What is financial aid Cost of attendance (COA) Expected Family Contribution (EFC) What is financial need Categories, types and sources of financial aid Free Application for Federal Student Aid (FAFSA)
Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses.
Direct costs
Indirect costs
Direct and indirect costs combined to equal the cost of attendance Varies widely from college to college
Amount family can reasonably be expected to contribute Stays the same regardless of college Calculated using data from a federal application form and federal formula
Cost of Attendance
Expected Family Contribution (EFC)
Financial Need
Gift Aid Scholarships
Grants
Self-Help Aid Loans
Employment
Money
back
that does not have to be paid
Awarded
on the basis of merit, skill, or unique characteristics
Grants
are awarded on the basis of financial need
Money students and parents borrow to help pay college expenses Repayment usually begins after education is finished
Only borrow what is really needed
Look at loans as an investment in the future
Federal government
States
Private
Civic organizations and churches
Employers
No application is needed to be considered for a merit award
Eligibility will be determined as students apply for admission
88% were offered financial aid 73% received a St. Mary’s grant and/or scholarship $7419 was the average combined institutional grant/ scholarship aid per student (annual figure) Merit awards ranged from $500-$8500 in the 2013-2014 academic year
Foundations, businesses, charitable organizations Research what is available in community Deadlines and application procedures vary widely Small scholarships add up!
Residency requirements Aid is awarded on the basis of both merit and need FAFSA is required Deadlines vary by state
◦ For MD residence check Maryland Higher Education Commission (MHEC) www.mhec.state.md.us ◦ For out of state residence refer to the FAFSA www.fafsa.ed.gov
Largest source of financial aid Aid awarded primarily on the basis of financial need Must apply each year using the Free Application for Federal Student Aid (FAFSA)
Federal Pell Grant Teacher education Assistance for College and Higher Education Grant Federal Supplemental Educational Opportunity Grant
Federal Perkins Loan Federal Work-Study Subsidized and Unsubsidized Loans PLUS Loans
A standard form that collects demographic and financial information about student and family
St. Mary’s College requires the FAFSA in order to package a student with financial aid ◦ File electronically at www.fafsa.ed.gov ◦ Available in English and Spanish
Information used to calculate the Expected Family Contribution (EFC) ◦ The amount of money a student and his or her family may reasonably be expected to contribute towards the cost of the student’s education for an academic year ◦ Colleges use the EFC to award financial aid
May be filed at any time during an academic year, but no earlier than the January 1st prior to the academic year for which the student requests aid For the 2014-15 academic year, the FAFSA may be filed beginning January 1, 2014 Colleges may set FAFSA filing deadlines
◦ Note: Priority deadline is Feb. 15th for St. Mary’s
• Website: www.fafsa.ed.gov • 2014-2015 FAFSA on the Web available on January 1, 2014 • FAFSA
on the Web Worksheet • Used as “pre-application” worksheet • Questions follow order of FAFSA on the Web
While completing FAFSA on the web (FOTW), applicants may submit real-time request to IRS for tax data IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to applicant in new window
Some will be unable to use IRS DRT
Examples include: ◦ Filed an amended tax return ◦ No SSN was entered ◦ Student or parent married but filed separately
Website: www.pin.ed.gov
Sign FAFSA electronically
May be used by students and parents throughout aid process, including subsequent school years
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
Student is notified of processing results by: ◦ E-mail notification containing a direct link to student’s on-line SAR if student‘s email was provided on electronic FAFSA
Student with PIN may view Student Aid Report (SAR) on-line at www.fafsa.gov
If necessary, corrections to FAFSA data may be made by: ◦ Using FAFSA on the Web (www.fafsa.ed.gov) if student has a PIN ◦ Submitting documentation to a colleges financial aid office is provided by listing the colleges school code on the FAFSA SMCM School Code: 002095
Nov. 1 Early-decision I
Dec. 1 Early-decision II
Jan. 1 Regular Decision Application Deadline.
Apply by November 1st for Spring Enrollment