0 www.fafsa.ed.gov
0 Application for
FAFSA
-Stafford Loans
-Federal Grants (Pell, SEOG)
-HOPE Scholarship
0 Deadlines are important!!
- You should do a new FAFSA each year when you or
your parents file a tax return. (spring)
0 Follow up!
Follow Up!
-Banner Web
-Gordon Email
-Call the Financial Aid Office: 678-359-5990
0 Turn in required documents immediately
0 Verification can take up to 4 weeks
Verification
0 Verification- The federal government’s way of
checking to make sure information is correct.
0 Approximate 1 out of 3 students is picked for
verification
0 Turn in documentation as soon as possible
0 A file is not complete and cannot be processed until
we receive ALL documents.
0 If tax returns are uploaded via the FAFSA, there is less
chance of being picked for verification.
Dependent vs. Independent
0 Are you married?
0 Do you have children you support?
0 Are you a veteran of the US Armed Forces?
0 Are you 24 years old?
0 If you can not answer yes to one of these questions,
you are Dependent.
0 Your parents information MUST be on the FAFSA.
Free Money
(Scholarships)
0 There is money in your community!
-Local businesses
-Churches
-Clubs and organizations
0 Websites
- www.fastweb.com
- www.scholarshiphunter.com
0 Foundation Scholarships
-Applications are on the Gordon website as well as in the
Admissions Office.
Stafford Loans
0 Last Resort
0 Subsidized Loans – These loans do NOT gain interest
as long as you are enrolled in school.
0 Unsubsidized Loans- These loans DO gain interest
when you are in school. They have a higher interest
rate.
-Accept as much subsidized loans as you are allowed
before you take unsubsidized loans.
0 PLUS Loan – Parent loan, that’s based on a credit
check.
Stafford Loans – The
Consequences
0 When considering loans, consider this: Repayment
- Stafford Loans can NEVER be dismissed in
Bankruptcy
-Defaulting on loans will affect your credit score
-The federal government can garnish your wages
and tax refunds if they are not paid back.
-Your major – What you borrow should be
proportionate to what you will make.
0 www.careeroverview.com
Budget
0 Money you have – Money you spend = ??
0 You can’t spend more than you have
0 List all of your expenses
-Tuition
-Meal plan
-Housing
-Books
-Transportation: Gas, Insurance
-Entertainment
Budget
0 List all of your “income”
-Loans
-Scholarships
-Grants
-Money from parents
-income from work
0 Do you have more income than expenses?
Budget
0 If not, what can you do cheaper?
-Lower your meal plan
-Rent books
-Pick a cheaper dorm room
0 How can you get more money?
-Get a job
-Plus Loans
-Apply for scholarships
Budget
Live like a college student now, NOT
when you graduate!
Graduate
0 Students who graduate from college make $1,000,000
more in a lifetime than students who do not graduate.
0 The best way to finance your college career is to
graduate.
How to Graduate?
0 Satisfactory Academic Progress
0 -This policy can cause you to lose financial aid.
0 GPA – A student must maintain an acceptable GPA.
0 Pace – A student must earn 66% of the hours they attempt.
0 Maximum Hours – A student can only be paid financial aid for
150% of the hours it should take to complete a degree.
If either of these requirements are not met, you are NOT eligible
for Financial aid, including Loans!
GPA
0 Total Hours Attempted
1-15
16-30
31-45
46-59
60
Minimum Cumulative GPA
1.40
1.60
1.80
1.90
2.00
Pace
0 You must earn 66% of the hours you attempt
0 You CAN drop classes during Drop/Add
0 After Drop/Add, dropping classes will bring DOWN
your percentage.
Examples
0 You register for 12 hours. During drop add, you drop
one class. At midterm, you are not doing well in
Spanish and you decide to drop that class. What is
your Pace or “percentage”?
0 Attempted Hours Earned Hours
9
6
( 6/9 = 0.667 )
Pace
66%
Examples
0 You register for 12 hours. During the semester (after
drop/add is over) you drop 6 hours, or 2 classes.
What is your Pace or “percentage”?
0 Attempted Hours Earned Hours Pace
12
6
( 6/12 = 0.50 )
50%
Maximum Hours
0 A student can only be paid for 150% of the hours it
should take to earn a degree.
0 Associates Degree = 96 Hours
0 Bachelors Degree = 196 Hours
0 Changing majors, not passing classes, and retaking
courses to increase GPA can cause you to go over the
maximum hours.
You’ve Graduated, Now what?
0 After you graduate, there is a 6 month “Grace period”
before you have to start to pay back loans.
0 During this time you need to do two things:
1. Find a job
2. Stay in touch with your lender
Repayment
0 Resources:
-www.nslds.gov
-www.studentloans.gov
0 Do NOT default on your loans. There are many different
repayment options:
-Forbearance
-Income based repayment
-Extended repayment periods
Bottom Line
0 The financial aid office can help you with all these
things, use us.
0 Lambdin Hall 2nd Floor
0 Spend Wisely
0 Don’t Over borrow
Resources
0 www.financialavenue.org
0 Access Code: l7tqvd
0 Courses and lessons on:
-budgeting
-taxes
-paying for college
-credit cards
-tackling debt
Contact us
0 Kristy Riggs – Kristyr@gordonstate.edu
0 Sue O’neal – Sueo@gordonstate.edu