What You Need To Know About Financial Aid

1. What You Need To Know About Financial Aid LaShonda Marshall Financial Aid Advisor

2. Topics We Will Discuss Tonight • What is financial aid? • Cost of attendance (COA) • Expected family contribution (EFC) • Financial need • Requirements for financial aid • Categories, types and sources of financial aid • Maryland Promise Scholarship • Free Application for Federal Student Aid (FAFSA)

3. What is Financial Aid? • Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses. • Financial aid can be used at many different types of institutions, including: • Private colleges & universities • Public 2 & 4 year colleges & universities • Technical / vocational schools

4. What is Cost of Attendance (COA)? The cost of attendance for an institution is made up of the following: • Direct Expenses – tuition & fees, room & board (if on campus) • Indirect Expenses – books & supplies, rent & food (if off campus or at home) • COA varies widely from college to college

5. Cost of Attendance - Examples Notes: All tuition & fees based on in-state or in-county residency. Costs do not include personal expenses or transportation. * Assumes student is living at home with parent.

6. What is Expected Family Contribution (EFC)? • Amount family can reasonably be expected to contribute towards college expenses • Two components: • Parent Contribution • Student Contribution • Calculated using data from a federal application form (FAFSA) and a federal formula • Stays the same regardless of college

7. What is Financial Need? Cost of Attendance (COA) • Expected Family Contribution (EFC) ________________________________ = Financial Need

8. Requirements for Financial Aid Federal Aid • U.S. citizen or permanent resident • High School graduate or equivalent • Registered for Selective Service (males) • Must meet need eligibility criteria State Aid • Residency requirement • Generally must attend college in state • Application deadline College or University • Meet school’s criteria (G.P.A., test scores, etc.)

9. Sources of Financial Aid • Federal government • State of Maryland • Colleges and universities • Private sources • Civic organizations and churches • Employers

10. What Types of Aid Are There? • Scholarships • Grants • Loans • Work-study Gift Aid Self-Help Options

11. Gift Aid Scholarships • Money that does not have to be paid back • Awarded on the basis of merit, skill or unique characteristic Grants • Money that does not have to be paid back • Usually awarded on the basis of financial need

12. Self Help Options Loans • Money students and parents borrow to help pay college costs. Repayment usually begins after education is finished Work Study • Money earned to help pay college expenses via a paycheck or non-monetary compensation, such as room and board

13. How much federal aid can you receive? In general, depends on your financial need. • Financial need determined by Expected Family Contribution (EFC) and cost of attendance (COA) • EFC comes from what you report on FAFSA • COA is tuition, fees, room and board, transportation, etc.

14. How much federal aid can you receive? Example: First-year, dependent student in 2019-20 Maximum amounts allowed: • Federal Pell Grant: $6,195 • Federal Supplemental Educational Opportunity Grant: $4,000 • TEACH Grant: $4,000 * • Federal Direct Stafford Loan: $5,500 • Federal Work-Study: determined by school * • Federal Direct PLUS Loan (for parents): COA minus other aid received * Not available at all post secondary educational institutions

15. Types of Aid from Maryland Need-based grants • Guaranteed Access Grant • Educational Assistance Grant • Part-Time Grant Legislative Scholarships • Delegate Scholarship • Senatorial Scholarship Unique Populations • Edward T. Conroy Memorial Award • Veterans of Afghanistan and Iraq Conflicts Tuition Waivers • Foster Care Recipients • Unaccompanied Homeless Youth • Maryland National Guard • Students with Disabilities

16. Community College Promise ScholarshipA “last dollar, need based” scholarship • Must apply for the FAFSA or MSFAA by March 1st, 2020 • Must enroll within two years of graduating high school or GED • Earned cumulative 2.3 grade point average on 4.0 scale in high school • Adjusted gross income of not more than $100,000 if residing in single-parent household $150,000 if residing in two-parent household • Must be registered in at least 12 credits per semester with a cumulative 2.5 GPA while receiving award • Must work full-time and file a Maryland tax return for each year scholarship is received (not to exceed 3 years) • All other awards to be calculated prior to receiving. Maximum yearly award is $5,000 or actual tuition, whichever is less

17. Free Application for Federal Student Aid (FAFSA) • A standard form that collects demographic and financial information about the student and family • May be filed electronically or using paper form • Information used to calculate expected family contribution (EFC) • Colleges use the EFC to award financial aid • May be filed at any point during the academic year • Available October 1st prior to the academic year for which the student requests aid using prior, prior, year information

18. Free Application for Federal Student Aid (FAFSA) • Application accessed at studentaid.ed.gov/sa/fafsa • Allows electronic submission of application • Option to use the Internal Revenue Service (IRS) Date Retrieval Tool to import tax data for Prior, Prior Year (PPY)

19. FSA ID The Federal Student Aid ID must be completed by both the student and the parent. Allows electronic submission of: FAFSA Loan Master Promissory Note Complete Loan Entrance Counseling Access Financial Aid History

20. Next Steps • Once FAFSA is processed, student receives Student Aid Report (SAR) • Review for accuracy • Make updates or corrections to FAFSA • Schools will contact you about the status of your FAFSA • Provide any additional documentation, if requested • Schools will use FAFSA and additional information to determine financial aid award.

21. Additional Information • Federal Student Aid • Provides information on various financial aid programs www.studentaid.gov • Maryland Higher Education Commission • Provides information on various Maryland state programs mhec.maryland.gov/preparing/pages/default.aspx

22. FAFSA Workshops Do you need assistance in completing your 2020-2021 FAFSA? CSM Financial Assistance staff will be on hand to help you complete the form October 20th 1:00 p.m. – 4:00 p.m. ST Building CSM La Plata Campus October 26th 9:00 a.m. - 12:00 p.m. A Building CSM Prince Frederick Campus November 10th (tentative) 1:00 p.m. – 4:00 p.m. C Building CSM Leonardtown Campus RSVP: finaid@csmd.edu or 301-934-7531

23. Scholarship Search Engines • Department of Education: https://studentaid.ed.gov/sa/types/grants-scholarships/finding-scholarships • Fastweb: www.fastweb.com • Scholarships.com: https://www.scholarships.com • College Board: https://bigfuture.collegeboard.org/scholarship-search

24. CSM Scholarships • Nuclear Engineering Technology Scholarship • Up to $5,000 / year for 2 years • Funded by NRC & Exelon • CSM Academic Excellence Scholarship • Scholarship is $1,000 / year for 2 years • Provided to high achieving students from tri-county public schools • CSM Scholarship Finder • CSM Foundation scholarships • Application available: Early March 2020

25. Charles County Scholarship Fund • Applications Available: December 2019 • Deadline: Early March 2020 • Any need-based scholarships applications must include Student Aid Report (FAFSA results). • Must have an official transcript and a 1st semester report card • http://www.ccboe.com/community/students/collegeinfo.php

26. Waldorf Jaycees / CSM Foundation Scholarship • Deadline: Mid April 2020 • Any need-based scholarships applications must include either: SAR, tax return, or signed statement as to tax filing status. • Must have an official transcript and a 1st semester report card • Application information to be available from College & Career Advisor

27. Questions?