MONEY FOR COLLEGE! An Overview of Federal and State Financial Aid Programs 1 Chesapeake College and The Maryland Higher Education Commission

MONEY FOR COLLEGE!

An Overview of Federal and State Financial Aid Programs

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Chesapeake College and

The Maryland Higher Education Commission

Agenda

Understanding important steps to apply for “Money for College” The types of financial assistance The sources of financial assistance How to apply for financial assistance Cost of Attendance (COA)

State Aid Programs Need-based and Legislative Scholarships Career Based, Service Obligation and Loan Repayment Aid Programs Unique Population Programs

Final Recommendations

Additional Resources and Information

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Office of Student Financial Assistancewww.mhec.state.md.us

Types of Aid Grants Scholarships Loans Work-Study

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Types and Sources of Assistance

Sources of Aid Federal State Institution Private


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How to Apply for Federal Financial

Assistance


Complete the Free Application for Federal Student Aid at www.fafsa.gov

The student and one parent must apply for a PIN number at

www.studentaid.gov or within the FAFSA application

Research financial assistance program eligibility requirements.

Do not miss deadlines.

Complete all required forms to apply for financial assistance –

starting with the Free Application for Federal Student Aid.

Learn as much as you can about financial assistance opportunities.

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How to Apply for Financial Assistance


http://www.fafsa.gov/

http://www.studentaid.gov/

File the Free Application for Federal Student Aid – FAFSA each year starting the senior year of high school.File on-line at www.fafsa.gov Complete all items.Remember – “Free” - do not pay to have the application

completed.

Parents and students must apply for a P.I.N. to sign FAFSA electronically.

Submit by MARCH 1 each year!

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How to Apply for Financial Assistance

http://www.fafsa.gov/

Use a street address, not a P.O. Box.Include a Maryland institution on the FAFSA.Student’s and parent’s name entered on the

FAFSA should be the same as on the Social Security card. t

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Don’t Forget when filling out the FAFSA


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What happens now?


After the FAFSA is filed you will be send a Student Aid Report (SAR) via email, if you provided one

Review the SAR carefully to ensure all information is correct

Make corrections as necessary and submit electronically Your SAR will provide your Expected Family Contribution

(EFC) Your EFC combined with your college cost of attendance

(COA) determines your eligibility for Federal Pell Grant and other need-based grants, including State Aid

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Student Aid Report

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What is an EFC?


This figure is calculated by a formula that looks at income, number of family members, number in college, and assets in some cases.

The Expected Family Contribution is not actual money you will have to pay.

The EFC determines your eligibility for all need based aid.

Need is relative to the cost of the school.

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Cost of Attendance (COA)


Tuition and feesRoom and boardBooks and supplies

COATransportationPersonal expenses

COA minus EFC minus Pell (if eligible) = Financial Need

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Calculation of Financial Need


Example:

COA $10,500EFC -2,500_____________________

Need $8,000

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Federal Aid Programs


Pell Grant – largest federal need based grant program. EFC less than 5101; Maximum award $5645 (EFC of 0) – these are FY 2014 figures.

Supplemental Grant (SEOG) – must be Pell eligible. Maximum award $4000

Teach Grant –Teacher Education Assistance for College and Higher Education grant is for students who intend to teach full-time in high-need subject areas for at least four years at schools that serve students from low-income families. Maximum award is $4000.

Federal Work Study – part-time job on campus, may offset tuition at some colleges.

Federal Direct Loans – fixed rate, currently at 3.86% (both sub & unsub; this amount may go to 6.8%). Payments begin 6 months after enrollment ceases.

Federal Plus Loan – parent loan, based on credit worthiness, fixed rate, currently at 6.4%.

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State Financial Assistance

Maryland College Aid Processing System (MDCAPS)

The State of Maryland financial aid system. You must create a Student Login Profile and then click the

activation link in the message sent to your email account that was provided to use MDCAPS.

To create a profile, log onto https://mdcaps.mhec.state.md.us.

The MDCAPS account can be created at anytime.

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How to Apply for State Financial Assistance


https://mdcaps.mhec.state.md.us/

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How to Apply for State Financial Assistance

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MDCAPS Student Portal

Need-Based Aid Legislative Scholarships Career/Occupational Unique Populations

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Understanding the Types of Maryland State Aid


New and renewal students must file the FAFSA by March 1 each year.

Office of Student Financial Assistance (OSFA) will electronically receive the FAFSA information

Students must demonstrate financial need. (Students with the greatest need and lowest EFC are awarded first)

Students must enroll as full-time, degree-seeking undergraduates at a 2-year or 4-year college or university in MD.

Parents and students must be Maryland residents.

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Howard P. Rawlings Educational Assistance Grant: up to $3,000 annually


Apply as a high school senior – once out of high school you cannot apply.

Must submit a Guaranteed Access Grant application and FAFSA.

Income limit Minimum 2.5 cumulative, unweighted high school GPA. Must complete a college preparatory program. Students must have a high-school diploma. Students must enroll as full-time, degree-seeking

undergraduates at a 2-year or 4-year college or university in Maryland.

Parents and students must be Maryland residents.

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Howard P. Rawlings Guaranteed Access Grant: up to $16,500 annually

Must have earned an associate’s degree from a Community College

Be accepted for Admission in a degree program at a Maryland Public or Private College or University

Must submit a FAFSA by March 1st as well as OSFA Need based with EFC less than 10,000 Minimum 2.5 cumulative GPA in AA program Must be full-time at transfer college Can receive award for up to 3 years Parents and students must be Maryland residents

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2 + 2 Transfer Scholarship(new for 2015/2016)

STEM Majors $2,000; All other majors $1,000

All students may apply: High school seniors Undergraduate students Graduate students Career or technical school students

May be used for: Full-time or part-time enrollment Maryland residents only Mostly Maryland institutions

(may be used out of state in rare circumstances)

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Legislative Scholarships(Senatorial and Delegate)


File FAFSA by March 1.Demonstrate financial need.Some awards are renewable for an additional

three years. Contact Senator for application and renewal

procedures.

Note: Senators have the option to award; some do not select recipients but put their funds into other programs administered by OSFA.

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Senatorial Scholarship: $400 and up annually


Contact Delegate for application procedure.Must apply each year for an award; they are not

renewable.FAFSA may not be required.

Note: Delegates have the option to award; some do not select recipients but put their funds into other programs administered by OSFA.

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Delegate Scholarship: $200 and up annually


Charles W. Riley Fire and Ambulance And Rescue Squad Member Scholarship

Must complete a FAFSA and separate MHEC application Actively engaged career or volunteer firefighters, ambulance or rescue

squad members in Maryland may apply Must serve a Maryland community while enrolled in college courses and

continue to serve for another year after courses are complete Must attend a Maryland institution and enroll in a degree or certificate

program in either fire service technology or emergency medical technology Must be a Maryland resident Can be full-time or part-time

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Career Based, Service Obligation and Loan Repayment Aid


Workforce Shortage Student Assistance Grant Program For students who plan on working in specific career/occupational programs

upon graduation. Eligible fields include: child care, human services, teaching, nursing, physical and occupational therapy, social work, and public service.

Current high school seniors, full-time and part-time, degree-seeking undergraduate and graduate students enrolled in an eligible accredited Maryland postsecondary institution.

File the WSSAG application by July 1 with MHEC, FAFSA not required however it will be used to determine the order in which students will be awarded; also submit official transcripts from all previous institutions

Award amount up to $4000 (full time, four year institution) $2000 (part time, four year institution); $2000 (full time, two year institution) $1000 (part time, two year institution)

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Career Based, Service Obligation and Loan Repayment Aid


Edward T. Conroy Memorial Award Current high school seniors, full-time and part-time,

degree-seeking undergraduates and graduate students. You must be a Maryland resident to apply, with the

exception of a spouse, son or daughter of a Maryland State or local public safety employee killed in the line of duty.

You must enroll at a two-year or four-year Maryland college or university, as a full-time or part-time, degree-seeking undergraduate or graduate student or attend a private career school.

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Unique Population Aid


Edward T. Conroy Memorial Award You must be:

the son or daughter of a member of the United States Armed Forces who died as a result

of military service or who suffered a service connected 100 percent permanent disability as

result of military service

a veteran who suffers a service-connected disability of 25 percent or greater, as a result of

military service, and has exhausted or is no longer eligible for federal veterans’ educational

benefits

the son, daughter, or surviving spouse of a victim of the September 11, 2001 terrorist

attacks who died as a result of the attacks on the World Trade Center in New York City, the

attack on the Pentagon in Virginia, or the crash of United Airlines Flight 93 in Pennsylvania

a POW/MIA of the Vietnam Conflict or his/her son or daughter; the son, daughter or

surviving spouse (who has not remarried) of a state or local public safety employee or

volunteer who died in the line of duty or who was 100 percent disabled in the line of duty

or a state or local public safety employee or volunteer who was 100 percent disabled in the

line of duty

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Veterans of Afghanistan and Iraq Conflicts Scholarship

For United States Armed Forces personnel who served in the Afghanistan or Iraq Conflicts, and their sons, daughters, or spouses who are current high school seniors, and full-time or part-time, degree-seeking undergraduate students enrolled in an eligible accredited Maryland postsecondary institution.

Submit the VAIC application and FAFSA, by March 1 along with required documents

List of required documents found MHEC’s website

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Tuition Waiver for Foster Care Recipients Students who resided in an out of home placement in Maryland:

On their 13th birthday and were then adopted from the out of home placement after their 13th birthday; or

At the time they graduated high school or earned a GED Attend a public college in Maryland File the FAFSA every year no later than March 1st Must enroll as a degree-seeking student before age 21 Be sure to discuss with the financial aid officer at the college or

university List of eligible students is sent to the public colleges and universities

Contact social worker if not on the list

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Unique Major


Funds awarded for the Senatorial and Delegate scholarships may be used at an out-of-state institution if the student’s academic program is not offered at a Maryland institution

Review MHEC website under Financial Aid Applications, Senatorial and Delegate Scholarship programs, for more information on how to apply

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Academic Common Market


A consortium of 16 southern states that allow non-residents to enroll in specific degree programs at in-state tuition rates, if an academic program is not offered in the student’s home state

Strict semester deadlines Applications and more information are available from MHEC at

www.mhec.state.md.us

http://www.mhec.state.md.us/

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Lets Talk Numbers

College Tuition, Fees,

Room & Board

Books Pell SEOG State Private Scholarship

Loan Out of Pocket

Expense

Towson University

$19,526 $1,000 $4,180 $800 $3,000 $500 $3,500 $8,546

Salisbury University

$19,180 $1,000 $4,180 $800 $3,000 $500 $3,500 $8,650

Chesapeake College

$3,742 $1,000 $4,180 $100 $800 $500 $0 $-838

**2014/2015 figures: Based on EFC of 1501, Including meal plans,

not including additional fees. CC does not include R&B

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Need More Money?

Research college and private scholarships now

Understand application process and deadlines

Submit materials on time

Make sure letters of references are timely and with substance

Fastweb is a private scholarship search engine with more than 600,000 scholarship database at www.fastweb.com

Guidance counselor is your best resource for local private scholarships.

http://www.fastweb.com/

Complete and submit the FAFSA each year to be considered for all State funding.

Set up an account on MDCAPS at www.mdcaps.mhec.state.md.us Visit www.MDGo4it.org for tips and other information to help prepare for

college Ensure that all filing requirements have been met for all State aid grant

and scholarship programs. See www.mhec.state.md.us Contact the financial aid office at the MD postsecondary institution that

you have been accepted to and ensure all documents are in and complete.

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Financial Aid To-Do List


http://www.mdcaps.mhec.state.md.us/

http://www.mdgo4it.org/

http://www.mhec.state.md.us/

Financial Aid OfficeLaura Shahan

Assistant Director & MD State Scholarship Coordinator

[email protected]

Mindy SchafferDirector

[email protected]

410-822-5400 ext. 2252www.chesapeake.edu/finaid

www.facebook.com/ccfinaid @CCFinAid

Dawn Smith Specialist & Work-Study Coordinator

[email protected]

Katrina JohnsonFinancial Aid Specialist

[email protected]

mailto:[email protected]




Documents

MONEY FOR COLLEGE! An Overview of Federal and State Financial Aid Programs 1 Chesapeake College and The Maryland Higher Education Commission