1. PAYING FOR HIGHER EDUCATION PRESENTER : ARTHUR APIYO ASSISTANT DIRECTOR of FINANCIAL AID BOWIE STATE UNIVERSITY

2. COST OF ATTENDING COLLEGE > Tuition and Fees > Room and Board > Books and Supplies > Transportation > Personal Expenses

3. GENERAL EXPECTATIONS  Parent will Pay for portion of college expenses To the extent they are able, parents have the primary responsibility to pay for their children’s educational expenses > Student will help pay for college  THE FACTOR OF ESTIMATED FAMILY CONTRIBUTION (EFC)

4. HOW STUDENTS AND PARENTS PAY FOR COLLEGE > PARENTS College Savings Borrow Loans Pay Out of Pocket Gifts > STUDENTS Get Good Grades Honors Students Federal Work Study Program Work Part-Time

5. FINANCIAL AID SOURCES OF FINANCIAL AID FEDERAL GOVERNMENT >>>> STATE GOVERNMENTS >>>> PRIVATE INSTITUTION >>>> COLLEGES AND UNIVERSITIES EXAMPLE OF ENTITIES U.S. DEPARTMENT EDUCATION MHEC (Maryland Higher Education Commission) Churches and Credit Unions University Scholarships, Grants

6. HOW TO APPLY FOR FINANCIAL AID COMPLETE F-A-F-S-A F FFREE!!!!!!. A :APPLICATION for F :FEDERAL S :STUDENT A :AID

7. WHAT GOES INTO FAFSA Social Security Numbers (Parents & Students) Most Recent Tax Information Number Other Records of Money Earned Bank Statement and Records of Investments (if applicable) Records of Untaxed Income

8. WHO USES FAFSA & HOW IS IT ACCESSED Federal Government (Department of Education) January 1 st to Early September State (Maryland Higher Education Commission) March 1 st Deadline for State Eligibility Colleges & Universities *Student Select which Colleges to grant access to FAFSA. *Enter School Code (002062)

9. WHO IS ELIGIBLE FOR FINANCIAL AID U.S. CITIZENS and U.S. PERMANENT RESIDENTS HIGH SCHOOL GRADUATES/GED HOLDERS MALES WHO ARE REGISTERED FOR SELECTIVE SERVICE DEPENDENT OR INDEPENDENT STUDENTS WHO ARE PURSUING ELIGIBLE DEGREE PROGRAM IN COMMUNITY COLLEGES, PUBLIC OR PRIVATE UNIVERSITIES ETC RECIPIENT HAS TO BE ENROLLED IN ACCREDITED INSTITUTION AND PROGRAM

10. THE FINANCIAL AID PICTURE ESTIMATED FAMILY CONTRIBUTIONS (EFC) COST OF ATTENDANCE (COA) FINANCIAL AID NEED FINANCIAL AID EQUATION: COST OF ATTENDANCE (-) ESTIMATED FAMILY CONTRIBUTION FINANCIAL AID NEED

11. FINANCIAL AID PACKAGE Federal Pell Grants Federal Stafford Loans: -Subsidized Stafford Loans -Unsubsidized Stafford Loans Federal Parent Plus Loans Graduate and Professional Student Plus Loans Campus Based Programs : -Federal Supplemental Educational Opportunity Grants -Federal Work-Study Programs -Federal Perkins Loans

12. FINANCIAL AID PACKAGE Institutional Aid From Colleges :Scholarships/Grants/Merit/Honors Senatorial Grants Delegate Grants Merit-Based Aid -Require Certain Level of academic performance -Application Process determined by organization that provides the aid -Criteria for selecting winner s determined by organization providing aid

13. FINANCIAL AID ANNUAL LOAN LIMITS Grade Level Dependent Undergraduate Student Independent Undergraduate Student Freshman $5,500 (max $3,500 subsidized) $9,500 (max $3,500 subsidized) Sophomore $6,500 (max $4,500 subsidized) $10,500 (max $4,500 subsidized) Juniors, Seniors and Beyond $7,500 (max $5,500 subsidized) $12,500 (max $5,500 subsidized) Cumulative Limit $31,000 (max $23,000 subsidized) $57,500 (max $23,000 subsidized)

14. FINACIAL AID PELL-GRANT PACKAGE * Students Must file the FAFSA each year * Pell Grants do not have to be paid back * The maximum award may change each year and depends on program funding * Students must demonstrate financial need and have an EFC within a certain range * Do not have to be full time student to receive Pell Grant Must be an undergraduate without a bachelor’s or professional degree 2014-2015 $5,730 – 2015-2016 $5,775

15. FINANCIAL AID SEOG PACKAGE * FSEOG does not have to be paid back * For undergraduates with exceptional financial need * Financial Aid Office at the college determines amount of the award * Full time and part-time students may be eligible, however, the grant may be reduced if student is part-time

16. FINANCIAL AID TEACH GRANT * Complete the FAFSA form * U.S. citizen or eligible non-citizen * For undergraduates, post baccalaureate or graduate student * Enrolled in coursework that is necessary to begin a career in teaching or plan to complete such coursework * Be in 75 th percentile on one part of a college admission test or maintaining a cumulative GPA of 3.25 * Sign a TEACH grant agreement to serve