You Can Afford College! Howard Community College Financial Aid Services RCF 222 1

Topics Covered Financial Aid Terms Eligibility Requirements How To Apply Sources of Financial Aid Other Ways To Pay for College Financial Aid Resources 2

Goal of Financial Aid Primary goal is to assist students in paying for college by: ◦Evaluating a family’s ability to pay for educational costs. ◦Distributing limited resources in an equitable manner. ◦Providing a balance of gift aid and self- help aid. 3

What is Financial Aid? Gift Aid GrantsScholarships Self-Help Aid Work Study Loans 4

Calculating Financial Need 5

Cost of Attendance (COA) COA Room & Board Books & Supplies Tuition & Fees Transportation Misc. Expenses 6

Expected Family Contribution (EFC) What is the EFC? 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 the 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. 7

Determining Financial Need, Need Analysis revisited $14, $11,200 8 $37, $34,246 School A Financial NeedEFC School B

Basic eligibility requirements for Federal Financial Aid 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 9  Note: Other conditions may apply

Applying for Financial Aid Complete the FAFSA ( and CSS Profile if needed) ◦Free FAFSA help at Howard Community College  Financial Aid Fridays in February Promptly respond to all requests for information from the school Meet all deadlines Complete any additional applications for: ◦Scholarships ◦Loans 10

Completing the Free Application for Federal Student Aid (FAFSA) What you will need: 1. Your social security number 2. Your federal student aid pin 3. Your financial records 4. An address 5. About an hour of your time 11

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After filing the FAFSA…  Student will receive a Student Aid Report (SAR)  It will contain student’s Expected Family Contribution (EFC)  The schools selected receive the information electronically  Financial Aid Offices processes student’s application  Requests for missing information are sent by mail.  Student receives notification of your financial aid eligibility 14

College Board’s CSS Profile  Additional form required by some private institutions  Used to determine eligibility for institutional funding  Apply at:  Cost:$25.00 initial application, additional $16.00 per every institution added  Example of colleges using CSS Profile:  Johns Hopkins, Goucher, St. John’s (Annapolis), Loyola (Maryland), George Washington Univ, Georgetown Univ, Univ of Penn, Gettysburg 15

Sources of Financial Aid Federal State Institutional Private Grants (FAFSA) Work Study (FAFSA) Loans (FAFSA & Application) Grants (FAFSA & Application) Scholarships (Application) Grants (FAFSA) Work Study (FAFSA) Scholarships (Application) Tuition reimbursement 16

Sources of Financial Aid Private Institution State Federal 17

Federal Financial Aid  Grants  PELL Grant  Supplemental Education Opportunity Grant (SEOG) Work Study  Need based award provides funds earned through part-time employment on and off campus 18

Federal Financial Aid, cont. Federal Loan Programs Direct 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 19

Money from the Federal Government Award AmountHow to ApplyEligibility is based on: Other info: Pell GrantFrom $976-$5,350FAFSA COA and EFC Enrollment status Must not already have a bachelor’s degree SEOGFrom $200 - $1,000 FAFSA Receiving a Pell Grant Enrollment status Funds are limited Must be at least half time ACG (sunset 6/30/11) Up to $750 for 1 st year, $1,300 for 2 nd year FAFSA Receiving a Pell Grant Rigorous high school program Year in school H.S. grad date of ‘05 or later 2 nd year ACG GPA requirement Work StudyEarn up to $3,500FAFSA Early application of FAFSA Response to work study award letter Must respond to Award Letter Stafford Loans See next slide FAFSA first then Loan Application Annual Limit Cost of Attendance Fall or Spring semesters only PLUS loans Up to COA FAFSA first then Loan Application Parents of Dependent Students Fall or Spring semesters only 20 Fund Your Future 10-11, Page 4

The number 1 question asked: How much can I borrow? It depends on:  Cost of attendance  Expected family contribution  Year in school (equivalent #of credits earned)  Dependency status  How much other financial aid received 21 Fund Your Future 10-11, Page 13-14

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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 ( 23

Examples of State Aid Need-based (file the FAFSA by March 1 st each year):  Educational Assistance Grant: $400-$3,000  Guaranteed Access Grant: $400-$14,300  Part-Time Grant: $200-$2,000 Legislative:  Senatorial: $200-$9,000  Delegate : $200-$9,000 24

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Institutional Aid Grants o Grants from the institution based on need Work Study o Institutional Work Study Scholarships o Awarded by the institution based on various criteria  Financial Need  Academic Merit  Learning Program  Special Skills or Talents  Volunteer Experience 26

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   

Other 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 28

Things to Remember The process can take from 6 to 8 weeks. Complete the application process early which includes submitting any missing information to Financial Aid Services. You may be asked to submit documentation to the financial office for verification. Keep track of DEADLINES!!! Keep a copy of everything you submit. Start your financial aid file. Renew the FAFSA every year! 29

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 30

Avoid Getting Information from….com websites - Sites that require a fee for service - Random information received in the mail from unfamiliar companies Cold calls - Stating you can’t get the information anywhere else - You’ve been selected to receive a scholarship for which you did not apply Friends and neighbors - Each students situation is unique – don’t assume that you are or are not eligible for financial aid until you complete the application process - Ask Financial Aid Services if you have questions 31

Tip If you’re applying to HCC remember to put your SS# on the admissions application 32

Financial Aid Services Located in RCF- 222 Phone: Fax: Webpage: ◦Go to ◦Select “Admissions & Enrollment” tab ◦Click on “Pay for College” ◦Select “Financial Aid Services” on the left column 33