Financial Aid Basics - sbac.edu

Financial Aid Basics - sbac.edu

FINANCIAL AID BASICS Presented by Deborah Mills & Stephanie Holt WWW.FAFSA.ED.GOV Free Application Who should apply?

Federal Student Aid YOU should! APPLY THROUGH FAFSA WWW.FAFSA.ED.GOV List your School Code Santa Fe College 001519

UF 001535 UCF003954 Schools listed will be sent your information TYPES OF FINANCIAL ASSISTANCE Merit Based (based on academic achievement) Need Based (based on financial need)

TYPES OF AID AVAILABLE You are applying for all of these: Federal Pell Grant Florida Student Assistance Grant Santa Fe Grant / Scholarship Board of Trustees Scholarship FGMG, SEOG Federal Work Study

Federal Direct Student Loans APPLY EARLY ! www.fafsa.ed.gov Early applicants may get more money than late applicants! October 1 of each year is the earliest you can apply for the following academic year which begins in August. Some funds run out of money! Procrastination is your enemy!

Continue to monitor your file status and submit any needed documents FINANCIAL AID ELIGIBILITY DETERMINATION EFC (Expected Family Contribution) Is a measure of your familys financial strength Calculated by the federal government According to a formula established by law based on household size, number in college and income.

Used by school to determine eligibility for need-based and non need-based aid. Listed on your Student Aid Report and sent to the school Awards are based on expected family contribution FOR YOUR PERSONAL FINANCIAL AID INFORMATION Check my fa status on eSantafe Read all notifications Use the website www.sfcollege.edu/fa/index Chatbox

Email [email protected] Call 352-395-5480 Come in the office R building room 122 OFFICIAL COLLEGE DATES ARE IMPORTANT! SATISFACTORY ACADEMIC PROGRESS FOR RENEWAL YOU MUST MEET SAP Maintain a 2.0 GPA

Complete 67% of your attempted hours Complete your program of study within the 150% timeframe of your degree It is important to stay on track and graduate on time in order to remain eligible. PART TWO Why? Take control of your financial future Reduces anxiety about money and finances

Helps prevents costly errors and poor decisions WHERE DID ALL MY MONEY GO? GOAL SETTING WHAT IS IMPORTANT TO YOU? DO YOU WANT TO LOOK RICH OR BE RICH? Specific What exactly do you want to achieve? Measurable How much money will this goal take?

Adaptable Is this goal adaptable for change in your financial situation? Realistic Is this a goal that you can realistically achieve? Time-bound What is your time frame for achieving this goal? If you aim at nothing, youll hit it every time. Dave Ramsey BUDGETING OR

SPENDING PLAN Best way to take control of your financial future Put a name on every dollar Create a plan for your money No guessing -use actual numbers List all income List fixed expenses (include your savings) List flexible expenses Subtract total expenses from income.

Budgets are a work in progress free, easy budget calculator available at http://mappingyourfuture.org/money/budgetcalculator.htm SAVE! Pay yourself first! (suggested at least 10% of income)

Not spending money is saving money. Spending money is not saving money. Do you want to look rich or be rich? The best way to help you financially deal with the uncertainties of life (such as job loss , car repair or medical expenses) and achieve your financial dreams (pay for college, purchase a car, travel, or save for retirement). Depositing money into a savings account should take priority over any additional spending. A wise person once said, The borrower is slave to the lender. Avoid debt, live within your means buy only what you can pay for.

Debt can affect your quality of life now and in the future. If you borrow $2000 at 18% and make only the minimum payment, it will take you 30 years to be rid of your debt and you will have paid almost $5000 in interest. STUDENT LOANS Be aware! Some students are only eligible for student loans so if you must borrow, borrow only what you need. Dont make your future hostage to student loan debt.

Know how much you owe and know how much the payments would be. To see your loan detail go to www.nslds.ed.gov. CREDIT CARDS Can be dangerous, generally easy to get Studies show that people are more likely to overspend when using a credit card as compared to cash Fees! interest up to 26.99%, transaction fees, late payment fees, over limit fees transfer Fees It is best to pay off balances every month Example: A television is purchased by credit card for $1,000 with an interest rate of

22%. Instead of paying the amount in full when the bill is received, you only make the minimum required payment of $25 each month. As a result, at the end of 72 months 6 years!, you will have paid a total of $1,800 for a television that originally cost $1,000. IDENTITY THEFT BE CAREFUL WITH YOUR PERSONAL INFORMATION! Florida has the highest number of identity theft complaints College students are most at risk because they are less likely to track account statements or use discretion on sharing personal information

through social media Criminals are becoming smarter, dont make it easy for them! Make passwords unusual, not used for multiple accounts, & not shared Shred documents containing personal info, protect your social security number Use websites that are encrypted when shopping online (https) Read statements and contact providers right away Login info should not be saved on cellular devices (mobile security threats have increased 350% since 2015) Pull a credit report regularly @ www.annualcreditreport.com

Three credit reporting agencies Experian, Transunion, Equifax (one free credit report per year) FINANCIAL LITERACY TOOLS www.cashcourse.org www.mymoney.gov . www.NavigatingYourFinancialFuture.org www.Mint.com Focus on doing well & completing your program This will help you keep your financial aid!

Borrow and use credit wisely Only borrow what you need. Loans must be paid back! Start budgeting & managing your money early before you even get your financial aid! Educate yourself before making financial decisions Map out your career goals and make sure youre on track! If you need help with your budget, we have staff to assist you

WE WISH YOU THE BEST! WE HOPE YOU CHOOSE SANTA FE! You may contact us by: email at [email protected] Or phone (352) 395-5480 Northwest Campus Building R Room 122 8:00-4:30 Mon. Fri. We have a dedicated team that processes over $40 million in financial aid annually.

We are here to help you! .

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