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How to Afford Private Education
Zhanna GoltserCollege of Notre Dame of Maryland
Founded in 1873 Located in Baltimore (North Charles Street) Women’s College Weekend College Accelerated College Graduate School Renaissance Institute English Language Institute School of Pharmacy Approximately 3,000 students
College of Notre Dame of Maryland
Why Private College
Types of Aid
How to Apply for Financial Aid
Helpful guidelines
Helpful websites
Agenda:
Approximately 1,600 private colleges◦ Liberal arts◦ Research universities◦ Faith-based colleges◦ Women’s Colleges◦ Historically-black colleges◦ Two-Year Colleges◦ Professional Schools
From 100 students to over 30,000 students
Private Education
Personal Attention Professor-led classes Smaller Class Sizes Greater Class participation Recognition Community Environment Higher graduation rates in four years Affordable High-Quality Education
Benefits of Private Education
Official Price (example-$40,000)
Financial Aid (example-$15,000)
Net Price (example-$25,000)
Private College “Sticker” Price
What is Financial Aid?
Financial aid is money available to help students and their parents pay for educational expenses
Funding Sources
Federal State
Institutional Private
Grants - Money given to students based on need that is not paid back
Scholarships - Money given to students based on academic or athletic ability or talent that is not paid back
Loans - Money borrowed by students and/or parents that must be paid back with interest
Work-study - Money earned by students as payment for work
Types of Financial Aid
Key Form: FAFSAFree Application for Federal Student Aid
Biographical Information Household Size Student’s and Parent’s Incomes Assets College Choices www.fafsa.gov Available January 1st
Early Tool to Estimate Federal Aid
www.fafsa4caster.ed.gov
Simplified Questions
Available now
FAFSA-4-Caster
College Board application Online only Required by some schools in addition to
FAFSA www. profileonline.collegeboard.com Available October 1st.
CSS Profile Form
Knowledgeable
Better Communication
Source for External scholarships
Admissions and Financial Aid
Apply for admissions Apply for financial aid Receive a financial aid award letter after
acceptance Accept financial aid (if the office requires) Submit documentation to the financial aid
department Receive the funds (Aug/Jan)
Apply-Accept-Receive
What aid is grants/scholarships? Does an award letter provide financial aid
for both direct and indirect expenses? How much a family needs to take out in
loans? What types of aid are renewable?
Questions to ask:
Communicate about the changes in family incomes or circumstances not listed on a financial aid application
Send award letters from other schools for comparison and discussion
Don’t ask for unreasonable amount Don’t bargain with a financial aid office
Appeals
New federal law
Colleges must comply by October, 2011
Excellent tool to estimate aid
Net Price Calculator
www.ucan-network.org https://nces.ed.gov/collegenavigator www.mhec.state.md.us www.college.gov www.fastweb.com www.ndm.edu www.fafsa.gov www.finaid.org
Websites
Apply Early!Make and Maintain a Financial Aid File If you have questions – please ask for
assistance from a financial aid professional.
Check with your college/university for other applications and/or deadlines.
Keep copies of information and/or documents you submit to the financial aid office.
Helpful Hints
