1. What You Need To Know About Financial Aid Christian Zimmermann Director, Financial Assistance & Veterans Benefits

2. Topics We Will Discuss Tonight What is financial aid? Cost of attendance (COA) Expected family contribution (EFC) Financial need Requirements for financial aid Categories, types and sources of financial aid Free Application for Federal Student Aid (FAFSA)

3. What is Financial Aid? Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses. Financial aid can be used at many different types of institutions, including: Private colleges & universities Public 2 & 4 year colleges & universities Technical / vocational schools

4. Sources of Financial Aid Federal government State of Maryland Colleges and universities Private sources Civic organizations and churches Employers

5. Requirements for Financial Aid Federal Aid U.S. citizen or permanent resident High School graduate or equivalent Registered for Selective Service (males) Must meet need eligibility criteria State Aid Residency requirement Generally must attend college in state Application deadline College or University Meet school’s criteria (G.P.A., test scores, etc)

6. What Types of Aid Are There? Scholarships Grants Loans Work-study Gift Aid Self-Help Options

7. Gift Aid Scholarships Money that does not have to be paid back Awarded on the basis of merit, skill or unique characteristic Grants Money that does not have to be paid back Usually awarded on the basis of financial need

8. Self Help Options Loans Money students and parents borrow to help pay college costs. Repayment usually begins after education is finished Work Study Money earned to help pay college expenses via a paycheck or non- monetary compensation, such as room and board

9. Types of Aid from Maryland Tuition Waivers Foster Care Recipients Unaccompanied Homeless Youth Maryland National Guard Students with disabilities Legislative Scholarships Delegate Scholarship Senatorial Scholarship Unique Populations Edward T. Conroy Memorial Award Veterans of Afghanistan and Iraq Conflicts Need-based grants Guaranteed Access Grant Educational Assistance Grant Part-Time Grant

10. What is Financial Need? Cost of Attendance (COA) -Expected Family Contribution (EFC) ________________________________ = Financial Need

11. What is Cost of Attendance (COA)? The cost of attendance for an institution is made up of the following: Direct Expenses – tuition & fees, room & board (if on campus) Indirect Expenses – books & supplies, rent & food (if off campus or at home) COA varies widely from college to college

12. Cost of Attendance - Examples Institution Tuition & Mandatory Fees Room & BoardBooks & Supplies Total Costs (2016- 2017) Georgetown University$ 49,968$ 14,962$ 1,200$ 66,130 Stevenson University$ 33,168$ 13,008$ 1,250$ 47,426 U. Of Maryland – College Park $ 10,180$ 11,758$ 1,200$ 23,138 Salisbury University$ 9,364$ 11,350$ 1,300$ 22,014 College of Southern Maryland $ 3,631$ 2,785 *$ 1,731$ 8,147 Notes: All tuition & fees based on in-state or in-county residency. Costs do not include personal expenses or transportation. * Assumes student is living at home with parent.

13. What is Expected Family Contribution (EFC)? Amount family can reasonably be expected to contribute towards college expenses Two components: Parent Contribution Student Contribution Calculated using data from a federal application form (FAFSA) and a federal formula Stays the same regardless of college

14. Free Application for Federal Student Aid (FAFSA) A standard form that collects demographic and financial information about the student and family May be filed electronically or using paper form Information used to calculate expected family contribution (EFC) Colleges use the EFC to award financial aid May be filed at any point during the academic year Available October 1 st prior to the academic year for which the student requests aid using prior, prior, year information

15. Free Application for Federal Student Aid (FAFSA) Electronic Submission of application Federal Student Aid ID Allows electronic submission of: FAFSA Loan Master Promissory Note Complete Entrance Counseling Access Financial Aid History Option to use the Internal Revenue Service (IRS) Data Retrieval Tool to import tax data for Prior, Prior Year (PPY) Application can be accessed at: http://www.fafsa.gov

16. Federal Student Aid ID (FSAID replaces the pin) Allows students and parents to sign electronically: FAFSA Loan Master Promissory Notes Complete Entrance Counseling Access Financial Aid History Create username and password at: https://fsaid.ed.gov

17. What Information Do I Need to Complete the FAFSA? Social Security Numbers Driver’s License Number (If you have one) Tax Returns and W-2’s for Prior, Prior Year Records of untaxed income such as child support, interest income, veterans non- education benefits Information on cash; savings and checking, investments, including stocks and bonds, real estate and business and farm assets

18. What Other Questions will be on the FAFSA? Dependency questions to determine whose information should be included on the FAFSA. Students are considered dependent until age 24 unless at least one of these is answered yes. Is the student married, have a child they support at least 50%, ward of the court, veteran, etc. Be prepared to submit supporting documentation. Marital status as of the day the FAFSA is signed for both student and parent. For remarried parents, the stepparent information is included. Household size; for dependent student would include everyone in the household financially supported more than 50% by the parent.

19. Next Steps Once FAFSA is processed, student receives Student Aid Report (SAR) Review for accuracy Make updates or corrections to FAFSA Schools will contact you about the status of your FAFSA Provide any additional documentation, if requested Schools will use FAFSA and additional information to determine financial aid award.

20. How much federal aid can you receive? Example: First-year, dependent student in 2016-17 Maximum amounts allowed: Federal Pell Grant: $5,815 Federal Supplemental Educational Opportunity Grant: $4,000 TEACH Grant: $4,000 * Federal Direct Stafford Loan: $5,500 Federal Perkins Loan: $5,500 * Federal Work-Study: determined by school * Federal Direct PLUS Loan (for parents): COA minus other aid received * Not available at all post secondary educational institutions

21. Additional Information Federal Student Aid Provides information on various financial aid programs www.studentaid.gov Maryland Higher Education Commission Provides information on various Maryland state programs mhec.maryland.gov/preparing/pages/ default.aspx

22. FAFSA Workshops Do you need assistance in completing your 2017-2018 FAFSA? CSM Financial Assistance staff will be on hand to help you complete the form December 3, 2016 (tentative) 1:00 p.m. – 3:00 p.m. Francis P. Chiaramonte, MD Center for Science and Technology (ST Building) CSM La Plata Campus January 22, 2017 12:00 p.m. – 4:00 p.m. Calvert Library, Prince Frederick RSVP: finaid@csmd.edu or 301-934-7531finaid@csmd.edu

23. Scholarship Search Engines Department of Education: https://studentaid.ed.gov/sa/types/grants-scholarships/finding-scholarships Fastweb: www.fastweb.com www.fastweb.com Scholarships.com: https://www.scholarships.com https://www.scholarships.com College Board: https://bigfuture.collegeboard.org/scholarship-search https://bigfuture.collegeboard.org/scholarship-search

24. CSM Scholarships Nuclear Engineering Technology Scholarship Up to $5,000 / year for 2 years Funded by NRC & Exelon CSM Presidential Scholars Program Scholarship is 25% of 1 st year, 50% of 2 nd year tuition Opportunities for internships, research projects and monthly discussions / activities specifically for scholars students CSM Scholarship Finder CSM Foundation scholarships Application available: Early February 2017

25. Charles County Scholarship Fund Applications Available: December 2016 Deadline: Early March 2017 Any need-based scholarships applications must include Student Aid Report (FAFSA results). Must have an official transcript and a 1 st semester report card http://www.ccboe.com/community/students/collegeinfo.php

26. Waldorf Jaycees / CSM Foundation Scholarship Deadline: Mid April 2017 Any need-based scholarships applications must include either: SAR, tax return, or signed statement as to tax filing status. Must have an official transcript and a 1 st semester report card Application information to be available from College & Career Advisor

27. Questions?