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Essentials

Mount St. Mary’s University Clarksburg High School Financial Aid Night December 9, 2013 Snow Date: January 2, 2014 DAVE REEDER — Director of Financial Aid reeder@msmary.edu. Essentials. Know what to file. Know when to file it.

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Essentials

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  1. Mount St. Mary’s University Clarksburg High School Financial Aid NightDecember 9, 2013 Snow Date: January 2, 2014DAVE REEDER — Director of Financial Aidreeder@msmary.edu

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

  3. Types of Financial Aid • Scholarships • Grants • Loans • Work Study “Gift Aid” “Self Help Aid”

  4. 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

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

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

  7. 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

  8. Expected Family ContributionFactoring Different Costs On-Campus On-Campus Commuter Private Public Public Costs $45,000 $18,000 $ 7,000 EFC $15,000$15,000$15,000 Need $30,000 $ 3,000 $ -0-

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

  10. Applying for Need-Based AidFAFSA • 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 • Call 1-800-4FEDAID for paper application

  11. Applying for Financial Aidwww.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

  12. Applying for Financial AidIRS 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.

  13. Applying for Need-Based AidPROFILE 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.com • Registration fee, plus additional cost per school

  14. Applying for Need-Based AidGeneral • 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

  15. Applying for Need-Based AidGeneral • PAY ATTENTION TO DEADLINES • Beware of processing time • Provide estimates if necessary to meet deadlines • Special Conditions

  16. Sources of Aid • Colleges/universities • Federal Government • State Government • Private/Local Scholarships

  17. 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

  18. State ProgramsMaryland 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

  19. Other Sources of Financial AidPrivate/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

  20. 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

  21. Financial Aid Resources • 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)

  22. Mount St. Mary’s University Clarksburg High School Financial Aid NightDecember 9, 2013DAVE REEDER — Director of Financial Aidreeder@msmary.edu

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