mount st. mary’s university clarksburg high school financial aid night december 9, 2013 dave...
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Mount St. Mary’s University
Clarksburg High School
Financial Aid NightDecember 9, 2013
DAVE REEDER — Director of Financial Aid
Essentials
Know what to file.Know when to file it.Call the college/university’s financial
aid office with any questions.
College/ Financial Aid Required Application FilingState Numbers & Contacts Applications Codes Deadlines
301-447-5207Mount St. Mary's University Director - Dave Reeder FAFSA 002086 February 15
Assistant - Amy Wilkinson
Types of Financial Aid
Scholarships
Grants
Loans
Work Study
“Gift Aid”
“Self Help Aid”
Types of Financial Aid Merit-based Aid
Academic scholarships, athletic scholarships and other scholarships based solely on personal credentials
Used primarily by private schools to lower the sticker price & to improve institutional profile
Research college publications and web site for requirements.
Need-based AidBased on family’s ability to payGift aid – scholarships & grantsSelf-help aid – loans & work study
Calculating Financial Need
Cost of Attendance (COA)
– Expected Family Contribution (EFC)
= Financial Need
Cost of AttendanceTuition and fees
Room and board
Books and supplies
Transportation
Miscellaneous personal expenses
Loan fees
“Sticker Price” or “Direct Costs”
Expected Family Contribution
Determined by applications FAFSA – all schools
Profile – primarily private schools
Institutional form – check with school
EFC = Parents contribution + student’s contribution
Constant for all schools
Expected Family ContributionFactoring Different Costs
On-Campus On-Campus Commuter
Private Public Public
Costs $45,000 $18,000 $ 7,000
EFC $15,000 $15,000 $15,000
Need $30,000 $ 3,000 $ -0-
Expected Family ContributionEFC Calculator
FAFSA 4Caster – “raw” estimate; provides EFCwww.fafsa4caster.ed.gov
College Board (“Big Future”) – institutional methodology, longer to complete; provides EFCwww.bigfuture.collegeboard.org
Aie.org – provides detailed output that shows how EFC was determinedwww.aie.org
Applying for Need-Based AidFAFSA
Application for Federal aid Required by all schools Federal methodology
• Excludes home equity & retirement accounts Can take up to 1 week to be processed on-line or 4
weeks via mail. Can’t be filed until after January 1 www.fafsa.ed.gov Call 1-800-4FEDAID for paper application
Applying for Financial Aidwww.fafsa.ed.gov
If completing on-line, pre-register for two pin numbers (one for parent & one for student) at www.pin.ed.gov.
With no pin number, must mail in signatures which are then matched with electronic file.
Electronic Student Aid Reports sent to email address on FAFSA.
www.fafsa.com
Applying for Financial AidIRS Data Retrieval
Parents who indicated they have filed their taxes will be directed to use the FAFSA-IRS Data Retrieval process.
Depending on timing, data may not be available.
Opportunity to update the FAFSA once taxes are complete.
Can opt to complete the FAFSA without Data Retrieval, but will likely be verified later.
Applying for Need-Based AidPROFILE or Institutional Application
Used primarily by private colleges Supplements information on FAFSA
• Monthly mortgage• Parents’ vocations• Complete listing of family members• Add’l expenses such as HS tuition and medical bills not covered by
insurance
Can file in the fall Must be filed on-line at www.collegeboard.com Registration fee, plus additional cost per school
Applying for Need-Based AidGeneral
Based on prior year’s income and current assets of parents and student
Divorced/remarried parent informationHousehold where student resides, including stepparent.
Student assets weighted more heavily than parent assets
529s and other educational savings plans are NOT student assets
Applying for Need-Based AidGeneral
PAY ATTENTION TO DEADLINESBeware of processing timeProvide estimates if necessary to meet
deadlines
Special Conditions
Sources of Aid
Colleges/universitiesFederal GovernmentState GovernmentPrivate/Local Scholarships
Federal ProgramsPell Grant – entitlement program
EFC < $5,082
Supplement Grant (SEOG) – campus-based
Direct Loans – entitlement programLoan amounts based on year in school
Perkins Loan – campus-based
Work Study – campus-based
State ProgramsMaryland
For Maryland residents attending Maryland colleges. Education Asst. Grants – File FAFSA before March 1 Guaranteed Access Grants – Separate application.
Grants up to $16,100 for students with extreme need. Senatorial Scholarships – Contact Senator’s office Delegate Scholarships – Contact each of three Delegates www.mhec.state.md.us – for additional programs
Other Sources of Financial AidPrivate/Local Scholarships
Where to LookHigh school guidance office website (College &
Career Center)Civic organizations (Elks, Rotary, Kiwanis, etc.)Private Companies, including parents’ employersPublic Librarieswww.fastweb.com
Financial Aid Resources
High School Guidance/Career OfficeCollege Financial Aid OfficeInternet
• www.msmary.edu/financialaidnight• www.collegeboard.org• www.collegeexpress.com• www.finaid.org• www.fastweb.com
Financial Aid Resources
www.msmary.edu/financialaidnight Presentation Grid (.pdf)Financial Aid Checklist (.pdf)Financial Aid Glossary (.pdf)Federal Student Aid Program Summary (.pdf)Sample Scholarship Letter (.pdf)Consultant and Scholarship Search Services Fact Sheet(.pdf)Cost Comparison (.xls)
Mount St. Mary’s University
Clarksburg High School
Financial Aid NightDecember 9, 2013
DAVE REEDER — Director of Financial Aid