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UNLOCK THE WORLD OF FINANCIAL AID

UNLOCK THE WORLD OF FINANCIAL AID. Ellie Geiman McDaniel College. Important Deadlines. FAFSA MARCH 1 st (Date Received) Date used by Maryland State to award need based funds Recommend using the Electronic PIN Signature School Deadline

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UNLOCK THE WORLD OF FINANCIAL AID

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  1. UNLOCK THE WORLD OF FINANCIAL AID Ellie Geiman McDaniel College

  2. Important Deadlines • FAFSA MARCH 1st(Date Received) Date used by Maryland State to award need based funds Recommend using the Electronic PIN Signature • School Deadline Verify with College’s Financial Aid Office • Maryland State Due March 1st RECEIVED • State Draws FAFSA Info for Awards April1st • Deposit Date May 1st Commitment to a School (Non refundable)

  3. Time Table Current Seniors in High School FAFSA Due March 1, 2010 Estimate 2009 Tax information Update actual tax figures when complete Current Juniors in High School FAFSA Due March 1, 2011 Use 2010 Federal Tax Admission Deposit deadline May 1, 2011 Current Sophomore in High School FAFSA Due March 1, 2012 Use 2011 Federal Tax Admission Deposit deadline May 1, 2012

  4. Required Forms • FAFSA :All Colleges use for Need Based Funds • CSS Profile :College Board Application Required by select colleges (Cost involved) Confirm if college requires and due date • College Institutional Form: Some college have their own form instead of the CSS Profile. Check College website or call to confirm what form are required. • Colleges may require Tax form documentation

  5. FAFSA On-Line www.fafsa.gov • The Federal Government would prefer all FAFSA transactions be done on-line. • Student and Parent must have a PIN number. • The PIN number is an electronic signature. • PIN numbers remain the same for the complete time of a student’s education. • Doing FAFSA on line is timely and accurate. • The FAFSA must be done each academic year.

  6. SOURCES OF FINANCIAL AID FEDERAL GOVERNMENT STATE GOVERNMENT PRIVATE COLLEGE FUNDS SCHOLARSHIP FOUNDATIONS CIVIC ORGANIZATIONS MILITARY

  7. FEDERAL GOVERNMENT • Federal Pell Grant • Federal SEOG Grant • Federal TEACH Grant • Direct & FFEL Stafford Loans • Perkins Loan • Federal Work Study • Federal PLUS Loan ( Parent )

  8. TEACH GRANT Federal Government Must teach in high need subject areas Must teach in schools servicing low income families Four year teaching obligation $4000 per year If service is not provided in area designated the grant becomes a loan

  9. State Funding • Need Based Educational Assistance Grant Guaranteed Access Grant • Merit Based Distinguished Scholar Distinguished Scholar Teacher • Senator & Delegate Contact your district Senator and Delegates directly • Check Maryland Web Site for other programs • http://www.mhec.state.md.us/financialaid/

  10. Workforce Shortage Grant CHILD CARE PROVIDER SCHP DEVELOPMENTAL DISABILITIES TUITION ASSIST DISTINGUISHED SCHOLAR TEACHER MCAULIFFE MEMORIAL TEACHER SCHP STATE NURSING SCHP PHY & OCCUPATION THERAPISTS & ASSIST GRANT WILLIAM DONALD SCHAEFER SCHP Please be aware that this grant requires a commitment to work in the State of Maryland in the field designated. Application is usually due July 1st

  11. Technology School • Many Technology Schools have associated Foundations that provide grants and scholarships. Contact the Financial Aid Office and inquire. • Check companies that are associated with the business. Example: Auto Repair – Snap-On Tools Diesel Repair – Pennzoil, Shell Oil, Caster Oil Health Care – Health Care Providers like Care First

  12. FEDERAL CALCULATIONS • EFC: Expected Family Contribution • Formula For Need COST OF EDUCATION (From each College) MINUS Expected Family Contribution Student’s Federal Financial Need Example: Cost of ABC College $20,000 Expected Family Cont $ 5,000 Federal Need $15,000

  13. FINANCIAL AID AWARD Cost of College: $20,000/Year Financial Aid: Pell Grant ( $2,000) SEOG Grant ( $ 500) State Grant ( $2,500) Academic Schp ( $5,000) Private Grant ( $1,000) Stafford Loan ( $2500) Total Aid $13,500 Owe College $ 6,500

  14. How do we cover what we owe?? • Cash Payment • PLUS Loan (parent) 10 year • College Contract Plan (over school year) • Private Education Loans for Parent • Private Education Loans for Student • Home Equity

  15. RESOURCES/RESEARCH • Check the Internet • Books from the Library • Employee Benefits • High School Guidance Office • Civic Organizations ( State and Federal Level )

  16. KEY POINTS TO REMEMBER • FAFSA is due March 1st before Fall enrollment (FAFSA must be done each year) • Contact colleges for their requirements • Review Student Aid Report • Work with High School Guidance Office for outside scholarships • Meet all deadlines

  17. Contact Information • Ellie Geiman • Associate Director of Financial Aid • McDaniel College • 2 College Hill • Westminster, MD 21157 • Phone: 410-857-2235 • Fax: 410-386-4608 • egeiman@mcdaniel.edu

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