Investing in Your Future

1. Investing in Your Future Carol Schroyer Susan Erb Hood College

2. Deadlines Be aware of deadlines. Being early with forms won’t help get more financial aid, but missing deadlines will likely eliminate you from consideration. Most deadlines are February 15 March 1.

3. Admissions Deadlines • Early Decision – November 15 • notification of decision sent December 1 • Binding decision; Deposit due December 15 • Early Action I – December 1 • notification of decision sent December 20 • Deposit due May 1 • Early Action II – January 15 • notification of decision sent February 1 • Deposit due May 1 • Regular Decision – February 15 • notification of decision sent March 1 • Deposit due May 1

4. Sources of Financial Aid • Federal programs • State programs • College programs • Private organizations

5. Types of Financial Aid • Scholarships • Institutional, state or private • Grants • Institutional, state or private • Student Loans • Federal or private • Campus Employment/Work-Study

6. How to Apply • The federal FAFSA form is the key to learning your maximum eligibility for financial aid. • Federal website: www.fafsa.ed.gov • FAFSA can be submitted beginning January 1.

7. When to apply? • Apply as soon as possible after January 1 • Income figures can be estimated • Tax forms may be requested later • Be aware of deadlines • Hood’s deadline is February 15 • MHEC deadline is March 1 • You can apply for aid before receiving College acceptance

8. How is the amount determined? • Total eligibility is based on “financial need” • The FAFSA is used to determine need • The college evaluates the FAFSA data to determine need

9. What is “Need”? • The total cost of college (cost of attendance) • MINUS — Expected Family Contribution (EFC) • EQUALS — Financial Need

10. What is Cost of Attendance • Tuition & fees • Room & board • Books & supplies • Transportation • Miscellaneous expenses

11. What determines EFC? • FAFSA gathers data • Parent income and assets • Student income and assets • Number in family • Number of children in college

12. EFC is uniform • EFC will be the same at all colleges • State, private or community college • Financial Need varies depending on the costs of attendance

13. How will I learn of aid? • The college will send a scholarship letter to qualified admitted students. • Once the college receives your FAFSA, the college will send a financial aid award package. • The award package lists all types of financial aid for which you are eligible

14. The financial aid award • Gift Aid — Scholarships & Grants • Student Loans—Deferred until graduation • Campus Employment/Work-Study-The opportunity to earn funds during the school year • Financial aid packages can include some or all of the above

15. Average Financial Aid Student is from a Maryland household of four with one in college. Household income is approximately $61,200 Presidential Scholarship $ 16,000 Hood Grant $ 3,500 State Grant $ 4,348 Federal Work-Study $ 2,000 Federal Perkins Loan $ 1,000 Direct Subsidized Loan $ 3,500 Direct Unsubsidized Loan $ 2,000 Total Aid Package $ 32,348

16. Financing Options • PLUS Loan– a parent loan for undergraduate students with federal backing • Payment plan- the option to pay tuition over a 10 or 12 months • Private alternative loans • Home equity loans

17. Next Steps • Use FAFSA Forecaster at www.fafsa4caster.ed.gov • As soon after January 1, complete and submit your FAFSA at www.fafsa.gov • Plan college visits – include visit to the financial aid office • Apply for state and private grants and scholarships • Visit www.studentaid.ed.gov to obtain more information regarding financial aid and the process

18. Some useful websites • www.fafsa.ed.gov • www.pin.ed.gov • www.studentaid.ed.gov • www.nslds.ed.gov • www.collegeboard.com • www.mhec.state.md.us

19. Contact Information Carol Schroyer schroyer@hood.edu 301-696-3413 Susan Erb erb@hood.edu 301-696-3414