2. What is FAFSA Free Application for Federal Student Aid Money from the Government U.S Department of Education Comes in the form of grants, work-study, and loans FAFSA is required for many college-based scholarships, but not all.

3. Types of Aid Pell Grant – Students with financial need Federal Supplemental Education Opportunity Grant (FSEOG) – Exceptional Financial Need TEACH Grant – Students who plan to become teachers. Work-Study – Jobs on or off campus, pay at least minimum wage

4. Loans Subsidized Loans – Interest starts after graduation (4.29%) Unsubsidized Loans – Interest starts immediately (4.29%) Direct PLUS Loans – Parents of dependant students (6.84%)

5. Federal Aid Requirements Demonstrate Financial Need (Usually for grants) U.S. Citizen Valid Social Security Number Provide diploma or GED Guys must register for Selective Service (If between 18 and 25)

6. How do I apply? Go to www.fafsa.govwww.fafsa.gov http://www.finaid.ucsb.edu/fafsasimplification/

7. What You Need Create an account with a FAFSA ID Social Security Numbers 2014 Income Tax Returns (Tell Your Parents to get started ASAP!) Bank Statements, Tax Transcripts, W2’s, Household Size form Colleges that you will be applying to

8. Can I do it by myself? Steps 1 – 3 can be done by yourself Personal Information Schools Dependency Status Steps 4 + 5 require your parents Parental Demographics Financial Info If taxes aren’t filed in time, you can use estimates – correct them later

9. Afterwards Expect a SAR (Student Aid Report) via mail or email Double-check it Expect an aid reward (How long?)

10. How much will I get? Cost of attendance Expected Family Contribution (EFC) Fafsa4caster Federal Methodology for Needs Analysis Year in School Enrollment Status Half-time Full-time

11. Should I accept all aid? ACCEPT GRANTS FIRST! Explore scholarship and grant opportunities Only take what you need (in loans) Talk to parents, family members Factor in job paychecks Make a budget

12. Repayment Student loans can’t be cancelled because: Didn’t receive an acceptable education Didn’t get a job afterwards Financial Difficulties Filing for bankruptcy doesn’t wipe out student loans You don’t have to wait to graduate to begin repayment

13. DON’T DEFAULT ON YOUR LOANS!!!!! As soon as you miss your first student loan payment, you're considered delinquent 90 days later, you will be reported to three credit bureaus, and they will take points away from your credit After 270 days past due, a student loan is considered to be in default. At this point, your debt will be put into collections and payment will be required from collections agencies.

14. If You Default… You will immediately lose access to federal forgiveness programs, forbearance, deferment, and access to different repayment plan options Lower credit score Owe collections fees

15. Other Options Deferment a period during which repayment of the principal and interest of your loan is temporarily delayed Forbearance stop making payments or reduce your monthly payment for up to 12 months. Interest will continue to accrue on your subsidized and unsubsidized loans Pay As You Earn Uses a percentage of your income rather than a minimum payment