Recently we held a Financial Aid Seminar presented by Ken O’Connor, Director of Student Advocacy for CUStudentLoans.org. Ken talked about important information from costs of colleges, to breaking down the FAFSA (Free Application for Federal Student Aid). Here are a few of many key points you may have missed out on, that are important to know:
• The cost of attendance depends on the type of school: public 4 year, private 4 year, and for-profit 4 year colleges/universities.
• College financing options: 529 Plan, monthly savings plan, personal liquidity, prepaid plan, and school selection.
• The top 5 school selection criteria for today: cost, career, major, school reputation, and commuter/resident.
• Cost of education: tuition and expenses, loan repayment, and monthly commitment to pay off studentloans.
• Atypical financial aid bill: Approximately $18,900 (tuition, room, board, books, transportation, etc.)
• Pay off tuition bills with scholarships, grants, and Federal Direct Loans.
• Get the FASFA filed and submitted before February 15th. Don’t be late! www.fafsa.ed.gov.
Questions on First Financial’s Private Student Loans or Student Loan Consolidation? Learn more here or call 866.750.0100, Option 2.*
For more key points visit our Twitter page to view the seminar’s live Twitterfeed at twitter.com/njbanking and search #FinancialAidSem.
*Private student loans should be used as supplemental funding after exhausting all other sources of financial aid, including grants, scholarships, and federal student loans. Federal loans offer more attractive terms when compared to most other borrowing options, including private student loans. For more information on federal loans, visit http://www.fafsa.ed.gov.
Ken O’Connor is an 11 year veteran of higher-education finance, having served thousands of students and parents during his career as a financial aid counselor. Having assisted so many families, each having their own specific financial and educational needs, Ken has gained experience in creatively solving a multitude of the financial problems that arise with attending college.