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How to Afford Private Education

How to Afford Private Education. Zhanna Goltser College of Notre Dame of Maryland. College of Notre Dame of Maryland. Founded in 1873 Located in Baltimore (North Charles Street) Women’s College Weekend College Accelerated College Graduate School Renaissance Institute

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How to Afford Private Education

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  1. How to Afford Private Education ZhannaGoltser College of Notre Dame of Maryland

  2. College of Notre Dame of Maryland • Founded in 1873 • Located in Baltimore (North Charles Street) • Women’s College • Weekend College • Accelerated College • Graduate School • Renaissance Institute • English Language Institute • School of Pharmacy • Approximately 3,000 students

  3. Agenda: • Why Private College • Types of Aid • How to Apply for Financial Aid • Helpful guidelines • Helpful websites

  4. Private Education • Approximately 1,600 private colleges • Liberal arts • Research universities • Faith-based colleges • Women’s Colleges • Historically-black colleges • Two-Year Colleges • Professional Schools • From 100 students to over 30,000 students

  5. Benefits of Private Education • Personal Attention • Professor-led classes • Smaller Class Sizes • Greater Class participation • Recognition • Community • Environment • Higher graduation rates in four years • Affordable High-Quality Education

  6. Private College “Sticker” Price • Official Price (example-$40,000) • Financial Aid (example-$15,000) • Net Price (example-$25,000)

  7. Financial aid is money available to help students and their parents pay for educational expenses What is Financial Aid?

  8. Funding Sources

  9. Types of Financial Aid • Grants - Money given to students based on need that is not paid back • Scholarships - Money given to students based on academic or athletic ability or talent that is not paid back • Loans - Money borrowed by students and/or parents that must be paid back with interest • Work-study - Money earned by students as payment for work

  10. Key Form: FAFSAFree Application for Federal Student Aid • Biographical Information • Household Size • Student’s and Parent’s Incomes • Assets • College Choices • www.fafsa.gov • Available January 1st

  11. FAFSA-4-Caster • Early Tool to Estimate Federal Aid • www.fafsa4caster.ed.gov • Simplified Questions • Available now

  12. CSS Profile Form • College Board application • Online only • Required by some schools in addition to FAFSA • www. profileonline.collegeboard.com • Available October 1st.

  13. Admissions and Financial Aid • Knowledgeable • Better Communication • Source for External scholarships

  14. Apply-Accept-Receive • Apply for admissions • Apply for financial aid • Receive a financial aid award letter after acceptance • Accept financial aid (if the office requires) • Submit documentation to the financial aid department • Receive the funds (Aug/Jan)

  15. Questions to ask: • What aid is grants/scholarships? • Does an award letter provide financial aid for both direct and indirect expenses? • How much a family needs to take out in loans? • What types of aid are renewable?

  16. Appeals • Communicate about the changes in family incomes or circumstances not listed on a financial aid application • Send award letters from other schools for comparison and discussion • Don’t ask for unreasonable amount • Don’t bargain with a financial aid office

  17. Net Price Calculator • New federal law • Colleges must comply by October, 2011 • Excellent tool to estimate aid

  18. Websites • www.ucan-network.org • https://nces.ed.gov/collegenavigator • www.mhec.state.md.us • www.college.gov • www.fastweb.com • www.ndm.edu • www.fafsa.gov • www.finaid.org

  19. HelpfulHints • Apply Early! • Make and Maintain a Financial Aid File • If you have questions – please ask for assistance from a financial aid professional. • Check with your college/university for other applications and/or deadlines. • Keep copies of information and/or documents you submit to the financial aid office.

  20. Financial Aid Q. and A. Office of Financial Aid 410-532-5369 finaid@ndm.edu www.ndm.edu/financialaid

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