You Can Afford College!
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GOUCHER COLLEGE
A D M I T T E D S T U D E N T S D AY
2016
Goals of Financial Aid
 Primary goal is to assist students in paying for college
and is achieved by:

Evaluating families’ ability to pay educational costs

Distributing limited resources in an equitable manner

Providing balance of gift aid and self-help aid
Financial Aid Basics
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Gift Aid
Self-Help
Aid
Grants
Work Study
Scholarships
Loans
Sources of Financial Aid
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Federal
• Grants
• Work Study
• Loans
State- MD and
others
• Scholarships
• Grants
Institutional- from
Goucher
• Grants
• Scholarships
Private
• Scholarships
• Tuition reimbursement
Federal Financial Aid
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 Grants
 Pell Grant
 Supplemental Education Opportunity Grant (SEOG)
 Teach Grant
 Work Study
 Need based award provides funds earned through part-time
employment on and off campus
 Student receives paycheck to help with expenses
Federal Financial Aid, cont.
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Loan Programs
 Types

Federal Direct Student Loan– student’s name, fixed interest rate
4.29%, 6 mo grace period



Subsidized- need-based= government pays interest while student is in school
Unsubsidized- non need-based= interest starts accruing
Parent PLUS – parent’s name, fixed interest rate- 6.84%, credit check
required (looks at ‘adverse’ credit)
New Interest rates are released each July.
State Aid from the
Maryland Higher Education Commission
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Grants and Scholarships
 Parent and student must be a MD Resident
 Some programs require an additional
application
Samples of State Aid
Need-based (file FAFSA by March 1st each year):

Howard P. Rawlings Educational Excellence Awards
Legislative:


Senatorial
Delegate
MD State Aid
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Goucher Institutional Aid
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 Need Based or Merit Based Aid awarded by GC
Merit scholarships- based on academics
Leadership/Talent scholarships- required audition/interview
Operating funds- need-based grants, required CSS Profile
Endowment and Foundation funds- replace operating funds in future
years with $ from donors
Private Sources
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 Funding that comes from private organizations

Civic Organizations

Professional Associations

Private Businesses

Employers
 Deadlines and application procedures can vary widely
 Use reliable scholarship search services
Awards
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 Awards are based on enrollment status
 12+ credits = F/T
 Most awards require F/T status
 Awards are based on housing status
 On-campus, With Parent, Off-Campus (upperclassman)
Determining Financial Need
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The Cost of Attendance (COA)
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Calculating your Cost Of Attendance (COA)
Tuition and Fees (direct average cost)
Room and Board (direct or indirect average cost)
Books and Supplies (indirect average cost)
Transportation (indirect average cost)
Miscellaneous Expenses (indirect average cost)
Cost of Attendance (COA)
Undergraduate 16-17
On Campus
Off Campus
With Parent
Tuition
$42,600
$42,600
$42,600
Fees
$816
$816
$816
Room & Board
$12,300
$8,000
$2,000
Books
$1,200
$1,200
$1,200
Transportation
$1,000
$1,200
$1,200
Personal
$1,500
$1,500
$1,500
Total
$59,416
$55,316
$49,316
Resident Budget
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 The Free Application for Federal Student
Aid (FAFSA) takes into account:
FM
EFC
Expected Family Contribution
To consider you for federal and state aid
 Income (parent(s) and student)
 Assets (parent(s) and student)
 Number in Household
 Number in College
 State of Residence
 Marital Status
 Dependency Status
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 The CSS Profile:
IM
EFC
Expected Family Contribution
To consider you for institutional aid
 Looks at what makes up AGI
 Looks at primary home value
 Looks at business/farm value
 Looks at noncustodial parent
 Fee- $25
What happens next?
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 Make sure to list GC’s school code on the FAFSA and CSS
Profile (002073 and 5257)
 GC will import your information
 GC may ask you for additional information (ex. tax forms,
citizenship documents…)
 GC will send you an award letter
 Visit our website for an award guide
FASTS
(Financial Aid Student Tracking System)
 Provides current information about the status of financial aid





View their financial aid award
Accept/decline/decrease financial aid awards
Check the status of required financial aid documents
Download financial aid documents
View messages associated with the financial aid award
 Access FASTS at www.goucher.edu/fasts - use Goucher ID and
user-created pw
What to do once you deposit!
 Accept or decline awards on FASTS
 Make sure all documents needed are turned in
 Report outside assistance
 If accepting students loans:
 Complete an entrance interview
 Complete a Master Promissory Note (MPN)
 Loan funds are credited by semester directly to the student’s tuition
account. A origination fee is deducted prior to disbursement.
Parent Loan Information
 Federal Direct PLUS loans
 All parents may apply. A FAFSA must be on file for the student.
 To apply:
 Complete a credit check and application at www.studentloans.gov
 Sign a Master Promissory Note online at www.studentloans.gov
 Borrow for the full academic year.
Federal Work Study (FWS)
 FWS is a federal need-based program.
 Students earn wages and receive biweekly paychecks for hours
worked.
 Students should attend the job fair in late August to meet directly
with employers and schedule interviews.
 Jobs are not assigned to students and are not guaranteed.

A student can still work on-campus if they don’t have FWS, however
the jobs may be more limited.
Report Outside Assistance
 Students who receive aid from outside sources, must report
them to our office.
 Use the online Outside Scholarship Notification form on the New
Student Website to report.
 Packages may be adjusted as a result. If so, a revised award
notice will be sent via email if adjustments are made.
Special Situations
 If your family experiences a recent change in circumstances
(ex. unemployment, high unreimbursed medical expenses,
change in marital status…) the financial aid award may be
reviewed.
 To request a review, complete a Professional Judgment
Request (found on our website) and provide the appropriate
supporting documentation.
 Non-custodial information (needed for CSS Profile) may be
waived if circumstances exist.
Study Abroad
 Federal and institutional financial aid is transferable for
Goucher sponsored study abroad programs.
 Institutional financial aid is not available for a 3-week long
program or a non Goucher sponsored program.
 OIS offers additional scholarships for programs.
Financial Aid and Billing
 Any FA awarded for the semester will appear as anticipated
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aid on the billing statement.
Anticipated aid is deducted from the balance to arrive at the
amount due for the fall semester.
Enrollment and housing deposits will be deducted from fall
bill.
Loan origination fees will be deducted (1.068%/4.272%)
FWS won’t be deducted from the tuition account balance.
Students will be paid bi-weekly for actual hours worked.
FA will be credited to a student’s tuition account after
add/drop only after the financial aid file is complete. Failure
to submit required documents may result in cancelation of
awarded aid.
E-Billing Information
July 8, 2016:
 Students and their billing parties will be notified via e-mail that
their billing statement is available.
 Students need to set up third-parties (ex. parents) with access to
their E-Bill.
 FERPA reminder- new student portal
August 3, 2016: Fall semester balance is due (unless aid covers)
A billing worksheet is available to help you figure things out!
http://olympus.goucher.edu/billing/ugbillingworksheet.aspx
Insurance Plans
HEALTH INSURANCE
 Required for all full-time students
 Information mailed in summer
 Students must select or waive this insurance online
 $1,798
TUITION REFUND INSURANCE
 Reimburses families if student has to withdraw for medical reasons
 Information mailed in summer
Monthly Payment Plan
 Payments are spread out over 9-10 months beginning in May or
June.
 Annual fee ($55) for enrolling in the plan. No interest is charged.
 A credit for half of the plan amount is applied to the students’
account at the beginning of the fall and spring semesters.
 Information will be mailed to deposited students.
Other Ways to Pay for College
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 Your Own Savings
 529 Savings & Prepaid Tuition Programs
 Employer Tuition Reimbursement Plans
 Veterans Benefits/Military Tuition Assistance
 Alternative Loans
What happens with my financial aid?
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 Students may receive FA up to their COA
 FA will pay for your direct costs (tuition and fees and
room and board if living on-campus)
 If your FA is in excess of your T&F you will receive a
refund check (to help pay for indirect expenses)
 Example= $20,000 bill, $25,000 in FA, $5,000 refund
Future Years…
 Student must maintain full-time enrollment and required GPA for
merit scholarships.
 Must file FAFSA and CSS Profile each year to renew need-based
aid.
 Need-based aid will stay the same unless significant change in
EFC.
Contact Us!
 Financial Aid- 410-337-6141 (finaid@goucher.edu)
http://www.goucher.edu/financialaid
 Billing- 410-337-6022 (billing@goucher.edu)
http://www.goucher.edu/billing
 We are located in Student Administrative Services
(next to Admissions in the Dorsey Courtyard)
Questions?
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We look forward to
welcoming the
CLASS OF 2020!