Students can now go to www.StudentAid.gov to find comprehensive and standardized information on financial aid. The site offers powerful, intuitive tools to assist students in searching for colleges, applying for aid, and managing repayment.
Office of Federal Student Aid provides financial aid – FAFSA is the application for that funding To apply for FSA, you need to complete the FAFSA Access to largest source of college funding FSA provides: Grants, loans, and FWS
Net price calculators are available on school websites and allow prospective students to enter information about themselves to find out what students like them paid to attend the institution in the previous year, after taking grants and scholarship aid into account.
Financial Literacy Resources
U.S. Department of EducationApril 2013FINANCIAL LITERACYResources for Every Stage ofFederal Student Aid
What is Financial Literacy?2“The ability to use knowledge andskills to manage financial resourceseffectively for a lifetime of financialwell being.”2008 Annual Report, President’s Advisory Council on Financial Literacy
3• College Scorecard• College Navigator• Financial Aid Shopping Sheet• Free Application for FederalStudent Aid• Net Price Calculator• Financial Awareness CounselingTool (FACT)• Entrance and Exit Counseling• Repayment Estimator
Comparison Shopping: Financial Aid ShoppingSheet8
Apply for Aid: FAFSA9• Takes less than 30 minutes to complete• IRS Data Retrieval Tool pre-populates tax information• Determines families ability to contribute to cost of attendance
Budgeting and Borrowing: Net Price Calculator10
Budgeting and Borrowing: FACT TOOL11Expenses FundsFinancial Awareness Counseling Tool (FACT) available on studentloans.gov
Additional Borrowing Resources12• Federal Loans FirstUnderstand differences between federal and privateloanshttp://studentaid.ed.gov/types/loans/federal-vs-private• Borrow SmartFree money first; consider accepting less loans thanofferedhttp://www.studentaid.ed.gov/fafsa/next-steps/accept-aid
Manage Debt: Entrance and Exit Counseling13NOTE: Exit Counseling does not include “Manage Your Spending While in School.”Available on studentloans.gov
Manage Debt: Repayment Estimator14Available on studentloans.gov
Other ResourcesWhite House Toolkit – Page 28: Higher EducationA Guide to Increasing Financial Capability among Students in HigherEducationwww.whitehouse.gov/webform/financial-capability-toolkit-tell-us-what-you-thinkStudent Financial Literacy, Campus-Based Program DevelopmentSonya L. Britt & Dorothy B. Durband, 2012.Financial Literacy Resource DirectoryDavid R Smedley, Associate Director, Compliance and Policy, The GeorgeWashington University, Office of Student Financial Assistancehttp://gwired.gwu.edu/finaid-g/FinancialLiteracy/15