1. U.S. Department of Education
April 2013
FINANCIAL LITERACY
Resources for Every Stage of
Federal Student Aid
2. What is Financial Literacy?
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“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
9. Apply for Aid: FAFSA
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• Takes less than 30 minutes to complete
• IRS Data Retrieval Tool pre-populates tax information
• Determines families ability to contribute to cost of attendance
11. Budgeting and Borrowing: FACT TOOL
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Expenses Funds
Financial Awareness Counseling Tool (FACT) available on studentloans.gov
12. Additional Borrowing Resources
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• 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
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NOTE: Exit Counseling does not include “Manage Your Spending While in School.”
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/
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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.
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
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.