financial aid for delaware high school seniors. introduction this presentation will give you an...
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Financial AidFor Delaware High School Seniors
Introduction
This presentation will give you an overview of the financial aid process and
discuss why college is important, what kinds of financial aid
are available, who provides financial aid, how to apply, and
where to find information.
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Why go to college?
If you go to college, you'll gain information and skills that you'll use for the rest of your life, no matter what career you chose. College enables you to:
expand your knowledge and skills,
express your thoughts clearly in speech and in writing,
grasp abstract concepts and theories, and
increase your understanding of the world and your community.
In addition, you will have more job opportunities and earn more money. . .
Is it worth it?
Individuals with degrees usually earn more—sometimes a great deal more—and are less likely to be unemployed. To learn more about careers and salaries, use the resources on the next slide.
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Median Weekly Earnings in 2010Unemployment Rate in 2010 (%)
Doctoral Degree
Professional Degree
Master’s Degree
Bachelor’s Degree
Associate Degree
Some College, No Degree
High School Graduate
Less than High School
$1,550
$1,610
$1,272
$1,038
$767
$712
$626
$444
1.9
2.4
4.0
5.4
7.0
9.2
10.3
14.9
Note: Data are 2010 annual averages for persons age 25 and over. Earnings are for full-time wage and salary workers.Source: Bureau of Labor Statistics, Current Population Survey
Career Resources
You can find information about careers and employment trends at:
Delaware Career CompassDelaware Department of Labor
Delaware Job LinkDelaware Department of Labor
CareerOneStopU.S. Department of Labor
Yes YOU Can!Delaware Department of Education
Career CruisingDelaware Department of Education
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How much will college cost?
In 2010–11, the average costs to attend a four-year college were:
IN-STATE OUT-OF-STATE PRIVATE PUBLIC COLLEGES PUBLIC COLLEGES COLLEGES
Tuition & fees 7,605 19,595 27,293 Room & board 8,535 8,535 9,700 Books & fees 1,137 1,137 1,181 Transportation 1,073 1,073 862 Other 1,989 1,989 1,440
Total $20,339 $32,329 $40,476
You may have additional expenses, such as laboratory fees and computer costs.
To help meet these costs, seven out of ten students receive some form of financial aid each year. Our goal is to help you understand your options so that you will have more choices and make sound decisions about paying for college—one of the most expensive purchases your family will make.
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What kinds of aid are available?
Except for unsubsidized loans, financial aid falls into two categories:
1. Need-based aid is based on financial need, but you may also have to meet other criteria, such as enrollment and residency status. The amount of need-based aid you receive is based on your college costs and your family’s ability to pay these costs.
2. Merit-based aid is usually awarded in recognition of special skills or academic ability, but other considerations may apply, such as community service or your field of study.
Within the two categories, there are four types of financial aid:
1.Scholarships
2.Grants
3.Work-study
4.Loans
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Need-based:
Scholarships (can be either or both)Delaware Scholarship Incentive Program (ScIP)
GrantsFederal work-studyPerkins LoanSubsidized Direct Stafford Loan
Unsubsidized Direct Stafford LoanUnsubsidized Federal PLUS Loan for ParentsFederal Iraq & Afghanistan Service GrantTax Credits (income restrictions apply)
Financial aid is usually paid through the college you attend. If you are eligible, you will receive a financial aid package from the college, which may include a combination of scholarships, grants, work-study, and loans.
Delaware SEED Scholarship (DTCC and UD)Inspire Scholarship (DSU)Federal TEACH Grant Program
Merit-based:
Merit- and need-based:
Not merit- or need-based:
Scholarships
Scholarships may be awarded for academic achievement, artistic ability, athletic excellence, ethnicity, or group affiliation. Some scholarships also consider financial need. They are not repaid and may be awarded for one year only, renewable, or require reapplication each year.
Colleges and the state of Delaware offer scholarship programs, as do a wide range of organizations:
Local, state, and national organizations Foundations Religious organizations Fraternities and sororities Town and city clubs Civic groups Athletic groups Professional organizations Employer-provided tuition assistance Businesses and corporations
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Scholarships, continued10
Search online:FastWebCollege BoardScholarships.comOther Websites
The Delaware Scholarship Compendium, published annually by the Higher Education Office, provides information about over 200 private scholarships and state-sponsored financial aid programs, as well as an overview of planning and paying for college.
Grants
Grants are usually awarded based on financial need, are not repaid, and are available from the federal government, colleges, and the state of Delaware.
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Work-study
Work-study is need-based and awarded through the college to help you pay costs by working part-time, often on campus. If you work off-campus, your employer is usually a private nonprofit organization or public agency.
Money earned through the Federal work-study program is not counted as income when you apply for financial aid.
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Loans
Federal Direct Stafford Loans may be subsidized or unsubsidized. Subsidized loans are need-based and interest is not charged while you are in school. Unsubsidized loans are not need-based and interest begins when the loan is made.
A Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students with exceptional financial need. Federal Perkins Loans are made through a school's financial aid office. Your school is your lender
Parents of dependent children can apply for unsubsidized PLUS loans.
As the following chart indicates, federal loans are the largest source of student aid.
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Loans, continued
43%
17%
18%
6%
4%
4%
8%1%
Undergraduate Student Aid (in Billions) by Source, 2009-10Total Aid $154.46
Federal Loans ($65.8)
Institutional Grants ($26.0)
Pell Grants ($28.2)
State Grants ($8.6)
Private & Employer Grants ($6.6)
Education Tax Credits & Deductions ($6.0)
Federal Grant Programs Other Than Pell ($12.0)
Federal Work Study ($1.3)
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Source: College Board, Trends in Student Aid, 2010
Who provides financial aid?
In addition to private scholarships, you should explore the financial aid options available from the following sources
U.S. Department of Education
State of Delaware
Colleges that you are considering:
Colleges in Delaware
Colleges in the U.S.
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U.S. Department of Education
Pell Grant
Stafford Loans
PLUS Loans for Parents
Consolidated Loans
Campus-based Aid
Supplemental Education Opportunity GrantWork-studyPerkins Loan
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State of Delaware
The undergraduate state-sponsored programs that are administered by the Higher Education Office include:
Grants Diamond State Scholarship for students attending regionally accredited
colleges in all states Academic Memorial Scholarships for students attending the University of
Delaware or Delaware State University Professional Incentive Programs for nurses and teachers State University of New York Maritime College Regional Contract Program
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State of Delaware, continued
The Academic Common Market is a tuition-savings agreement between the 16 member states of the Southern Regional Education Board (SREB). If your program of study is not offered by a public college in Delaware, you may be eligible for in-state tuition at a participating public college in one of 15 southern states.
You may apply for the ACM if you meet the following eligibility criteria:
1. You are a Delaware resident and U.S. citizen or eligible noncitizen.
2. You are majoring in a program of study not offered at the University of Delaware or Delaware State University.
3. You have been accepted to or you are enrolled in an eligible program of study that has been selected for the ACM by a participating college.
Note: The ACM includes baccalaureate and graduate-level programs of study. It does not include first professional degree programs, such as dentistry, medicine, optometry, pharmacy, and law.
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The Delaware SEED (Student Excellence Equals Degree) Scholarship Program provides tuition for eligible Delaware students enrolling in an associate degree program at Delaware Technical & Community College or the University of Delaware’s Associate in Arts program.
To be eligible, students must have a cumulative GPA of 2.5 and enroll full-time no later than the fall immediately following graduation.
Deadlines are set by DTCC and UD. The first deadline (for admission to UD) is January 15.
State of Delaware, continued
State of Delaware, continued
The new Delaware State University Inspire Scholarship provides tuition assistance similar to the SEED scholarship for eligible Delaware students enrolling at Delaware State University
To be eligible, students must have a cumulative GPA of 2.75 and enroll full-time no later than the fall immediately following graduation.
Complete eligibility requirements and deadlines are posted on the DSU website.
Colleges
Check with the colleges to which you are applying and ask which of the following types of aid they offer:
• Grants• Scholarships• Loans• Work-study
The financial aid office at the college can tell you how and when to apply.
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How do I apply?
You must complete the required application forms by the deadline to be considered for financial aid from any source:
Complete the Free Application for Federal Student Aid (FAFSA) for:• All federal programs• Delaware’s need-based grant, the Scholarship Incentive Program (ScIP)• Most colleges• Some private scholarships
Complete the CSS/Profile for many private colleges.
Complete the Common Merit Application after December 1 for state-sponsored merit scholarships and professional incentive programs.
Complete specific applications for other state-sponsored programs, private scholarships, and some colleges. Find out which forms you will need to complete and meet all deadlines.
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Free Application for Federal Student Aid (FAFSA)
• The FAFSA should be submitted to the federal processor as soon as possible after January 1 each year.
• The completed form is processed and not reviewed for comments. If you have exceptional circumstances, you should discuss them with the financial aid office at your college.
• You do not have to file your taxes before submitting your FAFSA, but it is recommended that you and your parents fill out your tax returns before completing the FAFSA. You will have the opportunity to make corrections later, if necessary.
• When your FAFSA has been processed, you will receive a Student Aid Report (SAR), which reflects your Estimated Family Contribution (EFC). You should carefully review your SAR to make sure all the information is correct. If your EFC does not appear on your SAR, you will need to make the corrections noted on the SAR.
• An electronic copy of your information is sent to the colleges you have listed on the FAFSA (up to six). You can list an additional six colleges on your SAR.
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How is my financial need determined?
To the extent possible, you will be expected to contribute to the cost of your college education. The EFC is calculated from the information you provide about your household on FAFSA (or the CSS/Profile).
Your financial need is the difference between the cost of attendance and your EFC:
A. Tuition and fees
+ Room and board
+ Other expenses (books, supplies, transportation)
= Cost of attendance
B. Cost of attendance
- Estimated Family Contribution (EFC)
= Financial need
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Calculate your costs
The FinAid website has calculators to estimate your EFC, calculate loan repayments, or compare loans.
You can find additional websites with calculators on our website on the Other Websites webpage.
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When do I apply?
The deadlines for financial aid programs vary, and all deadlines must be met. If you miss the deadline, you will not be considered.
Starting your search early will give you the opportunity to apply for more awards, some of which may have deadlines early in your senior year.
Some programs require an application every year. You will need to complete the FAFSA each year to be considered for federal student aid. After your initial FAFSA, you can file the Renewal FAFSA, a shorter version, in subsequent years.
To be considered for Delaware’s need-based grant, the Scholarship Incentive Program (ScIP), the federal processor must receive your FAFSA by April 15 each year.
Other programs, such as Delaware’s merit-based academic scholarships, are only offered to graduating seniors in high school. A missed deadline is a missed opportunity to be considered for these programs. The Common Merit Application is available online in December.
Applying for financial aid from colleges is a separate process from applying for admission. Request information about financial aid from all the colleges you are considering.
If you are applying for private scholarships, contact the award donor to verify the deadline and eligibility requirements.
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Tips for applying for financial aid:
1. Spend the time necessary to find out all you can about applying for financial aid. The more you know, the better informed your decisions will be.
2. Meet all deadlines.
3. Don’t procrastinate.
4. Don’t be overwhelmed by the paperwork.
5. Ask questions.
6. Keep good records.
7. Make copies of all forms you submit.
8. Make a chart to track the forms you sent to each school, noting all items as you submit them.
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Tips, continued:
9. Because so many FREE resources are available, you should be very careful about paying any fees for scholarship matching services or financial aid consultants. For sound advice, visit these websites:
“Scholarship Scams” at www.finaid.org/scholarships/scams.phtml\
“Educational Consultants and Counseling Centers” at http://www.nacacnet.org/studentinfo/CollegePrep/Pages/default.aspx.
10. Attend one of the FREE regional financial aid nights conducted by the Delaware Association of Financial Aid Administrators and held at several schools in each county in December and January. The schedule will be posted on our website in November.
11. To get FREE help completing the FAFSA, attend College Goal Sunday (Delaware date and locations to be determined).
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Where can I find information?
U.S. Department of EducationFederal Student Aid Information Center
PO Box 84Washington, DC 20044-0084
1-800-FED-AID (1-800-433-3243)1-880-730-8913 (TTY users)
www.studentaid.ed.govwww.fafsa.ed.gov
______________________________________________________
School counselors
College financial aid offices
School and public libraries
Internet (see Other Sites to begin your search)
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Delaware Department of EducationHigher Education Office
John G. Townsend Building401 Federal St.
Dover, DE 19901Phone: 302-735-4120 or 1-800-292-7935
Fax: 302-739-5894
[email protected]/dheo
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