Transcript Slide 1
Direct Costs
2014-2015 Charges
Tuition/Fees: $33,010
Room and board: $10, 716
Total-$43,726 (direct costs only)
Financial Aid Facts
Over 90% of Women’s College students
receive aid
Average financial aid award for fall 2014$28,955
Average institutional aid award for fall
2014-$16,976
Financial Aid Process
Apply for Aid
Receive Award Letter
Submit paperwork (if requested)
Activate Aid
Receive funds twice a year (fall and spring)
(September and February)
Apply again…
Application Process
Free Application for Federal Student Aid
(FAFSA)
www.fafsa.gov
Available January 1, 2015
Our deadline-2/15/15
Our code-002065
Our [email protected]
Award Letter
Using the information from the FAFSA,
Expected Family Contribution is
calculated.
Financial Need is determined
Award letter is generated
Types of Aid
Scholarships
Grants
Loans
Work Study
Scholarships
Institutional
Scholarships
State Scholarships
External Scholarships
Institutional Aid
Part of the Admission Process
No separate application
Must have a completed file with Admissions
Office
Notifications start in November
Range from $9,000/year-full tuition
Renewable
State Funds
Available to MD residents
Could be transferred from other states
Know your legislators
www.mdelect.net
Could be renewable
External Help
Search NOW!
Free process – never pay for applications!
Check our website
Guidance Office
Parents’ employers
Businesses
Organizations and Clubs
Grants
Institutional GrantResidence Grant
Federal Grants
- Pell Grant
-Federal Supplemental Educational Opportunity Grant (SEOG)
-TEACH grant
- Iraq and Afghanistan Grant
State Grants
- Howard P. Rawlings Educational Assistance Grant
- Howard P. Rawlings Guaranteed Access Grant
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)
Direct 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
Example
Charges: $41,000
Need Based Aid
Institutional Aid: $15,000
External Scholarship: $2,000
Self help Aid
Direct loan: $3,500
Perkins loan: $1,000
Balance
$19,500
Example Continued…
Balance:
$19,500
Other Options
Parent PLUS Loan
Alternative Loan
Payment Plan
FACTS Payment Plan
Online enrollment
Several payment options
No interest
Credit Card/Debit Card
What to do now?
Apply for admission
FAFSA4caster www.fafsa4caster.ed.gov
(early estimate of federal aid)
Review your finances
Financial Planning
Research the costs
Have family conversations about
affordability and how much of a financial
commitment your family is willing to
assume
Talk to a financial aid counselor for help
after the letter is sent.
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 2014
year
One-Time Income
Parent Attending College
Questions?
Contact Info:
Office of Financial Aid
Phone- (410) 532-5369
Fax- (410) 532- 6287
[email protected]