Presentation on theme: "Invest In Your Future Financial Aid Presentation Presented by the Financial Aid Team."— Presentation transcript:
Invest In Your Future Financial Aid Presentation Presented by the Financial Aid Team
Four Main Goals: 1.Establish a senior year timeline. 2.Introduce Messiah College merit- based aid (scholarships). 3.Introduce the basics of need-based aid (financial aid). 4.Examine ways to afford a Messiah College education.
Goal 1: The Senior Year Timeline October & November: Apply to Messiah College (fee waived by Nov. 15 th ) December: Receive admission’s decision Receive Provost’s Scholarship Information Request FAFSA Pin January: Trustees’ & President’s Scholarship Process (application deadline – Jan. 15 th ) Begin working on 2012 Federal Tax Return
Goal 1: The Senior Year Timeline February: Martin’s Multicultural & Amigo Scholarship Process Volmer’s Music, Art, Dance, & Theater Scholarship Processes Complete Free Application for Federal Student Aid (FAFSA) March: Most scholarship processes are complete as of March 1 st. Beginning March 15 th, Financial Aid packages are created and are viewable via MCSquare. April: Students planning to attend Messiah College are encouraged to pay their deposit by May 1 st.
Goal 2: Understanding Scholarships at Messiah College Merit-Based Aid: Aid is awarded solely on academic achievement, artistic talent, and not based on financial need. Money is awarded based on student’s ability. Provost’s Scholarship: Messiah College’s primary merit-based aid Awards range from $9,000-$14,500 Based solely on high school or transfer record Criteria Used: – *SAT or ACT: Minimum Score of 1100 or 24 – **High School Class Rank: Minimum Rank of Top 25% *SAT based on Critical Reading & Math sections **Class Rank based on classes with 40 or more students
Goal 2: Understanding Scholarships Trustees’ and President’s Scholarships: Requirements: Minimum 1300 SAT or 29 ACT Top 10% Class Rank (if provided) Selected students are invited to campus for an interview. Trustees’ Scholarship: 7 scholarships are awarded each academic year in an amount equal to 100% of that student's 1 st year tuition costs to entering 1 st year students. President’s Scholarship: 75 scholarships are awarded each academic year in an amount equal to 60% of that student's 1 st year tuition costs to entering 1 st year students.
Goal 2: Understanding Scholarships Martin’s Multicultural Scholar ships Requirements: Minimum 1200 SAT or 26 ACT or Top 10% Class Rank or 3.6 GPA or better and Significant leadership, service, or ministry involvement in their school, church, or community, as well as, have a record of promoting racial and ethnic diversity and reconciliation. Application required and selected students are invited on campus for an interview. Awards: 4 scholarships are awarded each academic year in an amount equal to 100% of that student's 1 st year tuition costs. Several $20,000 and $15,000 awards which replace the Provost’s Scholarship
Goal 2: Understanding Scholarships Volmer’s and Dean’s Arts Scholarships: Requirements: Major in Music, Theater, Dance, or Visual Art Complete application process by February 1 st to receive priority consideration. See school of the arts departmental websites for details. Awards: Selected students receive Volmer’s Scholarships, equal to 60% of that student’s 1 st year tuition costs. Additional students may receive Dean’s Scholarships which vary in amounts from $500-$3000.
Goal 3: Understanding Financial Aid Need-based financial aid is determined by a family and student’s ability to afford college. At Messiah College, this is based on the Free Application for Federal Student Aid (FAFSA). The Purpose of Financial Aid : ACCESS to postsecondary education or training CHOICE among postsecondary institutions
Goal 3: Understanding Financial Aid Principles and Methodology of the FAFSA Need Analysis: 1.The FAFSA is used to distribute scarce resources. 2.Allocate funds equitably and consistently. 3.Income and assets reflect family financial strength. 4.The FAFSA uses your income from the latest completed tax year. 5. Individual family circumstances can be considered.
Goal 3: Understanding Financial Aid The FAFSA Can be completed online or by using the paper form Must use your 2012 tax information Should be completed by March 1 st Should estimate on the FAFSA if you will not have your taxes completed by March 1 st
Goal 3: Understanding Financial Aid Web site: FAFSA available on or after January 1, 2013 FAFSA on the Web Worksheet & built-in edits help prevent costly errors
Goal 3: Understanding Financial Aid Web site: PIN serves as your electronic signature. PIN can be used each year to electronically apply for federal student aid (save your information). Each student and a parent must acquire a PIN. Can get PIN before January 1 st
Goal 3: Understanding Financial Aid Based on the information you provide when filling out the FAFSA, the government determines what you as a family should be able to pay for college, your Expected Family Contribution (EFC). Parental contribution from income & assets (adjusted, if more than 1 sibling in college) +Student’s contribution from income & assets =Expected Family Contribution (EFC)
Goal 3: Understanding Financial Aid Determining Eligibility for Financial Aid: The Cost of Attendance equals all costs involved in college: Direct Costs: Tuition, Room, Board, Fees Indirect Costs: Books, Supplies, Travel, Personal Cost of Attendance (COA) at Messiah College Direct Costs: $38,220 Indirect Costs: + $3,370 (approx.) Cost of Attendance $41,590
Goal 3: Understanding Financial Aid Determining Eligibility for Financial Aid: – To determine a student’s financial need, the EFC is subtracted from the total cost of attendance (COA). Cost of Attendance (COA) – Expected Family Contribution (EFC) = Student’s Financial Need The purpose of financial aid is to help address this “Need” amount.
Goal 3: Understanding Financial Aid The Primary Sources of Financial Aid Federal Government State Governments Postsecondary Institutions Private Agencies
Sources of Aid: The Federal Government: ANNUAL AMOUNT Federal Pell Grant $602-$5,550 (for ) Federal S.E.O.G. $100-$4,000 (usually $1,000) Federal Perkins Loan Up to $5,500 (usually $1,000) 5% fixed interest rate; 9 months grace period; 10 years standard repayment period; no fee Federal Work-Study Varies Federal Stafford Loan $5,500 (1 st yr), $6,500 (2nd yr) $7,500 (3rd & 4th yrs) 3.4% fixed interest subsidized rate; 6.8% unsubsidized rate; 6 months grace period; several repayment options; 1% fee Federal PLUS Loan Up to cost of attendance 7.9% fixed interest rate; payments begin within 60 days of last disbursement; can be deferred; 4% fee
Sources of Aid: The State Government ANNUAL AMOUNT Pennsylvania State Grant $500-$4348 (PHEAA) (For ) New York, New Jersey, and Maryland state grants are not portable, you must remain in your state to qualify. Connecticut, Delaware, Maine, Massachusetts, Michigan, Ohio, Rhode Island, Vermont, and West Virginia State Grants are portable, some portion of your aid can cross state lines.
Sources of Aid: Institution & Other Sources Institution: ANNUAL AMOUNT Grants Varies (Messiah College Grant) Scholarships Varies Loans Varies Work-Study Varies Other Sources: High School Varies Local Businesses and Organizations Varies
Goal 4: Financing an Education Question: “What Do I Owe?” Answer: Cost of Attendance (COE) - Financial Aid = Actual Family Contribution (what you owe) Reminder: Because it is not possible to meet every student’s need, the Actual Family Contribution may be more than the government’s Estimated Family Contribution.
Goal 4: Financing a Messiah College Education The Actual Family Contribution is the amount that must be paid by the family. Ways to Pay the Actual Cost of College: Savings Payments through Tuition Management Systems Monthly interest-free payments during the academic year Private student loan companies Government-backed parent loans (PLUS Loans) Outside funding/scholarships
Goal 4: Financing a Messiah College Education Free Internet scholarship search engines: - fastweb - The SmartStudent Guide to Financial Aid - CollegeScholarships - International Education Financial Aid - NextSTUDENT - scholarship monkey ScholarshipExperts.com - $CHOLAR$ITE - School Soup