Financial Aid - Messiah College

Report
Invest In Your Future
Financial Aid Presentation
Presented by the
Financial Aid Team
Four Main Goals:
1.
2.
3.
4.
Establish a senior year timeline.
Introduce Messiah College meritbased aid (scholarships).
Introduce the basics of need-based aid
(financial aid).
Examine ways to afford a Messiah
College education.
Goal 1: The Senior Year Timeline
• October & November:
• Apply to Messiah College (fee waived by Nov. 15th)
• December:
• Receive admission’s decision
• Receive Provost’s Scholarship Information
• Request FAFSA Pin
• January:
• Trustees’ & President’s Scholarship Process (application
deadline – Jan. 15th)
• Begin working on 2012 Federal Tax Return
Goal 1: The Senior Year Timeline
• February:
• Martin’s Multicultural & Amigo Scholarship Process
• Volmer’s Music, Art, Dance, & Theater Scholarship Processes
• Complete Free Application for Federal Student Aid (FAFSA)
• March:
• Most scholarship processes are complete as of March 1st.
• Beginning March 15th, Financial Aid packages are created and
are viewable via MCSquare.
• April:
• Students planning to attend Messiah College are encouraged
to pay their deposit by May 1st.
Goal 2: Understanding Scholarships
at Messiah College
• Merit-Based Aid:
• Aid is awarded solely on academic achievement, artistic talent, and
not based on financial need.
• Money is awarded based on student’s ability.
• Provost’s Scholarship:
• Messiah College’s primary merit-based aid
• Awards range from $9,000-$14,500
• Based solely on high school or transfer record
• Criteria Used:
– *SAT or ACT: Minimum Score of 1100 or 24
– **High School Class Rank: Minimum Rank of Top 25%
*SAT based on Critical Reading & Math sections
**Class Rank based on classes with 40 or more students
Goal 2: Understanding Scholarships
• Trustees’ and President’s Scholarships:
• Requirements:
• Minimum 1300 SAT or 29 ACT
• Top 10% Class Rank (if provided)
• Selected students are invited to campus for an interview.
• Trustees’ Scholarship:
• 7 scholarships are awarded each academic year in an amount
equal to 100% of that student's 1st year tuition costs to
entering 1st year students.
• President’s Scholarship:
• 75 scholarships are awarded each academic year in an amount
equal to 60% of that student's 1st year tuition costs to entering
1st year students.
Goal 2: Understanding Scholarships
• Martin’s Multicultural Scholarships
• Requirements:
• Minimum 1200 SAT or 26 ACT or
• Top 10% Class Rank or
• 3.6 GPA or better and
• Significant leadership, service, or ministry involvement in their
school, church, or community, as well as, have a record of
promoting racial and ethnic diversity and reconciliation.
• Application required and selected students are invited on
campus for an interview.
• Awards:
• 4 scholarships are awarded each academic year in an amount
equal to 100% of that student's 1st year tuition costs.
• Several $20,000 and $15,000 awards which replace the
Provost’s Scholarship
Goal 2: Understanding Scholarships
•
Volmer’s and Dean’s Arts Scholarships:
• Requirements:
• Major in Music, Theater, Dance, or Visual Art
• Complete application process by February 1st to receive priority
consideration.
• See school of the arts departmental websites for details.
• Awards:
• Selected students receive Volmer’s Scholarships, equal to 60%
of that student’s 1st year tuition costs.
• Additional students may receive Dean’s Scholarships which vary
in amounts from $500-$3000.
Goal 3: Understanding Financial Aid
• Need-based financial aid is determined by a
family and student’s ability to afford college. At
Messiah College, this is based on the Free
Application for Federal Student Aid (FAFSA).
• The Purpose of Financial Aid:
• ACCESS to postsecondary education or training
• CHOICE among postsecondary institutions
Goal 3: Understanding Financial Aid
• Principles and Methodology of the FAFSA Need
Analysis:
1. The FAFSA is used to distribute scarce resources.
2. Allocate funds equitably and consistently.
3. Income and assets reflect family financial strength.
4. The FAFSA uses your income from the latest
completed tax year.
5. Individual family circumstances can be considered.
Goal 3: Understanding Financial Aid
• The 2013-2014 FAFSA
• Can be completed online
or by using the paper form
• Must use your 2012 tax
information
• Should be completed by
March 1st
• Should estimate on the
FAFSA if you will not have
your taxes completed by
March 1st
Goal 3: Understanding Financial Aid
•
Web site: www.fafsa.gov
•
2013-14 FAFSA available on or after January 1, 2013
•
FAFSA on the Web Worksheet & built-in edits help prevent
costly errors
Goal 3: Understanding Financial Aid

Web site: www.pin.ed.gov

PIN serves as your electronic signature.

PIN can be used each year to electronically apply for
federal student aid (save your information).

Each student and a parent must acquire a PIN.

Can get PIN before January 1st
Goal 3: Understanding Financial Aid
• Based on the information you provide when filling
out the FAFSA, the government determines what
you as a family should be able to pay for college,
your Expected Family Contribution (EFC).
Parental contribution from income & assets
(adjusted, if more than 1 sibling in college)
+ Student’s contribution from income & assets
= Expected Family Contribution (EFC)
Goal 3: Understanding Financial Aid
•
Determining Eligibility for Financial Aid:
• The Cost of Attendance equals all costs involved in
college:
• Direct Costs: Tuition, Room, Board, Fees
• Indirect Costs: Books, Supplies, Travel, Personal
• 2012-13 Cost of Attendance (COA) at Messiah College
Direct Costs:
$38,220
Indirect Costs:
+ $3,370 (approx.)
Cost of Attendance
$41,590
Goal 3: Understanding Financial Aid
• Determining Eligibility for Financial Aid:
– To determine a student’s financial need, the EFC is
subtracted from the total cost of attendance (COA).
–
=
•
Cost of Attendance (COA)
Expected Family Contribution (EFC)
Student’s Financial Need
The purpose of financial aid is to help address this
“Need” amount.
Goal 3: Understanding Financial Aid
•
The Primary Sources of Financial Aid
•
•
•
•
Federal Government
State Governments
Postsecondary Institutions
Private Agencies
Sources of Aid: The Federal Government:
ANNUAL AMOUNT
Federal Pell Grant
$602-$5,550 (for 2012-2013)
Federal S.E.O.G.
$100-$4,000 (usually $1,000)
Federal Perkins Loan
Up to $5,500 (usually $1,000)
5% fixed interest rate; 9 months grace period; 10 years standard repayment period;
no fee
Federal Work-Study
Federal Stafford Loan
Varies
$5,500 (1st yr), $6,500 (2nd yr) $7,500 (3rd & 4th yrs)
3.4% fixed interest subsidized rate; 6.8% unsubsidized rate; 6 months grace period;
several repayment options; 1% fee
Federal PLUS Loan
Up to cost of attendance
7.9% fixed interest rate; payments begin within 60 days of last disbursement; can
be deferred; 4% fee
Sources of Aid: The State Government
• Pennsylvania State Grant
(PHEAA)
ANNUAL AMOUNT
$500-$4348
(For 2012-2013)
• New York, New Jersey, and Maryland state grants
are not portable, you must remain in your state to
qualify.
• Connecticut, Delaware, Maine, Massachusetts,
Michigan, Ohio, Rhode Island, Vermont, and West
Virginia State Grants are portable, some portion of
your aid can cross state lines.
Sources of Aid: Institution & Other Sources
Institution:
ANNUAL AMOUNT
Grants
Varies
(Messiah College Grant)
Scholarships
Loans
Work-Study
Varies
Varies
Varies
Other Sources:
High School
Local Businesses and Organizations
Varies
Varies
Goal 4: Financing an Education
• Question: “What Do I Owe?”
Answer: Cost of Attendance (COE)
- Financial Aid
= Actual Family Contribution
(what you owe)
• Reminder: Because it is not possible to meet every student’s
need, the Actual Family Contribution may be more than the
government’s Estimated Family Contribution.
Goal 4: Financing a Messiah College
Education
• The Actual Family Contribution is the amount
that must be paid by the family.
• Ways to Pay the Actual Cost of College:
• Savings
• Payments through Tuition Management Systems
• Monthly interest-free payments during the academic year
• Private student loan companies
• Government-backed parent loans (PLUS Loans)
• Outside funding/scholarships
Goal 4: Financing a Messiah College
Education
Free Internet scholarship search engines:
•
•
•
•
•
•
•
•
•
www.fastweb.com - fastweb
www.finaid.org - The SmartStudent Guide to Financial Aid
www.collegescholarships.com - CollegeScholarships
www.iefa.org - International Education Financial Aid
www.nextstudent.com/scholarships - NextSTUDENT
www.scholarshipmonkey.com - scholarship monkey 2.0
www.scholarshipexperts.com - ScholarshipExperts.com
www.scholarsite.com - $CHOLAR$ITE
www.schoolsoup.com - School Soup

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