MONEY FOR COLLEGE A MARYLAND GUIDE ON HOW TO IDENTIFY AND OBTAIN STUDENT FINANCIAL ASSISTANCE

STUDENT (/COUNSELOR) CHALLENGES Sticker Price Financial Situation/Parent – Student Communication Difference between merit and need-based aid Knowing what FAFSA is Completing the FAFSA Awareness of/Habit of missing deadlines How to appeal an offer/decision Making decision without considerations to other opportunities Making college/financial aid search a priority Completing/Following up on document submission Reliance on Counselors like parents/The “want to be right/helpful” Checking Emails

COMMON FAFSA MISTAKES Leaving a field blank Answered an unasked question Left themselves out of the household size “I don’t get an allowance , I’m independent” “I don’t plan on going to a school in Maryland” Student’s name entered on the FAFSA is not the same as on the Social Security card Submitting a FAFSA through FAFSA.com Not getting a FSA ID ahead of time Not using the IRS Data Retrieval Time “Just throwing information up there”

COST OF ATTENDANCE Tuition and fees (registered classes/credits) Room and board (room and meal plan changes) Books and supplies (cost of books at the institution’s book store) Transportation (avg. local cost of gas, public transportation) Personal expenses (toiletries, misc. cost) Child Care (if applicable) (avg. cost of Child Care) The State of Maryland includes only tuition/and room/board in its COA calculation, but the U.S. Department of Education uses all components above.

EXPECTED FAMILY CONTRIBUTION EFC Isn’t Monies that families have to pay Cost per credit Refund Is Identifier Index number used to help schools and government (both State of federal) find what type of and amount of money to award students

SOURCES OF FINANCIAL AID Where can you go to find an organization to help pay for college Federal Government FAFSA State Government FAFSA/Other Applications College/University Nonprofit or private organization Other

EARLY FAFSA October 1st is the new FAFSA March 1st remains that State’s financial aid deadline

FEDERAL STUDENT LOANS Direct Undergraduate Subsidized Loans Interest Rate: 3.76%/ Loan Fee: 1.068% Does Not accrue interest/Need based Direct Undergraduate Unsubsidized Loans Accrues interest/Non-need based Direct PLUS Loans Interest Rate: 6.31%/ Loan Fee: 4.272% Only Parents/Graduates may apply Consolidation Loans

OTHER FEDERAL STUDENT AID UPDATES Same-sex marriages are recognized on the FAFSA Undocumented Students/Parents, Enter 000-00-0000 FAFSA is not officially complete until the IDRT is completed. Schools can still process information, student account will not be funded Pell Grant (2016-2017) is $5,815

COST OF ATTENDANCE Tuition and fees (registered classes/credits) Room and board (room and meal plan changes) Books and supplies (cost of books at the institution’s book store) Transportation (avg. local cost of gas, public transportation) Personal expenses (toiletries, misc. cost) Child Care (if applicable) (avg. cost of Child Care) The State of Maryland includes only tuition/and room/board in its COA calculation, but the U.S. Department of Education uses all components above.

APPLYING FOR STATE FINANCIAL AID - MARYLAND COLLEGE PROCESSING CENTER (MD CAPS) MDCAPS is the State of Maryland financial aid system You must create a Student Login Profile and then click on the activation link in the message sent to your email account, which was provided when you created your account in MD CAPS To create a profile, log onto https://mdcaps.mhec.state.md.us The MDCAPS account can be created at any time

MARYLAND COLLEGE PROCESSING CENTER (MD CAPS)

HOWARD P. RAWLINGS PROGRAM OF EDUCATIONAL EXCELLENCE AWARDS Educational Assistance Grant Guaranteed Access Grant

EDUCATIONAL ASSISTANCE GRANT: UP TO $3,000 ANNUALLY New and renewal students must file the FAFSA by March 1 each Year and list at least one Maryland institution on the FAFSA application Students must demonstrate financial need Students with the greatest need and lowest EFC are awarded first Students must enroll as full-time, degree-seeking undergraduates Parents and students must be Maryland residents Students can not receive this award and the Guaranteed Access Grant Students have two weeks to accept the grant if awarded

GUARANTEED ACCESS GRANT: UP TO $17,900 ANNUALLY New and renewal students must file the FAFSA by March 1 each Year and list at least one Maryland institution on the FAFSA application Students must enroll as full-time, degree-seeking undergraduates at a 2-year or 4-year college or university in Maryland Parents and students must be Maryland residents Students have two weeks to accept the grant if awarded Students can not receive the Guaranteed Access Grant and the Educational Assistance Grant. Income Requirements

LEGISLATIVE SCHOLARSHIPS SENATORIAL AND DELEGATE Senatorial Scholarships Delegate Scholarships

LEGISLATIVE SCHOLARSHIPS SENATORIAL AND DELEGATE All students may apply: High school seniors Undergraduates Graduate students Traditional & non-traditional aged students Career or technical school students May be used for: Full-time or part-time enrollment Maryland residents only Maryland institutions (may be used out of state in rare circumstances) Find your local representative at www.mdelect.net

SENATORIAL SCHOLARSHIP: $400 AND UP ANNUALLY File FAFSA by March 1 Demonstrate financial need Awards are renewable for an additional 4 years Contact Senator for application procedures Student must accept the award within two weeks of notification You must have taken the SAT/ACT if required by the institution Note: Senators have the option to award; some do not select recipients but put their funds into other programs administered by OSFA

DELEGATE SCHOLARSHIP: $200 AND UP ANNUALLY Contact Delegates for application procedures Must apply each year for an award; awards are not renewable FAFSA may not be required if awarded by the delegate. A FAFSA will be required if the awards are made by OSFA Note: Delegates have the option to award; some do not select recipients but put their funds into other programs administered by OSFA Note: Delegates have the option to award; some do not select recipients but put their funds into other programs administered by OSFA

2 + 2 Transfer Scholarship Unaccompanied Homeless Youth Exemption NEW PROGRAMS!!! 2 + 2 Transfer Scholarship Unaccompanied Homeless Youth Exemption

2 + 2 TRANSFER SCHOLARSHIP UP TO $1,000 Resident of Maryland Be enrolled at a Maryland community college Maintain a cumulative 2.5 grade point average on a 4.0 scale while student is enrolled at a Maryland community college Have earned an associate’s degree from a Maryland community college by the end of the semester in which the applicant plans to transfer Be accepted for admission in a degree program at a public or private nonprofit institution of higher education in Maryland

2 + 2 TRANSFER SCHOLARSHIP Intend to enroll in a 4-year public or private nonprofit institution of higher education in Maryland in order to complete a bachelor’s degree program Enroll as a full-time student at a 4-year Maryland institution by the fall semester following completion of the associate’s degree Students required to register with the selective service system, must be in compliance with the registration requirement. File a Free Application for Federal Student Aid (FAFSA)

UNACCOMPANIED HOMELESS YOUTH EXEMPTION Child or youth who is not in the physical custody of a parent or guardian and is a homeless child or youth, as defined by the McKinney-Vento Homeless Assistance Act. When determining whether a youth is an unaccompanied homeless youth, a financial aid administrator must verify that the youth qualifies as an independent student under the Federal College Cost Reduction and Access Act. Must contact your county’s homeless liaison. File a Free Application for Federal Student Aid (FAFSA)

UNACCOMPANIED HOMELESS YOUTH EXEMPTION Other eligibility Requirements: Students classified as unaccompanied homeless youth must also: Be enrolled as a candidate for a vocational certificate, associate’s degree or bachelor’s degree at a public institution of higher education on or before their 25th birthday.

UNIQUE-POPULATION AID Jack F. Tolbert Memorial Student Grant Program Edward T. Conroy Memorial Scholarship & Jean B. Cryor Memorial Scholarship Program Veterans of the Afghanistan and Iraq Conflicts Scholarship Tuition Waiver for Foster Care Recipients *UPDATES*

529-COLLEGE SAVINGS PLAN – PREPAID COLLEGE TRUST Lock in the tuition at today’s price nationwide Invest for children from newborn through 12th grade, although accounts must be open for at least three years before Tuition benefits will be paid. It’s backed by a Maryland Legislative Guarantee. You’ll be eligible for federal and Maryland State tax benefits. Earnings on a distribution not used for qualified expenses may be subject to income taxes and a 10% federal penalty. Can change options Earnings are tax-free when using for qualified education expenses

529-COLLEGE SAVINGS PLAN – PREPAID COLLEGE TRUST Where plans can be used At a Maryland public college At a private or out of state college* Terms to know Weighted Average Tuition * 2016 – 2017 4 year-public colleges - $9,874 2 year- public colleges - $4,549 Minimum Benefits 0 rate since 2008

529-COLLEGE SAVINGS PLAN – PREPAID COLLEGE TRUST Types of tuition plans: University Plan: purchase anywhere from one semester to four years at a four-year college. Community College Plan: purchase one or two years at a community college. Two Plus Two Plan: purchase two years at a community college and two years at a four-year college Can be used for graduate school.

529-COLLEGE SAVINGS PLAN – PREPAID COLLEGE TRUST Types of tuition plans: Lump Sum: Make a one-time payment. Annual Payment: Equal yearly payments. 5-Year Monthly Payment: 60 equal monthly payments. Extended Monthly Payment: Equal monthly payments for a specified number of months. Down Payment: 25%, 40%, or 55% of the lump sum price with the remaining amount to be paid monthly or annually.

529-COLLEGE SAVINGS PLAN – COLLEGE INVESTMENT PLAN Flexible contribution amounts starting with as little as $25 a month Open to children or adults of any age Choose from a variety of investment options No sales loads, commissions or enrollment fee You can use your savings to pay for any eligible college expenses Any earnings are federal tax-free when used for qualified education expenses Your contributions may be eligible for a Maryland State income tax deduction

529-COLLEGE SAVINGS PLAN – COLLEGE INVESTMENT PLAN Investment Options Enrollment-Based Portfolios Automatically adjust their investment mix based on when your child plans to attend college Fixed Portfolios Six portfolios that invest in a mix of stocks, bonds, or money market mutual funds. Do not change their investment mix based on your child’s age.

RESOURCES & INFORMATIONAL SERVICES

RESOURCES & INFORMATIONAL SERVICES College Goal Maryland Fastweb Federal Student Aid www.skills.maryland.gov

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FINAL RECCOMMENDATIONS Apply early for Maryland State Aid – Complete and submit the FAFSA each year prior to the March 1 deadline. Know the State deadline! Complete all required forms to apply for financial assistance and follow up about your awards. Apply for as many grants and scholarships as possible. Remember, parents and students must be Maryland residents for the State of Maryland financial aid awards. Seek advice from financial aid professionals.

Office of Student Financial Assistance CONTACT US Maryland Higher Education Commission Office of Outreach and Grants Management and Office of Student Financial Assistance Telephone number: 410-767-3300 Toll free number: 1-800-974-0203 E-mail: osfamail@mhec.state.md.us