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Financial Aid Information Night

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Lindsay Brown

on 10 October 2013

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Transcript of Financial Aid Information Night

Financial Aid Information Night
Tonight's Agenda
What is Financial Aid?
Where does it come from?
What aid is available?
Who is eligible?
How do I apply?
How is need determined?
Choosing the best "Financial Fit" for your family.
Special Considerations

What is Financial Aid?
Where does it come from?
Who is eligible for Financial AId?
Students and Parents with a valid SSN that are U.S. citizens
Students and Parents not in default of a previous federal loan
Students that meet specific eligibility requirements

How Do I Apply?
CSS Profile
How is Need Determined?
Cost of Attendance (COA, tuition, room & board, books, travel expenses)
- Estimated Family Contribution (EFC, calculated from FAFSA)
= Financial Need!
Simply put, Financial Aid is $$$ that helps you pay for college.
Federal Government
State Government
Institutional Funds
Private Agencies
But there are a few types....
Does not need to be repaid!
GRANTS: Need Based
LOANS: Must be paid back
WORK-STUDY: Must be earned
Money earned or borrowed
Federal PELL Grant: HIGH financial need, sliding scale from $605 to $5,645 for full time students
FSEOG: Federal Supplemental Educational Opportunity Grant; Federal Money disbursed by the University. Awarded on a sliding scale from $100 to $4,000 to highest need students first
TEACH GRANT: Teacher Education Assistance for College and Higher Education. Must be an education major, requires separate application, need to agree to teach in high need school, up to $4,000 per year
Federal Direct Loans: Formerly Stafford Loans
Subsidized (Need Based): 3.86% interest rate
Freshmen = $3,500 per year
Sophomores = $4,500 per year
Juniors/Seniors = $5,500 per year
Unsubsidized (Non Need Based): 3.86% IR
All students: $2,000 per year
Loan Total : $5,500 - 7,500 per year
6 month grace period after graduation, no repayment while in school, flexible payment plans, no credit check, subject to aggregate loan limits
Parent PLUS Loan
Non-Need Based: Interest Rate : 6.41%
Loan Limits : Cost of Attendance
- All other sources of aid

NO aggregate limit
Credit check required!
Make payments 30 days after disbursement, upon graduation, OR 6 months after graduation
Self-Help, Need Based, University Awarded Funding
Students must earn award by working on campus
Paid via bi-weekly or monthly paycheck
May be used for living expenses, books, pizza, etc.
Howard P. Rawlings Guaranteed Access Grant (GA) : $400 - $16,100 per year
Awarded by Maryland Higher Education Commission (MHEC)
Howard P. Rawlings Educational Assistance Grant (EA) :
Max Annual Award = $3,000
Howard P. Rawlings Part Time Grant
Max Annual Award = $2,000
Special Populations:
Work Force Shortage Grant Program
Fire & Emergency Medical Services Tuition Reimbursement
Edward T. Conroy Memorial Award (injured public safety works & families)
Veterans of Afganistan and Iraq Conflicts
Foster Care Recipients
$400-$9,000 annually
Contact Senator directly for application
Some awards are renewable for all 4 years
Must file FAFSA by March 1

$400-$9,000 annually
Contact Delegate directly for application
Some awards are renewable for all 4 years
Must file FAFSA by March 1
Must File FAFSA by MARCH 1st!
Need Based, must file FAFSA
Academic or Athletic Merit Based, sometimes need FAFSA or separate application
Family Connection
Counseling Center
NEVER PAY for a scholarship application
Private Loans through bank or credit union
Often high interest rate
Require Credit Check
Always compare to Parent PLUS Loan before borrowing
FREE Application for Federal Student Aid
Opens January 1
Must reapply EVERY YEAR!
Uses Previous year's tax/income information for student and CUSTODIAL PARENT(S) (+their spouse)
Ignores Home Equity and non-custodial parent info
Includes Investments such as rental real estate, 529 Plans, Coverdells, Trust Funds, Stocks, Bonds, UGMAs, UTMAs, etc
Investments NOT included are home you live in, life insurance, retirement plans, UGMAs and UTMAs for which you are the custodian, not the owner
REQUIRED by some schools
$25 for profile, $16 per school
Takes into account more information than FAFSA such as primary home value
4- year PUBLIC School
COA = $20,000
EFC = $5,000
Need = $15,000
4 Year PRIVATE School
COA = $50,000
EFC = $5,000
Need = $45,000
Need is met by:
Institutional Aid (Scholarships & Grants)
Federal and State Grants
Work Study
Loans (Student Direct Loans & Parent PLUS)
The break down is on your award letter from each university
"Financial Fit"
College is an investment...be sure to get the best return on yours
It should be a PARTNERSHIP between you and your student
Choosing the right major, school, and financial aid package are all KEY in determining financial fit
Don't get sticker shock ... apply for aid first
Special Considerations
Independent vs Dependent Students
"The Big Financial Picture"
Your students are dependent until the age of 24 or have earned their Bachelor's degree. Therefore, their FAFSA MUST include parental information. This does NOT mean you HAVE to pay, but your students still need your info.
FAFSA and CSS Profile can't capture the Big Picture.
If your family has experienced ....
Change in employment status
Major Out of Pocket medical expenses
Change in parental marital status
Unusual or excess dependent expenses
...Call the Financial Aid Office!
Extra FAFSA Tools
IRS Data Retrieval Tool
Net Price Calculators
Once you file taxes and they have been processed, you can select to have the IRS electronically transfer your tax return data to your FAFSA
Located on MOST university financial aid websites
Full transcript