mount st. mary’s university clarksburg high school financial aid night december 9, 2013 dave...

Mount St. Mary’s University

Clarksburg High School

Financial Aid NightDecember 9, 2013

DAVE REEDER — Director of Financial Aid

reeder@msmary.edu

Essentials

Know what to file.Know when to file it.Call the college/university’s financial

aid office with any questions.

College/ Financial Aid Required Application FilingState Numbers & Contacts Applications Codes Deadlines

301-447-5207Mount St. Mary's University Director - Dave Reeder FAFSA 002086 February 15

Assistant - Amy Wilkinson

Types of Financial Aid

Scholarships

Grants

Loans

Work Study

“Gift Aid”

“Self Help Aid”

Types of Financial Aid Merit-based Aid

Academic scholarships, athletic scholarships and other scholarships based solely on personal credentials

Used primarily by private schools to lower the sticker price & to improve institutional profile

Research college publications and web site for requirements.

Need-based AidBased on family’s ability to payGift aid – scholarships & grantsSelf-help aid – loans & work study

Calculating Financial Need

Cost of Attendance (COA)

– Expected Family Contribution (EFC)

= Financial Need

Cost of AttendanceTuition and fees

Room and board

Books and supplies

Transportation

Miscellaneous personal expenses

Loan fees

“Sticker Price” or “Direct Costs”

Expected Family Contribution

Determined by applications FAFSA – all schools

Profile – primarily private schools

Institutional form – check with school

EFC = Parents contribution + student’s contribution

Constant for all schools

Expected Family ContributionFactoring Different Costs

On-Campus On-Campus Commuter

Private Public Public

Costs $45,000 $18,000 $ 7,000

EFC $15,000 $15,000 $15,000

Need $30,000 $ 3,000 $ -0-

Expected Family ContributionEFC Calculator

FAFSA 4Caster – “raw” estimate; provides EFCwww.fafsa4caster.ed.gov

College Board (“Big Future”) – institutional methodology, longer to complete; provides EFCwww.bigfuture.collegeboard.org

Aie.org – provides detailed output that shows how EFC was determinedwww.aie.org

Applying for Need-Based AidFAFSA

Application for Federal aid Required by all schools Federal methodology

• Excludes home equity & retirement accounts Can take up to 1 week to be processed on-line or 4

weeks via mail. Can’t be filed until after January 1 www.fafsa.ed.gov Call 1-800-4FEDAID for paper application

Applying for Financial Aidwww.fafsa.ed.gov

If completing on-line, pre-register for two pin numbers (one for parent & one for student) at www.pin.ed.gov.

With no pin number, must mail in signatures which are then matched with electronic file.

Electronic Student Aid Reports sent to email address on FAFSA.

www.fafsa.com

Applying for Financial AidIRS Data Retrieval

Parents who indicated they have filed their taxes will be directed to use the FAFSA-IRS Data Retrieval process.

Depending on timing, data may not be available.

Opportunity to update the FAFSA once taxes are complete.

Can opt to complete the FAFSA without Data Retrieval, but will likely be verified later.

Applying for Need-Based AidPROFILE or Institutional Application

Used primarily by private colleges Supplements information on FAFSA

• Monthly mortgage• Parents’ vocations• Complete listing of family members• Add’l expenses such as HS tuition and medical bills not covered by

insurance

Can file in the fall Must be filed on-line at www.collegeboard.com Registration fee, plus additional cost per school

Applying for Need-Based AidGeneral

Based on prior year’s income and current assets of parents and student

Divorced/remarried parent informationHousehold where student resides, including stepparent.

Student assets weighted more heavily than parent assets

529s and other educational savings plans are NOT student assets

Applying for Need-Based AidGeneral

PAY ATTENTION TO DEADLINESBeware of processing timeProvide estimates if necessary to meet

deadlines

Special Conditions

Sources of Aid

Colleges/universitiesFederal GovernmentState GovernmentPrivate/Local Scholarships

Federal ProgramsPell Grant – entitlement program

EFC < $5,082

Supplement Grant (SEOG) – campus-based

Direct Loans – entitlement programLoan amounts based on year in school

Perkins Loan – campus-based

Work Study – campus-based

State ProgramsMaryland

For Maryland residents attending Maryland colleges. Education Asst. Grants – File FAFSA before March 1 Guaranteed Access Grants – Separate application.

Grants up to $16,100 for students with extreme need. Senatorial Scholarships – Contact Senator’s office Delegate Scholarships – Contact each of three Delegates www.mhec.state.md.us – for additional programs

Other Sources of Financial AidPrivate/Local Scholarships

Where to LookHigh school guidance office website (College &

Career Center)Civic organizations (Elks, Rotary, Kiwanis, etc.)Private Companies, including parents’ employersPublic Librarieswww.fastweb.com

Financial Aid Resources

High School Guidance/Career OfficeCollege Financial Aid OfficeInternet

• www.msmary.edu/financialaidnight• www.collegeboard.org• www.collegeexpress.com• www.finaid.org• www.fastweb.com

Financial Aid Resources

www.msmary.edu/financialaidnight Presentation Grid (.pdf)Financial Aid Checklist (.pdf)Financial Aid Glossary (.pdf)Federal Student Aid Program Summary (.pdf)Sample Scholarship Letter (.pdf)Consultant and Scholarship Search Services Fact Sheet(.pdf)Cost Comparison (.xls)

Mount St. Mary’s University

Clarksburg High School

Financial Aid NightDecember 9, 2013

DAVE REEDER — Director of Financial Aid

reeder@msmary.edu