Paying for College NEW. Includes important information about changes to the FAFSA

Transcription

1 Paying for College NEW Includes important information about changes to the FAFSA A Guide to Financial Aid 2016

2 Financial aid exists to help students realize their goal of obtaining a college education. Most students rely on financial aid to help them pay for college. Paying for College was designed to help you through the financial aid process, covering everything from how to prepare, when to apply for financial aid, what types of financial aid exist, to reducing college costs and understanding your financial aid award letter. Throughout this guide we use the words college and school to refer to a wide variety of postsecondary educational institutions, including both public and private twoyear and fouryear institutions, community colleges, and trade schools. Typically, financial aid is available at schools that are approved by the U.S. Department of Education. If you are unsure whether the school you are planning to attend offers federal or other types of financial aid, please contact the school directly. Finance Authority of Maine FAME helps Maine students reach their higher education goals by providing free information on planning and paying for college, career preparation, and financial education, including responsible borrowing. Mail PO Box 949, 5 Community Drive Augusta, Maine Phone , TTY Fax Education@FAMEmaine.com Web FAMEmaine.com Social Facebook.com/FAME.Education Twitter.com/FAME_Education

3 What s inside... Financial Aid 2 Three Steps to Applying for Financial Aid 4 New for the FAFSA 8 Types of Financial Aid 12 Programs for Maine Residents 13 Understanding Your Financial Aid Award Letter 14 Comparing Costs & Financial Aid Awards Worksheet 15 Questions to Ask About Your Award 16 Reducing College Costs 16 When the Award Isn t Enough 18 Comparing PLUS and Private Loans 19 Student Loan Basics 20 Education Tax Credits and Deductions 21 Saving for College 21 Junior Year Planning Checklist 22 Senior Year Planning Checklist 23 School Requirements Tracking Sheet 24 Other Resources 25 Photography credits on back cover 1

4 Financial Aid Financial aid helps students and families pay for college expenses and can bridge the gap between family resources and college costs. Financial aid may be need or meritbased. There are four basic types of financial aid : Grants are aid that you are given by the federal or state government or your college, that you will not need to repay. Scholarships are aid that you are given, sometimes from private institutions or community organizations, that you will not need to repay. WorkStudy is aid granted through the federal government or through your college that provides an opportunity for you to work parttime on or off campus. Money earned throughout the course of the semester can be used toward college expenses, like textbooks or other supplies. Loans are aid that you borrow from the federal government, the state or a private institution and will need to repay. 2

5 MeritBased vs NeedBased? MeritBased Aid is based on academic, athletic, artistic or other talent, not on financial need. Generally speaking, scholarships are meritbased aid. NeedBased Aid is based on family financial circumstances. All federal grants, workstudy, and many federal student loans are needbased aid. This guide will focus on helping you navigate the process of needbased financial aid, but be sure you seek out meritbased aid as appropriate.

6 Should I apply for financial aid? Yes! Everyone should apply for financial aid, regardless of income, by filing a Free Application for Federal Student Aid (FAFSA) and completing any other financial aid applications required by your school(s). Some scholarship programs and most grant programs, including the State of Maine Grant Program, require students to complete the FAFSA in order to determine need before you can be considered for financial aid. Additionally, all federal loans and some state loan programs require students to complete the FAFSA. It is also important to note that you must reapply for financial aid by filing a FAFSA each year that you plan to attend school. There are three basic steps to applying for financial aid: 1. Get Ready 2. Apply 3. Follow Up 4

7 FAME offers 3 ways to get help with the FAFSA: Call or us Education@FAMEmaine.com Online FAMEmaine.com In person FAME hosts FAFSA completion events across the state. Check FAME s website for dates and locations.

8 Step 1 Get Ready To make the process of applying for financial aid as easy as possible, get ready before senior year. Research your estimated net price using the Net Price Calculator at each college you are interested in applying to. This tool can be found on each college s website. Research financial aid deadlines and requirements at the colleges you are interested in attending. Determine if any other applications are required. Some colleges require additional applications such as the CSS Profile or other institutional forms. Track deadlines on the tracking sheet on page 24. Research and apply for scholarships. Scholarships can help bridge the gap between the cost of school and your financial aid package and reduce the amount you have to borrow. Create an FSA ID at fsaid.ed.gov. Net Price Calculator is a tool that provides an estimate of what a particular college will cost YOU! Net Price Calculator is student and school specific and calculates net price the difference between the published price (full cost) and any grants or scholarships that you may be eligible to receive. Some of the most expensive schools offer the largest grants and scholarships, making them more affordable than you may think. Each school is required to have this tool on their website and it can typically be found on the school s financial aid page. Cost Scholarships and grants = Net cost to you Consider the Return on Investment of the schools you are interested in and your field of study to ensure that the education you receive is worth the financial investment. To research careers and find information about costs, check out College Navigator at nces.ed.gov/collegenavigator. To research careers and salaries, check out careeronestop.org. About the FSA ID The FSA ID is a username and password that students need to access certain U.S. Department of Education websites, including FAFSA on the Web. We recommend that you create an FSA ID before it is time to file the FAFSA. Who needs an FSA ID? All students who plan to file a FAFSA. One parent of a dependent student if parent information is required on the FAFSA. Students and parents can apply for an FSA ID anytime at fsaid.ed.gov. 6

9 Scholarships Scholarships come in various amounts and are offered by a variety of different organizations; some may even be in your own community. To begin your search, check out: Local high school guidance office College financial aid office Employer/parents employer(s) Faithbased institutions Local service organizations or town offices Scholarships can be used every year that you are in school, even into graduate school. It s important to continue searching and applying for scholarships even after your freshman year. What is the CSS Profile? The CSS/Financial Aid PROFILE is an online application that collects information used by almost 400 colleges and scholarship programs to award financial aid from sources outside of the federal government, such as institutional grants and scholarships. Check with the schools you are interested in to see if they require the CSS Profile, as well as any related filing deadlines which can occur as early as the fall of senior year. For additional information, visit collegeboard.org. Free Scholarship Searches Maine Finance Authority of Maine FAMEmaine.com Maine Community Foundation Mainecf.org Nationwide Bigfuture.collegeboard.org Cappex.com Chegg.com/scholarships Studentscholarships.org Studentscholarshipsearch.com 7

10 Step 2 Apply Completing the Free Application for Federal Student Aid (FAFSA) is the first step to accessing financial aid. To file the FAFSA, visit FAFSA.gov. Five tips for completing the FAFSA: The first F in FAFSA is for FREE. You should never have to pay to complete or submit your FAFSA. File on time! Submit the FAFSA as soon after October 1 as possible for every year that you plan to attend school. The earlier you file, the more money you may be eligible to receive. Download our checklist at FAMEmaine.com before you start your FAFSA. Assets do not include the value of your home, car, or any retirement accounts. The colleges you list on your FAFSA will automatically receive your information electronically. Divorced or Separated Parents If your parents are divorced or separated, provide information about the parent that you lived with most during the last twelve months, regardless of who claimed you on a tax return. If you did not live with one parent more than the other, provide information about the parent who provided most of your financial support during the last twelve months. 8 New for the FAFSA! The FAFSA will now become available on October 1 each year (instead of January 1). Additionally, the required income information will be from a year earlier than in the past. What does that mean? Instead of having to estimate income, you will use actual income information from an earlier tax year. For example, the FAFSA (which can be filed after October 1, 2016) will require 2015 federal tax information. Therefore, most applicants will be able to import verified tax information directly from the IRS when initially filing the FAFSA, using the IRS Data Retrieval Tool link within the FAFSA.

11 Deadlines matter. Don t miss out! Deadlines are important because some types of aid are limited and may only be awarded to those who meet their school s priority deadline. This example shows a student with a 0 Expected Family Contribution (EFC) for the academic year. FAFSA Submitted October 1 priority deadline Pell Grant $5,845 State Grant $1,500 Supplemental Grant $2,000 University Grant $3,500 WorkStudy $1,600 Perkins Loan $1,000 Direct Loan $5,500 FAFSA Submitted after school s priority deadline Pell Grant $5,845 State Grant $1,500 WorkStudy $1,000 Direct Loan $5,500 FAFSA Submitted during summer Pell Grant $5,845 Direct Loan $5,500 Total Award $20,945 Total Award $13,845 Total Award $11,345 Find out (and meet) the deadlines at ALL of the schools you are applying to! 9

12 Step 3 Follow Up What happens next? After filing your FAFSA you will receive an with a link to your Student Aid Report (SAR) summarizing the information you provided on the FAFSA. Review your SAR for accuracy. Provide any additional documentation required by your school, including verification forms, federal tax transcripts, W2s or other requested information. Your Expected Family Contribution (EFC) is calculated based on the information you provide on the FAFSA and will be listed on your SAR. If your college requests additional information such as a federal tax transcript, verification form or other documentation, provide the documentation as quickly as possible. Failure to provide required documentation may result in a reduced financial aid award. What is my EFC? Your Expected Family Contribution is Calculated based on the information that you provide on the FAFSA and will be listed on your Student Aid Report. Used as a measure of your family s financial resources. Used by colleges to calculate financial aid. The same at each school that you apply to. Your Expected Family Contribution is not... The amount your family will have to pay for college. The amount of financial aid you will receive. 10

13 Pay attention to . Once you re offered admission, each school may ask you to create a school address. Schools want to communicate and provide information using their own system. It s important to check all accounts regularly as information may be time sensitive. Respond promptly to requests and share information with parents or guardians when appropriate.

14 Types of Financial Aid Grants Federal grants are considered gift aid and, unlike loans, do not need to be repaid. The most common types of federal grants are: Federal Pell Grant a needbased grant available to undergraduate students. The amount of the grant is based on the information provided on the FAFSA. Federal Supplemental Educational Opportunity Grant (SEOG) a needbased grant available at some colleges. Institutional/college grants vary by college. To learn more about what your school has to offer, contact the financial aid office. WorkStudy Federal WorkStudy provides parttime employment for students to work on or off campus. Institutional/college workstudy is available at some colleges for students who do not qualify for Federal WorkStudy. To learn more about what your school has to offer, contact the financial aid office. Federal Loans Federal loans are available to students and parents to help finance college. Loans must be repaid, sometimes with interest. Direct Subsidized Stafford Loan is a needbased loan that does not accrue interest while the student is enrolled in college. Direct Unsubsidized Stafford Loan is a loan that is not based on need. Interest does accrue while the student is enrolled in college. Perkins Loan is a needbased loan awarded by the college. Funds are limited and not available at all colleges. Direct PLUS Loan for Parents and Graduate Students is a creditbased loan available to parents of dependent students and to graduate students. For the most uptodate information regarding federal loan programs, visit studentaid.ed.gov. For information about Maine grant and loan programs, see page 13. WorkStudy Did You Know There are many benefits to workstudy beyond the money. Research has shown that students who participate in the Federal WorkStudy Program are more likely to graduate and be employed six years after college than similar students who don t participate in the program.* Workstudy is earned throughout the course of the year, based on the student s rate of pay and number of hours worked. As a result, it isn t applied to and doesn t reduce the student s bill. Many students use workstudy earnings to cover miscellaneous and travel expenses, or even books for an upcoming semester. * 2014 by Judith ScottClayton and Veronica Minaya. Should Student Employment Be Subsidized? Conditional Counterfactuals and the Outcomes of WorkStudy Participation (2014 National Bureau of Economic Research Working Paper 20329). 12

15 Programs for Maine Residents Undergraduate State of Maine Grant Program is a needbased grant for undergraduate students attending an eligible school. File the FAFSA by May 1 to be considered for the grant. Tuition Waiver Programs provide free tuition to certain foster children, adopted children/wards under subsidy from the Maine Department of Health & Human Services and spouses and children of firefighters, law enforcement officers or emergency medical services personnel killed in the line of duty. The student must be attending a Maine public college/university. Educators for Maine Program is a renewable, meritbased loan for students pursuing careers in Maine in teaching, including speech pathology and child development. The loan is forgivable upon eligible employment in the state of Maine. This loan is also available to graduate students. Graduate Doctors for Maine s Future Scholarship provides scholarships for eligible students enrolled in a qualifying Mainebased medical school program. Maine Health Professions Loan Program is a renewable, needbased loan for students pursuing eligible postgraduate, medical, dental and veterinary education. The loan is forgivable upon eligible employment in the state of Maine. Maine Dental Loan Program is a renewable, needbased loan for students pursuing eligible postgraduate dental education. The loan is forgivable upon eligible employment in the state of Maine. Maine Veterinary Medicine Loan Program is a renewable, needbased loan for students enrolled in a program of study leading to a Doctor of Veterinary Medicine degree. The loan is forgivable upon eligible employment in the state of Maine. Educators for Maine Program is a renewable, meritbased loan for students pursuing careers in Maine in teaching, including speech pathology and child development. The loan is forgivable upon eligible employment in the state of Maine. This loan is also available to undergraduate students. For more information and program applications, please visit FAMEmaine.com. 13

16 Understanding Your Financial Aid Award Letter You will receive a financial aid award letter or notification from the colleges where you have been accepted. Colleges have different schedules for when they send (or ) financial aid awards. Carefully review your award, including the types of financial aid that you are offered. If you receive financial aid awards from multiple colleges, be sure to compare the net cost (cost after grants and scholarships) of each college using the worksheet on page 15. Once you have compared all awards and decided which college to attend, accept or reject each type of award, as appropriate. Respond to the colleges and provide any additional forms such as loan applications and student loan entrance counseling. Contact the financial aid office at the college if you have questions. Comparing Financial Aid Awards When comparing financial aid packages, exclude Parent PLUS and private loans eligibility. Many schools choose not to list these options as part of the initial financial aid award, as they are creditbased loans that have eligibility requirements that some families may not meet. Special Circumstances Contact the financial aid office directly to discuss special circumstances, such as: Unemployment Divorce or separation Loss of income Unusual medical expenses Parent(s) attending college Any financial change not reflected on the FAFSA 14

17 Comparing Costs & Financial Aid Awards Use this worksheet to compare estimated college costs and financial aid awards. The information you need to complete this worksheet can be found on your financial aid award letter or your school s website. Costs and financial aid offers can vary significantly from one college or university to another. Text Example School Name: School Name: School Name: University Tuition & Mandatory Fees $10,600 $ $ $ Room & Board + $9,297 + $ + $ + $ DIRECT COSTS (Billed by school) = $19,897 = $ = $ = $ Grants & Scholarships $8,730 $ $ $ NET COST BEFORE LOANS (Direct costs minus grants and scholarships) = $11,167 = $ = $ = $ Direct Subsidized Loans $3,500 $ $ $ Perkins/Institutional Loans Direct Unsubsidized Loans TOTAL LOAN AMOUNT + $1,200 + $ + $ + $ + $2,000 + $ + $ + $ = $6,700 = $ = $ = $ Balance Due (Direct Costs minus grants, scholarships and loans) Indirect Costs (Books, supplies, travel) ESTIMATED TOTAL COST* (Outofpocket cost) = $4,467 + $1,500 + $ + $ + $ = $5,967 = $ = $ = $ WORKSTUDY OFFERED $900 $ $ $ *Estimated Total Cost could be the amount paid by the student or their family using savings, outside scholarships or loans. 15

18 Questions to Ask Regarding Your Financial Aid Award Letter Is your award likely to stay the same for all of the following years (assuming the financial information doesn t change dramatically)? Are there GPA requirements to maintain any of the awards? How will outside scholarships impact the financial aid award? Can outside scholarships be in addition to the current financial aid award? If aid has to be reduced, what type of aid is reduced first grants, needbased loans, or workstudy? Reducing College Costs For most students the financial aid award does not cover the entire cost of education. Before borrowing additional private loans, consider the following costcutting measures. Enrollment Costs See if you re eligible for reduced tuition at an outofstate school. Some state university systems have agreements with neighboring state university systems to offer reduced tuition rates, especially if you are majoring in a program not offered at your state school(s). Check out nebhe.org for more information. Test out of college courses by taking Advanced Placement (AP) classes in high school. Some colleges will grant you course credit for your high school AP classes if you receive high scores on the test. Additionally, some colleges will give you an opportunity to test out of general education classes. Enroll in summer courses at your local college or online to fulfill general education requirements at a lower cost per credit hour. Take advantage of schools with flat tuition rates by taking extra classes to accelerate your degree without paying more money. 16

19 Living Expenses Consider living at home, if possible, and commuting to college. Get roommates if you decide to live off campus. If you live on campus, skip the single room. Choose a meal plan that works for you. More importantly, if you have a meal plan, use it! Travel Expenses Leave your car at home to save on parking fees and gas. Consider commuting with another student or use public transportation. Books Want more money $marts? Check out Paying for College s partner publication Managing Your Money for more tips on reducing costs, budgeting, building savings and staying debt free during college and beyond. Request a copy from the Publications Page at FAMEmaine.com. Utilize free resources like Google Books and your school library to see if you can use a textbook for free. Consider renting from a source like Chegg.com or your school bookstore, or share a book with a student taking the same class as you. Buy your books used and buy them early. School bookstores and online sources like Amazon.com have a limited supply of used books, which tend to go first. Student Discounts Take advantage of student discounts for computers, travel or entertainment.

20 When the Award Isn t Enough Colleges aren t always able to meet the full financial need of every student. What can you do if your financial aid package isn t enough and you ve already reduced all possible costs? Consider these financing options: Tuition Payment Plans allow you to pay your tuition in installments over the semester or year and are typically offered through the college. Most plans are interestfree but may charge a small fee. Federal Direct PLUS Loan for Parents and Graduate Students is a creditbased loan for parents and graduate students. Borrowers can request up to the cost of education minus any financial aid. Private Education Loans are creditbased education loans offered through a bank or credit union. Usually the student is the borrower and will need a creditworthy cosigner like a parent or grandparent. These student loans typically offer a variable interest rate. Since private loans lack the benefits of federal student loans, they should be considered after other federal financial aid has been exhausted. Before taking out additional loans, ask yourself the following questions: Has the student looked for outside scholarships? If not, look for scholarships. Does the student have savings? Who will be the primary borrower the parent or the student? Should you share the borrowing? Which features are important to you? Features to consider include lowest monthly payment possible, lowest interest rate possible (fixed or variable), low origination fees, length of repayment and tax benefits. Are you considering home equity? Do you know if you have a good credit score? Visit creditkarma.com to find out. Do you have other children attending college? What are the shortand longterm goals for both the student and family? If you decide to borrow a private educational loan, research options and compare the following loan features: What is the application process? Who is considered an eligible borrower? What are the approval criteria? What are the individual loan and aggregate borrowing limits? What are the interest rates, interest caps, loan and origination fees? What are the loan repayment terms and borrower benefits, including deferment and repayment options? What are the tax benefits? Contact Your Financial Aid Office to discuss your situation if your aid isn t enough. The financial aid office only has the information that was provided through the financial aid process. If there are other special circumstances impacting your family s ability to pay for school, such as unemployment or high medical bills, report the additional information. They may be able to help. Even if you don t have special circumstances, ask if there is more aid available or ways to receive more aid in the future. Visit FAMEmaine.com/privateloans for more information about Maine private loan options.

21 Comparing PLUS and Private Loans Deciding between PLUS and private education loans? Learn more about the differences. Federal Direct PLUS Loans Private Education Loans Who makes these loans? Federal Direct PLUS Loans are offered by the federal government. Private education loans are offered by banks or credit unions. Who can be the borrower? Only a biological or adoptive parent, or a stepparent on the FAFSA can be the borrower on behalf of an undergraduate student. The student can often be the borrower for a private education loan but may need a creditworthy cosigner. What are the interest rates? All borrowers, regardless of credit quality, will pay the same fixed interest rate of 6.84% for the academic year. Interest rates can be fixed or variable and are determined by the credit quality of the applicant, and if applicable, cosigner. Chosen repayment term may also impact interest rate. Are there fees? All borrowers, regardless of credit quality, will pay the same origination fee of 4.272% between 10/1/2015 9/30/2016. In the current market there are many zero/lowfee private education loan options. Can you postpone repayment? Deferments and forbearances are available through federal student aid regulations. Deferments and forbearances will vary by lender but other consumer protections are available through federal and state banking regulations. How much student loan debt can you afford? Visit careerinfonet.org to get an estimate of your annual salary. Once you have that, use FAME s Student Loan/Salary Calculator to calculate the maximum amount of student loan debt that is reasonable for your circumstances. 19

22 Student Loan Basics Loans have to be repaid, including any interest that accrues, even if you don t complete your program of study. Some federal student loans may be eligible for forgiveness under limited circumstances. Understand the loan rights and responsibilities and repayment options before you borrow. Never borrow more than you need to pay for your direct education expenses. Limit yourself to federal student loans if possible, as the repayment and forgiveness terms are more flexible than with private student loans. When considering borrowing, research your future salary. It is recommended that student loan payments be no more than 810% of your gross earnings. We recommend your total debt not exceed the amount you can expect to earn in your first year of employment. To retrieve federal loan information, visit studentaid.gov. If you are unable to repay due to financial hardship, contact your loan servicer they are there to help! 20

23 Education Tax Credits and Deductions American Opportunity Tax Credit. This federal tax credit is up to $2,500 per student. It is available for the first four years of postsecondary education. To receive it, you need to show you paid for qualified education expenses. Be sure to keep your receipts. There is a maximum income limit for this tax credit. Lifetime Learning Credit. You may be able to claim up to $2,000 for qualified education expenses on your federal tax return with this credit. The number of years you can claim this credit is unlimited for eligible students. A parent or student can only claim one of the two above credits for the same student. Student Loan Interest Deduction. You may be able to deduct interest you paid on a qualified student loan, reducing your federal taxable income up to $2,500. This deduction has an income limit. Tuition and Fees Deduction. You or your parents may be able to deduct qualified education expenses on your federal tax return. This may reduce taxable income up to $4,000. For additional information on federal tax credits and deductions, including income and other limitations that apply, see IRS Publication 970 Tax Benefits for Education at IRS.gov or consult a tax expert. Educational Opportunity Tax Credit. If you earned an associate or bachelor s degree at an eligible postsecondary school and live and work in Maine after graduation you may be eligible for an Educational Opportunity Tax Credit (also known as Opportunity Maine) on your Maine income tax return. Saving for College Reduce Debt by Saving Using savings and investment plans for higher education may help reduce the need to borrow. Families who have college savings are always in a better position when it comes to paying for college. Remember, every dollar available from savings is a dollar that doesn t have to be borrowed and repaid with interest! Coverdell Education Savings Account A Coverdell Education Savings Account (ESA) is a taxadvantaged investment account designed to encourage savings to cover future education expenses elementary, secondary or college. Contributions are limited to $2,000 per year, per child. Section 529 Plan A Section 529 Plan is a taxadvantaged investment plan to help students and families prepare for college expenses. To learn more about the NextGen College Investing Plan, Maine s Section 529 Plan, visit NextGenforME.com. Traditional and Roth IRA Withdrawals Early IRA withdrawals, before age 59½, are allowed without the 10% early withdrawal penalty if funds are used for qualified education expenses. These withdrawals may still be taxed as ordinary income. See IRS Publication 970 for more information. 21

24 Junior Year Planning Checklist All Year Fall Explore careers and their earning potential. Research colleges using free online college search tools. Attend college fairs or open houses. Research college costs and financial aid using the Net Price Calculator tool on college websites. Take the PSAT. You must take the test in 11th grade to qualify for certain scholarships and National Merit Scholarship Programs. Create an address to use specifically for scholarship searches and college applications. Be sure to choose an address that makes a good first impression. Review some scholarship applications to see if you have gaps in your experiences. For example, do you need to perform some additional community service? Knowing what is expected now, while you have more time, will help you to be more successful with your scholarship search. Spring Summer Attend a financial aid information session. Register for and take exams for college admission and AP tests. Research scholarships using free online searches. Line up your summer job to begin earning money for college expenses. Narrow down the list of colleges you are considering attending. If you can, visit the schools that interest you. Contact colleges to request information and applications for admission. Research college admission and financial aid deadlines/requirements and develop a checklist. Continue researching and applying for scholarships. 20

25 Senior Year Planning Checklist Prior to October 1 Get an FSA ID at fsaid.ed.gov. Research college admission and financial aid deadlines/requirements and develop a checklist. Begin college essays. Attend college fairs or open houses. Research scholarship opportunities using free online searches. Fall Attend a FAME InPerson FAFSA Help Session. Submit your FAFSA at fafsa.gov. Keep copies of all documents and forms. Ask teachers, coaches, or school counselors for letters of recommendation. Begin submitting your college admission applications. Continue researching scholarship opportunities. If required, submit the CSS Profile. Late Fall/Winter After you file your FAFSA, review your Student Aid Report (SAR) and make any necessary corrections. Confirm that financial aid offices received your FAFSA information. Submit any required documents to the financial aid office. Begin completing scholarship applications. Look for your financial aid award letters to begin arriving in the mail or by . Respond quickly to all requests for information. Late Winter/Spring To be eligible for a State of Maine Grant, submit your FAFSA by May 1. Confirm that financial aid offices have received all necessary paperwork. Continue completing scholarship applications. Compare financial aid awards. Notify all colleges of your plans to attend (or not attend). Many colleges require an admission deposit and typically have a deadline of May 1. Line up your summer job to begin earning money for college expenses. Summer If you have been awarded private scholarships, send copies of all notifications to the college financial aid office. Attend college orientation. Look for your fall semester tuition bill. Make arrangements to pay your balance. 23

26 School Requirements Tracking Sheet School Name: School Name: School Name: Admission Application Deadline Priority FAFSA Deadline Date Submitted: Date Submitted: Date Submitted: Other Application Requirements (CSS Profile, etc...) Date Submitted: Date Submitted: Date Submitted: Followup Requirements (Update estimated income, complete requested verification of loan requirements, etc...) Date Submitted: Date Submitted: Date Submitted: Notes: Check your college regularly! Date Submitted: Date Submitted: Date Submitted: 24

27 Other Resources Learn more about how FAME can help you learn about financial aid, save for college and manage your student loans after you ve graduated. FAME also has search tools for Maine colleges and scholarships. Visit FAMEmaine.com. Career One Stop careeronestop.org Explore careers and find information on employment trends and salaries. College Navigator collegenavigator.gov Search for colleges and find information on costs and financial aid. NEBHE s Tuition Break nebhe.org The New England Regional Student Program enables eligible New England residents to enroll at outofstate New England public colleges and universities at a discount. SALT saltmoney.org/fame Discover financial resources to help students in high school and beyond. StudentAid.gov studentaid.gov Learn how to prepare and pay for college. New: student financial aid history can be found by logging in to StudentAid.gov. The College Board collegeboard.org and bigfuture.collegeboard.org Search for colleges and scholarships, learn about financial aid and register for the SAT. The SmartStudent TM Guide to Financial Aid finaid.org Find information on loans, scholarships and other types of financial aid, as well as dozens of calculators. 25

28 Finance Authority of Maine PO Box Community Drive Augusta, Maine , TTY FAMEmaine.com All photos featured are of Maine students at Maine colleges. Cover: University of New England Inside cover: University of Maine Page 1: University of Maine at Farmington Page 2: Colby College Page 3: Unity College Page 4: St. Joseph s College of Maine Page 5: Unity College Page 7: Maine College of Art Page 8: University of Maine at Presque Isle Page 9: St. Joseph s College of Maine Page 11: St. Joseph s College of Maine Page 13: Colby College Page 14: University of Southern Maine Page 16: University of Maine at Farmington Page 17: University of Southern Maine Pages 19 & 20: University of Maine at Presque Isle Page 22: Maine College of Art Page 23: University of Southern Maine Page 24: St. Joseph s College of Maine Back cover: Colby College The Finance Authority of Maine (FAME) does not discriminate in the administration of any of its programs or in its employment practices on the basis of race, color, national origin, age, gender, religion, physical or mental disability, political affiliation, marital status or sexual orientation. FAME is an equal opportunity employer, provider and lender. FAME provides links to other websites as a convenience and does not endorse or guarantee the content, accuracy or usability of such sites Finance Authority of Maine. All rights reserved. PFC2016