1. Mount St. Mary’s University Clarksburg High School Financial Aid Night December 9, 2013 DAVE REEDER — Director of Financial Aid reeder@msmary.edu

2. Essentials  Know what to file.  Know when to file it.  Call the college/university’s financial aid office with any questions.

4. Types of Financial Aid  Scholarships  Grants  Loans  Work Study “Gift Aid” “Self Help Aid”

5. Types of Financial Aid  Merit-based Aid  Academic scholarships, athletic scholarships and other scholarships based solely on personal credentials  Used primarily by private schools to lower the sticker price & to improve institutional profile  Research college publications and web site for requirements.  Need-based Aid  Based on family’s ability to pay  Gift aid – scholarships & grants  Self-help aid – loans & work study

6. Calculating Financial Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

7. Cost of Attendance  Tuition and fees  Room and board  Books and supplies  Transportation  Miscellaneous personal expenses  Loan fees “Sticker Price” or “Direct Costs”

8. Expected Family Contribution  Determined by applications  FAFSA – all schools  Profile – primarily private schools  Institutional form – check with school  EFC = Parents contribution + student’s contribution  Constant for all schools

9. Expected Family Contribution Factoring Different Costs On-Campus On-CampusCommuter Private Public Public Costs$45,000 $18,000 $ 7,000 EFC$15,000 $15,000 $15,000 Need$30,000 $ 3,000 $ -0-

10. Expected Family Contribution EFC Calculator  FAFSA 4Caster – “raw” estimate; provides EFC www.fafsa4caster.ed.gov www.fafsa4caster.ed.gov  College Board (“Big Future”) – institutional methodology, longer to complete; provides EFC www.bigfuture.collegeboard.org www.bigfuture.collegeboard.org  Aie.org – provides detailed output that shows how EFC was determined www.aie.org www.aie.org

11. Applying for Need-Based Aid FAFSA  Application for Federal aid  Required by all schools  Federal methodology Excludes home equity & retirement accounts  Can take up to 1 week to be processed on-line or 4 weeks via mail.  Can’t be filed until after January 1  www.fafsa.ed.gov www.fafsa.ed.gov  Call 1-800-4FEDAID for paper application

12. Applying for Financial Aid www.fafsa.ed.gov  If completing on-line, pre-register for two pin numbers (one for parent & one for student) at www.pin.ed.gov.  With no pin number, must mail in signatures which are then matched with electronic file.  Electronic Student Aid Reports sent to email address on FAFSA. www.fafsa.com

13. Applying for Financial Aid IRS Data Retrieval  Parents who indicated they have filed their taxes will be directed to use the FAFSA-IRS Data Retrieval process.  Depending on timing, data may not be available.  Opportunity to update the FAFSA once taxes are complete.  Can opt to complete the FAFSA without Data Retrieval, but will likely be verified later.

14. Applying for Need-Based Aid PROFILE or Institutional Application  Used primarily by private colleges  Supplements information on FAFSA Monthly mortgage Parents’ vocations Complete listing of family members Add’l expenses such as HS tuition and medical bills not covered by insurance  Can file in the fall  Must be filed on-line at www.collegeboard.comwww.collegeboard.com  Registration fee, plus additional cost per school

15. Applying for Need-Based Aid General  Based on prior year’s income and current assets of parents and student  Divorced/remarried parent information  Household where student resides, including stepparent.  Student assets weighted more heavily than parent assets  529s and other educational savings plans are NOT student assets

16. Applying for Need-Based Aid General  PAY ATTENTION TO DEADLINES  Beware of processing time  Provide estimates if necessary to meet deadlines  Special Conditions

17. Sources of Aid  Colleges/universities  Federal Government  State Government  Private/Local Scholarships

18. Federal Programs  Pell Grant – entitlement program  EFC < $5,082  Supplement Grant (SEOG) – campus-based  Direct Loans – entitlement program  Loan amounts based on year in school  Perkins Loan – campus-based  Work Study – campus-based

19. State Programs Maryland For Maryland residents attending Maryland colleges.  Education Asst. Grants – File FAFSA before March 1  Guaranteed Access Grants – Separate application.  Grants up to $16,100 for students with extreme need.  Senatorial Scholarships – Contact Senator’s office  Delegate Scholarships – Contact each of three Delegates  www.mhec.state.md.us – for additional programs

20. Other Sources of Financial Aid Private/Local Scholarships  Where to Look  High school guidance office website (College & Career Center)  Civic organizations (Elks, Rotary, Kiwanis, etc.)  Private Companies, including parents’ employers  Public Libraries  www.fastweb.com

21. Financial Aid Resources  High School Guidance/Career Office  College Financial Aid Office  Internet www.msmary.edu/financialaidnight www.collegeboard.org www.collegeexpress.com www.finaid.org www.fastweb.com

22. Financial Aid Resources  www.msmary.edu/financialaidnight www.msmary.edu/financialaidnight  Presentation Grid (.pdf)  Financial Aid Checklist (.pdf)  Financial Aid Glossary (.pdf)  Federal Student Aid Program Summary (.pdf)  Sample Scholarship Letter (.pdf)  Consultant and Scholarship Search Services Fact Sheet(.pdf)  Cost Comparison (.xls)

23. Mount St. Mary’s University Clarksburg High School Financial Aid Night December 9, 2013 DAVE REEDER — Director of Financial Aid reeder@msmary.edu