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Paying for CollegeCollege costs money -- there's no way around it! But the cost doesn't have to stop you from getting an education. Each year, billions of dollars are made available to students who want to attend college. Some of that money will have to be paid back and some won't. The trick to creating the right financial-aid plan is to know all the options available to you. We've compiled the following series of steps to help you learn about: Funding Your Education -- figuring out how much money you'll need for college and where to get it Borrowing for College -- applying for a student loan Funding your EducationStep 1: Determine Cost of Attendance You know college will cost money, but where exactly is that money going? Learn about the direct and indirect costs of higher education by using our Budget Calculator. Step 2: Figure Out the Cost Once you've discovered which schools have the programs you want, you have to figure out whether you can afford those schools. There are a lot of factors to consider, but don't panic. We can help you figure out the costs of college. Step 3: Paying Options If you're surprised by the cost of your planned education, the good news is that you may also be surprised by the amount of assistance available. There are many options available to help you. They include:
Thinking about applying for financial assistance? The Free Application for Federal Student Aid (FAFSA) is your starting point for most federal student financial-assistance programs. Learn about the FAFSA and application methods, tips, deadlines and renewal information. Step 5: Calculate your Expected Family Contribution If you apply for financial aid, you'll have to provide some financial information about your family. This information is used to calculate your Expected Family Contribution (EFC). The EFC is the amount your family is expected to contribute toward your education and is based on financial figures such as their income, assets and investments. To determine your financial need, the school you plan to attend will subtract the EFC figure from the school's tuition costs. To estimate how much you'll be expected to contribute, you can use an EFC calculator. Step 6: Understand Your Financial-Aid Package After you've mailed off a financial-aid application to a school that has accepted you, you and your family will receive a letter explaining how much financial support the school is able to provide for the upcoming year. It's important for students and parents to understand what's contained in this Student Aid Report. Borrowing for CollegeStep 1: Understanding the Loan Process Student loans can be complicated, so you'll want to understand all the steps in the process if your financial-aid package includes loans. Read our Frequently Asked Questions to find some answers to questions you might have. Step 2: Types of Loans There are many types of student loans available. You want to make sure you find the right one for you. Start by finding out about the different types of loans. But which one is right for you? You'll want to compare financial aid packages to determine which plan will work best for you and your educational goals. Step 3: Borrow Responsibly When carefully considered and managed, loans have a lot of advantages -- but they also carry a lot of responsibility. When you take out a loan, you have to repay it. When you're making repayment plans, it can be helpful to know the potential starting salary for the field you're planning to study. If your school has a subscription to the career development programs Choices Explorer or Choices Planner, you can use them to find information about earnings for a wide range of occupations. Your career center or librarian will have information on how to log onto these sites. If your school does not have access to these resources, the Occupational Outlook Handbook is also a great source of information. Having a loan will require financial responsibility. If you're uncertain about managing your finances, now is a good time to start educating yourself about the world of money. Check out Financial Fitness Tools to learn more about keeping your finances in shape. Step 4: Apply for Loans If you're looking for a fast and easy way to apply for student loans, you'll want to learn more about the convenience of applying for loans online. You can use Wachovia's online applications to apply for a Stafford Loan or apply for a Consolidation Loan. If you'd rather not apply online, we offer downloadable application forms and brochures you can print out to complete. Step 5: Receiving Award Letters Once your applications are in, you should start receiving award letters from the schools you've applied to. Award letters indicate how much funding, and what types of aid, a student is eligible to receive from each school. Step 6: Entrance Counseling Many schools require entrance counseling for all students taking out federal student loans. When it's time to start repaying your loans, you may be required to complete exit counseling to make sure you understand the requirements of repayment. Step 7: Repay Student Loans Although most student loans do not require repayment until after graduation, nobody wants any surprises when it's time to start making payments. Before you graduate, starting thinking about the best way to pay off college costs. The Federal Stafford Loan Repayment Calculator can help you plan ahead. It's sometimes possible to postpone making payments on your loans. In order to maintain your credit rating, however, you need to follow certain procedures to postpone repayment. Of course, repaying your loans is only one stop in the road to acheiving financial security once you've graduated from college. You'll also want to find out more about funding your financial security. -- end -- |
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