MONEY FOR COLLEGE!

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MONEY FOR COLLEGE!
Chesapeake College and The Maryland Higher
Education Commission

• An Overview of Federal and State
  Financial Aid Programs

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Agenda

• Understanding important steps to apply for Money
  for College
• The types of financial assistance
• The sources of financial assistance
• How to apply for financial assistance
• Cost of Attendance (COA)
• State Aid Programs
• Need-based and Legislative Scholarships
• Career Based, Service Obligation and Loan
  Repayment Aid Programs
• Unique Population Programs
• Final Recommendations
• Additional Resources and Information

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Types and Sources of Assistance

• Sources of Aid
• Federal
• State
• Institution
• Private

• Types of Aid
• Grants
• Scholarships
• Loans
• Work-Study

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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How to Apply for Federal
Financial Assistance
Office of Student Financial Assistancewww.mhec.st
ate.md.us
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How to Apply for
Financial Assistance

• Complete the Free Application for Federal Student
  Aid at www.fafsa.gov
• The student and one parent must apply for a PIN
  number at www.studentaid.gov or within the FAFSA
  application
• Research financial assistance program eligibility
  requirements.
• Do not miss deadlines.
• Complete all required forms to apply for
  financial assistance
  starting with the Free Application for Federal
  Student Aid.
• Learn as much as you can about financial
  assistance opportunities.

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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How to Apply for
Financial Assistance

• File the Free Application for Federal Student Aid
  FAFSA each year starting the senior year of
  high school.
• File on-line at www.fafsa.gov
• Complete all items.
• Remember Free - do not pay to have the
  application completed.
• Parents and students must apply for a P.I.N. to
  sign FAFSA electronically.
• Submit by MARCH 1 each year!

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Dont Forget when filling out
the FAFSA

• Use a street address, not a P.O. Box.
• Include a Maryland institution on the FAFSA.
• Students and parents name entered on the FAFSA
  should be the same as on the Social Security
  card. t

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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What happens now?

• After the FAFSA is filed you will be send a
  Student Aid Report (SAR) via email, if you
  provided one
• Review the SAR carefully to ensure all
  information is correct
• Make corrections as necessary and submit
  electronically
• Your SAR will provide your Expected Family
  Contribution (EFC)
• Your EFC combined with your college cost of
  attendance (COA) determines your eligibility for
  Federal Pell Grant and other need-based grants,
  including State aid

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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What is an EFC?

• This figure is calculated by a formula that looks
  at income, number of family members, number in
  college, and assets in some cases.
• The Expected Family Contribution is not actual
  money you will have to pay.
• The EFC determines your eligibility for all need
  based aid.
• Need is relative to the cost of the school.

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Cost of Attendance (COA)

• Tuition and fees
• Room and board
• Books and supplies COA
• Transportation
• Personal expenses

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Calculation of Financial Need

• COA minus EFC minus Pell (if eligible)
  Financial Need

Example COA 10,500EFC -2,500_____________
________ Need 8,000
Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Federal Aid Programs

• Pell Grant largest federal need based grant
  program. EFC less than 5001 Maximum award 5645
  (EFC of 0) these are FY 2013 figures.
• Supplemental Grant (SEOG) must be Pell
  eligible. Maximum award 4000
• Teach Grant Teacher Education Assistance for
  College and Higher Education grant is for
  students who intend to teach full-time in
  high-need subject areas for at least four years
  at schools that serve students from low-income
  families. Maximum award is 4000.
• Federal Work Study part-time job on campus, may
  offset tuition at some colleges.
• Federal Direct Loans fixed rate, currently at
  3.86 (both sub unsub this amount may go to
  6.8). Payments begin 6 months after enrollment
  ceases.
• Federal Plus Loan parent loan, based on credit
  worthiness, fixed rate, currently at 6.4.

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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• State Financial Assistance

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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How to Apply for State
Financial Assistance

• Maryland College Aid Processing System (MDCAPS)
• The State of Maryland financial aid system.
• You must create a Student Login Profile and then
  click the activation link in the message sent to
  your email account that was provided to use
  MDCAPS.
• To create a profile, log onto https//mdcaps.mhec.
  state.md.us.
• The MDCAPS account can be created at anytime.

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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How to Apply for State
Financial Assistance
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MDCAPS Student Portal
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Understanding the Types of Maryland State Aid

• Need-Based
• Howard P. Rawlings
• Educational Assistance Grant
• Guaranteed Access Grant
• Legislative
• Senatorial Scholarships
• Delegate Scholarships

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Howard P. Rawlings Educational Assistance Grant
up to 3,000 annually

• New and renewal students must file the FAFSA by
  March 1 each year.
• Office of Student Financial Assistance (OSFA)
  will electronically receive the FAFSA information
• Students must demonstrate financial need.
• (Students with the greatest need and lowest EFC
  are awarded first)
• Students must enroll as full-time, degree-seeking
  undergraduates at a 2-year or 4-year college or
  university in Maryland.
• Parents and students must be Maryland residents.

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Howard P. Rawlings Guaranteed Access Grant up to
16,100 annually

• Apply as a high school senior once out of high
  school you cannot apply.
• Must submit a Guaranteed Access Grant application
  and FAFSA.
• Minimum 2.5 cumulative, unweighted high school
  GPA.
• Must complete a college preparatory program.
• Students must have a high-school diploma.
• Students must enroll as full-time, degree-seeking
  undergraduates at a 2-year or 4-year college or
  university in Maryland.
• Parents and students must be Maryland residents.

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Legislative Scholarships (Senatorial and Delegate)

• All students may apply
• High school seniors
• Undergraduate students
• Graduate students
• Career or technical school students
• May be used for
• Full-time or part-time enrollment
• Maryland residents only
• Mostly Maryland institutions
  (may
  be used out of state in rare circumstances).

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Senatorial Scholarship 400 and up annually

• File FAFSA by March 1.
• Demonstrate financial need.
• Some awards are renewable for an additional
  three years.
• Contact Senator for application and renewal
  procedures.
• Note Senators have the option to award some
  do not select recipients but put their funds into
  other programs administered by OSFA.

Office of Student Financial Assistancewww.mhec.st
ate.md.us
22
Delegate Scholarship 200 and up annually

• Contact Delegate for application procedure.
• Must apply each year for an award they are not
  renewable.
• FAFSA may not be required.
• Note Delegates have the option to award some
  do not select recipients but put their funds into
  other programs administered by OSFA.

Office of Student Financial Assistancewww.mhec.st
ate.md.us
23
Unique Major

• Funds awarded for the Senatorial and Delegate
  scholarships may be used at an out-of-state
  institution if the students academic program is
  not offered at a Maryland institution
• Review MHEC website under Financial Aid
  Applications, Senatorial and Delegate Scholarship
  programs, for more information on how to apply

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Academic Common Market

• A consortium of 16 southern states that allow
  non-residents to enroll in specific degree
  programs at in-state tuition rates, if an
  academic program is not offered in the students
  home state
• Applications are available from MHEC and high
  school guidance office

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Career Based, Service Obligation and Loan
Repayment Aid

• Charles W. Riley Fire and Emergency Medical
  Services Tuition Reimbursement
  Program
• Active career or volunteer firefighters,
  ambulance or rescue squad members
• Must serve a Maryland community while enrolled in
  college courses and continue to serve for another
  year after courses are complete
• Must attend a Maryland institution and enroll in
  a degree or certificate program in either fire
  service technology or emergency medical
  technology
• Must be a Maryland resident
• Receive the actual dollar amount of tuition
  charges that have been paid amount of the award
  may not exceed the equivalent annual tuition of a
  resident undergraduate student at the four-year
  public institution within the University System
  of Maryland, other than the University of
  Maryland University College and University of
  Maryland, Baltimore

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Career Based, Service Obligation and Loan
Repayment Aid

• Workforce Shortage Student Assistance Grant
  Program
• For students who plan on working in specific
  career/occupational programs upon graduation.
  Eligible fields include child care, human
  services, teaching, nursing, physical and
  occupational therapy, social work, and public
  service.
• Current high school seniors, full-time and
  part-time, degree-seeking undergraduate and
  graduate students enrolled in an eligible
  accredited Maryland postsecondary institution.
• File the WSSAG application by July 1 with MHEC,
  FAFSA not required however it will be used to
  determine the order in which students will be
  awarded also submit official transcripts from
  all previous institutions
• Award amount up to 4000 (full time, four year
  institution) 2000 (part time, four year
  institution) 2000 (full time, two year
  institution) 1000 (part time, two year
  institution)

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Unique Population Aid

• Edward T. Conroy Memorial Award
• Current high school seniors, full-time and
  part-time, degree-seeking undergraduates and
  graduate students.
• You must be a Maryland resident to apply, with
  the exception of a spouse, son or daughter of a
  Maryland State or local public safety employee
  killed in the line of duty.
• You must enroll at a two-year or four-year
  Maryland college or university, as a full-time or
  part-time, degree-seeking undergraduate or
  graduate student or attend a private career
  school.

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Unique Population Aid

• Edward T. Conroy Memorial Award
• You must be
• the son or daughter of a member of the United
  States Armed Forces who died as a result of
  military service or who suffered a service
  connected 100 percent permanent disability as
  result of military service
• a veteran who suffers a service-connected
  disability of 25 percent or greater, as a result
  of military service, and has exhausted or is no
  longer eligible for federal veterans educational
  benefits
• the son, daughter, or surviving spouse of a
  victim of the September 11, 2001 terrorist
  attacks who died as a result of the attacks on
  the World Trade Center in New York City, the
  attack on the Pentagon in Virginia, or the crash
  of United Airlines Flight 93 in Pennsylvania
• a POW/MIA of the Vietnam Conflict or his/her son
  or daughter the son, daughter or surviving
  spouse (who has not remarried) of a state or
  local public safety employee or volunteer who
  died in the line of duty or who was 100 percent
  disabled in the line of duty
• or a state or local public safety employee or
  volunteer who was 100 percent disabled in the
  line of duty

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Unique Population Aid

• Veterans of Afghanistan and Iraq Conflicts
  Scholarship
• For United States Armed Forces personnel who
  served in the Afghanistan or Iraq Conflicts, and
  their sons, daughters, or spouses who are current
  high school seniors, and full-time or part-time,
  degree-seeking undergraduate students enrolled in
  an eligible accredited Maryland postsecondary
  institution.
• Submit the VAIC application and FAFSA, by March 1
  along with required documents
• List of required documents found MHECs website

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Unique Population Aid

• Tuition Waiver for Foster Care Recipients
• Students who resided in an out of home placement
  in Maryland
• On their 13th birthday and were then adopted from
  the out of home placement after their 13th
  birthday or
• At the time they graduated high school or earned
  a GED
• Attend a public college in Maryland
• File the FAFSA every year no later than March 1st
  
• Must enroll as a degree-seeking student before
  age 21
• Be sure to discuss with the financial aid officer
  at the college or university
• List of eligible students is sent to the public
  colleges and universities
• Contact social worker if not on the list

Office of Student Financial Assistancewww.mhec.st
ate.md.us
31
Lets Talk Numbers
College Tuition, Fees, Room Board Books Pell SEOG State Private Scholarship Loan Out of Pocket Expense
Towson University 19,004 1,100 4,095 800 3,000 500 3,500 8,209
Salisbury University 17,868 1,100 4,095 800 3,000 500 3,500 7,073
Chesapeake College 4,100 1,100 4,095 100 800 500 0 -295
2013/2014 figures Based on EFC of 1501,
Including meal plans, not including additional
fees. CC does not include RB
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Need more Money?

• Research college and private scholarships now
• Understand application process and deadlines
• Submit materials on time
• Make sure letters of references are timely and
  with substance
• Fastweb is a private scholarship search engine
  with more than 600,000 scholarship database at
  www.fastweb.com
• Guidance counselor is your best resource for
  local private scholarships.

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Final Recommendations

• Complete and submit the FAFSA each year starting
  the senior year of high school before the March 1
  deadline.
• Apply early for Maryland State Aid
• Know deadlines at the colleges and universities
  of your choice.
• Complete all required forms to apply for
  financial assistance.
• Apply for as many grants and scholarships as
  possible.
• Remember parent(s) and student must be Maryland
  residents for State of Maryland awards.
• Seek advice from the financial aid office at the
  college of your choice!

Office of Student Financial Assistancewww.mhec.st
ate.md.us
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Financial Aid Office
Laura Shahan Specialist MD State Scholarship
Coordinator lshahan_at_chesapeake.edu Dawn Smith
Specialist Work-Study Coordinator dsmith_at_chesap
eake.edu
Mindy Schaffer Director mschaffer_at_chesapeake.edu S
haunda Lane-Sampson Assistant Director slsampson_at_c
hesapeake.edu
410-822-5400 ext. 2252 www.chesapeake.edu/finaid
www.facebook.com/ccfinaid