1. What You Need to Know About Financial Aid
High Point High School
Juniors’ Parent Night
November 9th, 2016

2. Topics We Will Discuss Tonight
What is financial aid?
Categories, types, and sources of financial aid
Free Application for Federal Student Aid (FAFSA®)
Special circumstances
Maryland State Scholarships
Scholarships…..

3. What is Financial Aid?
Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses

4. Types of Financial Aid Scholarships Grants Gift Aid Loans Employment
Self-Help Aid

5. Gift Aid: Scholarships
Money that does not have to be paid back
Awarded on the basis of merit, skill, or unique characteristic

6. Gift Aid: Grants Money that does not have to be paid back
Usually awarded on the basis of financial need

7. Self-Help Aid: Loans
Money students and/or parents borrow to help pay college expenses
Repayment usually begins after education is finished
Only borrow what is really needed
Look at loans as an investment in the future

8. Self-Help Aid: Work-Study Employment
Allows student to earn money to help pay educational costs
A paycheck; or
Nonmonetary compensation, such as room and board
Student may opt whether or not to work or number of hours to work

9. Sources of Financial Aid
Federal government
States
Colleges and universities
Private sources
Civic organizations and churches
Employers

10. Federal Government Largest source of financial aid
Aid awarded primarily on the basis of financial need
Must apply each year using the FAFSA

11. Federal Student Aid Programs
Federal Pell Grant
Iraq and Afghanistan Service Grant (IASG)
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Work-Study (FWS)
Federal Perkins Loans
Subsidized and Unsubsidized Federal Direct Student Loans (Direct Loans)
Federal PLUS Loans

12. States Residency requirements usually apply
Award aid on the basis of both merit and need
Use information from the FAFSA and/or state aid applications
Deadlines vary by state
Check PDF FAFSA or FAFSA on the Web website

13. Colleges and Universities
Award aid on the basis of both merit and need
Aid may be gift aid or self-help aid
Use information from the FAFSA and/or institutional applications
Deadlines and application requirements vary by institution
Check with each college or university

14. Private Sources Foundations, businesses, charitable organizations
Deadlines and application procedures vary widely
Begin researching private aid sources early

15. Civic Organizations and Churches
Research what is available in community
To what organizations and churches do student and family belong?
Application process usually occurs during spring of senior year
Small scholarships add up!

16. Employers
Companies may have scholarships available to the children of employees
Companies may have educational benefits for their employees

17. 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
Available in English and Spanish

18. FAFSA
Information used to calculate the expected family contribution (EFC)
Amount of money a student and his or her family may reasonably be expected to contribute towards the cost of the student’s education for an academic year
Colleges use EFC to award financial aid

19. FAFSA
NEW
May be filed at any time during an academic year, but no earlier than October 1st prior to the academic year for which the student requests aid
For the 2017–18 academic year, the FAFSA may be filed beginning October 1, 2016
Most colleges set FAFSA filing deadlines

20. FAFSA on the Web (FOTW)
NEW

21. FAFSA
NEW
Report income for the 2015 tax year

22. FAFSA on the Web Good reasons to file electronically:
Built-in edits to prevent costly errors
Skip-logic allows student and/or parent to skip unnecessary questions
Option to use Internal Revenue Service (IRS) Data Retrieval Tool to import tax data

23. IRS Data Retrieval Tool
While completing FOTW, applicant may submit real-time request to IRS for tax data
IRS will authenticate taxpayer’s identity
If match found, IRS sends real-time results to applicant in new browser window
Applicant chooses whether or not to transfer data to FOTW

24. IRS Data Retrieval Tool
Available October 2016 for 2017–18 processing cycle
Participation is voluntary
Reduces documents requested by financial aid office

25. IRS Data Retrieval Tool
Some will be unable to use IRS DRT
Examples include:
Filed an amended tax return
No Social Security Number (SSN) was entered
Student or parent married, but filed separately

26. https://fsaid.ed.gov/npas/indexhtm
FSA ID
Sign FAFSA electronically
Not required, but speeds up processing
May be used by students and parents throughout aid process, including subsequent school year
Only the owner should create a FSA ID

27. Special Circumstances
Cannot be documented using FAFSA
Send written explanation and documentation to financial aid office at each college
College will review and request additional information if necessary; schools are not obligated to make adjustments
Decisions are final and cannot be appealed to U.S. Department of Education

28. Special Circumstances
Change in income
Change in employment status
Unusual medical expenses not covered by insurance
Change in parent marital status
Unusual dependent care expenses
Student cannot obtain parental information

30. APPLYING FOR STATE AID
Complete and file the Free Application for Federal Student Aid – FAFSA Must be filed each year, as soon as possible after October 1
File on-line at
Complete all items
Contact a high school or financial aid counselor for assistance if needed
Students should continue listing all schools they wish to attend including at least one Maryland Institution
Submit by MARCH 1 each year!
Office of Student Financial Assistance

31. Applying for state financial aid- Maryland College Aid Processing System (MD CAPS)
MDCAPS is the State of Maryland financial aid system
You must create a Student Login Profile and then click on the activation link in the message sent to your account, which was provided when you created your account in MD CAPS
To create a profile, log onto
The MDCAPS account can be created at any time
Office of Student Financial Assistance

32. Maryland College Aid Processing System (MD CAPS)
Office of Student Financial Assistance

33. State Scholarships
Howard P. Rawlings PROGRAM OF EDUCATIONAL EXCELLENCE AWARDS
Educational Assistance Grant
Guaranteed Access Grant
Legislative Scholarships
Senatorial Scholarships
Delegate Scholarships
2 + 2 Transfer Scholarship
Unaccompanied Homeless Youth Exemption
Office of Student Financial Assistance

34. Unique Population Aid Jack F. Tolbert Memorial Student Grant Program
Edward T. Conroy Memorial Scholarship & Jean B. Cryor Memorial Scholarship Program
Veterans of the Afghanistan and Iraq Conflicts Scholarship
Tuition Waiver for Foster Care Recipients - Community College *UPDATES*
Tuition Waiver for Maryland National Guard - Community College
Tuition Waiver for Students with Disabilities - Community College
Foster care tuition and fee waiver is now applied first towards the student’s tuition and fee charges.
Resided in an out-of-home placement on his or her 13th birthday and was placed into guardianship or adopted out of an out-of-home placement after his or her 13th birthday; or
Been the younger sibling of a child who meets the qualifications stated either in 1 or 2 and was placed into guardianship or adopted concurrently out of an out-of-home placement by the same guardianship or adoptive family.
Office of Student Financial Assistance

35. Resources and Information
College Goal Maryland
Fastweb
Federal Student Aid
Office of Student Financial Assistance

36. Final Recommendations
Apply early for Maryland State Aid – Complete and submit the FAFSA each year prior to the March 1 deadline.
Know the State deadline!
Complete all required forms to apply for financial assistance and follow up about your awards.
Apply for as many grants and scholarships as possible.
Remember, parents and students must be Maryland residents for the State of Maryland financial aid awards.
Feel free to use the resources and MHEC!
Office of Student Financial Assistance

37. Outside Scholarships Search online for scholarships
Fastweb.com, UNCF, College Board, NextStudent.com
Use Google/Bing
Search on companies’ websites
Think of your unique qualities and search for scholarships for THOSE qualities
Keep a file, know when deadlines are, and apply for as many as possible
Do a basic essay about yourself, adapt to each application

38. Undocumented Students
- Undocumented students are not eligible for federal student aid
- May be eligible for State aid and/or institutional aid, depending upon the State and institution (including in-state tuition)
- May be eligible for private aid sources
Student should complete the FAFSA; this enables the institution to determine financial need
Review information online at DACA students are discussed in a fact sheet located at on the same website
Speak to the financial aid office at the school(s) to which you apply for admission

39. Questions??? L. Beth McSweeney PNC Bank leslie.mcsweeney@pnc.com