Applying for Financial Aid and What to Expect

1. Applying for Financial Aid and What to Expect

2. Time is Money • Get to know who you are: • Accountant, Nurse, Manager, Teacher • What Job do you see yourself doing? • Choose your Major that will land you a great job!! • Do internships and volunteer: Associations/Affiliations/Nonprofits all here!

3. Time is Money How many classes should I sign up for? • 1 9 Plan time for • 2 10 Work • 3 11 Friends/activities • 4 Family • 5 12 and over Homework… • 6 ** You must get A’s and B’s ** • 7 • 8

4. BUDGET • Tuition & fees • Books, supplies • Room & board • Transportation • Miscellaneous personal expenses

5. 2 year old Budget • https://youtu.be/BTO50j7wVHU

6. Sources of Financial Aid

7. What is Financial Aid? Financial Aid is like an umbrella of different programs Grants Loans Scholarships Work Study

8. Grants • Money that does not have to be paid back • Usually awarded on the basis of financial need • Federal Pell Grant • Need-based grant for undergraduate students • Lifetime Eligibility Used: 6 years at full-time enrollment • Federal Supplemental Educational Opportunity Grant • Institutional Grants MC= BOT Grant(FSEOG) For undergraduate students with exceptional financial need

9. Scholarships • Money that does not have to be paid back • Awarded on the basis of merit, skill or unique characteristic • May also be awarded on basis of need

10. Loans • Money students and parents borrow to help pay postsecondary educational expenses • Repayment usually begins after education is completed or when enrollment falls below required enrollment status • Only borrow what is needed

11. Direct Loans • Subsidized: Must demonstrate “need”- GOVERNMENT pays the interest • Unsubsidized: Not based on “need”– YOU pay the interest • Must Be 6 credits • Interest changes July 1st • 1% fee taken out • $3,500 for 1st year undergraduates • $4,500 for 2nd year undergraduates • + $2,000 in unsubsidized loan

12. Employment • Program provides students with employment • Earned while attending school • Employment assignment can be on or off campus • Money does not have to be repaid

13. Scholarships!!! • Make a resume of everything you have done in your entire life! • Clubs, Organizations, Church, Affiliations, Volunteering, SSL hours • Apply,apply, apply • Coca Cola, Pepsi, Bayer, KFC, special high school scholarships, Foundation scholarships

14. Scholarships(Zombies)

15. MD Higher Ed Commission

16. MD Higher Ed Commission

17. Maryland Legislative Scholarships • Senatorial Scholarships • Award amount varies • Contact your Senator for application • Delegate Scholarships • Award amount varies • Contact your Delegate for application Contact your Senator or Delegate in January for instructions and applications

18. Private Sources of Student Aid • Private businesses • Political and advocacy organizations • Religious and social organizations • Parent and student’s place of employment • Foundations • Unions • Deadlines and application procedures vary widely • Begin researching private aid early!!!

19. Private Sources of Aid • Scholarship Books • Career Center • Public libraries • Internet Scholarship Searches • Provide a student profile • Receive scholarship information • Contact scholarship providers directly • Scholarship Websites • www.collegeboard.com/paying • www.fastweb.com • www.careerinfonet.org/scholarshipsearch • www.finaid.org

20. Scholarship Application Tips • Start your research early • Read eligibility requirements carefully • Organize scholarship materials and applications carefully • Deadlines • Letters of recommendation • Transcripts • Essays • Standardized test scores • Proofread applications carefully • Make copies of everything you send • Get your application in early

21. FAFSA on the Web • fafsa.ed.gov • 2019-2020 FAFSA on the Web available on • October 1, 2018

23. FSA ID

24. What Information do I need? • Social Security Number • Name • Date of Birth • Address • High School Name • Selective Service • Citizenship/Eligible Non Citizenship

25. What Information do I need? Financial data for student (and parent): • Tax filing status • Adjusted gross income for 2017 • Income earned from work • Receipt of benefits from certain federal means-tested programs • Additional financial information • Untaxed income • Assets

26. IRS DATA RETRIEVAL

27. IRS Data Retrieval

28. What is Expected Family Contribution (EFC)? • Index used to determine federal student aid eligibility • Calculated using data from a federal application form (FAFSA) and a federal methodology • Stays the same regardless of educational institution

29. Cost of Attendance • Tuition & fees • Books, supplies • Room & board • Transportation • Miscellaneous personal expenses

30. Cost of Attendance (COA) Cost of Attendance –Expected Family Contribution = Financial Need

31. How Do I Apply for Need-Based Aid? • 1. It starts with the Free Application for Federal Student Aid (FAFSA) • 2. Turn in your institutional documents. • 3. Follow Up with your Financial Aid Advisor

32. Community College Promise Scholarship • The purpose of the program is to provide tuition assistance for student to attend community college in Maryland.

33. Community College Promise Scholarship • ELIGIBILITY REQUIREMENTS • To be eligible for the scholarship, students must: • Timely complete the FAFSA annually;   • Complete the supplemental application online through your MDCAPS account; • Sign the Service Obligation Agreement and Promissory Note; • Meet the eligibility requirements for in-state tuition; • Graduate from high school or earned a GED within the last two years; • Enroll as an undergraduate student in a vocational certificate, certificate, or an associate’s degree program at a community college in the State of Maryland; • Meet the requirement for graduation for your home instruction program, if you are a  homeschooled student; • Earn an overall high school grade point average (GPA) of at least a 2.3 or its equivalent; • Have an annual adjusted gross income of not more than $100,000 for single parent households and $150,000 for a two-parent household from the prior-prior tax year; Enroll in at least 12 credits per semester  

34. Community College Promise Scholarship • AWARD AMOUNT • The student is eligible for up to $5,000 annually after any other student financial aid has been applied to the student’s tuition and fees, with the exception of educational student loans. • SERVICE OBLIGATION REQUIREMENT • Award recipients must sign a service obligation agreement at the time of their initial award, agreeing to begin full-time employment in the State within one year after completion of the vocational certificate, certificate, or associate’s degree. The student must maintain employment in the State of Maryland for at least one year for each year that they received the scholarship.   • The scholarship will convert into a loan if: • The student fails to fulfill their service agreement by gaining employment in the State of Maryland within one year after completion of the vocational certificate, certificate, or associate’s degree; or • The student fails to earn a vocational certificate, certificate, or associate’s degree while receiving the scholarship.

35. Community College Promise Scholarship • RENEWAL REQUIREMENTS • The student can renew the scholarship for up to two years if the student: • Continues to enroll in a vocational certificate, certificate, or an associate’s degree at a Maryland Community College; • Continues to be eligible for in-state tuition; • Continues to enroll in at least 12 credits per semester; • Completes at least 24 credits annually during the year in which the student received the award; • Continues to maintain a cumulative grade point average of at least 2.5 annually; • Continues to maintain satisfactory academic progress as determined by the community college toward a vocational certificate, certificate, or an associate’s degree; • Continues to meet the income requirements; and • Continues to timely submit the FAFSA and supplemental application through MDCAPS

36. Important Dates • The FAFSA is available in October 1st on the web • February 15 – deadline to complete and mail/transmit the FAFSA for the University of Maryland College Park • March 1-deadline to complete FAFSA for Maryland state scholarships and grants • March 1- MC priority deadline for Fall aid • June 1- Deadline for submitting MC Foundation Scholarship application

37. Thank youAny Questions????