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U.S. Department of Education
April 2013
FINANCIAL LITERACY
Resources for Every Stage of
Federal Student Aid
What is Financial Literacy?
2
“The ability to use knowledge and
skills to manage financial resources
effectively for a lifetime of financial
well being.”
2008 Annual Report, President’s Advisory Council on Financial Literacy
3
• College Scorecard
• College Navigator
• Financial Aid Shopping Sheet
• Free Application for Federal
Student Aid
• Net Price Calculator
• Financial Awareness Counseling
Tool (FACT)
• Entrance and Exit Counseling
• Repayment Estimator
Stay Informed: StudentAid.gov
4
Stay Informed: Social Media
5
Comparison Shopping: College Scorecard
6
Comparison Shopping: College Navigator
7
Comparison Shopping: Financial Aid Shopping
Sheet
8
Apply for Aid: FAFSA
9
• Takes less than 30 minutes to complete
• IRS Data Retrieval Tool pre-populates tax information
• Determines families ability to contribute to cost of attendance
Budgeting and Borrowing: Net Price Calculator
10
Budgeting and Borrowing: FACT TOOL
11
Expenses Funds
Financial Awareness Counseling Tool (FACT) available on studentloans.gov
Additional Borrowing Resources
12
• Federal Loans First
Understand differences between federal and private
loans
http://studentaid.ed.gov/types/loans/federal-vs-private
• Borrow Smart
Free money first; consider accepting less loans than
offered
http://www.studentaid.ed.gov/fafsa/next-steps/accept-aid
Manage Debt: Entrance and Exit Counseling
13
NOTE: Exit Counseling does not include “Manage Your Spending While in School.”
Available on studentloans.gov
Manage Debt: Repayment Estimator
14
Available on studentloans.gov
Other Resources
White House Toolkit – Page 28: Higher Education
A Guide to Increasing Financial Capability among Students in Higher
Education
www.whitehouse.gov/webform/financial-capability-toolkit-tell-us-what-
you-think
Student Financial Literacy, Campus-Based Program Development
Sonya L. Britt & Dorothy B. Durband, 2012.
Financial Literacy Resource Directory
David R Smedley, Associate Director, Compliance and Policy, The George
Washington University, Office of Student Financial Assistance
http://gwired.gwu.edu/finaid-g/FinancialLiteracy/
15
Contact Information
Elizabeth Coogan
Federal Student Aid
Senior Advisor, Customer Experience Office
elizabeth.coogan@ed.gov
16 04/26/2013

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Financial Literacy Resources

  • 1. U.S. Department of Education April 2013 FINANCIAL LITERACY Resources for Every Stage of Federal Student Aid
  • 2. What is Financial Literacy? 2 “The ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well being.” 2008 Annual Report, President’s Advisory Council on Financial Literacy
  • 3. 3 • College Scorecard • College Navigator • Financial Aid Shopping Sheet • Free Application for Federal Student Aid • Net Price Calculator • Financial Awareness Counseling Tool (FACT) • Entrance and Exit Counseling • Repayment Estimator
  • 8. Comparison Shopping: Financial Aid Shopping Sheet 8
  • 9. Apply for Aid: FAFSA 9 • Takes less than 30 minutes to complete • IRS Data Retrieval Tool pre-populates tax information • Determines families ability to contribute to cost of attendance
  • 10. Budgeting and Borrowing: Net Price Calculator 10
  • 11. Budgeting and Borrowing: FACT TOOL 11 Expenses Funds Financial Awareness Counseling Tool (FACT) available on studentloans.gov
  • 12. Additional Borrowing Resources 12 • Federal Loans First Understand differences between federal and private loans http://studentaid.ed.gov/types/loans/federal-vs-private • Borrow Smart Free money first; consider accepting less loans than offered http://www.studentaid.ed.gov/fafsa/next-steps/accept-aid
  • 13. Manage Debt: Entrance and Exit Counseling 13 NOTE: Exit Counseling does not include “Manage Your Spending While in School.” Available on studentloans.gov
  • 14. Manage Debt: Repayment Estimator 14 Available on studentloans.gov
  • 15. Other Resources White House Toolkit – Page 28: Higher Education A Guide to Increasing Financial Capability among Students in Higher Education www.whitehouse.gov/webform/financial-capability-toolkit-tell-us-what- you-think Student Financial Literacy, Campus-Based Program Development Sonya L. Britt & Dorothy B. Durband, 2012. Financial Literacy Resource Directory David R Smedley, Associate Director, Compliance and Policy, The George Washington University, Office of Student Financial Assistance http://gwired.gwu.edu/finaid-g/FinancialLiteracy/ 15
  • 16. Contact Information Elizabeth Coogan Federal Student Aid Senior Advisor, Customer Experience Office elizabeth.coogan@ed.gov 16 04/26/2013

Notes de l'éditeur

  1. Students can now go to www.StudentAid.gov to find comprehensive and standardized information on financial aid. The site offers powerful, intuitive tools to assist students in searching for colleges, applying for aid, and managing repayment.
  2. Office of Federal Student Aid provides financial aid – FAFSA is the application for that funding To apply for FSA, you need to complete the FAFSA Access to largest source of college funding FSA provides: Grants, loans, and FWS
  3. Net price calculators are available on school websites and allow prospective students to enter information about themselves to find out what students like them paid to attend the institution in the previous year, after taking grants and scholarship aid into account.