1. What You Need To Know About Financial Aid
4/22/2018
What You Need To Know About Financial Aid
Shaniel F. McBurrows
Assistant Director, Financial Assistance

2. Topics We Will Discuss Tonight
4/22/2018
Topics We Will Discuss Tonight
What is financial aid?
Cost of attendance (COA)
Expected family contribution (EFC)
Financial need
Requirements for financial aid
Categories, types and sources of financial aid
Free Application for Federal Student Aid (FAFSA)

3. 4/22/2018
What is Financial Aid?
Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses.
Financial aid can be used at many different types of institutions, including:
Private colleges & universities
Public 2 & 4 year colleges & universities
Technical / vocational schools

4. What is Cost of Attendance (COA)?
The cost of attendance for an institution is made up of the following:
Direct Expenses – tuition & fees, room & board (if on campus)
Indirect Expenses – books & supplies, rent & food (if off campus or at home)
COA varies widely from college to college

5. Cost of Attendance - Examples
Institution
Tuition & Mandatory Fees
Room & Board
Books & Supplies
Total Costs ( )
Georgetown University
$ 49,968
$ 14,962
$ 1,200
$ 66,130
Stevenson University
$ 33,168
$ 13,008
$ 1,250
$ 47,426
U. Of Maryland – College Park
$ 10,180
$ 11,758
$ 23,138
Salisbury University
$ 9,364
$ 11,350
$ 1,300
$ 22,014
College of Southern Maryland
$ 3,631
$ 2,785 *
$ 1,731
$ 8,147
Notes:
All tuition & fees based on in-state or in-county residency.
Costs do not include personal expenses or transportation.
* Assumes student is living at home with parent.

6. What is Expected Family Contribution (EFC)?
Amount family can reasonably be expected to contribute towards college expenses
Two components:
Parent Contribution
Student Contribution
Calculated using data from a federal application form (FAFSA) and a federal formula
Stays the same regardless of college

7. What is Financial Need? Cost of Attendance (COA)
Expected Family Contribution (EFC)
________________________________
= Financial Need

8. Requirements for Financial Aid
4/22/2018
Requirements for Financial Aid
Federal Aid
U.S. citizen or permanent resident
High School graduate or equivalent
Registered for Selective Service (males)
Must meet need eligibility criteria
State Aid
Residency requirement
Generally must attend college in state
Application deadline
College or University
Meet school’s criteria (G.P.A., test scores, etc)

9. Sources of Financial Aid
4/22/2018
Sources of Financial Aid
Federal government
State of Maryland
Colleges and universities
Private sources
Civic organizations and churches
Employers

10. What Types of Aid Are There?
4/22/2018
What Types of Aid Are There?
Scholarships
Grants
Loans
Work-study
Gift Aid
Self-Help Options

11. Gift Aid Scholarships Grants Money that does not have to be paid back
4/22/2018
Gift Aid
Scholarships
Money that does not have to be paid back
Awarded on the basis of merit, skill or unique characteristic
Grants
Usually awarded on the basis of financial need

12. Self Help Options Loans Work Study
Money students and parents borrow to help pay college costs. Repayment usually begins after education is finished
Work Study
Money earned to help pay college expenses via a paycheck or non- monetary compensation, such as room and board

13. How much federal aid can you receive?
In general, depends on your financial need.
Financial need determined by Expected Family Contribution (EFC) and cost of attendance (COA)
EFC comes from what you report on FAFSA
COA is tuition, fees, room and board, transportation, etc.

14. How much federal aid can you receive?
Example: First-year, dependent student in
Maximum amounts allowed:
Federal Pell Grant: $5,815
Federal Supplemental Educational Opportunity Grant: $4,000
TEACH Grant: $4,000 *
Federal Direct Stafford Loan: $5,500
Federal Perkins Loan: $5,500 *
Federal Work-Study: determined by school *
Federal Direct PLUS Loan (for parents): COA minus other aid received
* Not available at all post secondary educational institutions

15. Types of Aid from Maryland
Need-based grants
Guaranteed Access Grant
Educational Assistance Grant
Part-Time Grant
Legislative Scholarships
Delegate Scholarship
Senatorial Scholarship
Unique Populations
Edward T. Conroy Memorial Award
Veterans of Afghanistan and Iraq Conflicts
Tuition Waivers
Foster Care Recipients
Unaccompanied Homeless Youth
Maryland National Guard
Students with disabilities

16. Free Application for Federal Student Aid (FAFSA)
4/22/2018
Free Application for Federal Student Aid (FAFSA)
A standard form that collects demographic and financial information about the student and family
May be filed electronically or using paper form
Information used to calculate expected family contribution (EFC)
Colleges use the EFC to award financial aid
May be filed at any point during the academic year
Available October 1st prior to the academic year for which the student requests aid using prior, prior, year information

17. Free Application for Federal Student Aid (FAFSA)
Electronic Submission of application
Federal Student Aid ID
Allows electronic submission of:
FAFSA
Loan Master Promissory Note
Complete Entrance Counseling
Access Financial Aid History
Option to use the Internal Revenue Service (IRS) Data Retrieval Tool to import tax data for Prior, Prior Year (PPY)
Application can be accessed at:

18. Next Steps
Once FAFSA is processed, student receives Student Aid Report (SAR)
Review for accuracy
Make updates or corrections to FAFSA
Schools will contact you about the status of your FAFSA
Provide any additional documentation, if requested
Schools will use FAFSA and additional information to determine financial aid award.

19. Additional Information
Federal Student Aid
Provides information on various financial aid programs
Maryland Higher Education Commission
Provides information on various Maryland state programs
mhec.maryland.gov/preparing/pages/ default.aspx

20. FAFSA Workshops Do you need assistance in completing your
CSM Financial Assistance staff will be on hand to help you complete the form
December 3, 2016 (tentative)
January 22, 2017
1:00 p.m. – 3:00 p.m.
12:00 p.m. – 4:00 p.m.
Francis P. Chiaramonte, MD Center for Science and Technology (ST Building)
Calvert Library, Prince Frederick
CSM La Plata Campus
RSVP: or

21. Scholarship Search Engines
4/22/2018
Scholarship Search Engines
Department of Education:
Fastweb:
Scholarships.com:
College Board:

22. CSM Scholarships Nuclear Engineering Technology Scholarship
Up to $5,000 / year for 2 years
Funded by NRC & Exelon
CSM Presidential Scholars Program
Scholarship is 25% of 1st year, 50% of 2nd year tuition
Opportunities for internships, research projects and monthly discussions / activities specifically for scholars students
CSM Scholarship Finder
CSM Foundation scholarships
Application available: Early February 2017

23. Charles County Scholarship Fund
Applications Available: December 2016
Deadline: Early March 2017
Any need-based scholarships applications must include Student Aid Report (FAFSA results).
Must have an official transcript and a 1st semester report card

24. Waldorf Jaycees / CSM Foundation Scholarship
Deadline: Mid April 2017
Any need-based scholarships applications must include either: SAR, tax return, or signed statement as to tax filing status.
Must have an official transcript and a 1st semester report card
Application information to be available from College & Career Advisor

25. 4/22/2018
Questions?