Financial Aid Overview Westminster High School Topics Introduction - - PowerPoint PPT Presentation

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

File FAFSA Beginning Oct 1st 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

Presentation Title/Section | 00

• 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

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

• Federal Loans
• Private Loans
• On-campus

employment

• Off-campus

employment

• Federal Grants

(example-Pell Grant)

• Institutional Grants
• State Grants
• Institutional

Scholarships

• State scholarships
• External

scholarships

Scholarships Grants Loans Work Study

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

Presentation Title/Section | 00 Presentation Title/Section | 00

Thank you!

finaid@mcdaniel.edu www.mcdaniel.edu/finaid (410) 857-2233