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You Can Afford College!

You Can Afford College!. Howard Community College Financial Aid Services. What is Financial Aid?. Definition of Financial Need. Cost of Attendance (COA). Expected Family Contribution (EFC). What is it?

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You Can Afford College!

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  1. You Can Afford College!

    Howard Community College Financial Aid Services
  2. What is Financial Aid?
  3. Definition of Financial Need
  4. Cost of Attendance (COA)
  5. Expected Family Contribution (EFC) What is it? Assigns a “number” based on financial situation that the family can “expect” to contribute to the student’s COA. It is calculated according to a formula established by federal law and does NOT change based on institution attending. How is it calculated? Information the family reports on the student’s Free Application for Federal Student Aid (FAFSA). Looks at family's taxed and untaxed income, assets, benefits , family size and number in college.
  6. Federal Financial Aid Basic Eligibility Requirements Student must: be a U.S. Citizen or Eligible Non-Citizen have a valid Social Security Number demonstrate you are qualified to enroll in postsecondary education (e.g. have a high school diploma or GED) be enrolled in an eligible degree program not be in default on any Federal Student Loan register with Selective Service if you are a male between the ages of 18 and 25 certify that you will use federal student aid for educational purposes maintain Satisfactory Academic Progress Note: Other conditions may apply
  7. www.pin.ed.gov & www.fafsa.gov
  8. Completing the Free Application for Federal Student Aid (FAFSA) What you will need: Your social security number Your federal student aid pin Your financial records An email address About an hour of your time
  9. Sources of Financial Aid
  10. Federal Financial Aid Grants PELL Grant (up to $5,550/year) Supplemental Education Opportunity Grant (SEOG) (up to $1,200/year) Work Study Need based award provides funds earned through part-time employment on and off campus (earn up to $3,500/year)
  11. Federal Loan Programs Stafford Student Loan Subsidized Stafford Loans (Need Based) Government pays the interest while in college and during the 6 month grace period after graduation, leave school or enroll less than half time. Unsubsidized Stafford Loans Student is responsible for paying all of the interest on the loan (even though payments not required until 6 months after graduation, leave school or enroll less than .) Parent PLUS Ability to choose to defer payment while dependent child is in school. Up to Cost of Attendance (COA) less other aid received
  12. Maryland Higher Education Commission Grants and Scholarships Maryland Higher Education Commission (MHEC) administers over 20 programs for the State of MD Parent and student must be a Maryland State Resident Some programs require an additional application available on MHEC’s website (www.mhec.state.md.us) Examples of State Aid Need-based (file the FAFSA by March 1st each year): Educational Assistance Grant (up to $3,000 /year) Guaranteed Access Grant (up to $14,300/year) Part-Time Grant (up to $2,000/year) Legislative: Senatorial (range from $200-$9,000/year) Delegate (range from $200-$9,000/year)
  13. www.mhec.state.md.us
  14. https://mdcaps.mhec.state.md.us
  15. Institutional Aid Grants Grants from the institution based on need WorkStudy Institutional Work Study Scholarships Awarded by the institution based on various criteria Financial Need Academic Merit Learning Program Special Skills or Talents Volunteer Experience **PAY CLOSE ATTENTION TO DEADLINES**
  16. Private Sources Financial aid funding that comes from private organizations Civic Organizations Professional Associations Private Businesses Funds may or may not be awarded through Financial Aid Services Use reliable scholarship search services http://www.fastweb.com http://www.collegeboard.com/student/pay http://www.finaid.org
  17. Ways to Pay for College Cash, Check or Money Order Tuition Payment Plans 529 Savings & Prepaid Tuition Programs Employer Tuition Reimbursement Plan Military Tuition Assistance Veterans Benefits and Veterans Deferred Payment Plan Tuition Waivers Alternative Loans
  18. Reliable Sources of Financial Aid Howard Community College’s Financial Aid Services Department – community resource RCF – 222 HCC’s Financial Aid website Publications The Guide to Federal Student Aid Maryland Higher Education Commission Other websites that end in: gov ed edu ed.gov
  19. Financial Aid Services Located in RCF- 222 Phone: 443-518-4912 Fax: 443-518-4576 E-Mail: finaid@howardcc.edu Webpage: Go to www.howardcc.edu Select “Admissions & Enrollment” tab Click on “Pay for College” Select “Financial Aid Services” on the left column
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