Invest In Your Future Financial Aid Presentation Presented by the Financial Aid Team.

Invest In Your FutureFinancial Aid Presentation

Presented by theFinancial Aid Team

Four Main Goals:

1. Establish a senior year timeline.2. Introduce Messiah College merit-based

aid (scholarships).3. Introduce the basics of need-based aid

(financial aid).4. 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 CollegeDirect 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 Varies Federal Stafford Loan $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

ANNUAL AMOUNT• Pennsylvania State Grant $500-$4348

(PHEAA) (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 Varies

Loans Varies

Work-Study Varies

Other Sources:

High School Varies

Local Businesses and Organizations 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