

me d

em

onst

ratio

n o

f your elig

ibili

ty.

Sch

ola

rship

funds

will

be s

ent t

o th

e c

olle

ge

direct

ly o

n y

our behalf.

Sa

yS

tud

en

t C

oll

eg

e F

ina

nc

ing

Ne

two

rk:

inclu

de

s:

ww

w.S

ayF

ina

ncia

lAid

.co

m -

ww

w.S

ayE

du

ca

te.c

om

Page: 2

copyr

ight ©

2005-0

7

SayS

tudent.co

m

Fin

an

cia

l Aid

Ch

art

fo

r G

rad

uate

s a

nd

Pro

fessio

nal S

tud

en

ts

Typ

e P

rog

ram

Pro

gra

m In

form

ati

on

Aw

ard

Lim

its

Req

uir

em

en

ts

Gra

d P

LU

S

Lo

an

s

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Gra

duate

and p

rofe

ssio

nal s

tudents

can b

orr

ow

under th

e P

LU

S

loan p

rogra

m o

n th

eir b

ehalf.

Loan fu

nds w

ill b

e s

ent t

o th

e s

chool.

The lo

an w

ill b

e d

isburs

ed in

at l

east

two in

stallm

ents

; no in

stallm

ent w

ill b

e g

reate

r th

an h

alf

the lo

an a

mount.

The fu

nds

will

firs

t be a

pplie

d to

pay

tuiti

on, f

ees,

room

and b

oard

,

and o

ther sc

hool c

harg

es,

eve

n tr

ave

l. A

ny

rem

ain

ing fu

nds

must

be u

sed fo

r payi

ng e

duca

tion-r

ela

ted e

xpense

s.

See o

ur

web

sit

e fo

r cu

rren

t le

nd

er

ben

efi

ts.

The a

nnual l

imit

is

equal t

o th

e to

tal c

ost

of

attendance

(in

cludin

g

trave

l) m

inus

any

financi

al a

id rece

ived.

You m

ust f

irst a

ccept a

ll

Sta

fford

Stu

dent L

oan

you a

re e

ligib

le fo

r

befo

re y

ou m

ay

borr

ow

under th

e G

raduate

PLU

S p

rogra

m.

Stu

dent m

ust f

ile th

e F

AF

SA

form

.

see F

AF

SA

links

Stu

dent m

ust p

ass a

cre

dit

check to

qualif

y o

r have

a rela

tive o

r fr

iend w

ho c

an p

ass th

e c

redit

check

co-s

ign th

e p

rom

isso

ry n

ote

.

Loan rest

rict

ed to

educa

tion-r

ela

ted e

xpense

s only

.

Stu

dent m

ust

be e

nro

lled a

t least

half-

time in

a

degre

e o

r ce

rtifi

cate

pro

gra

m a

t an a

ppro

ved

school.

Pri

vate

Stu

de

nt

Lo

an

s

dia

l:

1-8

66-2

30-4

578

for quest

ions

about t

his

pro

gra

m a

nd h

ow

it

can b

e u

sed fo

r sc

hool

you c

an s

ubm

it yo

ur

loan a

pplic

atio

n o

nlin

e

at

ou

r site

:

ww

w.S

ayS

tud

en

t.co

m

Priva

te s

tudent l

oans

are

use

d to

make

up th

e d

iffere

nce

betw

een

the to

tal c

ost

of s

chool a

nd a

ny

financi

al a

id rece

ived.

These

loans

are

not g

uara

nte

ed b

y th

e g

ove

rnm

ent s

o th

e in

tere

st

rate

and o

rigin

atio

n c

ost

s m

ay

be h

igher.

Most

priva

te lo

an p

rogra

ms

have

hig

her borr

ow

ing li

mits

than

federa

l loan p

rogra

ms.

The s

tudent w

ill s

ubm

it th

e a

pplic

atio

n a

s th

e b

orr

ow

er. T

he

pare

nt w

ill b

eco

me th

e c

o-b

orr

ow

er to

the a

pplic

atio

n if

the s

tudent

is u

nable

to m

eet t

he c

redit

guid

elin

es.

Funds

can b

e u

sed fo

r any

educa

tion-r

ela

ted e

xpense

s, in

cludin

g

a n

ew

pers

onal c

om

pute

r fo

r sc

hool u

se.

Fro

m $

1,5

00 to

$30,0

00 a

nnually

;

the a

ggre

gate

pro

gra

m

maxi

mum

is $

130,0

00

You m

ust

have

a s

atis

fact

ory

cre

dit

his

tory

You m

ust

meet t

he c

redit

guid

elin

es

for em

plo

y-

ment a

nd resi

dency

If y

ou c

an’t

meet t

hese

guid

elin

es,

you m

ay

request

your pare

nt o

r anoth

er to

co-s

ign fo

r th

e

loan

Gra

duate

and p

rofe

ssio

nal s

tudents

must

be

enro

lled a

t least

half-

time in

a d

egre

e o

r ce

rtifi

cate

pro

gra

m a

t an a

ppro

ved s

chool.

Less

than h

alf

time a

ttendance

are

consi

dere

d u

nder th

e

contin

uin

g e

duca

tion p

rogra

m.

Funds

dis

burs

ed d

irect

ly to

the s

tudent.

Sta

te A

ge

nc

ies

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Indiv

idual s

tate

s offer fin

anci

al a

id p

rogra

ms

for st

ate

resi

dents

and in

som

e c

ase

s out-

of-

state

resi

dents

attendin

g in

-sta

te

schools

.

Fin

anci

al a

id m

ay

incl

ude g

rants

, sch

ola

rship

s, fi

nanci

al a

id

ass

ista

nce

, and s

om

e lo

an p

rogra

ms.

Fin

anci

al a

ssis

tance

may

vary

by

state

Fin

anci

al a

id q

ualif

icatio

ns

can v

ary

by

state

Sa

yS

tud

en

t C

oll

eg

e F

ina

nc

ing

Ne

two

rk:

inclu

de

s:

ww

w.S

ayF

ina

ncia

lAid

.co

m -

ww

w.S

ayE

du

ca

te.c

om

Page: 3

copyr

ight ©

2005-0

7

SayS

tudent.co

m

Fin

an

cia

l Aid

Ch

art

fo

r G

rad

uate

s a

nd

Pro

fessio

nal S

tud

en

ts

Typ

e P

rog

ram

Pro

gra

m In

form

ati

on

Aw

ard

Lim

its

Req

uir

em

en

ts

Ho

me

Eq

uit

y

Fin

an

cin

g

you c

an s

ubm

it yo

ur

equity

applic

atio

n

onlin

e a

t our si

te:

ww

w.Y

ourE

quity

.com

Inv

es

tme

nt

Fin

an

cin

g

Op

tio

ns

mo

re in

form

atio

n:

ww

w.S

ayS

tud

en

t.co

m

inclu

des a

com

ple

te d

irect

ory

of

529 p

lans

and

inve

stm

ent o

ptio

ns

Sta

te 5

29

Pla

ns

Qualif

ied in

vest

ment p

lans

that c

an b

e u

sed to

pay

educa

tion

exp

ense

s. C

ontr

ibutio

ns

are

after ta

x, b

ut

earn

ings

in th

e fu

nd a

re ta

x exe

mpt.

Funds

are

ava

ilable

to a

ny

nam

ed b

enefic

iary

. The b

enefic

iary

can

be th

e c

ontr

ibuto

r.

Ed

ucati

on

IRA

s

IRA

pla

ns

that c

an b

e s

etu

p fo

r educa

tion. C

ontr

ibutio

ns

are

after-

tax,

but e

arn

ings

in th

e fu

nd a

re ta

x exe

mpt.

The IR

A c

an b

e u

sed to

pay

for hig

her educa

tion a

nd K

-12

educa

tion e

xpense

s.

Lim

itatio

ns

are

subje

ct

to th

e a

vaila

ble

am

ount

in th

e p

lan.

Pla

ns m

ust b

e s

etu

p in

the n

am

e o

f the

benefic

iary

.

With

dra

wals

are

tax-

exe

mpt i

f the fu

nds

are

use

d

to p

ay

for educa

tion-r

ela

ted e

xpense

s.

IRA

Pla

ns

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

You c

an m

ake

with

dra

wals

from

your IR

As

for qualif

ied h

igher

educa

tion e

xpense

s w

ithout h

ave

to p

ay

the 1

0%

penalty

tax

for

early

with

dra

wal.

Lim

itatio

ns

are

subje

ct

to th

e a

vaila

ble

am

ount

in th

e p

lan.

You w

ill o

we in

com

e ta

x on th

e a

mount w

ithdra

wn

from

the p

lan.

Priva

te lo

an p

rogra

m w

here

the le

nder opens

a c

redit

line o

n y

our

behalf

(or your pare

nt)

, whic

h c

redit

line is

secure

d b

y th

e e

quity

valu

e o

f your or yo

ur pare

nt’s

hom

e.

You w

ill u

se e

quity

line c

heck

s or onlin

e tr

ansf

er ca

pabili

ties

to p

ay

for educa

tion o

r oth

er exp

ense

The li

ne o

f cre

dit

can b

e u

sed a

t any ti

me a

nd fo

r any e

xpense u

p

to y

our appro

ved c

redit

line b

ala

nce

We h

ave in

form

ati

on

ho

w to

receiv

e m

axim

um

ben

efi

ts b

y

usin

g y

ou

r h

om

e e

qu

ity fo

r ed

ucati

on

.

Vis

it: w

ww

.sayb

anke

quity

.com

No a

nnual l

imit

rest

rict

ions.

Your am

ount i

s s

ubje

ct

to y

our appro

ved e

quity

line b

ala

nce

.

You m

ust

have

equity

valu

e in

your hom

e

You m

ust

meet t

he le

nders

cre

dit

crite

ria a

nd

credit

check

.

There

is n

o li

mita

tions o

r re

str

ictio

ns o

n th

e u

se o

f

any

funds.

copyright 2006-07

all rights reserved



7

Financial

Aid Chart

for

Undergrads


Financial

Aid Chart

for

Parents

Financial

Aid Chart

for

Graduates

Financial

Aid Chart

for

Continuing-Ed

Summary

Loan

Chart

Pros-Cons

of

Student

Loans

Aid

Calculation

Sheet

Sa

yS

tud

en

t C

oll

eg

e F

ina

nc

ing

Ne

two

rk:

inclu

de

s:

ww

w.S

ayF

ina

ncia

lAid

.co

m -

ww

w.S

ayE

du

ca

te.c

om

Page: 1

copyr

ight ©

2005-0

7

SayS

tudent.co

m

Fin

an

cia

l Aid

Ch

art

fo

r C

on

tin

uin

g E

du

cati

on

Stu

den

ts

Typ

e P

rog

ram

Pro

gra

m In

form

ati

on

Aw

ard

Lim

its

Req

uir

em

en

ts

Pri

vate

Stu

de

nt

Lo

an

s

dia

l:

1-8

66-2

30-4

578

for quest

ions

about t

his

pro

gra

m a

nd h

ow

it

can b

e u

sed fo

r sc

hool

you c

an s

ubm

it yo

ur

loan a

pplic

atio

n o

nlin

e

at

ou

r site

:

ww

w.S

ayS

tud

en

t.co

m

Pri

va

te s

tud

en

t lo

an

s a

re th

e b

est f

ina

ncin

g o

ptio

ns fo

r stu

de

nts

wh

o a

re e

nro

lled

less th

an

ha

lf ti

me

in a

n a

ccre

dite

d p

rog

ram

.

Pri

va

te s

tud

en

t lo

an

s a

re u

se

d to

ma

ke

up

the

diff

ere

nce

betw

een to

tal c

ost o

f school a

nd a

ny fi

nancia

l aid

receiv

ed.

Th

ese

loa

ns a

re n

ot g

ua

ran

tee

d b

y th

e g

ove

rnm

en

t so

the

inte

rest r

ate

an

d o

rig

ina

tio

n c

osts

ma

y b

e h

igh

er.

Mo

st p

riva

te lo

an

pro

gra

ms h

ave

hig

he

r b

orr

ow

ing

lim

its th

an

federa

l loan p

rogra

ms.

Th

e s

tud

en

t will

su

bm

it th

e a

pp

lica

tio

n a

s th

e b

orr

ow

er.

Th

e

pa

ren

t will

be

co

me

the

co

-bo

rro

we

r to

the

ap

plic

atio

n if

the

stu

de

nt i

s u

na

ble

to m

ee

t th

e c

red

it g

uid

elin

es.

The lo

an c

an b

e u

sed fo

r educatio

n-r

ela

ted e

xpenses, i

nclu

din

g

the

pu

rch

ase

of a

pe

rso

na

l co

mp

ute

r.

Fro

m $

1,5

00 to

$30,0

00 a

nnually

;

the a

ggre

gate

pro

gra

m

maxi

mum

is $

130,0

00

Yo

u m

ust h

ave

a s

atisfa

cto

ry c

red

it h

isto

ry.

Yo

u m

ust m

ee

t th

e c

red

it g

uid

elin

es o

f

em

plo

yment a

nd resi

dency

.

Underg

raduate

and G

raduate

stu

dents

must b

e

en

rolle

d a

t le

ast h

alf-t

ime

in a

de

gre

e o

r

cert

ific

ate

pro

gra

m a

t an a

ppro

ved s

chool.

Less th

an h

alf-

time a

ttendance a

re c

onsid

ere

d

under th

e c

ontin

uin

g e

ducatio

n p

rogra

m.

Ho

me

Eq

uit

y

Lo

an

s a

nd

Lin

es

of

Cre

dit

you c

an s

ubm

it yo

ur

equity

applic

atio

n

on

line

at

ou

r site

:

ww

w.S

ayS

tud

en

t.co

m

Priva

te lo

an p

rogra

m w

here

the le

nder opens

a c

redit

line o

n y

our

behalf,

whic

h c

redit

line is

secu

red b

y th

e e

quity

valu

e o

f your

hom

e.

You w

ill u

se e

quity

line c

heck

s or onlin

e tr

ansf

er ca

pabili

ties

to p

ay

for educa

tion o

r oth

er exp

ense

s.

The li

ne o

f cre

dit

can b

e u

sed a

t any ti

me a

nd fo

r any e

xpenses

up to

your appro

ved c

redit

line b

ala

nce

.

We h

ave in

form

ati

on

ho

w to

receiv

e m

axim

um

ben

efi

ts b

y

usin

g y

ou

r h

om

e e

qu

ity fo

r ed

ucati

on

.

Vis

it: w

ww

.sayb

anke

quity

.com

No

an

nu

al l

imit

restr

icti

on

s:

Your am

ount i

s s

ubje

ct

to y

our appro

ved e

quity

line b

ala

nce

.

You m

ust

have

equity

valu

e in

your hom

e.

You m

ust

meet t

he le

nders

cre

dit

crite

ria a

nd

credit

check

.

There

is n

o li

mita

tion o

r re

str

ictio

ns o

n th

e u

se o

f

the fu

nds.

Sa

yS

tud

en

t C

oll

eg

e F

ina

nc

ing

Ne

two

rk:

inclu

de

s:

ww

w.S

ayF

ina

ncia

lAid

.co

m -

ww

w.S

ayE

du

ca

te.c

om

Page: 2

copyr

ight ©

2005-0

7

SayS

tudent.co

m

Fin

an

cia

l Aid

Ch

art

fo

r C

on

tin

uin

g E

du

cati

on

Stu

den

ts

Typ

e P

rog

ram

Pro

gra

m In

form

ati

on

Aw

ard

Lim

its

Req

uir

em

en

ts

Sc

ho

lars

hip

s

be

gin

yo

ur

se

arc

h:

ww

w.S

ayS

tud

en

t.co

m

Inv

es

tme

nt

Fin

an

cin

g

Op

tio

ns

mo

re in

form

atio

n:

ww

w.S

ayS

tud

en

t.co

m

incl

udes

a

com

ple

te d

irect

ory

of

529 p

lans

and

inve

stm

ent o

ptio

ns

Sta

te 5

29

Pla

ns

Qualif

ied in

vest

ment p

lans

that c

an b

e u

sed to

pay

educa

tion

exp

ense

s. C

ontr

ibutio

ns

are

after ta

x, b

ut

earn

ings

in th

e fu

nd a

re ta

x exe

mpt.

Funds

are

ava

ilable

to a

ny

nam

ed b

enefic

iary

. The b

enefic

iary

can

be th

e c

ontr

ibuto

r.

Ed

ucati

on

IRA

s

IRA

pla

ns

that c

an b

e s

etu

p fo

r educa

tion. C

ontr

ibutio

ns

are

after-

tax,

but e

arn

ings

in th

e fu

nd a

re ta

x exe

mpt.

The IR

A c

an b

e u

sed to

pay

for hig

her educa

tion a

nd K

-12

educa

tion e

xpense

s.

Lim

itatio

ns

are

subje

ct

to th

e a

vaila

ble

am

ount

in th

e p

lan.

Pla

ns m

ust b

e s

etu

p in

the n

am

e o

f the

benefic

iary

.

With

dra

wals

are

tax-

exe

mpt i

f the fu

nds

are

use

d

to p

ay

for educa

tion-r

ela

ted e

xpense

s.

IRA

Pla

ns

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

You c

an m

ake

with

dra

wals

from

your IR

As

for qualif

ied h

igher

educa

tion e

xpense

s w

ithout h

ave

to p

ay

the 1

0%

penalty

tax

for

early

with

dra

wal.

Lim

itatio

ns

are

subje

ct

to th

e a

vaila

ble

am

ount

in th

e p

lan.

You w

ill o

we in

com

e ta

x on th

e a

mount w

ithdra

wn

from

the p

lan.

Sch

ola

rship

s are

ava

ilable

from

many

priva

te a

nd e

duca

tional

inst

itutio

ns.

This

type o

f fin

anci

al a

id d

oes

not h

ave

to p

aid

back

.

The m

ore

com

mon fo

rm o

f sch

ola

rship

s are

ath

letic

and a

ca-

dem

ic. H

ow

eve

r, th

ere

are

a n

um

ber of s

chola

rship

s aw

ard

ed fo

r

oth

er ach

ieve

ments

.

Lim

its s

ubje

ct t

o

schola

rship

aw

ard

and

pro

gra

m.

Sch

ola

rship

s m

ay

require a

n e

ssay,

written e

xam

or so

me d

em

onst

ratio

n o

f your elig

ibili

ty.

Sch

ola

rship

funds

will

be s

ent t

o th

e c

olle

ge

direct

ly o

n y

our behalf.

Sta

te A

ge

nc

ies

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Indiv

idual s

tate

s offer fin

anci

al a

id p

rogra

ms

for st

ate

resi

dents

and in

som

e c

ase

s out-

of-

state

resi

dents

attendin

g in

-sta

te

schools

.

Fin

anci

al a

id m

ay

incl

ude g

rants

, sch

ola

rship

s, fi

nanci

al a

id

ass

ista

nce

, and s

om

e lo

an p

rogra

ms.

Fin

anci

al a

ssis

tance

may

vary

by

state

Fin

anci

al a

id q

ualif

icatio

ns

can v

ary

by

state

copyright 2006-07

all rights reserved



8

Financial

Aid Chart

for

Undergrads


Financial

Aid Chart

for

Parents

Financial

Aid Chart

for

Graduates

Financial

Aid Chart

for

Continuing-Ed

Summary

Loan

Chart

Pros-Cons

of

Student

Loans

Aid

Calculation

Sheet

Sa

yS

tud

en

t C

oll

eg

e F

ina

nc

ing

Ne

two

rk:

inclu

de

s:

ww

w.S

ayF

ina

ncia

lAid

.co

m -

ww

w.S

ayE

du

ca

te.c

om

Page: 1

copyr

ight ©

2005-0

7

SayS

tudent.co

m

Su

mm

ary

Stu

den

t L

oan

Ch

art

Su

bs

idiz

ed

Sta

ffo

rd

Lo

an

for underg

raduate

and

gra

duate

stu

dents

who m

eet f

inanci

al n

eed a

nd

enro

llment c

rite

ria

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Lo

an

:

must

be repaid

You m

ay

conso

lidate

your

loans

after sc

hool f

or

ext

ended repaym

ent t

erm

s

that l

ow

er yo

ur paym

ents

Lo

an

Am

ou

nts

:

$2,6

25 to

$18,5

00 a

nnually

,

dependin

g o

n g

rade le

vel

Maxim

um

Lim

it:

vie

w c

hart

at:

Say

Stu

dent

.com

/sf/

Dir

ect L

oan

s:

The fe

dera

l gove

rnm

ent p

rovi

des

funds

to s

chool.

The s

chool t

hen d

isburs

es

funds

to

the s

tudent a

fter paym

ent o

f tuiti

on

and o

ther sc

hool e

xpense

s.

FF

EL

:

Priva

te le

nders

and b

anks

pro

vide

funds

to s

chools

.

The s

chool t

hen d

isburs

es

funds

to

the s

tudent a

fter paym

ent o

f tuiti

on

and o

ther sc

hool e

xpense

s.

Fed

era

l S

tud

en

t

Lo

an

Pro

gra

mTyp

e A

idA

nn

ual

Aw

ard

Lim

its

Dis

bu

rsem

en

t

Su

bsid

ized

:

The F

edera

l Gove

rnm

ent p

ays

the in

tere

st

while

the s

tudent i

s in

school a

nd d

uring

gra

ce a

nd

defe

rment p

eriods.

Lim

ited

Req

uir

em

en

ts:

• no c

o-b

orr

ow

er

• n

o c

red

it c

he

ck

• no c

olla

tera

l

vie

w r

ate

s:

ww

w.S

ayS

tud

en

t.co

m

Oth

er

Info

rmati

on

Un

su

bs

idiz

ed

Sta

ffo

rd

Lo

an

for underg

raduate

and

gra

duate

stu

dents

who m

eet f

inanci

al n

eed a

nd

enro

llment c

rite

ria

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Lo

an

:

must

be repaid

You m

ay

conso

lidate

your

loans

after sc

hool f

or

ext

ended repaym

ent t

erm

s

that l

ow

er yo

ur paym

ents

Lo

an

Am

ou

nts

:

$2,6

25 to

$18,5

00 a

nnually

,

dependin

g o

n g

rade le

vel

Maxim

um

Lim

it:

vie

w c

hart

at:

Say

Stu

dent

.com

/sf/

Un

su

bsid

ized

:

The b

orr

ow

er is

resp

onsi

ble

for in

tere

st d

uring th

e li

fe o

f

the lo

an

Lim

ited

Req

uir

em

en

ts:

• no c

o-b

orr

ow

er

• n

o c

red

it c

he

ck

• no c

olla

tera

l

vie

w r

ate

s:

ww

w.S

ayS

tud

en

t.co

m

Pe

rkin

s L

oa

ns

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Lo

an

:

must

be repaid

Lo

an

Am

ou

nts

:

$4,0

00 fo

r underg

raduate

students

$6,0

00 fo

r gra

duate

students

Ava

ilable

to u

nderg

raduate

s and g

radu-

ate

s w

ho a

re in

ext

rem

e fi

nanci

al n

eed;

check

to s

ee if

your sc

hool p

art

icip

ate

s in

cam

pus-

base

d p

rogra

ms

Sa

yS

tud

en

t C

oll

eg

e F

ina

nc

ing

Ne

two

rk:

inclu

de

s:

ww

w.S

ayF

ina

ncia

lAid

.co

m -

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w.S

ayE

du

ca

te.c

om

Page: 2

copyr

ight ©

2005-0

7

SayS

tudent.co

m

Su

mm

ary

Stu

den

t L

oan

Ch

art

PL

US

Lo

an

s

Ava

ilable

to p

are

nts

of

dependent u

nderg

raduate

students

and g

raduate

s

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Lo

an

:

must

be repaid

You m

ay

conso

lidate

your

loans

after sc

hool f

or

ext

ended repaym

ent t

erm

s

that l

ow

er yo

ur paym

ents

Lo

an

Am

ou

nts

:

Full

cost o

f

attendance

min

us

any

oth

er

financi

al a

id rece

ived b

y th

e

student.

The fe

dera

l gove

rnm

ent o

r priva

te

lender pro

vides

funds

to s

chool.

The s

chool t

hen d

isburs

es

funds

to

the s

tudent a

fter paym

ent o

f tuiti

on

and o

ther sc

hool e

xpense

s.

Fed

era

l S

tud

en

t

Lo

an

Pro

gra

mTyp

e A

idA

nn

ual

Aw

ard

Lim

its

Dis

bu

rsem

en

t

Req

uir

em

en

ts:

Borr

ow

er or co

-borr

ow

er m

ust

have

a

satis

fact

ory

cre

dit.

Applic

ants

who d

on’t

have

satis

fact

ory

cre

dit

should

apply

with

a

creditw

ort

hy

co-b

orr

ow

er.

vie

w r

ate

s:

ww

w.S

ayS

tud

en

t.co

m

Oth

er

Info

rmati

on

Pri

vate

Stu

de

nt

Lo

an

s

for underg

raduate

and

gra

duate

stu

dents

mo

re in

form

ati

on

:

ww

w.S

ayS

tud

en

t.co

m

Lo

an

:

must

be repaid

You m

ay

conso

lidate

your

priva

te s

tudent l

oans

after

school f

or ext

ended

repaym

ent t

erm

s th

at

low

er yo

ur paym

ents

Lo

an

Am

ou

nts

:

$1,5

00 to

$30,0

00; t

he fi

ve-

year m

axi

mum

is $

130,0

00.

Qu

alifi

cati

on

s:

ava

ilable

to

underg

raduate

or

gra

duate

stu

dent e

nro

lled a

t least

half-

time

in a

degre

e o

r ce

rtifi

cate

pro

gra

m a

t an

appro

ved c

olle

ge o

r univ

ers

ity.

Req

uir

em

en

ts:

•borr

ow

er m

ust

have

a s

atis

fact

ory

cre

dit.

Borr

ow

ers

who d

on’t

have

satis

fact

ory

credit

should

apply

with

a c

reditw

ort

hy

co-b

orr

ow

er.

•no c

olla

tera

l required.

Ho

me

Eq

uit

y L

oa

ns

for hom

e o

wners

with

equity

valu

e in

their h

om

e

mo

re in

form

ati

on

:

ww

w.Y

ourE

quity

.com

Lo

an

:

must

be repaid

Lo

an

Am

ou

nts

:

no a

nnual l

imits

. Tota

l am

ount

limite

d b

y th

e a

ppro

ved

bala

nce

upon lo

an c

losi

ng.

Qu

alifi

cati

on

s:

ava

ilable

to

hom

e o

wners

with

an e

quity

posi

tion a

t

qualif

ied L

TV

ratio

s.

Req

uir

em

en

ts:

•borr

ow

er m

ust

have

a s

atis

fact

ory

cre

dit

his

tory

for best r

ate

and te

rms.

•co

llate

ral s

ecu

rity

of y

our hom

e required.

Funds

dis

burs

ed d

irect

ly to

the

student.

Ho

me E

qu

ity L

ines:

funds

ava

ilable

wheneve

r needed

upon w

ritin

g a

check.

Ho

me E

qu

ity L

oan

s:

tota

l funds

dis

burs

ed to

the

hom

eow

ner upon c

losi

ng.

copyright 2006-07

all rights reserved



9

Financial

Aid Chart

for

Undergrads


Financial

Aid Chart

for

Parents

Financial

Aid Chart

for

Graduates

Financial

Aid Chart

for

Continuing-Ed

Summary

Loan

Chart

Pros-Cons

of

Student

Loans

Aid

Calculation

Sheet

No Credit Checkssince the funds are guaranteed by

the federal government, your credit

report is not used in qualifying you

for the loan. Other qualifying factors

do apply: more information at

SayStudent.com

Low Interest Rate

federal student loans are variable

rate loans that change once per

year; current rates are lower than

most other financing options: rate

information at SayStudent.com

Flexible Repayment Plans

student loan payments do not have

be repaid until 180 days after you

leave or graduate from school. The

federal government offers flexible

repayment plans that can fit your

budget. You can even consolidate

your federal loans into one, low

repayment plan

Pros ConsLoan Product

Student Loan Options Pros and Cons

Low Amount Limitsthe biggest disadvantage of stafford

student loans is the limited loan

amounts — only $2,650 for first-year

undergrads. Very small amounts

considering the cost of education:

see loan limits: SayStudent.com

Requires Federal Filingsyou must file the FAFSA form with

the federal government in order to

apply for stafford loans. The FAFSA

filing is used by colleges to deter-

mine your financial aid award: see

FAFSA filing at SayStudent.com

Multiple Borrowingsyou have to file and apply for a loan

for each academic year

Limited Use of Fundsyour stafford loan is processed by

your college to pay tuition, books,

and housing. You cannot use your

loan to pay other education-related

expenses.

Stafford StudentLoans

more information:

www.SayStudent.com

• •

•

•

Pays the Entire Costparents and graduate-professional

students can borrow up to the total

cost of education minus any

financial aid received by the student:


Low Interest

federal PLUS loans are variable rate

loans that change once per year;

current PLUS loan rates are lower

than most other financing options:

more rate information at

SayStudent.com


loan payments begin 60 days after

disbursements have been made to

the school. The federal government

offers flexible repayment plans that

can fit your budget.

Pros Cons

Loan is a Parent/Grad Loanthe loan is underwritten for the parent

or graduate student; the applicant is

responsible for repaying the loan

Requires Federal Filingsyou must file the FAFSA form with the

federal government in order to apply

for PLUS loans: see FAFSA filing at

SayStudent.com

Credit Check Requiredin order to qualify for the loan, you

must pass a credit check as set by the

federal government


for each academic year.

PLUS Loans

for parents of undergrads

for graduate students

for professional students

more information:

www.SayStudent.com

• •

•

•

•

•

•

•

•

•

Page: 1

copyright © 2005-07

all rights reserved


http://www.saystudent.com/plus.html

Page: 2


all rights reserved

Resource Information

• www.SayStudent.com for college financing (scholarships, grants, loans, college aid)

• supports: www.SayFinancialAid.com - www.SayStart.com - www.SayCollegeMoney.com

• www.OfftoCollege.com for college prep and planning

• www.SayEducate.com for school and university search

Fills the Gapsince the cost of college can be

higher than most financial aid

awards, private student loans are

used to fill the gap between cost of

education and financial aid received:

more information at

SayStudent.com

Quick Processing

unlike federal loans that are

processed through the college, the

processing and distribution of funds

is through the student thus speeding

up the process time: more


Availability of Funds

private student loans can be used

for more education-related

expenses such as personal

computers and other related

supplies

No Federal Filing

you do not need to file federal forms

with the federal government in order

to apply for private student loans.

Private student loans are perfect for

students who need additional funds

to close a gap or pay for additional

study



Credit Check Requiredyou must have a credit history and

verifiable income in order to qualify for

this loan; since many students do not

meet these qualifying parameters, a

co-applicant may be required on the

application

Higher Interest Ratesprivate student loans have a higher

interest rate than federal student

loans: see rate information at

SayStudent.com


for each academic year

Private StudentLoans

more information:

www.SayStudent.com

• •

•

•

•

•

•


Page: 3


all rights reserved






Total Independenceyou do not need to file federal forms

or work through the college process-

ing system; you simply use your

home equity loan to pay all related

college expenses (up to your

assigned credit limit): more

information at YourEquity.com

Low Interest Rate

depending on your LTV position,

your interest rate can be as low as

the PRIME rate or lower: more rate

information at YourEquity.com


you can use your equity line to draw

upon funds as needed while the

student is attending school. At time

of graduation, you can convert the

equity line over to a fixed, home

equity loan with repayment terms

that fit your budget.

One-Time Application

you only apply once for your home

equity line; you can draw upon

available funds anytime you need

money regardless of the student’s

time in school

Use Funds for Anything

you can use your home equity for

any expense; you are not restricted

on use of funds



Credit Check Requiredyou must have a credit history and

verifiable income in order to qualify for

this loan. You must also have enough

equity value in your home to secure

your loan: calculate your LTV position

at YourEquity.com

Home is Your Securityyour home equity is secured by the

equity value of your home; you could

potentially lose your home if you

defaulted on your loan payments

Rates May Be Higherdepending on your LTV position and

amount borrowed, your interest rate

may be slightly higher than PLUS loan

rates: more rate information at

YourEquity.com

Funds May Be Limitedthe amount you can borrow depends

on your LTV value of your home; if

your equity value is low, you may not

have enough borrowing funds to pay

for college expenses: calculate your

LTV position at YourEquity.com

Home EquityLoans

more information:

www.YourEquity.com

• •

•

•

•

•

•

•

•

http://www.yourequity.com

copyright 2006-07

all rights reserved



10

Financial

Aid Chart

for

Undergrads


Financial

Aid Chart

for

Parents

Financial

Aid Chart

for

Graduates

Financial

Aid Chart

for

Continuing-Ed

Summary

Loan

Chart

Pros-Cons

of

Student

Loans

Aid

Calculation

Sheet

Page: 1


all rights reserved






Tuition and Fees

Class and Lab Fees

Books and School Supplies

Room and Board

Transportation

Personal Expense

Special Events

Other Expenses

Total Cost of School Attendance

Federal Stafford Student Loansenter amounts for Stafford Student loans that you have

Federal PLUS Parent Loansenter amounts your parents will borrow with PLUS loans

Scholarships and Grantsenter amounts of grants and scholarships awarded

Other Gift-Aidenter any government, state and private gift aid

Pre-Paid Tuition Plansenter funds from pre-paid tuition and 529 plans

Personal Savingsenter personal savings and other contributions to you

Total Financial Aid

Cost of Attendance

Financial Aid Resources

Cost of Attendance and Financial Need Calculation

Net Financial Needcost of attendance minus financial aid

Additional Funds Neededuse private student loans to fill in the gap

www.saystudent.com/fast-money

$

$

$

$

+

+

+

+

+

+

+

+

=

+

+

+

+

+

+

=

cost minus aid

http://www.saystudent.com/private-student-loans/

copyright 2006-07

all rights reserved



12

Managing Student Funds

Students can avoid credit card debt by using pre-paid credit to manage student aid

funds while attending school —

· budget your monthly spending amounts,

· avoid interest rate charges,

· manage your account online,

· use whereever credit cards are accepted

How It Works

Student uses card to buy food,

supplies, pizza, etc., at any

merchant that accepts MC/

VISA credit cards.

Parent or student can reload

the card with additional funds

whenever needed.

Student can use pre-paid

cards to build a credit history

for future credit approval on

auto loans, employment, home

mortgages, etc.

Student applies for prepaid

card (approval guaranteed).

Parent or student adds

money to the card.

Parent and student can

monitor account for budgeting

purposes.

Using pre-paid credit cards

protect student from

accumulating credit card

debt.

1

3

5

2

4

6

see: www.SayCards.com

for pre-paid listings

Student Financial Aid Booklet · classroom instruction — this item may include computer and other...

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Transcript of Student Financial Aid Booklet · classroom instruction — this item may include computer and other...