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Types of Aid Scholarships Grants Loans Work Study Scholarships Institutional Scholarships State Scholarships External Scholarships Institutional Scholarships Part of the Admission Process No separate application Must have a completed file with the Admissions Office Notifications start in December Range from $8,000-full tuition Renewable State Scholarships Available to MD residents Could be transferred from other states Know your legislators www.mdelect.net Could be renewable External Scholarships Search NOW! Free process Check our website Guidance Office Parents’ employers Businesses Organizations and Clubs Grants Federal Grants - Pell Grant -Federal Supplemental Educational Opportunity Grant -TEACH grant -Iraq and Afghanistan Grant State Grants • Howard P. Rawlings Educational Assistance Grant • Howard P. Rawlings Guaranteed Access Grant Institutional Grants • Notre Dame Grant • Residence Grant Scholarships are part of the plan for paying for college, but not the entire plan Of students enrolled full-time at a 4-year college: 0.3% get enough grants to cover the full cost of attendance (COA) 1.0% get enough grants to cover 90 % or more of the COA 3.4% get enough grants to cover 75 % or more of the COA 14.3 % get enough grants to cover 50 % or more of the COA Source-”Top Ten Myths About Scholarships” presentation, 9/2011 Loans •Funds from the private lenders •Adjustable interest •Credit-based loan •May need to have a cosigner •Funds from the USDE •Fixed interest •Credit-based loan •Repayment could be deferred •Funds from the USDE •Subsidized/Unsubsidized •Fixed Interest •No Credit Check •Repayment begins 6 months after leaving school Private Alternative Loans (COAother aid) Stafford Loan ($5500/year$12500/year) PLUS Loan (COA-other aid) Perkins Loan (varies) •Funds from school •Revolving Fund •Fixed Interest •No Credit Check •Repayment begins 9 months after leaving school Work Study On-Campus or Off-Campus Part-Time Gain work experience Flexible hours Need-based FAFSA benefit FAFSA Free Application for Federal Student Aid www.fafsa.gov Available January 1, 2012 Our deadline-2/15/12 Our code-002065 IRS Match Financial Aid Process Apply (January-February) Receive Award Letter (March-April) Complete activation steps (May-June) Receive funds twice a year (fall and spring) (September and February) Apply again… What to do now? Apply for a FAFSA PIN www.pin.ed.gov PIN for a student PIN for a parent FAFSA4caster www.fafsa4caster.ed.gov (early estimate of federal aid) Apply for admission Online tools Net Price Calculator College’s websites College Navigator Maryland Higher Education Commission Special conditions Change of Income Separation, Divorce, Death High Medical Expenses Paid During 2011 year One-Time Income Parent Attending College Questions? Contact Info: Zhanna Goltser [email protected] (410) 532-5735