1. You Can Afford College! GOUCHER COLLEGE ADMITTED STUDENTS DAY 2014 HTTP://WWW.YOUTUBE.COM/WATCH?V =QOYRL_QSLXM&FEATURE=SHARE&LIS T=UUFG8ARGAU1XNJ1DYAJPEP-A 1

2. Goals of Financial Aid Primary goal is to assist students in paying for college and is achieved by:  Evaluating families’ ability to pay educational costs  Distributing limited resources in an equitable manner  Providing balance of gift aid and self-help aid

3. Financial Aid Basics Gift Aid GrantsScholarships Self-Help Aid Work StudyLoans 3

4. Sources of Financial Aid Federal State Institutional Private Grants Work Study Loans Scholarships Grants Scholarships Work Study Scholarships Tuition reimbursement 4

5. Federal Financial Aid Grants  Pell Grant  Supplemental Education Opportunity Grant (SEOG)  Teach Grant Work Study  Need based award provides funds earned through part-time employment on and off campus  Student receives paycheck to help with expenses 5

6. Federal Financial Aid, cont. Loan Programs Types  Federal Direct Student Loan– student’s name  Perkins Loan- student’s name  Parent PLUS – parent’s name, fixed interest rate, credit check required (debt to income ratio) Consider  Low Interest Rates  No Payment In School  Grace Period 6

7. State Aid from the Maryland Higher Education Commission Grants and Scholarships Parent and student must be a Maryland State Resident Some programs require an additional application Samples of State Aid Need-based (file FAFSA by March 1 st each year):  Howard P. Rawlings Educational Excellence Awards  Part-Time Grant Legislative:  Senatorial  Delegate 7

8. www.mhec.state.md.us 8

9. Institutional Aid Need Based or Merit Based Aid awarded by GC  Merit scholarships from Admissions  Institutional Operating Funds (i.e. GC Grants)  Endowment and Foundation Funds Criteria may differ for each scholarship and may or may not include the following:  Financial Need  GPA/SAT scores  Academic Major  Special Skills or Talents 9

10. Private Sources Financial aid funding that comes from private organizations  Civic Organizations  Professional Associations  Private Businesses Deadlines and application procedures can vary widely Use reliable scholarship search services  http://www.fastweb.com http://www.fastweb.com  http://www.collegeboard.com/student/pay http://www.collegeboard.com/student/pay  http://www.finaid.org http://www.finaid.org 10

11. Awards 11 Awards are based on enrollment status 12+ credits = F/T A student must have 12 or more credits to be considered F/T for FINANCIAL AID PURPOSES

12. Determining Financial Need 12

13. The Cost of Attendance (COA) 13 Note: COA is determined by individual schools

14. 14 Undergraduate 14-15On CampusOff Campus With Parent Resident Budget Tuition39808 Fees750 Room & Board1148260002000 Books1000 Transportation7001200 Personal1100 Total548404985845858

15. FM EFC Expected Family Contribution The Free Application for Federal Student Aid (FAFSA) takes into account (to consider for federal and MD State aid):  Income (parent(s) and student)  Assets (parent(s) and student)  Number in Household  Number in College  State of Residence  Marital Status  Dependency Status Note: EFC remains the same regardless of college/university 15

16. www.pin.ed.gov 16

17. www.fafsa.gov 17

18. IM EFC Expected Family Contribution The CSS Profile:  Additional information to consider a family for institutional aid  Looks at primary home value  Looks at business/farm value  Looks at noncustodial parent  Fee- $25 18

19. What happens next? Make sure to list GC’s school code on the FAFSA and CSS Profile (002073 and 5257) GC will import your information GC may ask you for additional information (ex. tax forms, citizenship documents…) GC will send you an award letter Visit our website for an award guide 19

20. What is FASTS? The Financial Aid Student Tracking System Provides current information about the status of financial aid Access FASTS at www.goucher.edu/fasts or through new student websitewww.goucher.edu/fasts Students log in to FASTS using their PIN and Goucher issued ID number and the FASTS PIN created when they log in for the first time.

21. What is FASTS con’t? On FASTS, students may:  View their financial aid award  Accept/decline/decrease financial aid awards  Check the status of required financial aid documents  Download financial aid documents  View information about loans  View messages associated with the financial aid award

22. Student Loans All students accepting a loan must:  Complete an entrance interview  Complete a Master Promissory Note (MPN)  Loan funds are credited by semester directly to the student’s tuition account. A 1.072% fee is deducted prior to disbursement. Federal Direct Student Loans  Subsidized- need-based= government pays interest while student is in school  Unsubsidized- non need-based= interest starts accuring  Interest= 3.86%

23. Parent Loan Information Federal Direct PLUS loans  All parents may apply. A FAFSA must be on file for the student.  To apply:  Complete a credit check and application at www.studentloans.govwww.studentloans.gov  Submit PLUS loan Request Form to our office. Download from www.goucher.edu/financialaid/forms www.goucher.edu/financialaid/forms Parent borrower must sign a Master Promissory Note online at www.studentloans.gov www.studentloans.gov Borrow for the full academic year. The loan will be disbursed by semester.

24. Federal Work Study (FWS) FWS is a federal need-based program.  Students earn wages and receive biweekly paychecks for hours worked.  Students should attend the job fair in late August to meet directly with employers and schedule interviews.  Jobs are not assigned to students and are not guaranteed.  A student can still work on-campus if they don’t have FWS, however the jobs are more limited

25. Report Outside Assistance Students who receive aid from outside sources, must report them to our office. Use the online Outside Scholarship Notification form on the New Student Website to report. Packages may be adjusted as a result. If so, a revised award notice will be sent via email if adjustments are made.

26. Special Situations If your family experiences a recent change in circumstances (ex. unemployment, high unreimbursed medical expenses, change in martial status…) the financial aid award may be reviewed. To request a review, complete a Professional Judgment Request (found on our website) and provide the appropriate supporting documentation. Non-custodial information (needed for CSS Profile) may be waived if circumstances exist.

27. Study Abroad Federal and institutional financial aid is transferable for Goucher sponsored study abroad programs. Institutional financial aid is not available for a 3-week long program or a non Goucher sponsored program. $1000 study abroad voucher is offered to help defray cost.

28. Financial Aid and Billing Any financial aid awarded for the semester will appear as anticipated aid on the billing statement. Anticipated aid is deducted from the balance to arrive at the amount due for the fall semester. Enrollment and housing deposits will be deducted from fall bill. Loan origination fees will be deducted. FWS won’t be deducted from the tuition account balance. Students will be paid bi-weekly for actual hours worked. Financial aid will be credited to a student’s tuition account after add/drop only after the financial aid file is complete. Failure to submit required documents may result in forfeiture of awarded aid.

29. Billing Information Early July: Students and their billing parties will be notified each month via e-mail that their current billing statement is available online. Parents will need to have their student set up a login and password to give them access to his or her E-Bill account. FERPA reminder- new student portal Early August: Fall semester balance is due A billing worksheet is now available to help you figure things out! http://olympus.goucher.edu/billing/ugbillingworksheet.aspx

30. Insurance Plans HEALTH INSURANCE Required for all full-time students Information mailed in summer Students must select or waive this insurance online TUITION REFUND INSURANCE Reimburses families if student has to withdraw for medical reasons Information mailed in summer

31. Monthly Payment Plan Payments are spread out over 9-10 months beginning in May or June. Annual fee for enrolling in the plan. No interest is charged. A credit for half of the plan amount is applied to the students’ account at the beginning of the fall and spring semesters. Information will be mailed to deposited students shortly.

32. Other Ways to Pay for College 32 Your Own Savings 529 Savings & Prepaid Tuition Programs Employer Tuition Reimbursement Plan Veterans Benefits/Military Tuition Assistance Tuition Waivers Alternative Loans

33. What happens with my financial aid? 33 Students may receive FA up to their COA FA will pay for your direct costs (tuition and fees and room and board if living on-campus) If your FA is in excess of your T&F you will receive a refund check (to help pay for indirect expenses) Example= $25000 bill, $30000 in FA, $5000 refund

34. Future Years… Student must maintain full-time enrollment and required GPA for merit scholarships. Must file FAFSA and CSS Profile each year to renew need- based aid. Need-based aid will stay the same unless significant change in EFC.

35. Contact Us! http://www.goucher.edu/financialaid http://www.goucher.edu/billing Learn more about financial aid and billing Browse the FAQ’s We are located in Student Administrative Services (next to Admissions in the courtyard)

36. You Know Where to Find Us! If you have additional questions or concerns, feel free to contact us during normal business hours (Monday-Friday 8:45-5:00). We have an open- door policy at Goucher College: Financial Aid- 410-337-6141 (finaid@goucher.edu)finaid@goucher.edu Student Billing- 410-337-6022 (billing@goucher.edu)billing@goucher.edu

37. Questions? We look forward to welcoming the CLASS OF 2018! 37