1. How to pay for college Presented by Hood College Financial Aid Office

2. F ree A pplication for F ederal S tudent A id Required for all Federal Aid

3. Step 1 Obtain FSAID (federal student aid password) at www.FSAID.ed.govwww.FSAID.ed.gov Each student needs their own FSAID At least one Parent (if married) needs an FSAID

4. Step 2 Fill out all parts of the FAFSA (If the question asks for a specific dollar amount and it is not applicable toward your situation, please enter an amount of zero. This will prevent the FAFSA from rejecting) You may start filling out the FAFSA January 1 for the 2016- 2017 academic year You may estimate the income information and then correct after you have filed your 2015 taxes January 1, 2016 for 2016-2017 use 2015 taxes On October 1, 2016, the 2017-2018 FAFSA will be available and you will use your 2015 taxes.

5. Step 3 Wait for processed Student Aid Report (SAR/ISIR)to come back There will be an Expected Family Contribution listed. This will be the same for all schools. This is not always an accurate picture of what you can afford

6. Step 4 Make corrections if needed Send all requested documents to the College/University your student has chosen An award Package will now be created for your student by the Financial Aid offices

7. “Free Money” Loans-Student Parent Work Study

8. Federal aid break down Pell Grant-Max is $5775 15-16 FSEOG-neediest students Direct Student Loans-All students, repayment 6 months after student leaves school Subsidized- Government subsidizes the interest Unsubsidized-family subsidizes the interest Parent Plus Loan- repayment after second disbursement, credit check is done by federal Government. Federal Work-Study: depends on funds available at school

9. Who can get federal student aid? U.S. citizen or permanent resident High school graduate/GED holder Eligible degree/certificate program Valid Social Security number Males registered for Selective Service Satisfactory academic progress in college/career school

10. Know what your state requires

11. Maryland Programs Senator Delegate Guaranteed access grant Educational Assistance Grant Deadline is March 1, FAFSA needed and list at least one MD School Applications at www.MHEC.state.md.uswww.MHEC.state.md.us Student must go back in and accept award

12. What is it? How to obtain it? Where to find it?

13. Institutional Aid Merit aid-are funds awarded to students based on grades, extra-curricular activities, and information found on the college application. Some colleges award additional aid based on the number of time you make contact with the school through visits, open houses and conversations. These amounts are awarded through the admission office. Need based funds are awarded by the Financial aid office

14. Outside Scholarships and Grants Civic Organizations Check with your high school Guidance Counselors Varying amounts, due dates, criteria www.fastweb.com www.scholly.com www.scholarship.com www.centeral-scholarship.org

15. Other Funding Options Alternative Loans Private lenders Varying interest rates/terms/lenders/types Home Equity Loans Private loans/scholarships/grants Loans from private sources Civic Scholarships and Grant

16. Financial Aid Terms to know

17. CSS Profile Not all schools require Schools use it to award institutional aid Cost per school-family pays More questions to give schools a better financial picture of student and family

18. Award Package all awarded funds from a college types include: Merit Aid Federal State other Institution aid outside scholarships

19. E xpected F amily Contribution (EFC) A federal formula that uses the information that you provide on your FAFSA. This is not always an accurate picture of what you can afford. Parent’s prior year income Student’s prior year income Value of parent’s assets Value of student’s assets Number in household Number in college Age of oldest parent

20. Dependent/Independent Students Dependent Students are students who cannot answer yes to one of the following: Student is at least 24 years old Student is a graduate or professional student Student is married Student is supporting children Student is an orphan or ward of court Student is a veteran of the U.S. Armed Forces

21. Budget there are 5 categories Tuition and Fees Room and board (meal plan) Books and Supplies Transportation personal expenses. This total is what the Financial Aid Office can award aid up to.

22. Direct Costs are comprised of Tuition and Fees Room and board (meal plan) This is what will be billed on your student account

23. Parents Who is not a parent? Grandparents (or others) who are supporting the student (unless they have legally adopted the student) Foster Parents Legal Guardians

24. Verification Approximately 1/3 of all students are selected Some schools do 100% verification You may link your taxes to your FAFSA Documents will be requested to verify information on the FAFSA Tax transcripts for parents and students Verification worksheet W-2 Parents and Students

25. www.FAFSA.gov www.FSAID.ed.gov www.Studentaid.gov www.mhec.state.md.us www.mdcaps.mhec.state.md.us www.hood.edu

26. DO-Know your dates DO-Know your deadlines DO-Know where to send your applications DO-Have some essays ready DO-Let your guidance counselor know in advance if you need recommendations DO-Return to your guidance office-schools are notified at different times about scholarships and grants DON’T- wait till the last minute