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Copyright ® 2014 Finance Authority of Maine
Money Management for High School Students
December 2015
Apply for Financial Aid
Financial aid exists to help ALL students pay for college.
Merit vs. Need-Based Aid
Applying for Need-Based Aid• All schools required the Free
Application for Federal Student Aid (FAFSA).
• Some schools require a supplemental form - like the CSS Profile.
Apply ON TIME
Make sure you apply on-time every year! Do you know your financial aid deadlines?
Visit the Financial Aid webpage for each school:• What is the FAFSA deadline?• Supplemental form (i.e Profile)
required? o If yes, what is the deadline?
Get Ready!
Get your FSA ID – Now!• Your FSA ID is a username and password
needed to access all Federal Student Aid websites, including the FAFSA.
• All students need an FSA ID.• Dependent students - one parent will need
their own FSA ID.• Get one at fsaid.ed.gov
Research and start applying for scholarships!
Take Charge!
Don’t let your parents complete your FAFSA, scholarship applications, student loan forms, or online counseling.
Read and respond to ALL notices and emails from your school or billing companies.
Get a checking or savings account and monitor your transactions.
Follow up on questions yourself!
Know Your Salary
Do you know your expected salary?
Check with career or alumni offices or at:• www.careerinfonet.org• www.salary.com
FAME Student Loan Debt/Salary Calculator www.famemaine.com/education.
Track Your Spending
Track every penny that you spend for an entire month.
Categorize and add up your total expenses.
Small purchases add up over time and become big budget drains.
Save – Pay Yourself First!
Make a commitment to save every month, even just a little.
Savings lessens your dependency on credit cards and student loans.
Emergencies happen - open a saving and checking account.
Consider a savings account that is NOT tied to your debit card.
Know What You Owe
Review your credit report annually at: www.annualcreditreport.com.
Review your student loan history at least once annually at: studentaid.gov (login) Understand the difference between Federal and Private Loans. Review all credit card, bank and billing
statements regularly.
Ask for Help!
Contact your financial aid office for financing options.
Contact your loan servicer if you are struggling with your student loan payment.
Meet with your bank or credit union to discuss billing and financial strategies
Finance Authority of Maine5 Community DriveP.O. Box 949Augusta, ME [email protected]
FAMEmaine.com
Questions?
