money for college! an overview of federal and state financial aid programs 1 chesapeake college and...
TRANSCRIPT
MONEY FOR COLLEGE!
An Overview of Federal and State Financial Aid Programs
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Chesapeake College and
The Maryland Higher Education Commission
Agenda
Understanding important steps to apply for “Money for College” The types of financial assistance The sources of financial assistance How to apply for financial assistance Cost of Attendance (COA)
State Aid Programs Need-based and Legislative Scholarships Career Based, Service Obligation and Loan Repayment Aid Programs Unique Population Programs
Final Recommendations
Additional Resources and Information
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Office of Student Financial Assistancewww.mhec.state.md.us
Types of Aid Grants Scholarships Loans Work-Study
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Types and Sources of Assistance
Sources of Aid Federal State Institution Private
Office of Student Financial Assistancewww.mhec.state.md.us
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How to Apply for Federal Financial
Assistance
Office of Student Financial Assistancewww.mhec.state.md.us
Complete the Free Application for Federal Student Aid at www.fafsa.gov
The student and one parent must apply for a PIN number at
www.studentaid.gov or within the FAFSA application
Research financial assistance program eligibility requirements.
Do not miss deadlines.
Complete all required forms to apply for financial assistance –
starting with the Free Application for Federal Student Aid.
Learn as much as you can about financial assistance opportunities.
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How to Apply for Financial Assistance
Office of Student Financial Assistancewww.mhec.state.md.us
File the Free Application for Federal Student Aid – FAFSA each year starting the senior year of high school.File on-line at www.fafsa.gov Complete all items.Remember – “Free” - do not pay to have the application
completed.
Parents and students must apply for a P.I.N. to sign FAFSA electronically.
Submit by MARCH 1 each year!
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Office of Student Financial Assistancewww.mhec.state.md.us
How to Apply for Financial Assistance
Use a street address, not a P.O. Box.Include a Maryland institution on the FAFSA.Student’s and parent’s name entered on the
FAFSA should be the same as on the Social Security card. t
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Don’t Forget when filling out the FAFSA
Office of Student Financial Assistancewww.mhec.state.md.us
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What happens now?
Office of Student Financial Assistancewww.mhec.state.md.us
After the FAFSA is filed you will be send a Student Aid Report (SAR) via email, if you provided one
Review the SAR carefully to ensure all information is correct
Make corrections as necessary and submit electronically Your SAR will provide your Expected Family Contribution
(EFC) Your EFC combined with your college cost of attendance
(COA) determines your eligibility for Federal Pell Grant and other need-based grants, including State Aid
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Student Aid Report
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What is an EFC?
Office of Student Financial Assistancewww.mhec.state.md.us
This figure is calculated by a formula that looks at income, number of family members, number in college, and assets in some cases.
The Expected Family Contribution is not actual money you will have to pay.
The EFC determines your eligibility for all need based aid.
Need is relative to the cost of the school.
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Cost of Attendance (COA)
Office of Student Financial Assistancewww.mhec.state.md.us
Tuition and feesRoom and boardBooks and supplies
COATransportationPersonal expenses
COA minus EFC minus Pell (if eligible) = Financial Need
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Calculation of Financial Need
Office of Student Financial Assistancewww.mhec.state.md.us
Example:
COA $10,500EFC -2,500_____________________
Need $8,000
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Federal Aid Programs
Office of Student Financial Assistancewww.mhec.state.md.us
Pell Grant – largest federal need based grant program. EFC less than 5101; Maximum award $5645 (EFC of 0) – these are FY 2014 figures.
Supplemental Grant (SEOG) – must be Pell eligible. Maximum award $4000
Teach Grant –Teacher Education Assistance for College and Higher Education grant is for students who intend to teach full-time in high-need subject areas for at least four years at schools that serve students from low-income families. Maximum award is $4000.
Federal Work Study – part-time job on campus, may offset tuition at some colleges.
Federal Direct Loans – fixed rate, currently at 3.86% (both sub & unsub; this amount may go to 6.8%). Payments begin 6 months after enrollment ceases.
Federal Plus Loan – parent loan, based on credit worthiness, fixed rate, currently at 6.4%.
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Office of Student Financial Assistancewww.mhec.state.md.us
State Financial Assistance
Maryland College Aid Processing System (MDCAPS)
The State of Maryland financial aid system. You must create a Student Login Profile and then click the
activation link in the message sent to your email account that was provided to use MDCAPS.
To create a profile, log onto https://mdcaps.mhec.state.md.us.
The MDCAPS account can be created at anytime.
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How to Apply for State Financial Assistance
Office of Student Financial Assistancewww.mhec.state.md.us
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How to Apply for State Financial Assistance
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MDCAPS Student Portal
Need-Based Aid Legislative Scholarships Career/Occupational Unique Populations
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Understanding the Types of Maryland State Aid
Office of Student Financial Assistancewww.mhec.state.md.us
New and renewal students must file the FAFSA by March 1 each year.
Office of Student Financial Assistance (OSFA) will electronically receive the FAFSA information
Students must demonstrate financial need. (Students with the greatest need and lowest EFC are awarded first)
Students must enroll as full-time, degree-seeking undergraduates at a 2-year or 4-year college or university in MD.
Parents and students must be Maryland residents.
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Howard P. Rawlings Educational Assistance Grant: up to $3,000 annually
Office of Student Financial Assistancewww.mhec.state.md.us
Apply as a high school senior – once out of high school you cannot apply.
Must submit a Guaranteed Access Grant application and FAFSA.
Income limit Minimum 2.5 cumulative, unweighted high school GPA. Must complete a college preparatory program. Students must have a high-school diploma. Students must enroll as full-time, degree-seeking
undergraduates at a 2-year or 4-year college or university in Maryland.
Parents and students must be Maryland residents.
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Howard P. Rawlings Guaranteed Access Grant: up to $16,500 annually
Must have earned an associate’s degree from a Community College
Be accepted for Admission in a degree program at a Maryland Public or Private College or University
Must submit a FAFSA by March 1st as well as OSFA Need based with EFC less than 10,000 Minimum 2.5 cumulative GPA in AA program Must be full-time at transfer college Can receive award for up to 3 years Parents and students must be Maryland residents
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2 + 2 Transfer Scholarship(new for 2015/2016)
STEM Majors $2,000; All other majors $1,000
All students may apply: High school seniors Undergraduate students Graduate students Career or technical school students
May be used for: Full-time or part-time enrollment Maryland residents only Mostly Maryland institutions
(may be used out of state in rare circumstances)
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Legislative Scholarships(Senatorial and Delegate)
Office of Student Financial Assistancewww.mhec.state.md.us
File FAFSA by March 1.Demonstrate financial need.Some awards are renewable for an additional
three years. Contact Senator for application and renewal
procedures.
Note: Senators have the option to award; some do not select recipients but put their funds into other programs administered by OSFA.
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Senatorial Scholarship: $400 and up annually
Office of Student Financial Assistancewww.mhec.state.md.us
Contact Delegate for application procedure.Must apply each year for an award; they are not
renewable.FAFSA may not be required.
Note: Delegates have the option to award; some do not select recipients but put their funds into other programs administered by OSFA.
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Delegate Scholarship: $200 and up annually
Office of Student Financial Assistancewww.mhec.state.md.us
Charles W. Riley Fire and Ambulance And Rescue Squad Member Scholarship
Must complete a FAFSA and separate MHEC application Actively engaged career or volunteer firefighters, ambulance or rescue
squad members in Maryland may apply Must serve a Maryland community while enrolled in college courses and
continue to serve for another year after courses are complete Must attend a Maryland institution and enroll in a degree or certificate
program in either fire service technology or emergency medical technology Must be a Maryland resident Can be full-time or part-time
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Career Based, Service Obligation and Loan Repayment Aid
Office of Student Financial Assistancewww.mhec.state.md.us
Workforce Shortage Student Assistance Grant Program For students who plan on working in specific career/occupational programs
upon graduation. Eligible fields include: child care, human services, teaching, nursing, physical and occupational therapy, social work, and public service.
Current high school seniors, full-time and part-time, degree-seeking undergraduate and graduate students enrolled in an eligible accredited Maryland postsecondary institution.
File the WSSAG application by July 1 with MHEC, FAFSA not required however it will be used to determine the order in which students will be awarded; also submit official transcripts from all previous institutions
Award amount up to $4000 (full time, four year institution) $2000 (part time, four year institution); $2000 (full time, two year institution) $1000 (part time, two year institution)
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Career Based, Service Obligation and Loan Repayment Aid
Office of Student Financial Assistancewww.mhec.state.md.us
Edward T. Conroy Memorial Award Current high school seniors, full-time and part-time,
degree-seeking undergraduates and graduate students. You must be a Maryland resident to apply, with the
exception of a spouse, son or daughter of a Maryland State or local public safety employee killed in the line of duty.
You must enroll at a two-year or four-year Maryland college or university, as a full-time or part-time, degree-seeking undergraduate or graduate student or attend a private career school.
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Unique Population Aid
Office of Student Financial Assistancewww.mhec.state.md.us
Edward T. Conroy Memorial Award You must be:
the son or daughter of a member of the United States Armed Forces who died as a result
of military service or who suffered a service connected 100 percent permanent disability as
result of military service
a veteran who suffers a service-connected disability of 25 percent or greater, as a result of
military service, and has exhausted or is no longer eligible for federal veterans’ educational
benefits
the son, daughter, or surviving spouse of a victim of the September 11, 2001 terrorist
attacks who died as a result of the attacks on the World Trade Center in New York City, the
attack on the Pentagon in Virginia, or the crash of United Airlines Flight 93 in Pennsylvania
a POW/MIA of the Vietnam Conflict or his/her son or daughter; the son, daughter or
surviving spouse (who has not remarried) of a state or local public safety employee or
volunteer who died in the line of duty or who was 100 percent disabled in the line of duty
or a state or local public safety employee or volunteer who was 100 percent disabled in the
line of duty
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Unique Population Aid
Office of Student Financial Assistancewww.mhec.state.md.us
Veterans of Afghanistan and Iraq Conflicts Scholarship
For United States Armed Forces personnel who served in the Afghanistan or Iraq Conflicts, and their sons, daughters, or spouses who are current high school seniors, and full-time or part-time, degree-seeking undergraduate students enrolled in an eligible accredited Maryland postsecondary institution.
Submit the VAIC application and FAFSA, by March 1 along with required documents
List of required documents found MHEC’s website
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Unique Population Aid
Office of Student Financial Assistancewww.mhec.state.md.us
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Unique Population Aid
Office of Student Financial Assistancewww.mhec.state.md.us
Tuition Waiver for Foster Care Recipients Students who resided in an out of home placement in Maryland:
On their 13th birthday and were then adopted from the out of home placement after their 13th birthday; or
At the time they graduated high school or earned a GED Attend a public college in Maryland File the FAFSA every year no later than March 1st Must enroll as a degree-seeking student before age 21 Be sure to discuss with the financial aid officer at the college or
university List of eligible students is sent to the public colleges and universities
Contact social worker if not on the list
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Unique Major
Office of Student Financial Assistancewww.mhec.state.md.us
Funds awarded for the Senatorial and Delegate scholarships may be used at an out-of-state institution if the student’s academic program is not offered at a Maryland institution
Review MHEC website under Financial Aid Applications, Senatorial and Delegate Scholarship programs, for more information on how to apply
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Academic Common Market
Office of Student Financial Assistancewww.mhec.state.md.us
A consortium of 16 southern states that allow non-residents to enroll in specific degree programs at in-state tuition rates, if an academic program is not offered in the student’s home state
Strict semester deadlines Applications and more information are available from MHEC at
www.mhec.state.md.us
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Lets Talk Numbers
College Tuition, Fees,
Room & Board
Books Pell SEOG State Private Scholarship
Loan Out of Pocket
Expense
Towson University
$19,526 $1,000 $4,180 $800 $3,000 $500 $3,500 $8,546
Salisbury University
$19,180 $1,000 $4,180 $800 $3,000 $500 $3,500 $8,650
Chesapeake College
$3,742 $1,000 $4,180 $100 $800 $500 $0 $-838
**2014/2015 figures: Based on EFC of 1501, Including meal plans,
not including additional fees. CC does not include R&B
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Need More Money?
Research college and private scholarships now
Understand application process and deadlines
Submit materials on time
Make sure letters of references are timely and with substance
Fastweb is a private scholarship search engine with more than 600,000 scholarship database at www.fastweb.com
Guidance counselor is your best resource for local private scholarships.
Complete and submit the FAFSA each year to be considered for all State funding.
Set up an account on MDCAPS at www.mdcaps.mhec.state.md.us Visit www.MDGo4it.org for tips and other information to help prepare for
college Ensure that all filing requirements have been met for all State aid grant
and scholarship programs. See www.mhec.state.md.us Contact the financial aid office at the MD postsecondary institution that
you have been accepted to and ensure all documents are in and complete.
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Financial Aid To-Do List
Office of Student Financial Assistancewww.mhec.state.md.us
Financial Aid OfficeLaura Shahan
Assistant Director & MD State Scholarship Coordinator
Mindy SchafferDirector
410-822-5400 ext. 2252www.chesapeake.edu/finaid
www.facebook.com/ccfinaid @CCFinAid
Dawn Smith Specialist & Work-Study Coordinator
Katrina JohnsonFinancial Aid Specialist