by Alana Laanui |
FAFSA FACTS:
*FAFSA = Free Application for Federal Student Aid
*Determines a student's eligibility for federal aid, institutional need-based aid and programs such as work study.
*EFC = Estimated Family Contribution (determined by FAFSA)
*Fafsa.gov - Make sure the URL has ".gov" at the end so you don't get charged.
*Opens in January. The Office of Financial Aid suggests completing the application in January, to ensure loan disbursement.
*Next year, the FAFSA will open on Oct. 1.
Get to know your loans:
*Direct Subsidized Loan: When you take out this loan, it will not accrue interest while you are in school.
*Direct Unsubsidized Loan: Students do not have to demonstrate financial need to obtain this loan, however, interest does accrue while in school.
*Federal Direct Parent PLUS Loan: This loan is taken our by your parents in order to pay your tuition. Be aware of the high interest rates!
*Perkins Loan Program: Available for students with exceptional financial need. Unlike many federal loans, the school serves as the lender and all repayments are made to the University.
Scholarships you never knew existed:
1. Vegetarian Resource Group Scholarship
2. University Video Poetry Scholarship
3. Big Fish Gaming Scholarship
Go here to find more information on scholarships.
Tips from Janet Turner, Director of Financial Aid:
1. Always plan ahead and make sure to meet deadlines.
2. Read all emails the Office of Financial Aid may send you.
3. Feel free to ask questions if you are confused, even if you've graduated.
4. Make sure to stay on top of your loans, especially after graduation.
5. Plan out the scholarships you want to apply for and their deadlines during winter break.
6. Pursue all scholarships. Even if it is only $500 and you spend five hours working on it, that's like making $100 an hour.
"I often say there are three different ways that a student can pay for college: either from the past with some form of savings or service benefit; the present, which is which is where you might be making monthly payment; or the future, where you are borrowing and will pay it back." -Janet Turner
Deadlines:
Jan. 1: FAFSA Available
Jan. 31: Preferred FAFSA Submission Date
Feb. 15: Oregon Student Access and Completion Scholarship early-bird deadline
March 1: FAFSA must be received by Office of Financial Aid for maximum consideration
April 15: Loan Application Deadline
May 1: Tuition Deposit Due
Alana Laanui is a reporter for The Beacon. She can be reached at laanui18@up.edu.
