RMU College Affordability Newsletter Fall 2016

College Affordability FALL 2016

> IN THIS ISSUE

> BIG NEWS IN THE

• FAFSA Changes

• Finding Scholarships • Financial Aid I May Receive

> FINDING

SCHOLARSHIPS Try these sources — • The financial aid office • A high school counselor • Foundations, religious or community organizations, local business or civic groups • Your library • Ethnic-based organizations • Internet searches Make sure offers are legitimate.

You should never have to pay to find scholarships or other financial aid! For additional tips visit Federal Student Aid.

>> 24% OF PARENTS THINK THEIR KIDS WILL QUALIFY FOR FINANCIAL AID. 85% ACTUALLY WILL.

• Academic Impacts on Affordability

WORLD OF FINANCIAL AID Instead of waiting until January 1 to file the FAFSA, students will be able to submit the 2017-18 FAFSA as early as October 1.

What does this mean for you?

The earlier you file the FAFSA, the earlier you may know the true cost of the 2017-18 academic year. In the past, students had to wait a few weeks, sometimes months, after the FAFSA was filed in January to find out important financial information. Because affordability is key to the college decision making process for many, the new FAFSA deadline gives families more time to know real financial figures, weigh options, and decide which school is their best fit.

What will be needed to file the FAFSA early?

The U.S. Department of Education now allows you to use your income figures from two years prior to complete the FAFSA. Required taxes for that year will have already been completed. This should simplify and speed up the process for families!

Attending college: July 1, 2016 - June 30, 2017 FAFSA filing begins: January 1, 2016 Required tax information: 2015 Attending college: July 1, 2017 - June 30, 2018 FAFSA filing begins: October 1, 2016 Required tax information: 2015 Attending college: July 1, 2018 - June 30, 2019 FAFSA filing begins: January 1, 2017 Required tax information: 2016

THANK YOU FOR YOUR PARTICIPATION IN OUR COLLEGE AFFORDABILITY ACADEMY™ IF YOU HAVE ANY QUESTIONS OR FEEDBACK PLEASE CONTACT US AT COLLEGE AFFORDABILITY@RMU.EDU

For more information about new FAFSA changes for the 2017-18 school year please visit: Changes Impacting the 2017-18 FAFSA Financial Aid Can Help You Afford College

> WHAT KIND OF AID >> LENDEDU RANKED

DECISIONS IMPACT THE COST OF EDUCATION Changing majors, retaking coursework, withdrawing from classes and not maintaining academic progress can have a huge impact on a student’s overall educational expenses.

Students should understand the impact and give considerable thought while making academic decisions.

Poor academic planning can have a lasting negative impact on cost and overall loan indebtedness after graduation.

Conversely, there are ways students can earn credits outside of the traditional route, which can reduce the number of credits required to complete a degree, ultimately reducing the cost of education for the student.

Declare a Major Early and Stick With It! When students change their major, often times they will have taken unnecessary coursework. This can increase the number of credits needed, prolonging their enrollment beyond four years or requiring summer enrollment. Paying for extra semesters can be very expensive, especially considering many financial aid sources end after four years.

Course Withdrawals and Retakes It may not seem like a big deal to withdraw from a course or retake it for a better grade,. However, students should understand that it’s likely that they’ll end up paying twice for that course.

Satisfactory Academic Progress Policy The U.S. Department of Education requires all schools to have a Satisfactory Academic Progress Policy. The policy can differ slightly from school to school but it essentially requires a student to maintain certain academic criteria to keep their federal financial aid eligibility from year to year. The policy generally relates to GPA and successful completion of attempted credits. Failure to adhere to the policy can result in the loss of financial aid sources, increasing the out of pocket expenses for a student.

Alternate Ways to Earn Credits AP and high-school-to-college credits can reduce the number of credits needed while in college. The more credits you bring in through those avenues, the cheaper your education may be. Some colleges, including RMU, may also accept tests from the College Level Examination Program (CLEP.) For a small test fee, CLEP allows you to test out of, and earn credits for, college level courses.

ROBERT MORRIS #7 IN ITS TOP 1,000 SCHOOLS FOR GETTING PRIVATE SCHOLARSHIPS!

> HOW ACADEMIC

COULD I RECEIVE? The U.S. Department of Education distributes $ 150 billion in federal student aid each year. Aid comes in a variety of forms with different requirements.

Every student should file a FAFSA to see what aid they can qualify for. FAFSA opens Oct. 1 for students enrolling in the 2017-18 academic year.

Grants Financial aid that doesn’t have to be repaid if you meet certain conditions.

Loans Borrowed money that must be repaid, with interest.

Work-Study Programs Part-time jobs that allow students to earn money while they attend school.