Transcript 2015-2016 Financial Aid Presentation MHEC

Chesapeake College and
The Maryland Higher Education
Commission
MONEY FOR COLLEGE!
An Overview of Federal and State
Financial Aid Programs
1
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
Office of Student Financial Assistance
www.mhec.state.md.us
2
Types and Sources of Assistance
Types of Aid




Grants
Scholarships
Loans
Work-Study
Sources of Aid




Federal
State
Institution
Private
Office of Student Financial Assistance
www.mhec.state.md.us
3
How to Apply for Federal
Financial Assistance
Office of Student Financial Assistance
www.mhec.state.md.us
4
How to Apply for
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.
Office of Student Financial Assistance
www.mhec.state.md.us
5
How to Apply for
Financial Assistance
 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!
Office of Student Financial Assistance
www.mhec.state.md.us
6
Don’t Forget when filling
out the FAFSA
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
Office of Student Financial Assistance
www.mhec.state.md.us
7
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
Office of Student Financial Assistance
www.mhec.state.md.us
8
Student Aid Report
9
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.
Office of Student Financial Assistance
www.mhec.state.md.us
10
Cost of Attendance (COA)
Tuition and fees
Room and board
Books and supplies
Transportation
Personal expenses
COA
Office of Student Financial Assistance
www.mhec.state.md.us
11
Calculation of Financial Need
COA minus EFC minus Pell (if eligible) =
Financial Need
Example:
COA
$10,500
EFC
-2,500
_____________________
Need
$8,000
Office of Student Financial Assistance
www.mhec.state.md.us
12
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%.
Office of Student Financial Assistance
www.mhec.state.md.us
13
State Financial Assistance
Office of Student Financial Assistance
www.mhec.state.md.us
14
How to Apply for 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.
Office of Student Financial Assistance
www.mhec.state.md.us
15
How to Apply for State
Financial Assistance
16
MDCAPS Student Portal
17
Understanding the Types of
Maryland State Aid
 Need-Based Aid
 Legislative Scholarships
 Career/Occupational
 Unique Populations
Office of Student Financial Assistance
www.mhec.state.md.us
18
Howard P. Rawlings Educational
Assistance Grant: up to $3,000 annually
 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.
Office of Student Financial Assistance
www.mhec.state.md.us
19
Howard P. Rawlings Guaranteed
Access Grant: up to $16,500 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.
20
2 + 2 Transfer Scholarship
(new for 2015/2016)
STEM Majors $2,000; All other majors $1,000
 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
21
Legislative Scholarships
(Senatorial and Delegate)
 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)
Office of Student Financial Assistance
www.mhec.state.md.us
22
Senatorial Scholarship:
$400 and up annually
 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.
Office of Student Financial Assistance
www.mhec.state.md.us
23
Delegate Scholarship:
$200 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.
Office of Student Financial Assistance
www.mhec.state.md.us
24
Career Based, Service Obligation
and Loan Repayment Aid
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
Office of Student Financial Assistance
www.mhec.state.md.us
25
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)
Office of Student Financial Assistance
www.mhec.state.md.us
26
Unique Population 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, degreeseeking undergraduate or graduate student or attend a
private career school.
Office of Student Financial Assistance
www.mhec.state.md.us
27
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
Office of Student Financial Assistance
www.mhec.state.md.us
28
Unique Population Aid
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
Office of Student Financial Assistance
www.mhec.state.md.us
29
Unique Population Aid
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
Office of Student Financial Assistance
www.mhec.state.md.us
30
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
Office of Student Financial Assistance
www.mhec.state.md.us
31
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
Office of Student Financial Assistance
www.mhec.state.md.us
32
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
33
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.
34
Financial Aid To-Do List
 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.
Office of Student Financial Assistance
www.mhec.state.md.us
35
Financial Aid Office
Mindy Schaffer
Director
[email protected]
Laura Shahan
Assistant Director & MD State Scholarship Coordinator
[email protected]
Dawn Smith
Katrina Johnson
Specialist & Work-Study Coordinator
[email protected]
Financial Aid Specialist
[email protected]
410-822-5400 ext. 2252
www.chesapeake.edu/finaid
www.facebook.com/ccfinaid
@CCFinAid