You Can Afford College!

GOUCHER COLLEGEADMITTED STUDENTS DAY

2014HTTP://

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Goals of Financial Aid

Primary goal is to assist students in paying for college and is achieved by:

Evaluating families’ ability to pay educational costs

Distributing limited resources in an equitable manner

Providing balance of gift aid and self-help aid

Financial Aid Basics3

Sources of Financial Aid4

Federal Financial Aid

Grants Pell Grant Supplemental Education Opportunity Grant (SEOG) Teach Grant

Work Study Need based award provides funds earned through

part-time employment on and off campus Student receives paycheck to help with expenses

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Federal Financial Aid, cont.

Loan ProgramsTypes

Federal Direct Student Loan– student’s name Perkins Loan- student’s name Parent PLUS – parent’s name, fixed interest rate,

credit check required (debt to income ratio)

Consider Low Interest Rates No Payment In School Grace Period

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State Aid from theMaryland Higher Education Commission

Grants and ScholarshipsParent and student must be a Maryland State

Resident Some programs require an additional

application

Samples of State AidNeed-based (file FAFSA by March 1st each year): Howard P. Rawlings Educational Excellence Awards Part-Time Grant

Legislative: Senatorial Delegate

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www.mhec.state.md.us8

Institutional Aid

Need Based or Merit Based Aid awarded by GC

Merit scholarships from Admissions

Institutional Operating Funds (i.e. GC Grants)

Endowment and Foundation Funds

Criteria may differ for each scholarship and may or may

not include the following:

Financial Need

GPA/SAT scores

Academic Major

Special Skills or Talents

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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

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Awards11

Awards are based on enrollment status

12+ credits = F/T

A student must have 12 or more credits to be considered F/T for FINANCIAL AID PURPOSES

Determining Financial Need12

The Cost of Attendance (COA)13

Note: COA is determined by individual schools

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Undergraduate 14-15 On CampusOff

CampusWith

Parent

Resident Budget

Tuition 39808 39808 39808

Fees 750 750 750

Room & Board 11482 6000 2000

Books 1000 1000 1000

Transportation 700 1200 1200

Personal 1100 1100 1100

Total 54840 49858 45858

FMEFCExpected Family Contribution

The Free Application for Federal Student Aid (FAFSA) takes into account (to consider for federal and MD State aid): 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

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www.pin.ed.gov16

www.fafsa.gov17

IMEFCExpected Family Contribution

The CSS Profile: Additional information to consider

a family for institutional aid Looks at primary home value Looks at business/farm value Looks at noncustodial parent Fee- $25

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What happens next?

Make sure to list GC’s school code on the FAFSA and CSS Profile (002073 and 5257)

GC will import your informationGC may ask you for additional information

(ex. tax forms, citizenship documents…)GC will send you an award letterVisit our website for an award guide

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What is FASTS?

The Financial Aid Student Tracking System Provides current information about the status of

financial aidAccess FASTS at www.goucher.edu/fasts or

through new student websiteStudents log in to FASTS using their PIN and

Goucher issued ID number and the FASTS PIN created when they log in for the first time.

What is FASTS con’t?

On FASTS, students may:

View their financial aid award Accept/decline/decrease financial aid awards Check the status of required financial aid documents Download financial aid documents View information about loans View messages associated with the financial aid award

Student Loans

All students accepting a loan must: Complete an entrance interview Complete a Master Promissory Note (MPN) Loan funds are credited by semester directly to the

student’s tuition account. A 1.072% fee is deducted prior to disbursement.

Federal Direct Student Loans Subsidized- need-based= government pays interest while

student is in school Unsubsidized- non need-based= interest starts accuring Interest= 3.86%

Parent Loan Information

Federal Direct PLUS loans All parents may apply. A FAFSA must be on file for the

student. To apply:

Complete a credit check and application at www.studentloans.gov

Submit PLUS loan Request Form to our office. Download from www.goucher.edu/financialaid/forms Parent borrower must sign a Master Promissory Note online

at www.studentloans.gov Borrow for the full academic year. The loan will be

disbursed by semester.

Federal Work Study (FWS)

FWS is a federal need-based program. Students earn wages and receive biweekly paychecks

for hours worked. Students should attend the job fair in late August to

meet directly with employers and schedule interviews. Jobs are not assigned to students and are not

guaranteed.

A student can still work on-campus if they don’t have FWS, however the jobs are more limited

Report Outside Assistance

Students who receive aid from outside sources, must report them to our office.

Use the online Outside Scholarship Notification form on the New Student Website to report.

Packages may be adjusted as a result. If so, a revised award notice will be sent via email if adjustments are made.

Special Situations

If your family experiences a recent change in circumstances (ex. unemployment, high unreimbursed medical expenses, change in martial status…) the financial aid award may be reviewed.

To request a review, complete a Professional Judgment Request (found on our website) and provide the appropriate supporting documentation.

Non-custodial information (needed for CSS Profile) may be waived if circumstances exist.

Study Abroad

Federal and institutional financial aid is transferable for Goucher sponsored study abroad programs.

Institutional financial aid is not available for a 3-week long program or a non Goucher sponsored program.

$1000 study abroad voucher is offered to help defray cost.

Financial Aid and Billing

Any financial aid awarded for the semester will appear as anticipated aid on the billing statement.

Anticipated aid is deducted from the balance to arrive at the amount due for the fall semester.

Enrollment and housing deposits will be deducted from fall bill.

Loan origination fees will be deducted.FWS won’t be deducted from the tuition account

balance. Students will be paid bi-weekly for actual hours worked.

Financial aid will be credited to a student’s tuition account after add/drop only after the financial aid file is complete. Failure to submit required documents may result in forfeiture of awarded aid.

Billing Information

Early July: Students and their billing parties will be notified each month via e-mail that their current billing statement is available online.Parents will need to have their student set up a login and password to give them access to his or her E-Bill account.FERPA reminder- new student portal

Early August: Fall semester balance is due

A billing worksheet is now available to help you figure things out!http://olympus.goucher.edu/billing/ugbillingworksheet.aspx

Insurance Plans

HEALTH INSURANCERequired for all full-time studentsInformation mailed in summerStudents must select or waive this insurance online

TUITION REFUND INSURANCEReimburses families if student has to withdraw for medical reasonsInformation mailed in summer

Monthly Payment Plan

Payments are spread out over 9-10 months beginning in May or June.

Annual fee for enrolling in the plan. No interest is charged.

A credit for half of the plan amount is applied to the students’ account at the beginning of the fall and spring semesters.

Information will be mailed to deposited students shortly.

Other Ways to Pay for College32

Your Own Savings

529 Savings & Prepaid Tuition Programs

Employer Tuition Reimbursement Plan

Veterans Benefits/Military Tuition Assistance

Tuition Waivers

Alternative Loans

What happens with my financial aid?33

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= $25000 bill, $30000 in FA, $5000 refund

Future Years…

Student must maintain full-time enrollment and required GPA for merit scholarships.

Must file FAFSA and CSS Profile each year to renew need-based aid.

Need-based aid will stay the same unless significant change in EFC.

Contact Us!

http://www.goucher.edu/financialaidhttp://www.goucher.edu/billingLearn more about financial aid and billingBrowse the FAQ’sWe are located in Student Administrative Services (next to Admissions in the courtyard)

You Know Where to Find Us!

If you have additional questions or concerns, feel free to contact us during normal business hours (Monday-Friday 8:45-5:00). We have an open-door policy at Goucher College:

Financial Aid- 410-337-6141 (finaid@goucher.edu)

Student Billing- 410-337-6022 (billing@goucher.edu)

Questions?

We look forward to welcoming the

CLASS OF 2018!

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