You Can Afford College!

1. You Can Afford College! Marie Janiszewski Assistant Director of Scholarships Financial Aid Services

2. Primary Goal of Financial Aid To assist students in paying for college • Evaluating a family’s ability to pay for educational costs. • Distributing limited resources in an equitable manner. • Providing a balance of gift aid and self-help aid.

3. What is Financial Aid?

4. Definition of Financial Need

5. Cost of Attendance (COA)

6. Expected Family Contribution (EFC) • What is it? • Assigns a “number” based on financial situation that the family can “expect” to contribute to the student’s COA. • It is calculated according to a formula established by federal law and does NOT change based on institution attending. • How is it calculated? • Information the family reports on the student’s Free Application for Federal Student Aid (FAFSA). • Looks at family's taxed and untaxed income, assets, benefits , family size and number in college.

7. Federal Financial Aid Basic Eligibility Requirements Student must: be a U.S. Citizen or Eligible Non-Citizen have a valid Social Security Number demonstrate you are qualified to enroll in postsecondary education (e.g. have a high school diploma or GED) be enrolled in an eligible degree program not be in default on any Federal Student Loan register with Selective Service if you are a male between the ages of 18 and 25 certify that you will use federal student aid for educational purposes maintain Satisfactory Academic Progress • Note: Other conditions may apply

8. www.pin.ed.gov & www.fafsa.gov

9. Completing the Free Application for Federal Student Aid (FAFSA) What you will need: Your social security number Your federal student aid pin Your financial records An email address About an hour of your time

10. After filing the FAFSA… • Student will receive a Student Aid Report (SAR) • It will contain student’s Expected Family Contribution (EFC) • The schools selected receive the information electronically • Financial Aid Offices processes student’s application • Requests for missing information are sent by mail. • Student receives notification of your financial aid eligibility

11. Sources of Financial Aid

12. How much can you borrow? Depends on: COA EFC Year in School Dependency Status Other Financial Aid Fund Your Future 10-11, Page 13-14

13. Maryland Higher Education Commission Grants and Scholarships • Maryland Higher Education Commission (MHEC) administers over 25 programs for the State of MD • Parent and student must be a Maryland State Resident • Some programs require an additional application available on MHEC’s website (www.mhec.state.md.us) Examples of State Aid Need-based (file the FAFSA by March 1st each year): • Educational Assistance Grant (up to $3,000 /year) • Guaranteed Access Grant (up to $14,300/year) • Part-Time Grant (up to $2,000/year) Legislative: • Senatorial (range from $200-$9,000/year) • Delegate (range from $200-$9,000/year) Merit or Career/Occupational: • MD Distinguished Scholar Scholarship ($3,000/year) • Workforce Shortage Student Assistance Grant (range from $1,000-$4,000/year)

14. www.mhec.state.md.us

15. Institutional Aid • Grants • Grants from the institution based on need • WorkStudy • Institutional Work Study • Scholarships • Awarded by the institution based on various criteria • Financial Need • Academic Merit • Learning Program • Special Skills or Talents • Volunteer Experience **PAY CLOSE ATTENTION TO DEADLINES**

16. Private Sources • Financial aid funding that comes from private organizations • Civic Organizations • Professional Associations • Private Businesses • Funds may or may not be awarded through Financial Aid Services • Use reliable scholarship search services • http://www.fastweb.com • http://www.collegeboard.com/student/pay • http://www.finaid.org

17. Ways to Pay for College • Cash, Check or Money Order • Tuition Payment Plans • 529 Savings & Prepaid Tuition Programs • Employer Tuition Reimbursement Plan • Military Tuition Assistance • Veterans Benefits and Veterans Deferred Payment Plan • Tuition Waivers • Alternative Loans

18. Reliable Sources of Financial Aid • Howard Community College’s Financial Aid Services Department – community resource • RCF – 222 • HCC’s Financial Aid website • Publications • The Guide to Federal Student Aid • Maryland Higher Education Commission • Other websites that end in: • gov • ed • edu • ed.gov

19. Avoid Getting Information from… • .com websites • Sites that require a fee for service • Random information received in the mail from unfamiliar companies • Friends and neighbors • Each students situation is unique – don’t assume that you are or are not eligible for financial aid until you complete the application process • Ask Financial Aid Services if you have questions

20. Financial Aid Services • Located in RCF- 222 • Phone: 443-518-4912 • Fax: 443-518-4576 • E-Mail: finaid@howardcc.edu • Webpage: • Go to www.howardcc.edu • Select “Admissions & Enrollment” tab • Click on “Pay for College” • Select “Financial Aid Services” on the left column