Three Important Tips Be Aware of Deadlines File the Free Application for Federal Student Aid (FAFSA) Apply for Scholarships
Deadlines Be aware of deadlines. Being early with forms may not help you get more financial aid, but missing deadlines may eliminate you from consideration. Most deadlines are February 15 – March 1
Scholarships Grants Student Loans Campus Employment/Work Study What is Financial Aid?
Federal programs State programs College programs Private organizations Sources of Financial Aid
Federal Aid Programs Federal Pell Grant Federal Educational Opportunity Grant (FSEOG) Federal Work Study Direct Loans (Student Loans) Parent Loan for Undergraduate Students (PLUS Loans)
State Programs Maryland Programs include: Educational Assistance Grant Senatorial/Delegate Scholarships Guaranteed Access Grant Applications available online at www.mhec.state.md.uswww.mhec.state.md.us MARCH 1 DEADLINE
Private Aid Awarded to students based on need, merit or other factors Who awards? - Civic organizations - Professional associations - Private businesses Application process - Requirements vary by organization - Deadlines through the year
Complete the Free Application for Federal Student Aid (FAFSA) Federal website: www.fafsa.govwww.fafsa.gov Pin website: www.pin.ed.govwww.pin.ed.gov FAFSA can be submitted beginning January 1. How to Apply
Apply as soon as possible after January 1 Income figures can be estimated on the FAFSA Tax forms may be requested later Be aware of deadlines - Hood’s deadline is February 15 - State of Maryland’s deadline is March 1 You can apply for aid before receiving College acceptance When to apply?
While completing the FAFSA on the Web, applicant may submit real-time request to IRS for tax data. This tool is available approximately four weeks after filing taxes. IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to applicant in new window Applicant chooses whether or not to transfer data to FAFSA on the Web IRS Data Retrieval Tool
Total eligibility is based on “financial need” The FAFSA is used to determine need The college evaluates the FAFSA data to determine need How is Financial Aid determined?
The total cost of college (cost of attendance) Minus – Expected Family Contribution (EFC) Equals – Financial Need Cost of Education - Expected Family Contribution Financial Need What is “Need”?
Tuition & fees (Direct Cost/Institutional Charge) Room & board (Direct Costs/Institutional Charge) Books & supplies (Out-of-Pocket Expenses) Transportation (Out-of-Pocket Expenses) Miscellaneous expenses (Out-of-Pocket Expenses) What is Cost of Attendance?
FAFSA gathers data about: Parent income and assets Student income and assets Number in family Number of children in college What determines EFC?
EFC will be the same at all colleges - State, private or community Financial Need varies depending on the costs of attendance Private PublicCommunity 42,000 21,000 6,000 -15,000-15,000 -15,000 27,000 6,000 0 EFC is uniform
Biological parents married to each other Legal adoptive parents Divorced or separated parents Stepparent Widowed parent The 2015-2016 FAFSA has a guide to help answer “who is the parent” Who is the Parent?
Grandparents (or others) who are supporting the student Foster parent Legal guardian Who is not the Parent?
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 FAFSA, Independent Student
FAFSA Processing Results Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted College reviews ISIR - May request additional documentation, such as copies of federal tax returns
Confirms accuracy of information reported on FAFSA by students and parents Application selected by CPS or by school Common documents requested: - U.S. Income Tax Return Transcript (obtained by student and/or. parent from the IRS) - Verification Worksheet - W-2 Statements Verification
Information you cannot change on FAFSA, but may affect your financial situation: Change in employment Medical expenses not covered by insurance Student cannot obtain parent information One-time taxable distribution Contact the Financial Aid Office Special Circumstances
The college will send a scholarship letter to qualified admitted students Once the college receives your FAFSA, the college will send a financial aid award package The award package lists all types of financial aid for which you are eligible How will I learn of aid?
Gift Aid – Scholarships & Grants Student Loans – Deferred until graduation Campus Employment/Work-Study – The opportunity to earn funds during the school year Financial aid packages can include some or all of the above Typical financial aid award package
PLUS Loan – a parent loan for undergraduate students with federal backing Payment plan – the option to pay tuition over 10 or 12 months Private alternative loans Home equity loans Other Financing Options
Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth
Making Corrections If necessary, corrections to FAFSA data may be made by: Using FAFSA on the Web (www.fafsa.gov);www.fafsa.gov Updating estimated tax information using the IRS Retrieval Tool; Submitting documentation to college’s financial aid office
CAUTION! Avoid being charged a fee to file the FAFSA If filing FAFSA on the Web, make sure you go directly to www.fafsa.gov www.fafsa.gov Contact the Financial Aid Office if you need help in completing the FAFSA
Things to Remember Deadlines – March 1 st – Maryland State Aid Be accurate and keep copies Notify the financial aid office of special circumstances
Some useful online services Overview of the financial aid process and completing the FAFSA – www.studentaid.govwww.studentaid.gov Finding Money for College in Maryland – www.mhec.state.md.uswww.mhec.state.md.us