AACC-UMBC STEM Initiative
Financing Your Degree from Here to There
November 13, 2014
Topics We Will Discuss Today
•
What is financial aid?
•
Cost of attendance (COA)
•
Expected family contribution (EFC)
•
Financial need
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Categories, types, and sources of financial aid
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Free Application for Federal Student Aid (FAFSA)
•
Maryland State Awards
What is Financial Aid?
•
Financial aid consists of funds provided to students and families to
help pay for postsecondary educational expenses
What is Cost of Attendance (COA)?
What is Expected Family Contribution (EFC)?
•
Amount family can reasonably be expected to contribute
•
Stays the same regardless of college
•
Two components
•
•
Parent contribution
•
Student contribution
Calculated using data from a federal application form and a federal
formula
AACC vs. UMBC
•
Tuition & Fees for 60 credits at current AACC direct costs: $9,060
You have paid for these credits from your (and your parents) cash flow
and various other resources like federal and state grants, student loans,
work study programs and scholarships which you were determined to
be eligible for.
You are now headed for UMBC where the tuition & fees direct costs
are ??? www.umbc.edu/financialaid
What is Financial Need?
UMBC Cost of Attendance (Cost)
–
Expected Family Contribution (current)
=
Financial Need
Current Tuition & Fees
•
Using the Cost link: http://www.umbc.edu/financialaid/undergraduate_cost.html
•
What is your “estimated” direct costs for an additional 60 credits?
$20,780
This scenario assumes all of your AACC credits will transfer and that you only have
60 credits remaining to complete the desired degree.
What is your estimated direct cost for the 2015 spring semester?
$5,195
•
If all of your credits do not apply then the additional credits need to complete
will have to be factored into your costs to be funded.
www.umbc.edu/financialaid
•
New & Prospective Transfers
UMBC offers both need and merit-based aid for prospective transfer
students. Learn more about our merit scholarships for incoming transfer
students.
•
Getting Started
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Apply for admission with the Office of Undergraduate Admissions.
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Create your myUMBC account and join UMBC's online community.
•
View our Financing Your Education brochure for an overview of our
financial aid process.
What's Next?
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Once you have been admitted to UMBC you must upgrade your
myUMBC account. Your upgraded account will allow you to set up your
UMBC email. Please note that we will correspond with you exclusively
through your UMBC email address so be sure to monitor it regularly.
•
Financial Aid Award Notifications are sent beginning late November. You
will be sent an electronic notification on myUMBC. If you just completed
your FAFSA or were recently admitted to UMBC, you will be able to
access your award notification 2-3 weeks after the date of submission of
your FAFSA or the date you are admitted, whichever is later.
Viewing Your Financial Aid on myUMBC
•
UMBC has adopted the U.S. Department of Education's Shopping
Sheet. You can view your Shopping Sheet via your myUMBC account.
There will be a link to your Shopping Sheet when you view your
financial aid package by using the link provided.
•
Please review your 'To Do List' for missing documents. Failure to
respond within the requested timeframe may reduce your financial
aid funding.
Important Tips for Transferring
•
The awards listed on your initial Award Notification are based on full-time enrollment.
If you plan to enroll for less than 12 credits, you must contact the Office of Financial
Aid and Scholarships to discuss how part-time enrollment may affect your awards.
•
Once you have made the decision to attend UMBC, contact your previous institution
to cancel your aid for the spring semester and if you have received awards from the
Maryland Higher Education Commission, notify them that you are transferring to
UMBC.
•
Since privacy laws restrict information that can be disclosed regarding student records,
you must submit the Authorization to Disclose Information form if your parent(s) or
any other person will be contacting our office concerning your financial aid.
•
Estimate your out-of-pocket expenses by comparing your financial aid awards to
estimated tuition, fees, room and board charges located under the Cost tab.
Categories of Financial Aid
• Need-based aid
• Non-need-based aid
Types of Financial Aid
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Grants
•
Loans
•
Employment
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Scholarships
Gift Aid: Scholarships
• Money that does not have to be paid back
• Awarded on the basis of merit, skill, or
unique characteristic
• What Does UMBC Offer?
Merit Scholarships for Incoming Transfer Students
•
UMBC offers competitive merit scholarships for incoming community
college transfer students. The Academic Achievement Award for
Transfers (AAAT) and the Phi Theta Kappa (PTK) Award are awarded
based on academic accomplishment and timely application. Students
may collect either the AAAT or the PTK award, but not both.
Priority Deadlines
•
November 1 for spring applicants
•
March 15 for fall applicants
Academic Achievement Award for Transfers
•
•
Consideration begins at 3.5 minimum cumulative transfer GPA
•
Based on entire post-secondary education
•
Based upon a numerical standard and the competition of the
applicant pool
Completion of 35 or more credits at the time of application
Phi Theta Kappa Award
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Consideration begins at 3.5 minimum cumulative transfer GPA
•
Based on entire post-secondary education
•
Based upon a numerical standard and the competition of the
applicant pool
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Completion of at least 30 credits at the time of application
•
Proof of PTK membership must be included with admission
application
T-Site Scholars
•
Who is eligible?
•
New transfer students from Maryland community colleges with a 3.0 GPA, entering UMBC in Fall 2015
•
Current transfer students from Maryland community colleges who entered UMBC in Spring 2015 and who
have a 3.0 GPA
•
Majoring in computer science, computer engineering, information systems, chemical or mechanical
engineering
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a US Citizen or Permanent Resident
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Must have financial need as determined by FAFSA
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Must be full-time student at UMBC
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Awards can be up to $6,700 per year
•
Required participation in CWIT community events focused on academic, professional, and leadership
development.
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More information is available at http://www.cwit.umbc.edu/tsite/
Transfer Student Alliance
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PROGRAM REQUIREMENTS
•
Completion of an associate’s degree at AACC, CCBC, MC or PGCC with a minimum
cumulative 3.5 composite-GPA within four years of initial TSA program
qualification.
•
Enrollment at UMBC within one year of completion of the associate’s degree.
•
Not matriculated at any other institution of higher education after program
acceptance.
•
Submission of completed application materials for undergraduate admissions by
March 15 for Fall semester consideration and November 1 for spring.
Transfer Student Alliance Benefits
•
UPON SUCCESSFUL COMPLETION OF THE PROGRAM REQUIREMENTS, TSA PARTICIPANTS AT UMBC’S
MAIN CAMPUS IN BALTIMORE, MD RECEIVE:
•
Guaranteed transfer admission to UMBC.
•
$50 application fee waiver
•
Guaranteed housing in an upper-class housing community upon initial matriculation. Eligible students
may re-contract for housing for subsequent years of study, per the established deadlines of the UMBC
Office of Residential Life.
•
A $1,500 merit scholarship for each of two years of full-time study. This award can be accepted with other
UMBC merit award offers.
•
More information on this program can be found at
http://www.umbc.edu/undergraduate/apply/tsa_main_campus.html
Outside Scholarships
•
Below are a number of excellent free web resources that you may find very useful in your search
for outside scholarships. This information is provided for informational purposes only. Inclusion
does not constitute endorsement. Neither the Office of Financial Aid and Scholarships nor UMBC
can guarantee the accuracy or the timeliness of information found at any of these sites. It is critical
that students verify information, particularly where deadlines are concerned.
•
COLLEGE BOARD: www.collegeboard.com/pay/scholarships_and_aid
•
FASTWEB: www.fastweb.com
•
SALLIE MAE FUND: www.thesalliemaefund.org/financial-aid/scholarships/search/default.aspx
•
SALLIE MAE'S ONLINE SCHOLARSHIP SERVICE: www.collegeanswer.com/index.jsp
Gift Aid: Grants
• Money that does not have to be paid back
• Usually awarded on the basis of financial need
• FAFSA Completion: EFC determined
Pell Grant
•
Current EFC range from 0 to 5157
•
Maximum award annually: $5730
•
Per semester (full time): $2865
Maryland Education Assistance Grant (EA)
•
Current EFC maximum: 3,000
•
Awarded by the state from FAFSA information
•
Must list UMBC
•
If initial award is for AACC you must contact the state and have
UMBC as the destination for the spring semester
UMBC Grant
•
UMBC Grant
•
UMBC Grant is an institutional award for undergraduate students
who demonstrate financial need. The awards range from $500 to
$3,000 per year and priority is given to students who meet the FAFSA
priority application deadline of February 14.
Self-Help Aid: Loans
•
Money students and parents borrow to help pay college expenses
•
Repayment usually begins after education is finished
•
Only borrow what is really needed
•
Look at loans as an investment in the future
•
Eligibility determined by FAFSA completion
Federal Loans
•
http://www.umbc.edu/financialaid/loans.html
•
Loans are awarded after your eligibility for grants, scholarships, Federal WorkStudy (FWS) and any other awarded aid is considered. Your financial aid package
may include loans that are need based and/or non-need based financial aid.
•
Loans must be accepted before they can be considered as payment toward your
bill. Loans are accepted by completing a Master Promissory Note (MPN) and
Entrance Counseling. Your MPN is good for ten (10) years - this means that you
do not have to accept a loan each year as long as you received a loan in the
previous school year.
•
Application Priority Processing Dates: review the information using
http://www.umbc.edu/financialaid/loans.html
Self-Help Aid: Work-Study Employment
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Allows student to earn money to help pay educational costs
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A paycheck; or
•
Nonmonetary compensation, such as room and board
•
Student may opt whether or not to work or number of hours to
work
•
Eligibility determined by FAFSA completion
Financial Aid Office Contacts
•
Rich Heath, FAD
rcheath@aacc.edu
•
Jane Hickey, FAD
jchickey@umbc.edu