High School Counselor Workshop

1. High School Counselor Workshop November 28, 2014

2. Financing A Education • What is financial aid? • Where does it come from? • What aid is available? • Who is eligible? • How do students apply?

3. Goals of Financial Aid • Primary goal is to assist students in paying for college and is achieved by: • Evaluating a families’ ability to pay educational costs • Distributing limited resources in an equitable manner • Providing balance of gift aid and self-help aid

4. Role of the Financial Aid Office • Determine aid eligibility using federal formula • Package aid depending on availability of funds • Send award notifications including: • Award amount for each program for which student is eligible • Disbursement methods and time frames • Terms and conditions of each award

5. Financial Aid Basics

6. Sources of Financial Aid

7. Federal Financial Aid • Grants • Pell Grant- $5,550 max • Supplemental Education Opportunity Grant (SEOG)- $4000 max • Teach Grant- agree to teach in low-income areas, $4000 max • Work-Study • Need based award provides funds earned through part-time employment on and off-campus • Student receives paycheck to help with expenses • Limited funding available

8. Federal Financial Aid, cont. Loan Programs • Types • Federal Direct Student Loan– student’s name • Perkins Student Loan- student’s name • Parent PLUS – parent’s name, fixed interest rate, credit check required • Consider • Low Interest Rates • No Payment In School • Grace Period

9. General Student Eligibility Criteria • Must be enrolled or accepted for enrollment in eligible program of study • Must be pursuing degree, certificate, or other recognized credential • Must be U.S. citizen or eligible noncitizen • Must be registered with Selective Service (if male) • May not have been convicted of possession or sale of drugs while receiving federal aid

10. General Student Eligibility Criteria • Must have valid Social Security Number (SSN) • May not be in default on a federal student loan • Must not owe an overpayment of a federal grant or loan • Must be making satisfactory academic progress (as defined by school)

11. State Aid Next Presentation!

12. Institutional Aid • Need Based or Merit Based Aid awarded by HCC • Endowment and Foundation Funds (i.e. HCC Educational Foundation, Inc. Scholarships) • Institutional Operating Funds (i.e. HCC Grants) • Criteria may differ for each scholarship and may or may not include the following: • Financial Need • Academic Merit • Learning Program • Special Skills or Talents

13. Private Sources • Financial aid funding that comes from private organizations • Civic Organizations • Professional Associations • Private Businesses • Deadlines and application procedures can vary widely • Use reliable scholarship search services • http://www.fastweb.com • http://www.collegeboard.com/student/pay • http://www.finaid.org

14. Awards • Awards are based on enrollment status For most institutions: • 12+ credits = F/T • 9-11 credits= Quarter-Time • 6-8 credits= Half-Time • 1-5 credits= Less than Half-Time

15. Determining Financial Need

16. The Cost of Attendance (COA) Calculating your Cost Of Attendance (COA) Tuition and Fees (direct average cost) Room and Board (direct or indirect average cost) Books and Supplies (indirect average cost) Transportation (indirect average cost) Miscellaneous Expenses (indirect average cost) Cost of attendance Note: COA is determined by individual schools

17. What happens with my financial aid? • Students may receive FA up to their COA • FA will pay for your direct costs (tuition and fees and room and board if living on-campus) • If your FA is in excess of your T&F you will receive a refund check (to help pay for indirect expenses) • Example= $5000 in FA, $3000 bill, $2000 rebate

18. College Cost Comparison Chart

19. Principles of Need Analysis • To extent they are able, parents have primary responsibility to pay for dependent child’s education • Students have a responsibility to contribute to educational costs • Families should be evaluated in their present financial condition • Family’s estimated ability to pay educational costs must be evaluated in equitable and consistent manner, recognizing that special circumstances may affect family’s ability to pay

20. Federal Methodology Federal Methodology is the formula created by Congress to determine the EFC.

21. The Free Application for Federal Student Aid (FAFSA) takes into account: • Income (parent(s) and student) • Assets (parent(s) and student) • Number in Household • Number in College • State of Residence • Marital Status • Dependency Status • Note: EFC remains the same regardless of college/university EFC Expected Family Contribution

22. FAFSA FACTS • When to complete • Schools to list • Definition of a Parent • Dependency Status • Dependency Overrides • Professional Judgments • Tax Information

23. Independent Student Definition • At least 24 years old by December 31 of award year covered by the FAFSA • Graduate or professional student • Married • Has children or dependents (other than a spouse) for whom the student provides more than half support • Orphan or ward/dependent of the court or in foster care since age 13 • Veteran of U.S. Armed Forces or currently serving on active duty (for other then training purposes) in the Armed Forces • In legal guardianship as determined by state or emancipated minor • Determined to be homeless or unaccompanied youth

24. Frequent FAFSA Errors • Parent and student Social Security Numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size • Number of household members in college • Real estate and investment net worth

25. FAFSA on the Web • www.fafsa.gov • 2011-2012 applications will be available starting January 1 • IRS data retrival after 1/30/11 • FAFSA Forecaster available

27. PIN Registration • Web site: www.pin.ed.gov • Can request PIN before January 1, 2011 • Not required, but speeds up processing • May be used by students and parents throughout aid process, including subsequent school years

28. Application Process • Submit FAFSA prior to school/state deadline • Most aid awarded on “first-come, first-served” basis • To ensure maximum consideration for federal, state, and institutional aid, check information from each school to determine: • Required application materials • Application deadlines

29. Reliable Sources of Financial Aid • Financial Aid Offices at college/university • Federal websites • State websites

30. Other Ways to Pay for College • Cash, Check or Money Order • Tuition Payment Plans (at college/university) • 529 Savings & Prepaid Tuition Programs • Employer Tuition Reimbursement Plan • Military Tuition Assistance • Veterans Benefits and Veterans Deferred Payment Plan • Tuition Waivers • Alternative Loans

31. Fraud and Scams • Do NOT pay someone to complete your FAFSA – contact the guidance counselor or college financial aid office. • No one can guarantee you a scholarship for a minimal fee • Attempt to contact the Better Business Bureau if you are suspicious.

32. Mark Your Calendars! • YOU CAN AFFORD COLLEGE • HCC Saturday, February 12, 2011 • COLLEGE GOAL SUNDAY • Various dates and sites http://collegegoalsundaymd.org/ HELP COMPLETING THE FAFSA!

33. Howard Community College - Financial Aid Services • Phone: 443-518-1260 • E-Mail: finaid@howardcc.edu • Webpage: • Go to www.howardcc.edu • Select “Admissions” tab • Click on “Pay for College” • Select “Financial Aid Services” on the left column

34. Questions??