Financial Aid Overview Westminster High School
Topics • Introduction • Financial Aid Timeline and Process • FAFSA Tips and Tricks • Decoding the Financial Aid Award Letter • Types of Aid • Funding the Remaining Balance • Questions Presentation Title/Section | 00
About McDaniel • Small, private liberal arts college in Westminster, MD • More than 1,600 undergraduate students • Average class size of 16 students, 12:1 Student to Faculty Ratio • 39% of students take advantage of global study opportunities worldwide, include McDaniel campus in Budapest • 250+ Research Projects • 90% of classes are taught by full-time faculty with Ph.D.s • 24 Sports in the Centennial Conference • Recognized as a College that Changes Lives Presentation Title/Section | 00
Timeline Beginning Oct 1 st File FAFSA Acceptance Letter Fall/Early Spring Financial Aid Awards Sent to Accepted Students Apply for Outside Scholarships Fall/Spring (review deadlines) Apply for Additional Loans May/June Payment Plan Enrollment May/June Fall Semester Bills Issued Early Summer Fall Semester Bills Due July/August Presentation Title/Section | 00
Net Price Calculator • Available on college/university website • Estimates out of pocket costs • Based on your response to questions about test scores, grades, family information and finances Presentation Title/Section | 00
2019-2020 FAFSA • Available October 1 • Request FSA ID student and parent first • Based on income from 2017 • Calculates Expected Family Contribution (EFC) which is used to calculate financial aid eligibility Presentation Title/Section | 00
FSA ID • Sign FAFSA electronically • Will be used by student and parent throughout the aid process, including subsequent school years • Only the owner should create an FSA ID Presentation Title/Section | 00
FAFSA – Student Info • Social Security Number • Citizenship Status • Marital Status • Drug Convictions • Selective Service Registration • Level of parents school completion Presentation Title/Section | 00
Who is the Parent? When biological parents do not live together • The parent the student lives with should be listed on FAFSA • In joint custody cases, the parent who provides more than 50% of the student’s support should be listed. • Step parents must be listed on the FAFSA. • The parent not listed on the FAFSA can still contribute to educational expenses. Presentation Title/Section | 00
Providing Financial Information • 2017 Tax Year Information is Required • Student and Parent Financial Information • Two ways to provide tax information Direct Transfer from IRS (Recommended) More accurate but parent cannot review or change Hand Enter Tax Information More chance of mistakes Can be confusing • Assets must be reported as of the day the FAFSA is filed Presentation Title/Section | 00
Special Circumstances • Change in income • Change in employment status • Unusual medical expenses not covered by insurance • Change in parent marital status • Unusual dependent care expenses • Student cannot obtain parental information Presentation Title/Section | 00
Common Mistakes • Completed FAFSA for Wrong Academic Year • Wrong names and SSN • Incorrect student demographic information • Not reporting a step-parent on the FAFSA • Reporting a wrong household size/number in college • Not signing the FAFSA • Issues with reporting income for separated parents • Entering parent information in the student’s section for income data • Listing only one college (Among first-time filing freshmen, only 32% report more than one school) Presentation Title/Section | 00
Financial Aid Award Letter Award letters will be sent electronically or via paper to show your financial aid eligibility May be estimated – additional information needed before final award issued Follow college/university instructions carefully
Types of Financial Aid • Institutional • Federal Grants Scholarships (example-Pell Grant) • State scholarships • Institutional Grants • External • State Grants scholarships Scholarships Grants Work Study Loans • On-campus • Federal Loans employment • Private Loans • Off-campus employment
Scholarships • Institutional (Merit) • State (Maryland Residents) • External Presentation Title/Section | 00
Merit Scholarships • Awarded after a student is accepted • Based on Admission application • Up to full tuition • Generally Renewable if Academic Standards are met Presentation Title/Section | 00
McDaniel Merit Scholarships • Academic Scholarships from $13,000 to $25,000 • Presidential Scholarships-from $27,000 to full tuition • Compete during Scholars on the Hill event • The Dorsey Scholars Program • Full tuition, room and board • Legacy Scholarship Program • $25,000 (resident), $20,000 (commuter) • For children of Educators, Veterans, and Alumni Presentation Title/Section | 00
State Scholarships • Legislative Scholarships • 2+2 Transfer Scholarship • Special Populations and Career Oriented • www.mdgo4it.org Presentation Title/Section | 00
External Scholarships • Guidance Office • Employee Benefits • Local Foundations, Businesses, Community Organizations Carroll Community Foundation Website • Begin researching private aid sources early Presentation Title/Section | 00
Grants • Federal • Pell Grants • Supplemental Educational Opportunity Grant • TEACH Grant • State (Maryland) • Guaranteed Access Grant • Educational Assistance Grant • Institutional (Awarded by the college) Presentation Title/Section | 00
Loans • Federal Loans • Up to $5,500 available to first year students • Parent PLUS loans • Private Loans Presentation Title/Section | 00
Work Study • Funding for part-time jobs • Funding must be earned through work • Designed to be used for living expenses Presentation Title/Section | 00
Funding the Remaining Balance • Cash Payment • Installment Payment Plan with College • External Scholarships • ROTC Scholarships • PLUS Loan (parent) • Private Education Loans for Student or Parents • Home Equity Loans Presentation Title/Section | 00
Sources of Information • www.fafsa.ed.gov • www.finaid.org • www.studentaid.ed.gov • www.mcdaniel.edu/finaid Presentation Title/Section | 00
Questions? • finaid@mcdaniel.edu • www.mcdaniel.edu/finaid • (410) 857-2233 Presentation Title/Section | 00
Thank you! finaid@mcdaniel.edu www.mcdaniel.edu/finaid (410) 857-2233 Presentation Title/Section | 00 Presentation Title/Section | 00
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