Copyright ® 2014 Finance Authority of Maine Paying For College New Mainers: Navigating Higher Education January 29, 2015

Agenda  Today we will discuss: The Real Cost of College FAFSA Other Ways To Pay o Scholarships o Tuition Reimbursement o Savings Paying For College

The Real Cost of College Paying For College Net Price Calculators are tools that help you factor in your financial aid when looking at the price of college

FAFSA  Complete the FREE Application for Federal Student Aid (FAFSA) at  FAFSA is FREE – you don’t need to pay anyone to submit it  File on time – Submit the FAFSA as soon after January 1 st as possible Get help completing from McDonald Johnson – Community Financial Literacy Randi Payne – Maine Educational opportunity Paying For College

Types of Financial Aid  Scholarships/Grants Federal State – including Maine  Work-study Federal Institutional  Loans Federal Student (Direct Stafford) & Parent (Direct PLUS) Institutional Private/Alternative Paying For College

Eligibility Who can File the FAFSA?  A U.S. national, U.S. permanent resident with a Permanent Resident Card, or an individual who has an Arrival-Departure Record (I-94) showing one of the following designations: Refugee, Asylum Granted, Cuban-Haitian Entrant, Victims of human trafficking, T-visa (T-2, T-3, or T-4, etc.) holder Parolee  Asylum seekers are not eligible to apply for federal student aid but may qualify for scholarships and other forms of assistance. Paying For College

Other Ways To Pay  Individual Development Account ( IDA) matches a dollar for a dollar up to $4,000  Savings Accounts ( NextGen)  Flexible Savings Account (FSA)  Scholarships ( Foundations, Schools…)  Tuition Reimbursement (Through employer) Paying For College

Tuition Reimbursement  Tuition reimbursement is part of company benefits to its employees.  It is managed by the human resource department  There is no standard application  Most companies requires student’s major to be in line with company interest  According to IRS regulations, employers can provide up to $5,250 to each employee per year on a tax-free basis. Paying For College

SCHOLARSHIPS  Scholarships  Senator George J. Mitchell Scholarship Fund Scholarship amount is $2,500/ year for up to four years ($10,000 total).  OMNE/Nursing Leaders of Maine Scholarship  Next Step Maine Scholarship Available to working adults who are going to school while managing a jobs, families, and other responsibilities. Scholarship amount is $1,000 - $2,000.  USM Scholarships Available to first-year students, transfers, continuing undergraduates, graduate students, and returning adults.  Maine Community Foundation scholarship program  Tylenol Scholarships NATIONAL Award: (150 awards of $1,000 and 10 awards of $10,000) must intend on majoring in a health-related field. Paying For College

Questions? McDonald Johnson Community Financial Literacy Jessica Whittier Finance Authority of Maine Paying For College