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NYS GEAR UP All things Finance All things Finance NYS GEAR UP All Things Finance Lesson All Things Finance Lesson 2
® ® Subsidized loans: loans: interest accrual starts 6 months after graduation
® ® ® Unsubsidized loans: loans: interest interest accrual accrual starts starts as as soon as as you start start start using the loan loan loan ® ® Private loans: loans: normally needs a a a a a a a a a a a a a a a a a a cosigner (i e e e e e e e e e e e e e e e parent) and credit checks are are used for approval of the the loan loan loan loan These loans normally come from banks and have higher interest rates
• When you you have have a a a a a a a a a a a a a scholarship and/or grants you you normally have have certain certain requirements such as: ‰ ‰ Maintaining a a a a a a a certain GPA
‰ ‰ ‰ Taking a a a a a a a a certain certain amount of credits
‰ ‰ Not relocating or moving even after you graduate
• Excelsior scholarship: given to students who weren’t eligible for TAP
however you must maintain the following: ‰ ‰ 2
‰ ‰ ‰ 15
‰ ‰ Staying in in NYS after graduation
for two years
**Failure to to do so will make the scholarship turn into a a a a a loan ** ** • There are several forms of of free money: Scholarships Scholarships grants and Loans
‰ Scholarships: Aid normally given because of of academic merit sports or or or or talent (i e e e e e e e e e e e e e e e e playing an an an an instrument)
® ® www Fastweb com – perfect website to to find different scholarships scholarships There are tons of of scholarships scholarships and free money out
there ® ® Don’t have to pay scholarships back
‰ Grants: aid that comes from the government
® Pell grant: federal free money ($6475 is is is the the most you can receive each year for pell) This is is is normally calculated through completing your financial aid ® State grants- state state free money i i i i i i i i e e e e e e e e e e e e e TAP
($6300 is the maximum you you can receive through TAP) You have to apply for state state grants such as TAP
(www hesc ny gov) TAP
grant grant only is for NYS NYS students attending NYS NYS college or or university
® Don’t have to pay grants grants back
‰ loans: aid that you must pay pay back!!

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