1. What You Need to Know About Financial Aid Chesapeake College Presents…

2. What is financial aid? Cost of attendance (COA) Expected family contribution (EFC) Financial need Categories, types, and sources of financial aid Free Application for Federal Student Aid (FAFSA) Special circumstances Topics We Will Discuss Tonight

3. Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses What is Financial Aid?

4. Direct costs (Tuition, Fees, Room/Board, Books/Supplies) Indirect costs (Transportation, Personal) Direct and indirect costs combined into cost of attendance Varies widely from college to college What is Cost of Attendance (COA)?

5. This figure is calculated by a formula that looks at income, number of family members, number in college, and assets in some cases. Stays the same regardless of college Two components of Need – Parent contribution – Student contribution Calculated using data from a federal application form and a federal formula Need is relative to the cost of the school What is Expected Family Contribution (EFC)?

6. Cost of Attendance – Expected Family Contribution = Financial Need What is Financial Need? Example: COA$10,500 EFC -2,500 _______________________ Need $8,000

7. Grants Scholarships Loans Employment Types of Financial Aid Gift Aid Self-Help Aid

8. Money that does not have to be paid back Usually awarded on the basis of financial need Gift Aid Money that does not have to be paid back Awarded on the basis of merit, skill, or unique characteristic

9. Money students and parents borrow to help pay college expenses Repayment usually begins after education is finished Only borrow what is really needed Look at loans as an investment in the future Self-Help Aid: Loans

10. Allows student to earn money to help pay educational costs – A paycheck; or – Nonmonetary compensation, such as room and board Student may opt whether or not to work or number of hours to work Self-Help Aid: Work-Study Employment

11. Federal government States Colleges and universities Private sources Civic organizations and churches Employers Sources of Financial Aid

12. Largest source of financial aid Aid awarded primarily on the basis of financial need Must apply each year using the FAFSA Federal Government

13. Federal Student Aid Programs  Pell Grant – largest federal need based grant program. EFC less than 5198; Maximum award $5,775 (EFC of 0) – these are FY 2015 figures.  Supplemental Grant (SEOG) – must be Pell eligible. Maximum award $4000  Teach Grant –Teacher Education Assistance for College and Higher Education grant is for students who intend to teach full-time in high-need subject areas for at least four years at schools that serve students from low-income families. Maximum award is $4000.  Federal Work Study – part-time job on campus, may offset tuition at some colleges.  Federal Direct Loans – fixed rate, currently at 4.29%*. Payments begin 6 months after enrollment ceases.  Federal Plus Loan – parent loan, based on credit worthiness, fixed rate, currently at 6.84%*. *Loans first disbursed on or after 7/1/15 and before 7/1/16

14. Residency requirements usually apply Award aid on the basis of both merit and need Use information from the FAFSA and/or state aid applications Maryland Higher Education Commission – Maryland Deadline: March 1 st (each year) – www.mhec.state.md.us www.mhec.state.md.us Maryland State Scholarships

15.  New and renewal students must file the FAFSA by March 1 st each year.  Office of Student Financial Assistance (OSFA) will electronically receive the FAFSA information  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 at a 2-year or 4-year college or university in MD.  Parents and students must be Maryland residents. Maryland State Scholarships Howard P. Rawlings Educational Assistance Grant up to $3,000 annually

16.  Apply as a high school senior – once out of high school you cannot apply.  Must submit a Guaranteed Access Grant application and FAFSA.  Income limit  Minimum 2.5 cumulative, unweighted high school GPA.  Must complete a college preparatory program.  Students must have a high-school diploma.  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. Maryland State Scholarships Howard P. Rawlings Guaranteed Access Grant up to $16,500 annually

17.  Must have earned an associate’s degree from a Community College  Be accepted for Admission in a degree program at a Maryland Public or Private College or University  Must submit a FAFSA by March 1 st as well as OSFA  Need based with EFC less than 10,000  Minimum 2.5 cumulative GPA in AA program  Must be full-time at transfer college  Can receive award for up to 3 years  Parents and students must be Maryland residents Maryland State Scholarships 2 + 2 Transfer Scholarship STEM Majors $2,000; All other majors $1,000

18.  All students may apply: High school seniors Undergraduate students Graduate students Career or technical school students  May be used for: Full-time or part-time enrollment Maryland residents only Mostly Maryland institutions (may be used out of state in rare circumstances) Maryland State Scholarships Legislative Scholarships (Senatorial and Delegate)

19.  File FAFSA by March 1 st.  Demonstrate financial need.  Some awards are renewable for an additional three years.  Contact Senator for application and renewal procedures. Note: Senators have the option to award; some do not select recipients but put their funds into other programs administered by MHEC. Maryland State Scholarships Senatorial Scholarship: $400 and up annually

20.  Contact Delegate for application procedure.  Must apply each year for an award; they are not renewable.  FAFSA may not be required. Note: Delegates have the option to award; some do not select recipients but put their funds into other programs administered by MHEC. Maryland State Scholarships Delegate Scholarship: $200 and up annually

21. Charles W. Riley Fire and Ambulance And Rescue Squad Member Scholarship – Must complete a FAFSA and separate MHEC application – Can be full-time or part-time Workforce Shortage Student Assistance Grant Program – For students who plan on working in specific career/occupational programs upon graduation. Eligible fields include: child care, human services, teaching, nursing, physical and occupational therapy, social work, and public service. – File the WSSAG application by July 1 st with MHEC, FAFSA not required however it will be used to determine the order in which students will be awarded; also submit official transcripts from all previous institutions Maryland State Scholarships Career Based, Service Obligation and Loan Repayment Aid

22. Edward T. Conroy Memorial Award – You must be:  the son or daughter of a member of the United States Armed Forces who died as a result of military service or who suffered a service connected 100 percent permanent disability as result of military service  a veteran who suffers a service-connected disability of 25 percent or greater, as a result of military service, and has exhausted or is no longer eligible for federal veterans’ educational benefits  the son, daughter, or surviving spouse of a victim of the September 11, 2001 terrorist attacks who died as a result of the attacks on the World Trade Center in New York City, the attack on the Pentagon in Virginia, or the crash of United Airlines Flight 93 in Pennsylvania  a POW/MIA of the Vietnam Conflict or his/her son or daughter; the son, daughter or surviving spouse (who has not remarried) of a state or local public safety employee or volunteer who died in the line of duty or who was 100 percent disabled in the line of duty  or a state or local public safety employee or volunteer who was 100 percent disabled in the line of duty Maryland State Scholarships Special Populations

23. Veterans of Afghanistan & Iraq Conflicts Scholarship – For United States Armed Forces personnel who served in the Afghanistan or Iraq Conflicts, and their sons, daughters, or spouses who are current high school seniors, and full-time or part-time, degree-seeking undergraduate students enrolled in an eligible accredited Maryland postsecondary institution. – Submit the VAIC application and FAFSA, by March 1 along with required docs Tuition Waiver for Foster Care Recipients – File the FAFSA every year no later than March 1 st – Must enroll as a degree-seeking student before age 21 – Be sure to discuss with the financial aid officer at the college or university – List of eligible students is sent to the public colleges and universities  Contact social worker if not on the list Maryland State Scholarships Special Populations

24. Unique Major Scholarship  Funds awarded for the Senatorial and Delegate scholarships may be used at an out-of-state institution if the student’s academic program is not offered at a Maryland institution  Review MHEC website under Financial Aid Applications, Senatorial and Delegate Scholarship programs, for more information on how to apply Maryland State Scholarships

25. Academic Common Market  A consortium of 16 southern states that allow non-residents to enroll in specific degree programs at in-state tuition rates, if an academic program is not offered in the student’s home state  Strict semester deadlines  Applications and more information are available from MHEC at www.mhec.state.md.us www.mhec.state.md.us Maryland State Scholarships

26. Lets Talk Numbers CollegeTuition, Fees, Room & Board BooksPellSEOGStatePrivate Scholarship LoanOut of Pocket Expense Towson University $24,668$1,000$4,225$800$3,000$500$3,500$13,643 Salisbury University $20,096$1,000$4,225$800$3,000$500$3,500$9,071 Chesapeake College $3,924$1,000$4,225$100$800$500$0$-701 **2015/2016 figures: Based on EFC of 1501, Including meal plans, not including additional fees. CC does not include R&B Can your pocket afford the out of pocket expense??

27. Award aid on the basis of both merit and need Aid may be gift aid or self-help aid Use information from the FAFSA and/or institutional applications Deadlines and application requirements vary by institution – Check with each college or university Colleges and Universities

28. Foundations, businesses, charitable organizations Deadlines and application procedures vary widely Begin researching private aid sources early Private Sources

29. Research what is available in community To what organizations and churches do student and family belong? Application process usually occurs during spring of senior year Small scholarships add up! Civic Organizations and Churches

30. Companies may have scholarships available to the children of employees Companies may have educational benefits for their employees Employers

31. A standard form that collects demographic and financial information about the student and family Completed online at www.fafsa.govwww.fafsa.gov Information used to calculate the expected family contribution (EFC) – Amount of money a student and his or her family may reasonably be expected to contribute towards the cost of the student’s education for an academic year Colleges use EFC to award financial aid Free Application for Federal Student Aid (FAFSA)

32. May be filed at any time during an academic year, but no earlier than the January 1 st prior to the academic year for which the student requests aid Most colleges set FAFSA filing deadlines Remember: MD State Scholarship FAFSA filing deadline of MARCH 1 st FAFSA

33. FAFSA on the Web Website: www.fafsa.govwww.fafsa.gov 2016–2017 FAFSA available on January 1, 2016 FAFSA on the Web Worksheet: – Used as “pre-application” worksheet – Questions follow order of FAFSA on the Web – Available for PDF download on FAFSA website

34. Reasons to file electronically: Built-in edits to prevent costly errors Skip-logic allows student and/or parent to skip unnecessary questions Internal Revenue Service (IRS) Data Retrieval Tool to import tax data More timely submission of original application and any necessary corrections Detailed instructions and “help” for common questions Ability to check application status online Simplified application process in the future FAFSA on the Web

35. While completing FOTW, applicant may submit real-time request to IRS for tax data IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to applicant in new browser window Applicant chooses whether or not to transfer data to FOTW IRS Data Retrieval Tool

36. Available early February 2016 for 2016–2017 processing cycle Participation is voluntary Reduces documents requested by financial aid office Some will be unable to use IRS DRT – Examples include:  Filed an amended tax return  No Social Security Number (SSN) was entered  Student or parent married but filed separately IRS Data Retrieval Tool

37. FSA ID NEW FOR 2016/2017 https://fsaid.ed.gov or from within FAFSA website https://fsaid.ed.gov Sign FAFSA electronically Used by students and parents throughout aid process, including subsequent school year Only the owner should create a FSA ID FSA ID for student; FSA ID for parent CREATE FSA ID’S ASAP!

38. Social Security Number Citizenship status Marital status Drug convictions Selective Service registration Level of parents’ school completion General Information

39. FAFSA asks questions to determine dependency status for federal student aid (not IRS) purposes: If all “No” responses, student is dependent If “Yes” to any question, student is independent Student Dependency Status

40. General Information

41. Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth Use a street address, instead of P.O. Box Include a MARYLAND school on FAFSA Frequent FAFSA Errors

42. Central Processing System (CPS) notifies student of FAFSA processing results by: Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s email address was not provided SAR Acknowledgement if filed FAFSA on the Web and student’s email address was not provided Email notification containing a direct link to student’s online SAR if student’s email was provided on paper or electronic FAFSA Students with FSA ID may view SAR online at www.fafsa.gov www.fafsa.gov FAFSA Processing Results

43. Review data for accuracy and correct any errors Update estimated tax information when actual figures become available If necessary, corrections to FAFSA data may be made by: Using FAFSA on the Web (www.fafsa.gov) if student has a FSA ID;www.fafsa.gov Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections) ; or Submitting documentation to college’s financial aid office Student Aid Report

44. Change in employment status Unusual medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parental information Special Circumstances

45. Cannot be documented using FAFSA Send written explanation and documentation to financial aid office at each college College will review and request additional information if necessary Decisions are final and cannot be appealed to U.S. Department of Education Special Circumstances

47. Financial Aid Office Laura Shahan Assistant Director & MD State Scholarship Coordinator lshahan@chesapeake.edu Mindy Schaffer Director mschaffer@chesapeake.edu 410-822-5400 ext. 2252 www.chesapeake.edu/finaid www.facebook.com/ccfinaid @CCFinAid Dawn Smith Specialist & Work-Study Coordinator dsmith@chesapeake.edu Katrina Johnson Financial Aid Specialist kjohnson@chesapeake.edu