Applying for Financial Aid and What to Expect Looking for financial aid to attend college is an annual process. Begin early and save your research information in a folder. Update the information at least once a semester.

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!

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

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

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

Sources of Financial Aid Federal Government State Government Educational Institutions Private Sources

Financial Aid is like an umbrella of different programs What is Financial Aid? Financial Aid is like an umbrella of different programs Grants Loans Scholarships Work Study College financial aid offices usually count in kind support such as free room and board, tuition remission for employees of the college, as well as all outside scholarships reported to or payable to the institution as part of a financial aid package to meet the cost of attendance.

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

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

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

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 27

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

Scholarships!!! Apply, apply, apply 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

Scholarships (Zombies)

MD Higher Ed Commission There are many scholarship opportunities for residents of Maryland.

MD Higher Ed Commission

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

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!!!

Private Sources of Aid Scholarship Books Internet Scholarship Searches 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

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

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

FSA ID At least one parent of a dependent student and the student should obtain a PIN to sign the FAFSA electronically.

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

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

IRS DATA RETRIEVAL

IRS Data Retrieval

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

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

Cost of Attendance (COA) – Expected Family Contribution = Financial Need Basic formula used by colleges to distribute limited financial aid funds in an equitable manner.

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

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

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  

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.

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

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

Thank you Any Questions????