MARIE JANISZEWSKIASSISTANT DIRECTOR OF SCHOLARSHIPS

FINANCIAL AID SERVICES

You Can Afford College!

1

Primary Goal of Financial Aid2

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.

What is Financial Aid?3

Definition of Financial Need4

Cost of Attendance (COA)5

Expected Family Contribution (EFC)

6

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.

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

Federal Financial Aid Basic Eligibility Requirements

Note: Other conditions may apply

8

www.pin.ed.gov & www.fafsa.gov 9

WHAT YOU WILL NEED:

1.Your social security number

2.Your federal student aid pin

3.Your financial records

4.An email address

5.About an hour of your time

10

Completing the Free Application for Federal Student Aid (FAFSA)

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 Aid12

How much can you borrow?

Depends on:

COA

EFC

Year in School

Dependency Status

Other Financial Aid

15Fund Your Future 10-11, Page 13-14

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 AidNeed-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)

16

www.mhec.state.md.us17

Institutional Aid

GrantsGrants from the institution based on need

Work Study Institutional Work Study

ScholarshipsAwarded by the institution based on various criteria

Financial NeedAcademic MeritLearning ProgramSpecial Skills or TalentsVolunteer Experience

**PAY CLOSE ATTENTION TO DEADLINES**

18

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

19

Ways to Pay for College20

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

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

21

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

22

Financial Aid Services

Located in RCF- 222Phone: 443-518-4912Fax: 443-518-4576E-Mail: finaid@howardcc.eduWebpage:

Go to www.howardcc.edu Select “Admissions & Enrollment” tab Click on “Pay for College” Select “Financial Aid Services” on the left column

23