Transcript NUTS & BOLTS OF FINANCIAL AID - Carroll County Public Schools

THE KEYS TO
UNDERSTANDING
THE WORLD OF
FINANCIAL AID
Ellie Geiman
McDaniel College
WHAT IS NEW !!!!!!!!!
Net Price Calculator
Effective Oct. 29 2011, a federal
mandate required all colleges to post a
net price calculator on their Web sites
that factor in everything from living
expenses and books to estimated grants
for particular institutions.
Deferred Parent PLUS Loan
What does a
Net Price Calculator do????
 The calculator will take your personal
information such as Family income and size
to give you an overview of the cost and
your expected out of pocket.
 Please be aware that colleges calculators
may be different.
– Example: a college may not show student loans
– Example: a college may not show Academic
Merit scholarships
What Information do I need??
Net Price Calculator
Each college calculator will be different.
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9.
Age
Marital Status (Student & Parents of Dependent Students)
Children
Family Size
Number of Family Members in College
Student & Parent Income for Dependents (or Household Income for
Independents)
Living Status (on campus, off campus, or with parents)
Residency Status (in-state or out-of-state)
Student academic information: GPA, SAT/ACT, High School class rank
10. Bank statements, Untaxed Info such as :child support, contribution to a
retirement plan
Deferred Parent PLUS Loans
 One of the tools to assist you in paying your
family contribution is a loan in the Parent’s
name.
 You now have the option to NOT make
payments while your student is enrolled at
least half time. Interest does accrue.
 Parent PLUS loan are done at
www.studentloans.gov and it will ask if you
want to defer the loan or you can contact
Department of Education after the loan is
processed
Important Deadlines
 FAFSA
MARCH 1st (Date Received)
Date used by Maryland State to award need based funds
Recommend using the Electronic PIN Signature
 School Deadline
Verify with College’s Financial Aid Office
 Maryland State Due March 1st RECEIVED

State Draws FAFSA Info for Awards April 1st
 Deposit Date
May 1st
Commitment to a School (Non refundable)
Time Table
Current Seniors in High School
FAFSA Due March 1, 2013 Use 2012 Federal Tax
Admission Deposit deadline May 1, 2013
Current Juniors in High School
FAFSA Due March 1, 2014 Use 2013 Federal Tax
Admission Deposit deadline May 1, 2014
Current Sophomores in High School
FAFSA Due March 1, 2015 Use 2014 Federal Tax
Admission Deposit deadline May 1, 2015
Current Freshmen in High School
FAFSA Due March 1, 2016 Use 2015 Federal Tax
Admission Deposit deadline May 1, 2016
Required Forms
 FAFSA : All Colleges use for Need Based Funds
 CSS Profile :
College Board Application
Required by select colleges (Cost involved)
Confirm if college requires and due date
 College Institutional Form:
Some college have their own form instead of the
CSS Profile. Check College website or call to confirm what
form are required.
 Colleges may require Tax form
documentation
FAFSA On-Line www.fafsa.gov
 The Federal Government would prefer all
FAFSA transactions be done on-line.
 Student and Parent must have a PIN number.
 The PIN number is an electronic signature.
 PIN numbers remain the same for the complete
time of a student’s education.
 Doing FAFSA on line is timely and accurate.
 The FAFSA must be done each academic year.
SOURCES OF
FINANCIAL AID
FEDERAL GOVERNMENT
STATE GOVERNMENT
PRIVATE COLLEGE FUNDS
SCHOLARSHIP FOUNDATIONS
CIVIC ORGANIZATIONS
MILITARY
FEDERAL GOVERNMENT
Federal Pell Grant
Federal SEOG Grant
Federal TEACH Grant
Direct Student Loans
Perkins Loan
Federal Work Study
Federal Direct PLUS Loan ( Parent )
TEACH GRANT
Federal Government
Must teach in high need subject areas
Must teach in schools servicing low income
families
Four year teaching obligation
$4000 per year
If service is not provided in area designated
the grant becomes a loan
State Funding
Need Based
Educational Assistance Grant
Guaranteed Access Grant
Senator & Delegate
Contact your district Senator and Delegates directly
 Check Maryland Web Site for other programs
http://www.mhec.state.md.us/financialaid/
FEDERAL CALCULATIONS
EFC: Expected Family Contribution
Formula For Need
COST OF EDUCATION (From each College)
MINUS
Expected Family Contribution
Student’s Federal Financial Need
Example:
Cost of ABC College $30,000
Expected Family Cont$ 5,000
Federal Need
$25,000
FINANCIAL AID AWARD
Cost of College:
Financial Aid:
$30,000/Year
Pell Grant
SEOG Grant
State Grant
Academic Schp
Private Grant
Direct Loan
Total Aid
Family Owes the College
( $2,000)
( $ 500)
( $2,500)
( $5,000)
( $1,000)
( $5,500)
$16,500
$13,500
How do we cover what we owe??
Cash Payment
Direct PLUS Loan (parent) 10 year
College Contract Plan (over school year)
Private Education Loans for Parent
Private Education Loans for Student
Home Equity
RESOURCES/RESEARCH
Check the Internet
Employee Benefits
High School Guidance Office
Civic Organizations ( State and Federal Level )
Scholarship Search
Find one that is FREE !!!!!!!
Build a profile: the more details about
yourself that you provide, the better the
Scholarships.
You still have to do the application and
required documentation or essay.
Provide an email address that you will
monitor often
www.finaid.org is FREE
KEY POINTS TO REMEMBER
FAFSA is due March 1st before Fall
enrollment (FAFSA must be done each year)
Contact colleges for their requirements
Review Student Aid Report
Work with High School Guidance Office
for outside scholarships
Meet all deadlines
Contact Information

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
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
Ellie Geiman
Associate Director of Financial Aid
McDaniel College
2 College Hill
Westminster, MD 21157
 Phone:
 Fax:
410-857-2235
410-386-4608
 [email protected]