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Financial Aidfor Delaware high school seniors

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Introduction

This website is designed to give you an overview of the financial

aid process: what kinds of aid are available,

who provides aid, how to apply, and

where to find information.

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How much will college cost?

In 2008-09, the average costs to attend a four-year college were:

In-state Out-of-state Private Public Colleges Public Colleges Colleges

Tuition & fees 6,585 17,452 15,143 Room & board 7,748 7,748 8,989 Books & fees 1,077 1,077 1,054 Transportation 1,010 1,010 807 Other 1,906 1,906 1,397

Total $18,326 $29,193 $37,390

You may have additional expenses, such as laboratory fees and computer costs.

To help meet these costs, seven out of ten students receive some form of financial aid. Our goal is to help you understand your options so that you will have more choices and make sound decisions about paying for college—one of the most expensive purchases your family will make.

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Most people agree that the benefits of college outweigh the costs. Individuals with degrees usually earn more—sometimes a great deal more—and are less likely to be unemployed. To learn more about careers and salaries, use the resources on the next slide.

Is it worth it?

Median Weekly Earnings in 2008Unemployment Rate in 2008 (%)

Doctoral Degree

Professional Degree

Master’s Degree

Bachelor’s Degree

Associate Degree

Some College, No Degree

High School Graduate

Less than High School

$1,555

$1,522

$1,228

$978

$736

$645

$591

$426

2.0

1.7

2.4

2.8

3.7

5.1

5.7

9.0

Note: Data are 2008 annual averages for persons age 25 and over. Earnings are for full-time wage and salary workers.Source: Bureau of Labor Statistics, Current Population Survey

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Career Information Resources—

You can find information online about employment trends and careers at:

– Delaware Career Compass, Delaware Department of Labor

– Delaware Job Link, Delaware Department of Labor

– Career Voyages, U.S. Department of Labor and the U.S. Department of Education

– CareerOneStop, U.S. Department of Labor

– Yes YOU Can!, Delaware Department of Education

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What kinds of aid are available?

Except for unsubsidized loans, financial aid falls into two categories:

1) Need-based aid is based on financial need, but you may also have to meet other criteria, such as enrollment and citizenship status. The amount of need-based aid you receive is based on your college costs and your family’s ability to pay these costs.

2) Merit-based aid is usually awarded in recognition of special skills or academic ability, but other considerations may apply, such as community service or your field of study.

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Types of Financial Aid

Need-based aid

Merit- and need-based aid

Scholarships (can be either or both)

Federal Academic Competitiveness Grant

National SMART Grant

GrantsWork-studySubsidized Federal Stafford Loan

Unsubsidized Federal Stafford Loan

Unsubsidized Federal PLUS Loan for Parents

Tax Credits (income restrictions apply)

Financial aid is usually paid through the college you attend. If you are eligible, you will receive a financial aid package from the college, which may include a combination of scholarships, grants, work-study, and loans.

Not merit- or need-based aid

Merit- based aid Delaware SEED Scholarship (DTCC and UD)

Federal TEACH Grant Program

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Scholarships

Scholarships may be awarded for academic achievement, artistic ability, athletic excellence, ethnicity, or group affiliation. Some scholarships also consider financial need. They are not repaid and may be awarded for one year, renewable, or reapplied for annually.

Colleges and the State of Delaware offer scholarship programs, as do a wide range of organizations:

• Local, state, and national organizations• Foundations• Religious organizations• Fraternities and sororities• Town and city clubs• Civic groups• Athletic groups• Professional organizations• Employer-provided tuition assistance• Businesses and corporations

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Scholarships, continued

Search online:

FastWeb

American Education Services

Other Websites

The Delaware Scholarship Compendium, published annually by the Higher Education Commission, provides information almost 200 private scholarships, as well as state-sponsored financial aid programs.

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Grants

Grants are usually awarded based on financial need, are not repaid, and are available from the federal government, colleges, and the State of Delaware.

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Work-study

Work-study is need-based and awarded through the college to help you pay costs by working part-time, often on campus. If you work off-campus, your employer is usually a private nonprofit organization or public agency.

Money earned through the Federal work-study program is not counted as income when you apply for financial aid.

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Loans

Federal Stafford Loans may be subsidized or unsubsidized. Subsidized loans are need-based and interest is not charged while you are in school. Unsubsidized loans are not need-based and interest begins when the loan is made.

A Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students with exceptional financial need. Federal Perkins Loans are made through a school's financial aid office. Your school is your lender

Parents of dependent children can apply for unsubsidized PLUS loans.

As the following chart indicates, federal loans are the largest source of student aid.

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Undergraduate Student Aid (in Billions) by Source, 2006-07

Total Aid $106.7 Billion

43.8

22.814.4

7.8 7.5 6.0 3.0 1.0

FederalLoans

InstitutionalGrants

Pell Grants StateGrants

Private &Employer

Grants

EducationTax Credits

&Deductions

FederalGrant

ProgramsOther Than

Pell

FederalWork Study

Loans, continued

Source: College Board, Trends in Student Aid, 2008

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Who provides financial aid?

1. U.S. Department of Education

2. State of Delaware

3. Colleges that you are considering Colleges in Delaware Colleges in the U.S.

In addition to private scholarships, you should explore the financial aid options available from the following sources:

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1. U.S. Department of Education

• Pell Grant

• Stafford Loans

• PLUS Loans for Parents

• Consolidated Loans

• Campus-based AidSupplemental Education Opportunity Grant

Work-study

Perkins Loan

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2. State of Delaware

State-sponsored programs administered by the Higher Education Commission for undergraduates include:

• Grants

• Academic Scholarships for regionally accredited colleges

• Academic Memorial Scholarships for students attending the University of Delaware or Delaware State University

• Professional Incentive Programs for nurses and teachers

• Regional Contract Programs

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The Delaware SEED (Student Excellence Equals Degree) Scholarship Program provides tuition for eligible Delaware students enrolling in an associate degree program at Delaware Technical & Community College or the University of Delaware’s Associate in Arts program.

To be eligible, students must have a cumulative GPA of 2.5 and enroll full-time no later than the fall immediately following graduation.

Deadlines are set by DTCC and UD. The first deadline (for admission to UD) is January 15.

2. State of Delaware, continued

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2. State of Delaware, continued

The Academic Common Market is a tuition-savings agreement between the 16 member states of the Southern Regional Education Board (SREB). If your program of study is not offered by a public college in Delaware, you may be eligible for in-state tuition at a participating public college in one of 15 southern states.

You may apply for the ACM if you meet the following eligibility criteria:

• You are a Delaware resident and U.S. citizen or eligible noncitizen.

• You are majoring in a program of study not offered at the University of Delaware or Delaware State University.

• You have been accepted to or you are enrolled in an eligible program of study that has been selected for the ACM by a participating college.

Note: The ACM includes baccalaureate and graduate-level programs of study. It does not include first professional degree programs, such as dentistry, medicine, optometry, pharmacy, and law.

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3. Colleges

Check with the colleges to which you are applying and ask which of the following types of aid they offer:

• Grants

• Scholarships

• Loans

• Work-study

The financial aid office at the college can tell you how and when to apply.

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How do I apply?

You must complete the required application forms by the deadline to be considered for financial aid from any source:

Complete the Free Application for Federal Student Aid (FAFSA) for:• All federal programs• Delaware’s need-based grant, the

Scholarship Incentive Program (ScIP)• Most colleges• Some private scholarships

Complete the CSS/Profile for many private colleges.

Complete the Common Merit Application after December 1 for state-sponsored merit scholarships and professional incentive programs.

Complete specific applications for other state-sponsored programs, private scholarships, and some colleges. Find out which forms you will need to complete and meet all deadlines.

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Free Application for Federal Student Aid (FAFSA)

• The FAFSA should be submitted to the federal processor as soon as possible after January 1 each year.

• The completed form is processed and not reviewed for comments. If you have exceptional circumstances, you should discuss them with the financial aid office at your college.

• You do not have to file your taxes before submitting your FAFSA, but it is recommended that you and your parents fill out your tax returns before completing the FAFSA. You will have the opportunity to make corrections later, if necessary.

• When your FAFSA has been processed, you will receive a Student Aid Report (SAR), which reflects your Estimated Family Contribution (EFC). You should carefully review your SAR to make sure all the information is correct. If your EFC does not appear on your SAR, you will need to make the corrections noted on the SAR.

• An electronic copy of your information is sent to the colleges you have listed on the FAFSA (up to six). You can list an additional six colleges on your SAR.

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How is my financial need determined?

To the extent possible, you will be expected to contribute to the cost of your college education. The EFC is calculated from the information you provide about your household on FAFSA (or the CSS/Profile).

Your financial need is the difference between the cost of attendance and your EFC:

A. Tuition and fees

+ Room and board

+ Other expenses (books, supplies, transportation)

= Cost of attendance

B. Cost of attendance

- Estimated Family Contribution (EFC)

= Financial need

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Calculate your costs

The FinAid website has calculators to estimate your EFC, calculate loan repayments, or compare loans.

You can find additional websites with calculators on the Commission’s Other Websites page.

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When do I apply?

• The deadlines for financial aid programs vary, and all deadlines must be met. If you miss the deadline, you will not be considered.

• Starting your search early will give you the opportunity to apply for more awards, some of which may have deadlines early in your senior year.

• Some programs require an application every year. You will need to complete the FAFSA each year to be considered for federal student aid. After your initial FAFSA, you can file the Renewal FAFSA, a shorter version, in subsequent years.

• To be considered for Delaware’s need-based grant, the Scholarship Incentive Program (ScIP), the federal processor must receive your FAFSA by April 15 each year.

• Other programs, such as Delaware’s merit-based academic scholarships, are only offered to graduating seniors in high school. A missed deadline is a missed opportunity to be considered for these programs. Common Merit Application is available online in December.

• Applying for financial aid from colleges is a separate process from applying for admission. Request information about financial aid from all the colleges you are considering.

• If you are applying for private scholarships, contact the award donor to verify the deadline and eligibility requirements.

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Tips for applying for financial aid:

1. Spend the time necessary to find out all you can about applying for financial aid. The more you know, the better informed your decisions will be.

2. Meet all deadlines.

3. Don’t procrastinate.

4. Don’t be overwhelmed by the paperwork.

5. Ask questions.

6. Keep good records.

7. Make copies of all forms you submit.

8. Make a chart to track the forms you sent to each school, noting all items as you submit them.

Tips , continued:

9. Because so many FREE resources are available, you should be very careful about paying any fees for scholarship matching services or financial aid consultants. For sound advice, visit www.finaid.org/scholarships/scams.phtml and www.nacacnet.org: (“Educational Consultants and Counseling Centers” in the Student Resources section).

10. Attend one of the FREE regional financial aid nights conducted by the Delaware Association of Financial Aid Administrators and held at several schools in each county in December and January. The schedule will be posted on our website in November.

11. To get FREE help completing the FAFSA, attend College Goal Sunday (Delaware date and locations to be determined).

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Where can I find information?

• Guidance counselors• College financial aid offices• School and public libraries• Internet (see Other Sites to begin your search)

• U.S. Department of EducationPO Box 84, Washington, DC 20044-0084www.studentaid.ed.govwww.fafsa.ed.gov

• Delaware Higher Education CommissionCarvel State Office Building, 820 N. French St.Wilmington, DE 19801302-577-3240800-292-7935 (outside New Castle County)302-577-6765 (fax)dhec@doe.12.state.de.uswww.doe.k12.de.us/dhec

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Delaware Higher Education CommissionCarvel State Office Building

820 N. French St.

Wilmington, DE 19801

302-577-5240

800-292-7935 (toll-free outside New Castle County)

302-577-6765 (fax)

dhec@doe.k12.de.us

www.doe.k12.de.us/dhec