UNLOCK THE WORLD OF FINANCIAL AID

Ellie Geiman

McDaniel College

Important Deadlines FAFSA MARCH 1st (Date Received)

Date used by Maryland State to award need based funds

Recommend using the Electronic PIN Signature

School DeadlineVerify with College’s Financial Aid Office

Maryland State Due March 1st RECEIVED State Draws FAFSA Info for Awards April1st

Deposit Date May 1st Commitment to a School (Non refundable)

Time Table

Current Seniors in High SchoolFAFSA Due March 1, 2010Estimate 2009 Tax information

Update actual tax figures when complete

Current Juniors in High SchoolFAFSA Due March 1, 2011 Use 2010 Federal Tax Admission Deposit deadline May 1, 2011

Current Sophomore in High SchoolFAFSA Due March 1, 2012 Use 2011 Federal Tax Admission Deposit deadline May 1, 2012

Required Forms FAFSA : All Colleges use for Need Based Funds

CSS Profile : College Board Application

Required by select colleges (Cost involved)Confirm if college requires and due date

College Institutional Form:Some college have their own form instead of the CSS Profile. Check College website or call to confirm

what form are required.

Colleges may require Tax form documentation

FAFSA On-Line www.fafsa.gov

The Federal Government would prefer all FAFSA transactions be done on-line.

Student and Parent must have a PIN number. The PIN number is an electronic signature. PIN numbers remain the same for the complete

time of a student’s education. Doing FAFSA on line is timely and accurate. The FAFSA must be done each academic year.

SOURCES OF FINANCIAL AID

FEDERAL GOVERNMENT

STATE GOVERNMENT

PRIVATE COLLEGE FUNDS

SCHOLARSHIP FOUNDATIONS

CIVIC ORGANIZATIONS

MILITARY

FEDERAL GOVERNMENT Federal Pell Grant Federal SEOG Grant Federal TEACH Grant Direct & FFEL Stafford Loans Perkins Loan Federal Work Study Federal PLUS Loan ( Parent )

TEACH GRANT

Federal Government

Must teach in high need subject areas

Must teach in schools servicing low income families

Four year teaching obligation

$4000 per year

If service is not provided in area designated the grant becomes a loan

State Funding Need Based

Educational Assistance GrantGuaranteed Access Grant

Merit Based Distinguished Scholar

Distinguished Scholar Teacher

Senator & Delegate Contact your district Senator and Delegates directly

Check Maryland Web Site for other programs http://www.mhec.state.md.us/financialaid/

Workforce Shortage Grant

CHILD CARE PROVIDER SCHPDEVELOPMENTAL DISABILITIES TUITION ASSISTDISTINGUISHED SCHOLAR TEACHERMCAULIFFE MEMORIAL TEACHER SCHPSTATE NURSING SCHPPHY & OCCUPATION THERAPISTS & ASSIST GRANTWILLIAM DONALD SCHAEFER SCHP

Please be aware that this grant requires a commitment to work in the State of Maryland in the field designated.

Application is usually due July 1st

Technology School Many Technology Schools have associated

Foundations that provide grants and scholarships. Contact the Financial Aid Office and inquire.

Check companies that are associated with the business.Example:

Auto Repair – Snap-On Tools

Diesel Repair – Pennzoil, Shell Oil, Caster Oil Health Care – Health Care Providers like Care First

FEDERAL CALCULATIONS EFC: Expected Family Contribution

Formula For NeedCOST OF EDUCATION (From each College)MINUS Expected Family Contribution Student’s Federal Financial Need

Example: Cost of ABC College $20,000Expected Family Cont $

5,000Federal Need $15,000

FINANCIAL AID AWARD

Cost of College: $20,000/YearFinancial Aid:

Pell Grant ( $2,000)SEOG Grant ( $ 500)State Grant ( $2,500)Academic Schp ( $5,000)Private Grant ( $1,000)Stafford Loan ( $2500)

Total Aid $13,500

Owe College $ 6,500

How do we cover what we owe?? Cash Payment PLUS Loan (parent) 10 year College Contract Plan (over school year) Private Education Loans for Parent Private Education Loans for Student Home Equity

RESOURCES/RESEARCH Check the Internet Books from the Library Employee Benefits High School Guidance Office Civic Organizations ( State and Federal Level )

KEY POINTS TO REMEMBER FAFSA is due March 1st before Fall

enrollment (FAFSA must be done each year) Contact colleges for their requirements Review Student Aid Report Work with High School Guidance Office

for outside scholarships Meet all deadlines

Contact Information Ellie Geiman Associate Director of Financial Aid McDaniel College 2 College Hill Westminster, MD 21157

Phone: 410-857-2235 Fax: 410-386-4608

egeiman@mcdaniel.edu