Transcript Financial Aid

Delaware Higher Education Office
Financial Aid
For Delaware High School Seniors
Introduction
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This presentation will give you an overview of the financial aid process and
why
who
where
discuss
are available,
college is important,
what
how
provides financial aid,
to find information.
kinds of financial aid
to apply, and
Why go to college?
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If you go to college, you'll gain information and skills that you'll use for the rest of your
life, no matter what career you chose. College enables you to:
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expand your knowledge and skills,
express your thoughts clearly in speech and in writing,
grasp abstract concepts and theories, and
increase your understanding of the world and your community.
In addition, you will have more job opportunities and earn more money. . .
Is it worth it?
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Individuals with degrees usually earn more—sometimes a great deal more—and are
less likely to be unemployed. To learn more about careers and salaries, use the
resources on the next slide.
Unemployment Rate in 2011 (%)
Median Weekly Earnings in 2011
2.5
Doctoral Degree
$1,551
2.4
Professional Degree
$1,665
3.6
Master’s Degree
$1,263
4.9
Bachelor’s Degree
$1,053
6.8
Associate Degree
$768
8.7
Some College, No Degree $719
9.4
High School Graduate
$638
14.1
Less than High School
$451
Note: Data are for persons age 25 and over. Earnings are for full-time wage and salary workers.
Source: Bureau of Labor Statistics, Current Population Survey
Career Resources
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You can find information about careers and employment trends at:
Delaware Career Compass
Delaware Department of Labor
Delaware Job Link
Delaware Department of Labor
CareerOneStop
U.S. Department of Labor
Career Cruising
Delaware Department of Education
How much will college cost?
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In 2011–12, the average costs to attend a four-year college were:
IN-STATE
PUBLIC COLLEGES
Tuition & fees
Room & board
Books & fees
Transportation
Other
Total
OUT-OF-STATE
PUBLIC COLLEGES
PRIVATE
COLLEGES
8,244
8,887
1,168
1,082
2,066
20,770
8,887
1,168
1,082
2,066
28,500
10,089
1,213
926
1,496
$21,447
$33,973
$42,224
You may have additional expenses, such as laboratory fees and computer costs.
To help meet these costs, seven out of ten students receive some form of financial
aid each year. Our goal is to help you understand your options so that you will have more
choices and make sound decisions about paying for college—one of the most expensive
purchases your family will make.
What kinds of aid are available?
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Except for unsubsidized loans, financial aid falls into two categories:
1. Need-based aid is based on financial need, but you may also have to meet
other criteria, such as enrollment and residency status. The amount of needbased aid you receive is based on your college costs and your family’s ability to
pay these costs.
2. Merit-based aid is usually awarded in recognition of special skills or
academic ability, but other considerations may apply, such as community service
or your field of study.
Within the two categories, there are four types of financial aid:
1. Scholarships
2. Grants
3. Work-study
4. Loans
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Financial aid is usually paid through the college you attend. If you are eligible, you will
receive a financial aid package from the college, which may include a combination of
scholarships, grants, work-study, and loans.
Need-based:
Merit-based:
Grants (for example, Pell Grant)
Federal Work-Study
Federal Perkins Loan
Federal Direct Subsidized Loan
Delaware SEED Scholarship (DTCC and UD)
Inspire Scholarship (DSU)
Federal TEACH Grant Program
Merit- and need-based:
Scholarships (can be either or both)
Delaware Scholarship Incentive Program (ScIP)
Not merit- or need-based:
Federal Direct Unsubsidized Loan
Federal PLUS Unsubsized Loan for Parents
Federal Iraq & Afghanistan Service Grant
Tax Credits (income restrictions apply)
Scholarships
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Scholarships may be awarded for academic achievement, artistic ability, athletic
excellence, ethnicity, or group affiliation. Some scholarships also consider financial
need. They are not repaid and may be awarded for one year only, renewable, or
require reapplication each year.
Colleges and the state of Delaware offer scholarship programs, as do a wide range
of organizations:
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Local, state, and national organizations
Foundations
Religious organizations
Fraternities and sororities
Town and city clubs
Civic groups
Athletic groups
Professional organizations
Employer-provided tuition assistance
Businesses and corporations
Scholarships, continued
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Search online:
FastWeb
BigFuture by the College Board
Scholarships.com
Other Websites
The Delaware Scholarship Compendium,
published annually by the Delaware Higher
Education Office, provides information about
over 200 private scholarships and statesponsored financial aid programs, as well as an
overview of planning and paying for college.
Grants
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Grants are usually awarded based on financial need, are not repaid, and are
available from the federal government, colleges, and the state of Delaware.
Work-study
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Work-study is need-based and awarded through the college to help you pay costs
by working part-time, often on campus. If you work off-campus, your employer is
usually a private nonprofit organization or public agency.
Money earned through the Federal Work-Study program is not counted as income
when you apply for financial aid.
Loans
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Federal Direct Subsidized Loans may be subsidized or unsubsidized. Subsidized
loans are need-based and interest is not charged while you are in school.
Unsubsidized loans are not need-based and interest begins when the loan is
made.
A Federal Perkins Loan is a low-interest loan for both undergraduate and graduate
students with exceptional financial need. Federal Perkins Loans are made through
a school's financial aid office. Your school is your lender
Parents of dependent children can apply for unsubsidized PLUS loans.
As the following chart indicates, federal loans are the largest source of student aid.
Loans, continued
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Undergraduate Student Aid (in Billions) by Source, 2010-11
Total Aid $177.6 Billion
7%
1%
8%
Federal Loans ($70.0)
Institutional Grants ($29.7)
4%
39%
Pell Grants ($34.8)
5%
State Grants ($9.1)
Private & Employer Grants ($6.6)
20%
Federal Education Tax Credits & Deductions ($13.4)
Federal Grant Programs Other Than Pell ($3.1))
17%
Federal Work Study ($1.0)
Source: Trends in Student Aid © 2011. The College Board, www.collegeboard.org.
Who provides financial aid?
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In addition to private scholarships, you should explore the financial aid options
available from the following sources
U.S. Department of Education
State of Delaware
Colleges that you are considering:
 Colleges in Delaware
 Colleges in the U.S.
U.S. Department of Education
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Pell Grant
Subsidized and Unsubsized Direct Loans
PLUS Loans for Parents
Consolidated Loans
Campus-based Aid:
 Federal Supplemental Education Opportunity Grant (FSEOG)
 Work-study
 Perkins Loan
State of Delaware
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The undergraduate state-sponsored programs that are administered by the
Delaware Higher Education Office include:
 Grants
 Diamond State Scholarship for students attending regionally accredited
colleges in all states
 Academic Memorial Scholarships for students attending the University of
Delaware or Delaware State University
 Professional Incentive Programs for nurses and teachers
 State University of New York Maritime College Regional Contract Program
State of Delaware, continued
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The Academic Common Market is a tuition-savings agreement between the 16 member
states of the Southern Regional Education Board (SREB). If your program of study is not
offered by a public college in Delaware, you may be eligible for in-state tuition at a
participating public college in one of 15 southern states.
You may apply for the ACM if you meet the following eligibility criteria:
1. You are a Delaware resident and U.S. citizen or eligible noncitizen.
2. You are majoring in a program of study not offered at the University of Delaware
or Delaware State University.
3. You have been accepted to or you are enrolled in an eligible program of study
that has been selected for the ACM by a participating college.
Note:
The ACM includes baccalaureate and graduate-level degree programs.
It does not include first professional degree programs, such as dentistry, medicine,
optometry, pharmacy, and law.
State of Delaware, continued
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The Delaware SEED (Student Excellence Equals Degree) Scholarship
Program provides tuition for eligible Delaware students enrolling in an
associate degree program at Delaware Technical Community College or the
University of Delaware’s Associate in Arts program.
To be eligible, students must have a cumulative GPA of 2.5 and enroll full-time
no later than the fall immediately following graduation.
Deadlines are set by DTCC and UD.
State of Delaware, continued
Delaware State University’s Inspire Scholarship provides tuition assistance similar
to the SEED scholarship for eligible Delaware students enrolling at Delaware
State University
To be eligible, students must have a cumulative GPA of 2.75 and enroll full-time no
later than the fall immediately following graduation.
Complete eligibility requirements and deadlines are posted on the DSU website.
Colleges
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Check with the colleges to which you are applying and ask which of the following
types of aid they offer:
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Grants
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Scholarships
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Loans
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Work-study
The financial aid office at the college can tell you how and when to apply.
How do I apply?
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You must complete the required application forms by the deadline to be considered for
financial aid from any source:
Complete the Free Application for Federal Student Aid (FAFSA) for:
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All federal programs
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Delaware’s need-based grant, the Scholarship Incentive Program (ScIP)
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Most colleges
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Some private scholarships
Complete the CSS/Profile for many private colleges.
Complete the Common Merit Application after December 3 for state-sponsored merit
scholarships and professional incentive programs.
Complete specific applications for other state-sponsored programs, private scholarships,
and some colleges. Find out which forms you will need to complete and meet all
deadlines.
Free Application for Federal Student Aid (FAFSA)
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• The FAFSA should be submitted to the federal processor as soon as possible after
January 1 each year.
• The completed form is processed and not reviewed for comments. If you have
exceptional circumstances, you should discuss them with the financial aid office at
your college.
• You do not have to file your taxes before submitting your FAFSA, but it is
recommended that you and your parents fill out your tax returns before completing the
FAFSA. You will have the opportunity to make corrections later, if necessary.
• When your FAFSA has been processed, you will receive a Student Aid Report
(SAR), which reflects your Estimated Family Contribution (EFC). You should
carefully review your SAR to make sure all the information is correct. If your EFC does
not appear on your SAR, you will need to make the corrections noted on the SAR.
• An electronic copy of your information is sent to the colleges you have listed on the
FAFSA (up to six). You can list an additional six colleges on your SAR.
How is my financial need determined?
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To the extent possible, you will be expected to contribute to the cost of your
college education. The EFC is calculated from the information you provide
about your household on FAFSA (or the CSS/Profile).
Your financial need is the difference between the cost of attendance and
your EFC:
A.
Tuition and fees
+ Room and board
B.
+
Other expenses (books, supplies, transportation)
=
Cost of attendance
Cost of attendance
-
Estimated Family Contribution (EFC)
=
Financial need
Calculate your costs
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The FinAid website has calculators to estimate your EFC, calculate loan
repayments, or compare loans.
You can find additional websites with calculators on our website on the
Other Websites webpage.
When do I apply?
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 The deadlines for financial aid programs vary, and all deadlines must be met. If you miss
the deadline, you will not be considered.
 Starting your search early will give you the opportunity to apply for more awards, some of
which may have deadlines early in your senior year.
 Some programs require an application every year. You will need to complete the FAFSA
each year to be considered for federal student aid. After your initial FAFSA, you can file the
Renewal FAFSA, a shorter version, in subsequent years.
 To be considered for Delaware’s need-based grant, the Scholarship Incentive Program
(ScIP), the federal processor must receive your FAFSA by April 15 each year.
 Other programs, such as Delaware’s merit-based academic scholarships, are only offered
to graduating seniors in high school. A missed deadline is a missed opportunity to be
considered for these programs. The Common Merit Application is available online in
December.
 Applying for financial aid from colleges is a separate process from applying for admission.
Request information about financial aid from all the colleges you are considering.
 If you are applying for private scholarships, contact the award donor to verify the deadline
and eligibility requirements.
Tips for applying for financial aid:
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1.
Spend the time necessary to find out all you can about applying for financial
aid. The more you know, the better informed your decisions will be.
2.
Meet all deadlines.
3.
Don’t procrastinate.
4.
Don’t be overwhelmed by the paperwork.
5.
Ask questions.
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Keep good records.
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Make copies of all forms you submit.
8.
Make a chart to track the forms you sent to each school, noting all items as
you submit them.
Tips, continued:
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9.
Because so many FREE resources are available, we recommend that
students and their parents be very careful about paying any fees for
scholarship matching services or financial aid consultants. For sound advice,
visit “Scholarship Scams” at www.finaid.org/scholarships/scams.phtml.
10. Attend one of the FREE regional financial aid nights conducted by the
Delaware Association of Financial Aid Administrators and held at several
schools in each county in December, January, and February. The schedule
will be posted on our website in November.
11. Ask your school counselor if any workshops providing FREE help completing
the FAFSA are scheduled in your area.
Where can I find information?
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U.S. Department of Education
Federal Student Aid Information Center
PO Box 84
Washington, DC 20044-0084
1-800-FED-AID (1-800-433-3243)
1-880-730-8913 (TTY users)
www.studentaid.ed.gov
www.fafsa.ed.gov
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School counselors
College financial aid offices
School and public libraries
Internet (see Other Sites to begin your search)
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Delaware Department of Education
Delaware Higher Education Office
The Townsend Building
401 Federal Street, Suite 2
Dover, DE 19901
Phone: 302-735-4120 or 1-800-292-7935
Fax: 302-739-5894
[email protected]
www.doe.k12.de.us/dheo