APPLYING FOR FINANCIAL AID TOPICS What is Financial

APPLYING FOR FINANCIAL AID

TOPICS ØWhat is Financial Aid? ØTypes of Financial Aid ØSources of Financial Aid ØWhat is financial need?

TOPICS ØFederal Financial Aid Eligibility ØApplying for Financial Aid ØCompleting FAFSA ØCSS Profile Overview ØEssentials ØContact Information

WHAT IS FINANCIAL AID? ØMoney provided to a student (or parents) to assist in paying for post-secondary education. Ø Gift Aid and Self-Help Aid ØNeed-Based and Merit-Based

TYPES OF FINANCIAL AID Gift Aid Ø Grants (typically need based) Ø Scholarships Self-Help Aid Ø Loans Ø Federal Work Study (Employment)

Need-Based Aid ØBased on the financial position of the family. ØThe information supplied on the FAFSA is used to determine the amount the of Expected Family Contribution –EFC.

Merit-Based Aid ØBased on how well the student has performed in some area (academics, athletics, band, music, etc. ). ØThe award has nothing to do with the financial position of the family.

Grant Ø Money that does not have to be paid back Ø Usually awarded on the basis of financial need

Scholarship Ø Money that does not have to be paid back Ø Awarded on the basis of merit, need, skill, or unique characteristic

Federal Loans ØMoney students and/or parents borrow to help pay college expenses ØRepayment Varies from 60 days after disbursement to 9 months after the student is no longer attending college at least half-time ØDon’t borrow more than you need to meet education expenses

Difference Between Subsidized and Unsubsidized Loans ØSubsidized: Borrower is not responsible for the interest while in an in-school, grace, or deferment status. Must demonstrate financial need. Interest rate varies by year ØUn-subsidized: Borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan. Financial need is not required. Interest rate varies by year

Direct PLUS Loan Program Ø Based on parents’ credit rating Ø Interest rate varies by year Ø Maximum amount is equal to cost of attendance minus financial aid Ø Repayment can begin 60 days after full disbursement Ø Can request a deferment until graduation or 6 months after student is no longer attending at least half-time Ø Unsubsidized only

Federal Work Study ØIs campus- based program Part –time jobs (20 hours or less) Off campus- non profit agency ØNo annual minimum or maximum ØDemonstrated financial need (FAFSA) ØCampus- based Recipients determined by college’s financial aid office Limited number of work study positions

SOURCES OF FINANCIAL AID

Federal Grants ØPell Grant up to $6, 345 (2020 -21) ØFederal Supplemental Educational Opportunity Grant up to $4, 000 ØTeacher Education Assistance up to $4, 000

Maryland Grants ØHoward P Rawlings Guaranteed Access Grant (GAG) Howard P Rawlings Educational Assistance Grant ØPart-time Grant Ø www. mhec. state. md. us up to $19, 400 $400 to $3, 000 up to $2, 000

Maryland Scholarships Ø Senatorial Amount Varies Ø Delegate Amount Varies Ø Elected officials Ø Workforce Shortage Specific work areas

Maryland Tuition Waivers ØTuition Waiver for Foster Care Recipients ØTuition Waiver for Unaccompanied Homeless Youth ØTuition Waiver for Maryland National Guard ØTuition Waiver for Students with Disabilities

Finding Scholarships ØInternet searches-(collegegreenlight. com) ØHigh School Career and Resource Offices-Your school’s CCIC and Resource Counselors receive information about various scholarships ØCollege/University & Financial Aid Offices-Check on the institution’s website and with the financial aid office where you have or plan to apply

Finding More Scholarships ØPrivate (professional organizations, employers, civic organizations, etc. ) Based on your career goal Inquire with your or your parent’s employer Civic organizations- NAACP, Rotary, Soroptimist, house of worship, etc.

Scholarship- Internet Searches Ø http: //www. tuitionfundingsources. com/ Ø http: //www. finaid. org/ Ø http: //www. findtuition. com/ Ø http: //www. fastweb. com/ Ø http: //go. salliemae. com/scholarship/ Ø http: //www. usscholarshipguide. org/ Ø http: //www. careerinfonet. org/scholarshipsearch/Scholarship. Category. asp? se archtype=category&nodeid=22 Ø http: //www. uncf. org/sections/For. Students/SS_Scholarships/scholarships. asp

FINANCIAL NEED Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

Cost of Attendance Direct costs- ØTuition and fees ØRoom and board Indirect costs- ØBooks and supplies ØTransportation ØPersonal living expenses

Expected Family Contribution ØParental income ØParental assets ØStudent income ØStudent assets

Expected Family Contribution FORMULAS ØDependent student ØIndependent student with no dependents other than spouse ØIndependent student with dependents other than spouse

COA- EFC =Financial Need On-Campus Private On-Campus Public Commuter Public Community College Costs $60, 000 $25, 000 $10, 000 $5, 000 EFC $2, 000 Need $58, 000 $23, 000 $8, 000 $3, 000

Federal Financial Aid Eligibility Ø Accepted/enrolled in a eligible program Ø Pursuing degree, certificate or other recognized program Ø US Citizen or eligible non-citizen with SSN Ø Male- registered with Selective Service

APPLYING FOR FINANCIAL AID ØResearch Federal, Maryland State Financial Aid and college/university aid Programs ØGet a FSA ID for parent and student https: //fsaid. ed. gov ØDo you need to complete the CSS Profile? ØComplete and submit appropriate application(s) ØProvide accurate information ØApply on or before program deadline(s) ØKeep a copy of submitted materials

You Will Need to Complete FAFSA ØParent(s) and student social security number Ø The student’s alien registration number (if applicable) ØDate of birth for parent(s) and student ØDate of parent marital status ØParent(s) & student 2017 W-2’s/taxes ØStudent’s driver’s license number (if applicable)

What Else You Will Need ØRecord of any untaxed income (child support, unemployment, temporary cash assistance, etc. ) ØRecord of stocks, bonds and any other investments ØChecking and savings balance (day of completion) ØBusiness or farm records ØNames of colleges/universities student has or plans to apply to

ESSENTIALS q. Know what to file q. Know when to file (Deadlines) q. Call the college/university’s financial aid office with any questions q. Keep a record of everything!!

Applications to Access Aid ofile r p / g r o ard. o b e g colle. t n e d stu fafsa. e d. gov

FSA ID

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Login – I am the Student 37

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Assets • Asset net worth means the current value of the assets minus what is owed on those assets. Assets include • money in cash, savings, and checking accounts; • businesses; • investment farms; and • other investments, such as real estate (other than the home in which your parents live), Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) accounts for which your parents are the owner, stocks, bonds, certificates of deposit, etc.

Assets don’t include; the home in which your parents live; • UGMA and UTMA accounts for which your parents are the custodian, but not the owner; • the value of life insurance; • ABLE accounts; and • retirement plans (401[k] plans, pension funds, annuities, noneducation IRAs, Keogh plans, etc. ).

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CSS PROFILE REVIEW

Require Parent Information Parent financial information • Income • Assets • Family members

Reporting Income Information 2019 Parent Tax Schedules and Forms Check parent 2019 tax documents carefully to see if schedules apply

Reporting Income Information Income questions are determined by the type of tax return filed. Parents used their 2019 IRS 1040 to report their income.

Reporting Income Information Follow the numbers 2019 1040 Tax Return

Reporting Income Information from parents’ W-2 s and other documents • Parents report their earnings from their W-2 s • They also report other income • Retirement contributions • Family’s Flexible Spending Account • They respond “ 0” to questions that do not apply No cents reported Whole numbers only

Reporting Income Information Reporting future income New questions: • Covid-19 • Expect Change

CONTACT INFORMATION US Department of Education Office of Student ü Telephone number: 1 -800 -4 -FED-AID ü Web address: www. fafsa. gov ü Web address FSAID https: //fsaid. ed. gov/npas/index. htm ü Web address Student Aid: http: //studentaid. ed. gov

CONTACT INFORMATION Maryland Office of Financial Assistance þTelephone number: 410 -260 -4565 þToll free number: 1 -800 -974 -1024 þWeb address: þMD Caps System www. mhec. state. md. us

CONTACT INFORMATION ü Website https: //cssprofile. collegeboard. org/ ü Phone number 844 -202 -0524 ü Support hours 9 am-10 pm ET Monday-Friday ü Chat Support 10 am-9 pm ET Monday-Friday https: //ets-cb. force. com/profile/s/ ü CSS Profile Step by Step https: //cb. collegeboard. org/css-profile/tutorial/

To Schedule an Appointment or to Request a Presentation • Complete online intake form https: //forms. gle/ov. Jsj 3 iw 58 M 4 rth. S 8 Phone– 240 -578 -2076 Email– MCEOC@montgomerycollege. edu Social Media Like us on Facebook: MCEOC Follow us on Twitter: MC_EOCmd