THIS PROGRAM IS MADE BY MPT TO SERVE ALL OF OUR DIVERSE COMMUNITIES, AND IS MADE POSSIBLE BY THE GENEROUS SUPPORT OF OUR MEMBERS.

THANK YOU.

DO YOU EVER IMAGINE YOUR FUTURE AND WONDER "HOW AM I GOING FIT IN?

AND WHAT CAREER PATH LIES AHEAD FOR ME?"

THERE ARE MANY COOL CAREERS YOU CAN PREPARE FOR, WHETHER YOU'RE A HIGH SCHOOL STUDENT OR AN ADULT READY FOR SOMETHING NEW.

BUT TO GET INTO THOSE JOBS, FIRST YOU HAVE TO GO TO COLLEGE, AND THAT'S GOING TO COST YOU SOME MONEY.

THE GOOD NEWS IS THAT THERE ARE BILLIONS OF DOLLARS OF FINANCIAL AID THAT YOU CAN APPLY FOR.

THERE'S ALSO A LOT OF INFORMATION ON HOW TO GET THOSE BILLIONS - ENOUGH INFORMATION TO MAKE YOU DIZZY!

I'M MARIO ARMSTRONG, AND I'M HERE TO KEEP YOUR HEAD FROM SPINNING.

GOING TO COLLEGE IS LIKE LIFE, FULL OF TWISTS AND TURNS, AS WELL AS UPS AND DOWNS.

JOIN ME FOR AN ADVENTURE ON HOW TO FIND MONEY TO PAY FOR THE HIGHER EDUCATION YOU WANT.

WE'LL TALK TO THE PROS AND HEAR SOME STUDENT SUCCESS STORIES, AND HELP YOU THINK ABOUT WHAT SCHOOL IS RIGHT FOR YOU.

WHAT FITS YOUR BUDGET?

AND DO THE FINANCIAL AID NUMBERS ADD UP?

HOLD ON TIGHT AND ENJOY THE RIDE, BECAUSE WE'RE GOING TO SHOW YOU WAYS TO PAY FOR COLLEGE!

>> ANNOUNCER: WAYS TO PAY FOR COLLEGE IS PRODUCED IN COOPERATION WITH THE MARYLAND HIGHER EDUCATION COMMISSION, AND WAS MADE POSSIBLE IN PART BY A GRANT FROM THE UNITED STATES DEPARTMENT OF EDUCATION.

ADDITIONAL SUPPORT FOR THIS PROGRAM IS PROVIDED BY THE EASTERN SHORE HIGHER EDUCATION CENTER.

>> KERRY: GOOD EVENING AND WELCOME TO A SPECIAL PRESENTATION OF WAYS TO PAY FOR COLLEGE.

I'M YOUR HOST KERRY CAVANAUGH, AND THIS YEAR WE'RE COMING TO YOU LIVE FROM THE CAMPUS OF MCDANIEL COLLEGE IN WESTMINSTER.

IF YOU'RE JOINING US TONIGHT, CHANCES ARE YOU'VE ALREADY SPENT SOME TIME THINKING-AND POSSIBLY WORRYING-ABOUT HOW TO PAY FOR COLLEGE .

AND IT'S NO WONDER.

THE AVERAGE COST FOR AN UNDERGRADUATE DEGREE IS MORE THAN $35,000.

AMERICANS COLLECTIVELY OWE ABOUT 1.75 *TRILLION DOLLARS IN STUDENT LOAN DEBT.

DON'T PANIC!

TONIGHT, WE'RE GOING TO HELP YOU FIGURE OUT WHAT STEPS YOU NEED TO TAKE TO EARN THAT DIPLOMA WITHOUT BREAKING THE BANK.

IN JUST A FEW MINUTES, WE'LL BE JOINED BY MARYLAND FINANCIAL AID EXPERTS THEY'RE HERE TO ANSWER ALL OF YOUR BURNING QUESTIONS ABOUT FILLING OUT THE FAFSA, FINDING SCHOLARSHIPS, STUDENT LOAN FORGIVENESS AND MORE.

SO DON'T BE SHY - SEND US THOSE QUESTIONS!

E-MAIL US AT COLLEGE@MPT.ORG.

EVEN IF WE DON'T GET TO YOUR QUESTION LIVE ON THE AIR TONIGHT, A FINANCIAL AID ADVISOR WILL BE IN TOUCH TO HELP YOU OUT.

AND IF YOU JUST CAN'T WAIT, YOU CAN ALSO JOIN US RIGHT NOW FOR OUR ONGOING YOUTUBE WATCH PARTY.

FINANCIAL AID ADVISORS ARE STANDING BY AS WE SPEAK TO ANSWER YOUR QUESTIONS IN THE COMMENTS SECTION.

MPT,ORG/COLLEGE, AND CLICK THE LINK AT THE TOP OF THE PAGE TO JOIN.

I'LL BE BACK WITH OUR FIRST LIVE GUEST SOON, BUT FOR NOW, HERE'S MARIO ARMSTRONG TO TALK YOU THROUGH THE BASICS.

IF THERE'S ONE THING THAT CAN GET YOUR HEART RACING, IT'S THINKING ABOUT YOUR FUTURE AND HOW TO ACHIEVE YOUR GOALS.

TO ACHIEVE THOSE GOALS, YOU NEED PROPER TRAINING, AND THERE ARE PLENTY OF COLLEGES THAT CAN BE JUST RIGHT FOR YOU.

BUT IT SEEMS LIKE EVERY YEAR THE COST OF COLLEGE SEEMS TO BE GOING UP, UP AND UP!

>> AM I REALLY GOING THROUGH WITH THIS?

>> MAYBE I AM CRAZY >> I DON'T KNOW IF I'M GOING TO MAKE IT!

>> OF COURSE YOU'RE GOING TO MAKE IT!

NOW TAKE A BREATH AND RELAX!

AND IF YOU'RE WORRIED ABOUT PAYING FOR COLLEGE, YOU'RE NOT ALONE.

BUT BEFORE WE GET TO TALKING ABOUT THE GREEN, LET'S GET REAL YOU WANT TO GO TO COLLEGE, BUT DO YOU KNOW WHAT YOU WANT TO DO FOR A LIVING YET?

AND DOES THE COST OF THE COLLEGES YOU'RE INTERESTED IN MAKE FINANCIAL SENSE FOR YOUR CAREER?

>> I THINK IT'S IMPORTANT THAT BEFORE A STUDENT TAKES A LOOK AT THE FINANCIAL ASPECTS OF FINANCIAL AID, IT'S REALLY ASK THEMSELVES WHAT IS IT THEY WANT TO DO?

ARE THEY LOOKING FOR A BIG SCHOOL, A SMALL SCHOOL?

WHAT ARE THE TYPES OF PROGRAMS THEY'RE LOOKING FOR, SO THAT WHEN THEY GET TO FIGURING OUT HOW TO PAY FOR THE SCHOOL OR THE PROGRAM THAT THEY'RE LOOKING FOR, THEY HAVE AN IDEA OF WHAT IT IS THEY WANT TO DO AND HOW TO GET THERE FIRST.

WHAT SCHOOL TO ATTEND, WHAT YOU'LL STUDY, AND HOW MUCH FINANCIAL AID YOU'LL BE ELIGIBLE FOR.

WILL YOU NEED TO GET A STUDENT LOAN, TOO?

AND SHOULD YOU?

RECENT REPORTS SAY THAT STUDENT LOAN DEBT HAS TOPPED ONE TRILLION DOLLARS!

THAT'S TRILLION WITH A T!

>> WE'VE ALL BEEN HEARING A LOT ABOUT THE STUDENT LOAN CRISIS, AND FOR THE STUDENTS THAT HAVE A LOT OF DEBT, IT DEFINITELY IS A CRISIS FOR THEM.

AT THE SAME TIME, WHAT A LOT OF PEOPLE DON'T REALIZE IS THAT ALMOST 1 OUT OF 3 STUDENTS GRADUATE WITH NO DEBT.

SO, PEOPLE HAVE A CHOICE AS THEY'RE THINKING ABOUT COLLEGE, AS THEY'RE DECIDING WHAT COLLEGE TO GO TO, HOW MUCH IT WILL COST, HOW MUCH THEY'RE WILLING TO SPEND, AND HOW MUCH DEBT THEY CHOOSE TO GET INTO.

>> A STUDENT SHOULD FIRST CONTACT THEIR FINANCIAL AID ADMINISTRATOR AT THE INSTITUTION THEY'RE PLANNING TO ATTEND.

ASK THEM QUESTIONS PERTAINING TO STUDENT LOANS ON WHAT AMOUNT OF MONEY THEY ACTUALLY NEED IN ORDER TO ATTEND THAT INSTITUTION.

SO THAT WAY THEY'RE ONLY TAKING OUT THE AMOUNT OF MONEY THAT THEY NEED IN ORDER TO ATTEND AND NOT AN EXCESS AMOUNT, WHICH WILL INCREASE THEIR STUDENT LOAN DEBT WHEN THEY GRADUATE >> ARE YOU GOING TO PAY FOR COLLEGE?

IT'S TIME FOR SOME RESEARCH.

THERE ARE MANY PLACES ONLINE THAT YOU CAN ACCESS RIGHT NOW, BUT DON'T FORGET THE OLD SCHOOL WAY - SIMPLY TALKING TO SOMEONE.

>> I ALWAYS SUGGEST TO STUDENTS TO SPEAK TO THEIR GUIDANCE COUNSELOR IN THEIR HIGH SCHOOL.

THEY CAN CHAT WITH THE FINANCIAL AID OFFICE AT A COLLEGE THAT THEY'RE CONSIDERING ATTENDING.

IF THEY HAVE A MENTOR OR SOMEONE THAT HAS BEEN INSTRUMENTAL IN ENCOURAGING THEM TO GO TO COLLEGE.

IF YOU PUT ALL OF THOSE OPINIONS AND INPUT TOGETHER, IT CAN GIVE YOU A REALLY GOOD BLUEPRINT OF WHERE TO LOOK FOR INFORMATION.

AND YOUR PARENTS CAN BE ALONGSIDE OF YOU WHILE YOU'RE LEARNING THESE THINGS AS WELL.

>> WELL, THERE ARE A NUMBER OF WAYS THAT INDIVIDUALS CAN FIND OUT ABOUT COLLEGES AND FINANCIAL AID.

THE MARYLAND HIGHER EDUCATION COMMISSION OFFERS A FREE SERVICE WHERE WE COME TO COLLEGE FAIRS, COLLEGE NIGHT AND FAFSA NIGHTS, AND PROVIDE A PRESENTATION ON COLLEGE AND UNDERSTANDING COLLEGE FINANCIAL AID PROGRAMS.

>> WEB SITES ARE KEY TO RESEARCH.

THE FEDERAL GOVERNMENT'S MAIN INFORMATION PAGE ON FINANCIAL AID IS LOCATED AT STUDENTAID.ED.GOV.

FOR MARYLAND RESIDENTS, VISIT THE MARYLAND HIGHER EDUCATION COMMISSION'S MAIN WEBSITE AT MHEC.MARYLAND.GOV.

AND THERE ARE OTHERS, SUCH AS FASTWEB.COM AND FINAID.ORG.

>> OK, SO YOU'VE GOT A PLAN OF ACTION, YOU HAVE A LIST OF SCHOOLS YOU WANT TO APPLY TO, AND YOU'VE DONE YOUR RESEARCH.

SO WHERE THIS MAGICAL MONEY GONNA COME FROM?

THERE ARE FOUR PRIMARY SOURCES.

>> THEY ARE .THE FEDERAL GOVERNMENT...YOUR STATE GOVERNMENT...

THE INSTITUTION TO WHICH YOU ARE APPLYING...AND PRIVATE SOURCES SUCH AS CORPORATIONS AND NONPROFIT ORGANIZATIONS.

>> THEFEDERAL, STATE, INSTITUTIONS AND PRIVATE.

SO THE QUESTION IS WHERE DO YOU GET STARTED?

THE FAFSA IS THE FREE APPLICATION FOR FEDERAL STUDENT AID, AND IT CAN BE FOUND ON A WEB SITE THAT'S EASY TO REMEMBER FAFSA.GOV.

IT'S THE FIRST STEP IN APPLYING FOR FINANCIAL ASSISTANCE.

>> THE APPLICATION ITSELF IS COMPRISED OF BOTH DEMOGRAPHIC INFORMATION, SO BIOGRAPHICAL INFORMATION, NAME OF THE STUDENT, SOCIAL SECURITY NUMBER, DATE OF BIRTH, THAT TYPE OF INFORMATION FOR BOTH THE STUDENT AND FOR THE PARENTS, IF THE PARENTS ARE FILLING OUT THE FAFSA AS WELL, AND, ALSO, FINANCIAL INFORMATION.

THE APPLICATION TAKES A LOOK AT A COMBINATION OF DIFFERENT FACTORS, BOTH FAMILY SIZE, INCOME, ALL OF THAT INFORMATION, AND IT COMES OUT WITH A RESULT FOR WHAT A STUDENT IS GOING TO BE ELIGIBLE FOR, FOR FEDERAL FINANCIAL ASSISTANCE, AND THAT FIGURE IS, ALSO, USED FOR STATE FUNDING OR SOMETIMES FOR INSTITUTIONAL FUNDING.

>> FOR THOSE STUDENTS WHO ARE NOT FAMILIAR WITH THE PROCESS, AND YOU MAY BE A FIRST GENERATION STUDENT OR JUST COMPLETELY OBLIVIOUS TO THE PROCESS, IT CAN BE OVERWHELMING, BUT THE BEST THING TO DO IS TO TAKE THE TIME TO READ EVERYTHING THROUGH BEFORE YOU ACTUALLY COMPLETE THE WHOLE ENTIRE PROCESS AND CLICK "SUBMIT."

>> REMEMBER, THAT FIRST F IN FAFSA STANDS FOR FREE!

NOW LOOK, THERE ARE OTHER WEB SITES OUT THERE PREYING ON YOUR NEED FOR MONEY, SO MAKE SURE YOU'RE ON THE RIGHT SITE.

>> STUDENTS SHOULD NOT BE PAYING SOMEBODY TO HELP THEM FILL OUT THAT APPLICATION.

THE DEPARTMENT OF EDUCATION WEBSITE HAS A LOT OF INFORMATION AND HELPFUL TIPS AS YOU'RE COMPLETING THAT APPLICATION, FREQUENTLY ASKED QUESTIONS.

BUT IF STUDENTS OR FAMILIES ARE HAVING DIFFICULTY FILLING OUT THE FAFSA, THEY REALLY SHOULD BE REACHING OUT TO COLLEGES OR UNIVERSITIES, OR EVEN THEIR GUIDANCE COUNSELORS.

>> MY NAME IS ANTONIO GARDNER.

>> MY NAME IS ANTWAN GARDNER.

>> WE'RE TWINS.

>> I KNEW I WANTED TO GO TO COLLEGE WHEN I WAS IN THE ELEVENTH GRADE.

I HAVE AN INTEREST IN TECHNOLOGY, AND SO I KIND OF WANT TO GO INTO COMPUTER ENGINEERING, BUT ALSO, I HAVE A LOVE FOR PEOPLE AND BUSINESS.

>> IN ADDITION TO MY BROTHER, I ALSO WANTED TO ATTEND COLLEGE, BUT I KNEW THAT THE COST OF COLLEGE WAS MORE OF WHAT I PERSONALLY COULD AFFORD.

STUDENT LOANS WERE NOT AN OPTION FOR MY BROTHER AND MYSELF.

WE MADE IT A MISSION OF OURS TO INQUIRE AND RECEIVE AS MANY SCHOLARSHIPS AND GRANTS TO COVER THE COST OF OUR TUITION.

>> MY SEARCH FOR FINANCIAL AID BEGAN WHEN I WAS GETTING READY TO ENTER INTO MY SENIOR YEAR OF HIGH SCHOOL.

MY ADVISOR INTRODUCED THE ENTIRE SENIOR YEAR CLASS TO THE FAFSA.

WE GOT A PREVIEW OF WHAT IT WAS AND WHAT IT WOULD CONTAIN AND WHAT WE HAD TO DO TO FILL IT OUT.

>> WE SAT DOWN AND WE FILLED OUT ALL THE INFORMATION AND GOT ALL THE INFORMATION FROM MY PARENTS AND PROVIDED ALL THE INFORMATION THAT I WOULD NEED TO FILL IT OUT SUCCESSFULLY.

>> ANTWAN AND ANTONIO WERE GREAT.

THEY WERE ABLE TO QUALIFY FOR STATE AID, ADDITIONAL FEDERAL AID.

THEY SENT THEIR APPLICATION THE FIRST DAY IT WAS AVAILABLE.

THEY REACHED OUT TO THEIR DELEGATE AND SENATORS AND WERE ABLE TO COMPLETE SCHOLARSHIPS THROUGH THEM.

THEY ALSO CAME INTO THE FINANCIAL AID OFFICE AND RECEIVED FEDERAL WORK STUDY THROUGH THE INSTITUTION AND WERE ABLE TO GET ADDITIONAL MONEY DOING THAT.

>> IF WE CLICK "IN CELL G13 " >> THOSE WHO ARE TRYING TO OBTAIN MONEY FOR COLLEGE SHOULD NOT GIVE UP HOPE BECAUSE MONEY IS AVAILABLE TO THEM.

>> I LOVE WORKING WITH STUDENTS, ESPECIALLY LIKE ANTWAN AND ANTONIO WHO ARE ON TOP OF THEIR STUFF, THEY GET IT DOWN AND WE WERE ABLE TO HELP THEM AS MUCH AS POSSIBLE.

WHEN A STUDENT IS ON TOP OF THEIR STUFF, WE CAN HELP THEM OUT EVEN MORE.

* >> KERRY: WELCOME BACK, I'M KERRY CAVANAUGH AND WE ARE LIVE ON THE CAMPUS OF MCDANIEL COLLEGE FOR OUR SPECIAL PRESENTATION OF WAYS TO PAY FOR COLLEGE.

NOW, IF YOU'RE FEELING A LITTLE DIZZY AFTER THAT TRIP TO THE AMUSEMENT PARK WITH MARIO, YOU'RE DEFINITELY NOT ALONE.

FINDING MONEY FOR SCHOOL CAN BE A CONFUSING PROCESS.

BUT WE'RE HERE TO HELP.

IF THERE'S SOMETHING *SPECIFIC YOU'RE WONDERING ABOUT FOR EXAMPLE, WHAT TO INCLUDE ON THE FAFSA OR HOW TO APPLY FOR STUDENT LOANS JUST E-MAIL YOUR QUESTIONS TO "COLLEGE@MPT.ORG" AND A FINANCIAL AID EXPERT WILL GET BACK TO YOU PERSONALLY.

YOU CAN ALSO HEAD TO MPT.ORG/COLLEGE AND CLICK THE LINK AT THE TOP OF THE PAGE TO JOIN OUR ONGOING YOUTUBE WATCH PARTY.

JUST TYPE YOUR QUESTION IN THE COMMENTS SECTION AND ONE OF OUR ADVISORS WILL DO THEIR BEST TO HELP YOU OUT.

JOINING ME NOW IS OUR FIRST LIVE GUEST OF THE NIGHT, KEMIA HIMON, DIRECTOR OF FINANCIAL AID HERE AT MCDANIEL COLLEGE.

THANK YOU SO MUCH FOR BEING HERE.

>> THANK YOU FOR HAVING ME.

>> OF COURSE.

I KNOW TUITION IS ON THE RISE ACROSS THE COUNTRY AND A LOT OF PARENTS ARE JUST TERRIFIED WHEN THEY LOOK AT THE NUMBERS, SO WHAT WOULD YOU LIKE TO SAY TO FAMILIES WHO ARE FEELING OVERWHELMED RIGHT NOW?

>> YEAH, SO MYSELF AND OTHER FINANCIAL AID PEOPLE THAT'S WITHIN THE INDUSTRY, WE UNDERSTAND THAT TUITION COSTS AND ALL OF THAT CAN BE VERY SCARY.

BUT THERE ARE NUMEROUS SCHOLARSHIPS AND GRANTS THAT ARE OUT THERE.

JUST REMEMBER THAT THE FINANCIAL AID OFFICES AND ADMISSIONS OFFICES ALL OVER THE WORLD ARE HERE TO HELP.

WE JUST WANT TO MAKE THE PROCESS AS LESS STRESS AS POSSIBLE.

>> SO TELL ME WHAT DO YOU DO, SPECIFICALLY, HERE AT McDAN WHY EL TO HELP STUDENTS AFFORD COLLEGE.

>> YES SNCHT SO I'M THE FINANCIAL AID DIRECTOR AND MY TEAM AND I, WE ARE LITERALLY HERE TO SERVE THE STUDENT.

AND SO EVERY STUDENT, EVEN BEFORE THEY BECOME ADMITTED INTO McDANIEL COLLEGE, THEY'RE ABLE TO CONNECT WITH A FINANCIAL AID SPECIALIST ACCORDING TO THEIR LAST NAME SO THAT THEY CAN GET THE INDIVIDUAL ATTENTION THAT IS NECESSARY TO HELP THEM THROUGHOUT THE PROCESS.

WE PROVIDE A TON OF WELLNESS INFORMATION.

WE ARE ALWAYS DOING LIKE WEBINARS AND THINGS VIRTUALLY.

AND SOMETHING THAT WE ROLLED OUT LAST YEAR IS EVERY STUDENT AND FAMILY HAVE THE ABILITY TO MEET WITH MY STAFF AND I INDIVIDUALLY TO RECEIVE ONE ON ONE PERSONALIZED ATTENTION AND TO BE ABLE TO ANSWER ANY-- FOR US TO BE ABLE TO ANSWER ANY QUESTIONS THAT THEY MAY HAVE.

>> THAT'S A GREAT RESOURCE TO HAVE.

SO WE ARE NEARING THE END OF SEPTEMBER.

I KNOW OCTOBER 1 IS A REALLY BIG DEADLINE IN THE COLLEGE ADMISSIONS PROCESS FOR FINANCIAL AID.

CAN YOU EXPLAIN WHY?

>> YEAH, IT'S THE DAY THE FAFSA OPENS.

IT'S AS SIMPLE AS THAT.

FAFSA IS A SCHOOL THAT YOU WANT TO USE BECAUSE THERE ARE A LOT OF RESOURCES LIKE NEED-BASED GRANTS.

A LOT OF INSTITUTIONS MIGHT NOT PREFER IT, BUT YOU HAVE TO DO IT IN ORDER TO BE ABLE TO GET CERTAIN SCHOLARSHIPS AND GRANTS AND THINGS OF THAT NATURE.

>> SO THAT YOU ARE PREPARED WHEN YOU GO TO FILL THAT OUT, LIKE AS A FAMILY, WHAT KIND OF INFORMATION DO YOU NEED HAVE AT THE READY?

>> YEAH, SO WHEN COMPLETING THE FAFSA, YOU LOOK AT PRIOR, PRIOR TAX INFORMATION.

SO THIS WRND, WEEKEND, THE 23-24 FAFSA APPLICATION WILL BE OPEN SO THE PRIOR TAX INFORMATION MEANS WE NEED THE 21 TAX INFORMATION.

TAX RETURNS, W-2s, ANYTHING THAT YOU HAVE AT HOME THAT CAN HELP YOU KEY IN THOSE NUMBERS.

>> NOW GOOD NEWS FOR McDANIEL AND I KNOW IT HAS BEEN RECOGNIZED AS A BEST VALUE IN U.S. NEWS.

SO WHAT DOES THAT MEAN EXACTLY?

>> WE ARE COMMITTED TO MAKING SURE THAT McDANIEL COLLEGE IS ACCESSIBLE AND AFFORDABLE TO THE FAMILIES AND THE STUDENTS WHO WANT TO EXPERIENCE OUR EDUCATION.

AND SO WHAT THAT MEANS IS-- I'M SORRY, NOT WHAT THAT MEANS, BUT WE HAVE OUR DONORS WHO ACTUALLY DONATE SO GENEROUSLY TO US THAT WE ARE ABLE TO INVEST OVER $50 MILLION ANNUALLY FOR SCHOLARSHIPS AND GRANTS.

>> $50 MILLION.

YOUR STUDENTS HERE AT McDANIEL, WHAT PERCENTAGE BENEFIT FROM SCHOLARSHIPS AND FINANCIAL AID.

>> OVER 90% OF OUR STUDENTS RECEIVE SOME TYPE OF FINANCIAL AID HERE.

>> OVER 90%?

>> YES.

>> BEYOND MERIT SCHOLARSHIPS I HAVE READ THAT McDANIEL HAS A LEGACY SCHOLARSHIP.

CAN YOU TELL ME ABOUT THAT?

>> AT THE POINT OF THE APPLICATION, ALL STUDENTS ARE BASED ON THEIR APPLICATION, WE REVIEW THEM FOR SOME SORT OF MERIT SCHOLARSHIP.

AND SO THE LEGACY PROGRAMS WE ACTUALLY HAVE THREE.

WE HAVE THE ALUMNI LEGACY, THE MILITARY LEGACY, AND THE EDUCATOR LEGACY AND WHAT THAT IS , THE EDUCATOR LEGACY, SO PARENTS WHO WORK IN THE EDUCATION FIELD THAT TEACH PRE-K TO COMMUNITY COLLEGE, THEIR CHILDREN CAN COME HERE AND RECEIVE SOME TYPE OF SCHOLARSHIP, MERIT SCHOLARSHIP.

THE MILITARY ONE, IF YOU ARE IN ACTIVE DUTY OR VETERAN OR YOUR PARENTS, THEN YOU WILL BE ELIGIBLE FOR A MILITARY LEGACY SCHOLARSHIP.

AND THEN THE THIRD ONE IS THE ALUMNI SCHOLARSHIP.

SO IF YOUR MOM, DAD, STEP PARENT, ATTENDED McDANIEL OR GRANDPARENTS, THEN YOU WILL BE ELIGIBLE FOR THE ALUMNI SCHOLARSHIP AND THE SCHOLARSHIP RANGES ANYWHERE FROM $15,000 TO $30,000.

SO OVER THE COURSE OF FOUR YEARS, IT COULD POSSIBLY BE UP TO $100,000 IN SCHOLARSHIPS.

>> THAT WOULD MAKE A HUGE DIFFERENCE FOR ANY FAMILY.

>> I ALSO HEAR THE McDANIEL HAS A UNIQUE GRANT PROGRAM FOR STUDENTS WHO COME TO VISIT THE CAMPUS.

TELL ME ABOUT THAT.

>> IT'S CALLED OUR VISIT INCENTIVE GRANT.

IF YOU VISIT THE CAMPUS OF McDANIEL PRIOR TO APPLYING, THEN YOU ARE ELIGIBLE FOR THE VISIT INCENTIVE GRANTS.

THE NORMAL GRANTS IS $1,000 FOR EVERY YEAR SO THAT'S $4,000.

BUT CURRENTLY WE ARE DOING A DOUBLE VISIT INCENTIVE.

SO IF YOU VISIT BY NOVEMBER 15, BEFORE APPLYING, THEN YOU WILL BE ELIGIBLE TO RECEIVE $8,000.

>> WOW.

THAT'S PRETTY AMAZING.

I NEVER HEARD OF THAT BEFORE.

>> WHAT ABOUT STUDENT LOANS?

DO YOU HAVE ADVICE FOR STUDENTS AND PARENTS AS THEY CONSIDER HOW TO NAVIGATE THAT?

>> YEAH, MY ADVICE IS-- STUDENT LOAN IS ACTUALLY A GREAT RESOURCE IF USED RESPONSIBLY.

SO THERE IS NUMEROUS TYPES OF STUDENT LOANS.

YOU HAVE THE DIRECT LOANS THROUGH THE GOVERNMENT.

YOU HAVE PRIVATE LOANS.

AND OF COURSE WHICH EVER ONE WORKS, THE FAMILIES NEED TO DECIDE WHAT WORKS FOR THEIR PARTICULAR SITUATION BUT STUDENT LOANS CAN BE A GREAT RESOURCE TO HELP WITH FINANCING YOUR EDUCATION.

>> NOW IT SOUNDS LIKE THERE IS A LOT OF DIFFERENT WAYS FOR STUDENTS, OF COURSE, TO MAKE IT WORK AND PAY FOR COLLEGE.

BUT ARE THERE ANY MISTAKES THAT YOU SEE STUDENTS MAKE COMMONLY AND WHAT ARE THEY AND HOW CAN WE AVOID THEM?

>> A LOT OF FAMILIES ASSUME THEY WILL NOT QUALIFY FOR ANY FINANCIAL AID, SO BECAUSE OF THAT, THEY DO NOT FILL OUT THE FAFSA APPLICATION, SO I THINK YOU NEED MAKE SURE THAT YOU ARE ALWAYS JUST-- JUST FILL IT OUT JUST TO SEE.

>> SO IT'S WORTH IT.

>> DEFINITELY WORTH IT.

>> ALL RIGHT.

THANK YOU VERY MUCH FOR JOINING US AND THAT WAS REALLY GOOD INFORMATION.

I APPRECIATE IT.

>> NO PROBLEM, THANK YOU FOR HAVING ME.

>> OF COURSE.

IN CASE YOU DIDN'T CATCH THAT, AGAIN, IF YOU PLAN TO ATTEND COLLEGE NEXT YEAR, DON'T FORGET TO MARK YOUR CALENDARS BECAUSE OCTOBER 1, THIS WEEKEND IS WHEN THE AS IF FAFSA GOES LIVE.

THE EARLIER YOU SUBMIT THE BETTER, IF YOU NEED QUESTIONS FILLING OUT YOUR FORMS, DON'T HESITATE TO ASK.

E-MAIL US AT COLLEGE@MPT.ORG AND ONE OF OUR EXPERTS WILL BE IN TOUCH.

YOU CAN ALSO VISIT OUR WEBSITE, MPT.ORG/COLLEGE, TO FIND LOTS OF GREAT FINANCIAL AID RESOURCES, INCLUDING LINKS TO RE-WATCH THIS PROGRAM ANY TIME.

JOINING US NEXT IS AL DORSETT, WHO IS THE BRAND NEW DIRECTOR OF STUDENT FINANCIAL ASSISTANCE AT THE MARYLAND HIGHER EDUCATION COMMISSION, KNOWN AS M-HEC.

THANK YOU FOR COMING OUT >> THANK YOU FOR JOINING US.

>> WE ARE SO EXCITED TO HEAR WHAT YOU HAVE TO SAY BECAUSE I KNOW SO MANY FAMILIES ARE STRESSED OUT ABOUT WHO PAY FOR COLLEGE.

SO YOU HAVE HIT THE GROUND RUNNING RIGHT NOW TRYING TO HELP KIDS ACHIEVE THEIR HIGHER EDUCATION GOALS.

CAN YOU EXPLAIN WHAT M-HEC DOES AND WHAT IT HAS TO OFFER FAMILIES IN MARYLAND.

>> M-HEC HAS AWARDED OVER $130 MILLION TO ABOUT 65,000 STUDENTS AND FINANCIAL ASSISTANCE AWARDS RANGING FROM $2,000 TO $20,000.

OF COURSE THEY HAVE TO BE ELIGIBLE AND THE FIRST THING TO BE ELIGIBLE, THEY NEED TO APPLY.

>> OKAY.

AND ONCE THEY DO APPLY, I UNDERSTAND THAT THERE IS TWO SEPARATE FINANCIAL AID APPLICATIONS.

WE TALKED ABOUT THE FAFSA.

BUT THERE IS ALSO THE MSFA.

THE FAFSA IS FREE APPLICATION FEDERAL STUDENT AID.

THE MSFA.

THIS IS SPECIAL FOR MARYLAND SUPPORTING ALL STUDENTS.

SO NOT ALL STUDENTS ARE ELIGIBLE FOR THE FAFSA BUT STUDENTS SUCH AS UNDOCUMENTED STUDENTS, CAN DO THE MSFAA, THE MARYLAND STATE FINANCIAL AID APPLICATION AND BE ELIGIBLE FOR MARYLAND FINANCIAL STATE AID.

>> IT SOUNDS LIKE IT IS WORTH A FAMILY'S TIME AND EFFORT TO FILL OUT BOTH FORMS.

>> IT DEFINITELY IS.

AND THEY ONLY HAVE TO FILL OUT ONE.

OF COURSE IF A STUDENT IS ELIGIBLE TO DO THE AS IF SFA FAFSA, THEY DO THE FAFSA.

IT'S FOR THOSE STUDENTS NOT ELIGIBLE FOR THE FAFSA CAN DO THE MSFAA, MARYLAND RESIDENT AND STILL GET MONEY TO GO TO SCHOOL IN MARYLAND.

>> NOW, AS I UNDERSTAND IT, IF YOU WOULD LIKE AID FROM THE STATE, YOU NEED AN MD CAPS ACCOUNT.

CAN YOU EXPLAIN WHAT THAT IS AND HOW TO CREATE ONE.

>> IT IS BASICALLY CREATING AN ACCOUNT IN THE SYSTEM.

THE APPLICANT CAN GO TO OUR WEBSITE, M-MEC MARYLAND.GOV AND CLICK ON THE ICON WHICH IS A GRADUATION CAP AND IT WILL TAKE THEM THROUGH THE STEPS TO COMPLETE AN ACCOUNT.

ONE THING THE STUDENT NEEDS TO DEFINITELY BE SURE IS THAT THEY USE AN EMAIL THAT THEY'RE GOING TO USE AND THEY CHECK FREQUENTLY BECAUSE ONCE THEY PUT THAT IN THERE, ALL COMMUNICATION WILL GO TO THAT EMAIL.

>> I KNOW THAT'S PROBABLY STRESSFUL FOR PARENTS TO HEAR WHO MIGHT SUSPECT THEIR CHILD MIGHT MISS AN EMAIL.

WHAT HAPPENS IF YOU MISS SOME COMMUNICATION ALONG THE WAY.

WE BELIEVE THAT AND WE SEND OUT SEVERAL PIECES OF COMMUNICATION, NOTIFICATIONS TO STUDENTS THAT THEY MAY NEED TO COMPLETE SOMETHING OR ACCEPT SOMETHING.

BUT THE OTHER KEY PIECE THAT I TELL INDIVIDUALS IS, YOU HAVE THIS MDCAPS ACCOUNT, GO INTO IT FREQUENTLY.

IF YOU DON'T GO INTO FREQUENTLY, MINIMALLY CHECK IT AT LEAST ONCE A MONTH IN YOUR MDCAPS ACCOUNT.

>> TAX CUT-- CAN YOU TELL HOW MANY DIFFERENT FINANCIAL AID PROGRAMS YOU OFFER AND WHAT ARE SOME EXAMPLES?

>> WE HAVE OVER 25 DIFFERENT PROGRAMS NOW RANGING ANYWHERE FROM NEED-BASED TO WHAT WE CALL CAREER SERVICE BASED TO EVEN LEGISLATIVE.

SO AN EXAMPLE IS OUR GUARANTEED ACCESS GRANT, OUR EDUCATIONAL ASSISTANCE GRANT, THOSE ARE TWO DIFFERENT EXAMPLES RIGHT THERE.

>> OKAY.

AND I'VE HEARD, TOO, THAT THERE ARE SOME WORKPLACE SHORTAGE GRANTS.

>> YES, YES.

SO MARYLAND RECOGNIZES THAT THERE ARE CERTAIN AREAS THAT THERE IS A SHORTAGE.

AND INDIVIDUALS CAN ACTUALLY ATTEND SCHOOL THAT ARE GOING INTO THAT FIELD SUCH AS CYBER SECURITY, SOCIAL WORK, AND THEY CAN ACTUALLY RECEIVE FUNDS AND, BASICALLY WITH THE WORKFORCE SHORTAGE, THE STUDENT IS GOING TO SAY THAT THEY'LL WORK IN MARYLAND IN ONE OF THOSE AREAS AFTER THEY GRADUATE.

>> DO THOSE AREAS TEND TO CHANGE FROM YEAR TO YEAR?

>> THEY CAN INCREASE.

THEY STAY CONSISTENT UNLESS SOMETIMES LEGISLATION CHANGES.

BUT EVEN IF LEGISLATION CHANGES, IF A STUDENT WAS IN THE PROGRAM ALREADY, THEY'RE STILL ELIGIBLE FOR FOR THE PROGRAM.

IT'S MORE SO NEW PROGRAMS COME UP WHERE THERE IS A DIFFERENCE.

>> THAT'S GREAT INCENTIVE THEN TO PURSUE A CERTAIN FIELD.

SO WHERE CAN OUR VIEWERS FIND MORE INFORMATION, BECAUSE, YOU KNOW, THERE ARE SO MANY PROGRAMS AND SO MANY DETAILS TO KEEP TRACK OF?

>> I PUSH EVERY STUDENT EVERY FAMILY TO GO TO MHEC.345EUR-- MHEC.MARYLAND.GOV.

THERE ARE SO MANY PROGRAMS ON THERE.

COMPLETE THE FAFSA OR MSFAA AND GO TO THAT MHEC.MARYLAND.GOV WEBSITE.

>> SO BEYOND STATE AND FEDERAL RESOURCES, DO YOU HAVE ANY ADVICE FOR FAMILIES ABOUT HOW TO APPLY FOR HELP PAYING FOR COLLEGE?

>> SURE.

DEFINITELY CONTACT THE DIFFERENT SCHOOLS THAT THEY'RE LOOKING AT OR THAT THEY'RE ALREADY AT.

LOOK AT THEIR WEBSITES.

ESPECIALLY FOR INCOMING STUDENTS, THERE IS A LOT OF DIFFERENT SCHOOLS THAT HAVE SCHOLARSHIPS FOR INCOMING STUDENTS.

SO BASED OFF MERIT, THEIR HIGH SCHOOL GRADES, S.A.T.

SCORES IF THEY TOOK THEM, THEY MAY BE ELIGIBLE FOR INSTITUTIONAL SCHOLARSHIPS AS WELL AS MARYLAND SCHOLARSHIPS.

>> WONDERFUL INFORMATION.

THANK YOU VERY MUCH FOR JOINING US TONIGHT NOW, IF YOU HAVE QUESTIONS ABOUT ANYTHING WE'VE COVERED SO FAR, OR ABOUT SOMETHING WE HAVEN'T COVERED, ALL YOU HAVE TO DO IS ASK!

SEND YOUR QUESTIONS TO "COLLEGE@MPT.ORG" AND A FINANCIAL AID PROFESSIONAL WILL CONTACT YOU BY EMAIL OR PHONE WITH ASSISTANCE.

AND DON'T FORGET, THIS SHOW IS ALSO STREAMING LIVE RIGHT NOW ON MARYLAND PUBLIC TELEVISION'S YOUTUBE ACCOUNT WHERE ADVISORS ARE STANDING BY TO PROVIDE ANSWERS IN THE COMMENTS SECTION.

COMING UP, WE'LL TALK TO EXPERTS ABOUT TWO MAJOR FINANCIAL AID TOPICS: SAVING FOR COLLEGE, AND STUDENT LOANS.

BUT FIRST, MARIO'S BACK TO FILL YOU IN... ON FILLING OUT THE FAFSA.

>> WHEN CAN YOU FILL OUT THE FAFSA?

IT BECOMES AVAILABLE ON OCTOBER 1ST, AND FOR MARYLAND STUDENTS WANTING MARYLAND STATE AID, MUST BE COMPLETED BY MARCH 1ST.

IN MOST CASES FINANCIAL AID IS ACTUALLY AWARDED ON A FIRST COME, FIRST SERVE BASIS, AND SO THE EARLIER YOU APPLY, THE BETTER YOUR CHANCES ARE FOR GETTING A GOOD FINANCIAL AID PACKAGE.

IF YOU SUBMIT YOUR FAFSA ON MARCH SECOND, WELL, YOU MIGHT BE MISSING OUT.

>> DEADLINES ARE VERY IMPORTANT, ESPECIALLY WHEN YOU'RE TRYING TO APPLY FOR STATE FINANCIAL AID.

ALSO, DEADLINES APPLY WHEN YOU'RE PLANNING TO ATTEND INSTITUTIONS.

SOME INSTITUTIONS HAVE CERTAIN DEADLINE DATES FOR INSTITUTIONAL SCHOLARSHIPS, SO IN THE EVENT THAT YOU DON'T STICK TO THOSE DEADLINES DATES, YOU ARE INELIGIBLE FOR A LOT OF ADDITIONAL SCHOLARSHIP MONEY THAT YOU CAN RECEIVE TOWARDS YOUR COLLEGE EDUCATION.

>> NOW YOU'RE STARING AT THE FAFSA ON YOUR COMPUTER SCREEN >> NOW YOU'RE STARING AT THE FAFSA ON YOUR COMPUTER SCREEN AND YOU SEE YOU NEED THE INCOME INFORMATION FOR BOTH THE STUDENT AND PARENTS.

THIS CAN EASILY BE FOUND ON YOUR TAX RETURNS - BUT WHICH ONES?

LAST YEARS?

THIS YEAR?

AND WHO HAS THEIR TAXES DONE IN OCTOBER?

IT MIGHT SOUND CONFUSING, BUT BEAR WITH ME.

YOU NEED TO REPORT YOUR INCOME INFORMATION FROM THE TAX YEAR TWO YEARS PRIOR TO THE ACADEMIC YEAR YOU'RE ENTERING SCHOOL.

SO IF YOU'RE FILLING OUT THE FAFSA THIS OCTOBER 1ST TO ENTER SCHOOL NEXT FALL, YOU CAN USE LAST YEAR'S TAXES.

GOT IT?

IF NOT, FOR MORE DETAILS, GO TO STUDENTAID.ED.GOV.

>> ONCE THE STUDENT AND THE PARENTS COMPLETE THE INFORMATION THAT'S ON THE APPLICATION, THE APPLICATION IS PROCESSED BY THE DEPARTMENT OF EDUCATION, AND ONCE THEY'VE PROCESSED THAT INFORMATION, THEY SEND IT ELECTRONICALLY TO THE SCHOOLS, SO THE SCHOOLS HAVE A COPY OF THAT INFORMATION, AND CAN REACH OUT TO STUDENTS IF THEY NEED ANY ADDITIONAL INFORMATION.

>> SO, YOU JUST FILL OUT THE MAGICAL FAFSA FORM AND THE MONEY ROLLS IN AND YOU GO TO COLLEGE?

RIGHT?

NOT YET.

WHEN YOU FILL OUT THE FORM, IT TELLS YOU WHAT YOUR FAMILY CAN AFFORD.

NOW THIS IS CALLED THE EFC, OR EXPECTED FAMILY CONTRIBUTION.

SCHOOLS SUBTRACT THE EFC FROM THE COST OF A YEAR OF EDUCATION.

THE DIFFERENCE IS CONSIDERED YOUR FINANCIAL NEED.

NOW, EACH INSTITUTION WILL USE THIS INFORMATION TO DETERMINE YOUR ELIGIBILITY FOR FEDERAL AND STATE FINANCIAL AID PROGRAMS.

>> IT TAKES BETWEEN THREE TO FIVE DAYS FOR THEM TO COMPLETELY PROCESS YOUR APPLICATION AND THEN SUBMIT IT TO THE INSTITUTIONS THAT YOU LIST ON THE FAFSA.

IN THE EVENT YOU WANT TO REVIEW THE INFORMATION, YOU ALSO RECEIVE AN EMAIL COPY OF YOUR FAFSA, AND IT'S YOUR TIME TO GO IN AND REVIEW IT TO MAKE SURE THERE ARE NO ERRORS THAT YOU NEED TO UPDATE OR CHANGE IN ORDER FOR YOUR INFORMATION TO BE ACCURATE.

>> STARTING TO SOUND COMPLICATED?

DON'T SWEAT IT YET.

LIKE MANY SOFTWARE PROGRAMS, THE FAFSA HAS HELPFUL HINTS THAT POP UP WHERE STUDENTS AND PARENTS CAN CLICK ON FOR HELP.

>> THERE'S A BUILT IN EDIT CHECK PROCESS THE APPLICATION, SO IF THERE ARE QUESTIONS THAT APPEAR TO HAVE BEEN ANSWERED INCORRECTLY, SOMETIMES THE APPLICATION WILL GO BACK AND ASK THE STUDENT, "IS THIS CORRECT," OR, "ARE YOU SURE ABOUT THIS INFORMATION?"

YOU ABSOLUTELY DO HAVE THE OPPORTUNITY TO GO BACK IN AND MAKE UPDATES OR CORRECTIONS TO THE APPLICATION, EVEN AFTER IT'S BEEN SENT TO THOSE INDIVIDUAL SCHOOLS.

>> AFTER COMPLETING THE FAFSA, YOU'LL FIND OUT IF YOU'RE ELIGIBLE FOR FEDERAL GRANTS AS WELL AS STATE GRANTS IF YOU MEET YOUR STATE'S DEADLINE DATE.

AS FOR MARYLAND STUDENTS WHO AREN'T ELIGIBLE FOR FEDERAL AID, PARTICULARLY UNDOCUMENTED STUDENTS THERE IS AN ALTERNATIVE TO THE FAFSA: THE MARYLAND STATE FINANCIAL AID APPLICATION, OR MSFAA.

LIKE THE FAFSA, THE MSFAA BECOMES AVAILABLE ON OCTOBER 1ST.

>> THE MARYLAND HIGHER EDUCATION COMMISSION OFFERS VARIOUS SCHOLARSHIPS AND GRANT PROGRAMS, SUCH AS NEED-BASED, LEGISLATIVE, CAREER AND OCCUPATIONAL.

STUDENTS SHOULD VISIT OUR WEBSITE TO RECEIVE ADDITIONAL INFORMATION ON ALL THE VARIOUS SCHOLARSHIP PROGRAMS THAT WE OFFER.

>> MARYLAND RESIDENTS WILL ALSO HAVE TO SIGN UP FOR MDCAPS - THE MARYLAND COLLEGE AID PROCESSING SYSTEM.

THIS IS THE STATE'S FINANCIAL AID SYSTEM THAT ALLOWS THEM TO PROCESS STATE SCHOLARSHIP APPLICATIONS, AND IT ALSO PROVIDES YOU A WAY TO MONITOR YOUR AID STATUS.

>> YOU CAN SIGN UP FOR AN MD CAPS ACCOUNT AT ANY TIME.

I WOULD SUGGEST CERTAINLY DOING IT BEFORE YOU BEGIN APPLYING FOR ANY STATE AID.

>> ONCE YOU HAVE YOUR MD CAPS ACCOUNT SET UP, YOU CAN UPLOAD ALL REQUIRED DOCUMENTATION SECURELY ONLINE USING THE ELECTRONIC FILE UPLOAD TOOL >> MD CAPS OVERALL GIVE STUDENTS A SNAPSHOT OF THEIR ACTIVITIES WITH REGARD TO THE STATE SCHOLARSHIPS THAT THEY'VE APPLIED FOR.

IT SHOWS WHEN DISBURSEMENTS HAVE BEEN MADE AND NOTIFICATIONS OF WHAT THEY MIGHT STILL HAVE AS OUTSTANDING DOCUMENTS THAT ARE NEEDED.

>> WHAT DO YOU DO NEXT?

IT'S TIME TO SEE IF YOU ALSO NEED TO APPLY FOR OTHER FINANCIAL AID OPPORTUNITIES YOU RESEARCHED EARLIER.

BY THE WAY, YOU DID DO THAT, RIGHT?

THESE INCLUDE GRANTS, SCHOLARSHIPS, AND IF NECESSARY, PRIVATE OR PERSONAL LOANS.

>> WHEN TALKING ABOUT STUDENT FINANCIAL AID, A LOT OF WORDS GET THROWN AROUND AS IF EVERYONE IMMEDIATELY UNDERSTANDS THEM - SCHOLARSHIPS, LOANS, GRANTS.

LET'S START WITH GRANTS - WHAT EXACTLY ARE THEY?

>> GRANTS ARE FREE MONETARY GIFTS TO HELP PAY FOR A COLLEGE EDUCATION, AND UNLIKE LOANS, DO NOT HAVE TO BE REPAID.

THE MOST COMMON TYPE IS THE FEDERAL PELL GRANT.

>> ANOTHER GRANT IS THE FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT WHICH IS AWARDED TO UNDERGRADUATE STUDENTS WITH EXCEPTIONAL FINANCIAL NEED, AND PELL GRANT RECIPIENTS RECEIVE PRIORITY.

FULL AND PART-TIME STUDENTS MAY QUALIFY.

NOT ALL INSTITUTIONS PARTICIPATE IN THIS PROGRAM, SO CONTACT YOUR COLLEGE FINANCIAL AID OFFICE FOR MORE INFORMATION.

THERE ARE ALSO SEVERAL OTHER TYPES OF GRANT PROGRAMS AVAILABLE FROM THE MARYLAND HIGHER EDUCATION COMMISSION, SUCH AS THE EDUCATIONAL ASSISTANCE GRANT AND GUARANTEED ACCESS GRANT.

>> THE GUARANTEED ACCESS GRANT IS FOR OUR STATE'S MOST NEEDY STUDENTS.

IT DOES COME WITH AN INCOME REQUIREMENT, SO STUDENTS AND THEIR FAMILIES SHOULD VISIT OUR WEBSITE TO DETERMINE IF THEY QUALIFY.

>> THE STATE OFFERS OVER 20 STATE FINANCIAL AID PROGRAMS.

THE HOWARD P. RAWLINGS EDUCATIONAL EXCELLENCE AWARDS AS WELL AS THE MARYLAND LEGISLATIVE SCHOLARSHIPS ARE AMONG OUR MOST POPULAR PROGRAMS.

>> ANOTHER WAY TO GET MONEY FOR COLLEGE IS THROUGH SCHOLARSHIPS, AND LIKE GRANTS, THEY DON'T HAVE TO BE REPAID EITHER.

SCHOLARSHIPS ARE GENERALLY GIVEN TO STUDENTS WITH SPECIAL QUALIFICATIONS, SUCH AS AN ACADEMIC, ARTISTIC OR ATHLETIC TALENT.

>> YOUR MARYLAND DELEGATES AND SENATORS HAVE SCHOLARSHIP FUNDS TO AWARD BUT YOU MUST CONTACT THEIR OFFICE DIRECTLY.

IF YOU DON'T KNOW WHO YOUR LEGISLATORS ARE YOU CAN FIND THEM ONLINE BY SCANNING THE QR CODE ON THE SCREEN.

>> SCHOLARSHIPS CAN TAKE MANY DIFFERENT TYPES OF FORMS.

YOU COULD HAVE SCHOLARSHIPS THAT ARE ACADEMIC SCHOLARSHIPS, IT COULD, ALSO, BE BASED ON AN ATHLETIC TALENT.

OR ALSO, IT COULD BE BASED ON A UNIQUE SKILL OR TALENT OR MERIT.

>> THERE ARE AN EXTRAORDINARY DIVERSE AMOUNT OF SCHOLARSHIPS OUT THERE FOR YOU TO INVESTIGATE.

>> THEY COME FROM PLACES LIKE FOUNDATIONS >> HOSPITALS >> THE NATIONAL INSTITUTES OF HEALTH >> RELIGIOUS ORGANIZATIONS >> RELIGIOUS ORGANIZATIONS TECHNOLOGY COMPANIES.. >> THE AMERICAN ASSOCIATION OF UNIVERSITY WOMEN >> UNITED STATES CONGRESS >> INSURANCE COMPANIES >> DEPARTMENT OF DEFENSE >> INTERNATIONAL GROUPS!

>> THE NATIONAL SCIENCE FOUNDATION >> ENGINEERING FIRMS >> CREDIT UNIONS >> U.S. DEPARTMENT OF STATE >> PRESIDENTIAL PROGRAMS >> SEAFOOD ORGANIZATIONS >> THE BEEF INDUSTRY.

>> VEGETARIAN GROUPS .

>> AND THERE ARE MANY MORE.

SO, DO YOUR RESEARCH!

WHERE CAN YOU GET A SCHOLARSHIP FROM?

LET'S SEE WHAT THIS STUDENT FOUND.

>> I'M LIZ WINTERS, AND I'M STUDYING INDUSTRIAL ORGANIZATIONAL PSYCHOLOGY.

AFTER, I SERVED IN THE MILITARY FOR TWELVE YEARS, I RETURNED TO SCHOOL AND I HAD TO FIGURE HOW TO FINANCE NOT ONLY MY EDUCATION BUT TO MANAGE MY HOME FINANCES AS WELL.

I HAD TWO CHILDREN WHO NEEDED TO GO TO DAYCARE AND I NEEDED TO FIND SOME OTHER OPTIONS.

I USED THE POST 9/11 G-I BILL, AND THAT COVERED MY TUITION, AND MY BOOKS, AND GAVE ME A LITTLE BIT OF MONEY TO PAY MY RENT BUT I COULDN'T USE THAT MONEY TO PAY FOR THINGS LIKE DAYCARE.

ONE OF THE STRATEGIES THAT I HAD IN FUNDING MY WAY THROUGH COLLEGE WAS TO TALK TO PEOPLE.

I DIDN'T KNOW HOW TO NAVIGATE THIS ON MY OWN SO I STARTED NETWORKING ON CAMPUS.

I STARTED FINDING MY PLACES ON CAMPUS THAT I FELT COMFORTABLE WITH AND STARTED ASKING THE STAFF AND THE FACULTY THAT WERE SITTING IN THOSE AREAS TO REALLY HELP ME FIND MY WAY THROUGH COLLEGE AND DEVELOP MY CAREER PATH.

>> LIZ HAS NEVER BEEN AFRAID TO ASK FOR HELP.

I THINK SO THAT NONTRADITIONAL STUDENTS WILL AFRAID TO MAKE WAVES BUT INSTEAD LIZ REALLY ASKED FOR HELP.

SHE SOUGHT OUT THE WOMAN'S CENTER AND BECAME A REALLY CLOSE FRIEND OF THE CENTER AND WAS ABLE TO SHARE HER STORIES AND AS PIECING IT TOGETHER, I WAS ABLE TO REALIZE THAT A SCHOLARSHIP THAT WE PROVIDE WOULD BE A REALLY GOOD FIT FOR HER AND HER FAMILY.

>> SO THE SCHOLARSHIP I RECEIVED WAS THE NEWCOMBE SCHOLARSHIP.

IT WAS FOR RETURNING WOMEN WHICH ARE DEFINED AS WOMEN OLDER THAN TWENTY-FIVE WHO ARE RETURNING BACK TO GET THEIR UNDERGRADUATE DEGREE.

WHEN I FOUND OUT THAT THE NEWCOMBE SCHOLARSHIP WOULD ALLOW YOU TO USE THIS MONEY FOR WHATEVER YOU NEEDED TO BE USED FOR, I WAS REALLY EXCITED TO KNOW THAT THIS SCHOLARSHIP WAS ACTUALLY PERFECT FOR ME.

I COULD USE IT FOR DAYCARE FOR MY CHILDREN.

I COULD USE IT FOR GAS MONEY.

I COULD USE IT FOR ALL OF THE EXTRA LITTLE THINGS THAT GO A LONG WITH FUNDING YOUR EDUCATION.

FOR ME, FINDING SCHOLARSHIPS THAT ADDRESSED WHAT I NEEDED, I REALLY DIDN'T THINK THEY EXISTED BUT THE MORE I LOOKED, THE MORE I REALIZED THAT THIS SCHOLARSHIP WAS REALLY LOOKING TO FILL THOSE GAPS THAT I EXACTLY NEEDED TO BE FILLED.

* * >> KERRY: WELCOME BACK!

I'M KERRY CAVANAUGH AND TONIGHT WE'RE LIVE ON CAMPUS HERE AT MCDANIEL COLLEGE WITH A SPECIAL PRESENTATION OF "WAYS TO PAY FOR COLLEGE."

IF YOU'RE JUST TUNING IN, DON'T WORRY YOU CAN STREAM THE ENTIRE SHOW FROM BEGINNING TO END ANYTIME AT MPT.ORG/COLLEGE.

SO FAR, WE'VE TALKED A LOT ABOUT THE FAFSA.

WE'VE ALSO TOUCHED ON SCHOLARSHIPS AND GRANTS ALL IMPORTANT THINGS TO CONSIDER IF YOU'RE PLANNING TO ATTEND COLLEGE IN THE NEAR FUTURE.

BUT WHAT IF YOU'RE THINKING AHEAD?

IF YOU'RE PLANNING FOR YOUR CHILD OR GRANDCHILD'S FUTURE COLLEGE EDUCATION, YOU MAY BE CONSIDERING OPENING A COLLEGE SAVINGS ACCOUNT.

OUR NEXT GUEST IS HERE TO TALK MORE ABOUT THAT.

WELCOME COLEEN KRAMER BEAL, A FINANCIAL ADVISOR AT THE VELNOSKEY WEALTH MANAGEMENT GROUP RIGHT HERE IN WESTMINSTER.

>> WELCOME.

>> THANK YOU FOR BEING HERE TONIGHT I THINK THAT, WHEN A LOT OF PEOPLE FIND OUT THEY'RE EXPECTING A BABY, THAT'S ONE OF THE FIRST THINGS THEY TALK ABOUT IS COLLEGE.

>> IT SHOULD BE.

IT SHOULD BE.

>> SO IS IT EVER TOO EARLY TO START PLANNING FOR YOUR CHILD'S EDUCATION?

>> NO.

NO, YOU SHOULD START EARLY AND YOU SHOULD START THINKING ABOUT IT OFTEN.

BUT YOU SHOULD ALSO HAVE A PLAN.

SO WHEN YOU THINK ABOUT SAVING, WHAT IS THE GOAL?

ARE WE GOING TO COMMUNITY COLLEGE, ARE WE GOING TO McDANIEL, YALE, HARVARD?

WHAT DO YOU WANT TO BE ABLE TO CONTRIBUTE AND WHAT REASONABLY CAN YOU CONTRIBUTE?

WE SEE PEOPLE SOMETIMES THAT ARE SO FOCUSED ON THEIR CHILDREN'S EDUCATION, THAT THEY WILL SAVE AT THE COST OF THEIR OWN RETIREMENT, WHICH IS IMPORTANT AS WELL.

SO HAVING AN IDEA OF WHAT THEY'RE SAVING FOR IS ALWAYS A GOOD PLACE TO START.

AND IT'S NOT JUST THE PARENTS.

THEY CERTAINLY CAN, WHEN GRANDPARENTS AND OTHER FAMILY MEMBERS ARE ASKING, WHAT IS YOUR CHILD WANT FOR THEIR FIRST BIRTH DAY, CONTRIBUTION TO THEIR SAVINGS PLAN IS DEFINITELY AN OPTION VERSUS THE PLASTIC TOY.

>> RIGHT.

NOW WHAT ARE SOME OF THE DIFFERENT OPTIONS WHEN IT COMES TO SAVING FOR COLLEGE?

>> THERE ARE A LOT.

SO AS AN ADULT AND AS A PARENT, YOU CAN OPEN A SAVINGS OR INVESTMENT ACCOUNT.

YOU CAN ALSO OPEN A SAVINGS OR INVESTMENT ACCOUNT IN THE NAME OF YOUR CHILD, YOU CAN OPEN A 529 ACCOUNT WHICH YOU MAY HAVE COVERED HERE ALREADY.

OR YOU CAN OPEN A PREPAID COLLEGE PLAN AND THEY'RE ALL A LITTLE DIFFERENT WITH DIFFERENT TAX IMPLICATIONS AND DIFFERENT BELLS AND WHISTLES.

>> OKAY.

SO IT SOUNDS LIKE THERE IS A LOT TO CONSIDER.

>> THAT THERE IS.

>> SO FOR ANY OF THESE OPTIONS, HOW MUCH DOES IT COST TO GET STARTED?

>> IT REALLY DEPENDS ON WHAT INSTITUTION THAT YOU ARE WORKING WITH AND WHAT YOUR GOAL IS.

ARE YOU OPENING A C.D., ARE YOU OPENING A SAVINGS ACCOUNT?

ARE YOU WANTING TO START IN THE 529 PLAN AT SAY MARYLAND.

YOU CAN START THERE IN AN INVESTMENT FUND WITH $25.

YOU REALLY CAN START WITH JUST A LITTLE BIT.

BUT AGAIN, IT'S IMPORTANT TO KNOW WHAT YOU ARE SAVING FOR.

HAVE A GOAL.

>> RIGHT.

SO THAT TAKES SOME OF THE PRESSURE OFF IF YOU CAN START WITH A MODEST AMOUNT.

BUT HOW ARE VIEWERS SUPPOSED TO MAKE THAT DECISION ON THEIR OWN ABOUT WHAT IS THE BEST WAY TO SAVE?

IT SOUNDS LIKE A LOT OF INFORMATION TO DIGEST.

>> IT'S ALWAYS GOOD TO HAVE A FINANCIAL ADVISER.

THOSE ARE PROBABLY THE FIRST PEOPLE THAT COULD GIVE YOU THE BEST ADVICE ON HOW THEY'RE DIFFERENT.

CERTAINLY YOU CAN RESEARCH IT ONLINE OR, YOU KNOW, MAYBE EVEN SOMETIMES REACH OUT TO YOUR ACCOUNT ACCOUNTANT.

THEY MAY BE ABLE TO GIVE YOU SOME ADVICE.

>> LET'S FAST STORIED TO WHEN THE STUDENT IS MAKING THE CHOICE OF WHERE TO GO TO SCHOOL.

ARE THERE ANY EXERCISES YOU CAN DO TO MAKE SURE THE MONEY IN THE BANK IS GOING TO FIT THE SCHOOL THAT THIS CHILD IS CHOOSING?

>> FOR STARTERS, IT'S REALLY IMPORTANT THAT THE KIDS HAVE SKIN IN THE GAME.

THEY NEED TO KNOW THAT THEY MAY BE RESPONSIBLE FOR PART OF THEIR EDUCATION AND IT ACTUALLY, FOR MY OWN KIDS, I'M A MOTHER OF FIVE, THAT'S BEEN REALLY FRUITFUL.

SO, FOR MY KIDS, I HAD THEM DEVELOP AN EXCEL SPREAD SHEET.

I SAID APPLY TO WHERE YOU WOULD LIKE TO GO, WHEREVER THAT IS.

APPLY AND SEE WHAT THE ACCEPTANCE IS.

WHAT ARE THE SCHOOLS WILLING TO OFFER YOU AND PUT THAT IN YOUR SPREAD SHEET.

SO THE COST OF COLLEGE, THE STICKER PRICE IS NOT HARDLY EVER WHAT YOU ACTUALLY END UP PAYING.

MOST SCHOOLS HAVE SOME FORM OF AID THAT THEY'LL JUST GIVE TO YOU.

AND WHEN MY DAUGHTER PUT THAT SPREAD SHEET TOGETHER, IT WAS VERY EVIDENT SHE WAS NOT GOING TO GO TO CERTAIN PLACES BECAUSE OTHER PLACES LOVED HER MORE.

AND THEN SHE HAD A LOT OF INVESTED IN THAT PROCESS.

>> AND, YOU KNOW, I THINK FOR A LOT OF KIDS, ONE PARTICULAR AREA OF CONCERN IS STUDENT LOANS, ESPECIALLY THIS YEAR, THEY WERE IN THE NEWS.

WHAT ADVICE WOULD YOU GIVE PEOPLE WHO ARE CONSIDERING IT NOW?

THERE MIGHT BE SOME PEOPLE WHO THINK I'LL TAKE THEM OUT BECAUSE I WON'T HAVE TO PAY THEM BACK EVENTUALLY.

>> THAT'S UNFORTUNATE AND IT'S A REALITY.

SOME KIDS ARE GOING TO NEED LOANS.

BUT WHEN YOU ARE LOOKING AT THEM, YOU CERTAINLY WANT TO COMPARE THEM.

WHAT ARE THE DIFFERENT INTEREST RATES.

WHAT ARE THE DIFFERENT TERMS.

THAT'S IMPORTANT.

BUT BEFORE YOU GET THERE, REALLY LOOK AT YOUR OTHER AVENUES THAT YOU HAVE.

THERE ARE SO MANY SCHOLARSHIPS THAT ARE UNCLAIMED IN THE COMMUNITY, IN THE SCHOOL.

WHEN YOU GET TO SCHOOL, YOU CAN DO THINGS LIKE BEING A RESIDENT ADVISER.

THAT RIGHT NOW IS SAVING MY DAUGHTER ABOUT $10,000 AT THIS SCHOOL SHE IS GOING TO BECAUSE IT COVERS ROOM AND BOARD.

SO BEFORE YOU ARE JUST CHECKING THE BOX ON A LOAN, REALLY LOOK INTO THOSE AND IF YOU ARE THINKING AHEAD, GET STARTED AS EARLY AS JUNIOR YEAR.

PROBABLY AT LEAST THE SPRING BECAUSE THERE ARE DEADLINES ON THOSE APPLICATIONS AND YOU WANT TO GET IN AND GET, YOU KNOW, GET CONSIDERED FOR THEM.

>> IT SOUNDS LIKE THIS IS SOMETHING THE WHOLE FAMILY REALLY NEEDS TO BE ENGAGED IN.

>> ABSOLUTELY.

BECAUSE AGAIN, THE PARENTS NEED TO BE REALISTIC ABOUT WHAT THEY CAN CONTRIBUTE AND WHAT YOUR CHILD IS GOING TO BE ABLE TO CONTRIBUTE TO THIS, WHICH ULTIMATE WHETHER I BENEFITS THEIR LIFE.

>> THANK YOU VERY MUCH FOR COMING TO SEE US TONIGHT.

>> THANKS FOR HAVING ME.

>> OF COURSE.

BEFORE WE MOVE ON, TAKE A SECOND TO THINK ABOUT THE QUESTIONS YOU HAVE ABOUT FINDING MONEY FOR COLLEGE.

THEN, EITHER E-MAIL THEM TO US AT COLLEGE@MPT.ORG OR VISIT MPT.ORG/COLLEGE CLICK THE LINK TO JOIN OUR ONGOING YOUTUBE LIVESTREAM OF THIS PROGRAM.

ASK YOUR QUESTION IN THE COMMENTS, AND ONE OF OUR ADVISORS WILL RESPOND TO HELP YOU OUT.

MOVING ON ONE OF THE BIGGEST QUESTIONS ON STUDENTS' MINDS WHEN THEY THINK ABOUT PAYING FOR COLLEGE IS, "SHOULD I TAKE OUT LOANS?"

WE'LL BE JOINED IN JUST A FEW MINUTES BY AN EXPERT WHO SPECIALIZES IN STUDENT LOANS AND STUDENT LOAN DEBT.

BUT FIRST, HERE'S MARIO WITH A FEW TIPS ON HOW TO GO ABOUT MAKING THAT DIFFICULT DECISION.

>> AND FINALLY, THE ELEPHANT IN THE ROOM [ ELEPHANT TRUMPET-RUMBLES ] >> OR AMUSEMENT PARK, AS IT WERE.

STUDENT LOANS!

THIS IS THE BIGGEST QUESTION ON STUDENT MINDS TODAY, AND IT'S REALLY IMPORTANT.

HOW MUCH SHOULD YOU BORROW, AND WILL YOU BE ABLE TO PAY IT ALL BACK?

WHEN FAMILIES ARE CONSIDERING TAKING OUT A LOAN FOR SCHOOL, THEY NEED TO BE LOOKING AT THEIR OVERALL FINANCIAL SITUATION.

THINK OF IT THE WAY YOU WOULD BUYING A CAR.

MOST PEOPLE DON'T WALK ON THE LOT AND SAY, "WELL, WE'LL TAKE ANY CAR AT ANY PRICE NO MATTER HOW MUCH WE BORROW."

FOLKS WILL MAKE A VALUE JUDGMENT.

SO YOU WANT TO DO THE SAME THING WHEN IT COMES TO COLLEGE.

HOW MUCH CAN YOU AFFORD FROM WHAT YOU'VE SAVED AND MAYBE WHAT YOU CAN PAY OUT OF YOUR CURRENT EARNINGS?

HOW MUCH DEBT MIGHT YOU TAKE ON?

AND THEN, HOW MUCH WILL THAT AFFECT THE FUTURE FOR YOU OR YOUR CHILDREN IF YOU'VE GIVEN UP THAT INCOME IN THE FUTURE BECAUSE YOU HAVE TO SERVICE THAT DEBT?

TO GET A SENSE OF HOW IT MIGHT AFFECT YOU, CALCULATE WHAT YOUR MONTHLY PAYMENT WOULD BE.

A LOT OF PEOPLE DON'T DO THAT.

IF I TAKE ON THIS MUCH DEBT, WHAT DOES IT MEAN IN TERMS OF HOW MUCH I'LL HAVE TO GIVE UP IN THE FUTURE.

SO CONSIDER THOSE TRADE-OFFS WHEN YOU'RE DECIDING HOW MUCH DEBT TO TAKE ON.

>> THE FEDERAL GOVERNMENT PROVIDES LOANS FOR COLLEGE THROUGH THE STAFFORD LOAN PROGRAM FOR STUDENTS ENROLLED AT LEAST HALF-TIME.

DIRECT LOANS MAY BE SUBSIDIZED OR UNSUBSIDIZED.

SUBSIDIZED LOANS ARE NEED BASED SO THE GOVERNMENT PAYS THE INTEREST AS LONG AS YOU ARE ENROLLED AT LEAST HALF-TIME.

UNSUBSIDIZED LOANS ARE NOT NEED-BASED, AND YOU ARE RESPONSIBLE FOR ALL OF THE INTEREST THAT ACCRUES ON THE LOAN WHILE YOU ARE IN SCHOOL.

>> THERE'S ALSO THE FEDERAL DIRECT PLUS LOAN, A LOW INTEREST STUDENT LOAN PROGRAM FOR PARENTS OF UNDERGRADUATE DEPENDENT STUDENTS.

NOW WITH A PLUS LOAN, FAMILIES CAN FUND THE ENTIRE COST OF A CHILD'S EDUCATION, MINUS OTHER FINANCIAL AID REWARDED.

PARENTS ARE RESPONSIBLE FOR ALL THE INTERESTS THAT ACCRUES ON THIS TYPE OF LOAN.

>> I AM SONYA WILLIAMS, I AM A FOURTH SEMESTER NURSING STUDENT AT ANNE ARUNDEL COMMUNITY COLLEGE.

THE FACT THAT I CAME INTO IT LATE IN LIFE DID WORRY ME.

I AM NOT YOUNG, I DID HAVE FOUR KIDS, AND I PROBABLY HAVE TWENTY YEARS ON SOME OF THE KIDS IN THE PROGRAM.

SO IT'S A LITTLE SCARY, A LITTLE INTIMIDATING.

INITIALLY, I PAID FOR COLLEGE MYSELF.

I WAS ONLY TAKING ONE OR TWO CLASSES AT THE TIME, SO TUITION WASN'T A BIG BURDEN.

BUT, GETTING INTO THE NURSING PROGRAM, YOU HAVE A LOT MORE FEES, YOU'RE TAKING MORE CLASSES THAT MAY COST YOU A LITTLE MORE MONEY.

>> I'M JUST GONNA TAKE A LOOK AT YOUR FEET.

>> DID YOU FIND OUT IF I WAS SUPPOSED TO HAVE MY DIGOXIN?

>> SO, I GOT FINANCIAL AID, STUDENT LOANS, AND THEN FORTUNATELY ANNE ARUNDEL HAS A LOT OF SCHOLARSHIP OPPORTUNITIES.

SO, ALL YOU HAVE TO DO IS JUST SUBMIT A LITTLE QUESTIONNAIRE AND THEN FINANCIAL AID OFFICE KIND OF MATCHES YOU WITH WHICH SCHOLARSHIP WOULD WORK BEST FOR YOU.

>> SONYA WILLIAMS IS NOT OUR TYPICAL STUDENT, IN THAT SHE REALLY CAME TO US WITH ALREADY HAVING COMPLETED A BACHELOR'S DEGREE.

AND SHE COMPLETED THE BACHELOR'S DEGREE BUT THEN WANTED TO GO INTO OUR TWO YEAR NURSING PROGRAM.

SHE WAS ELIGIBLE TO TAKE OUT GUARANTEED STUDENT LOANS BUT THE COMBINATION OF THE LOANS SHE'S GOING TO TAKE OUT, THE MARYLAND PART-TIME GRANT THAT SHE'S GETTING, AND SHE'S GETTING SOME INSTITUTIONAL SCHOLARSHIPS THAT ARE FOR THE NURSING PROGRAM.

THEN SHE'S GOT A FINANCIAL AID PACKAGE THAT'S MEETING HER FINANCIAL NEEDS.

>> THERE'S NO REASON FOR YOU TO NEVER GO BACK TO SCHOOL.

I AM VERY NERVOUS ABOUT GRADUATING BUT MY TRAINING, I THINK MY SCHOOLING, EVERYTHING I LEARNED THROUGH ANNE ARUNDEL'S PROGRAM HAS PREPARED ME.

SO, HOPEFULLY, I WILL DO WELL AND KEEP MY FINGERS CROSSED THAT I DO.

* >> KERRY: WELCOME BACK EVERYONE!

I'M KERRY CAVANAUGH AND WE HOPE YOU'RE ENJOYING OUR SPECIAL LIVE PRESENTATION OF "WAYS TO PAY FOR COLLEGE."

WE'VE COVERED A LOT OF GROUND, BUT DON'T WORRY IF YOU'RE LATE TUNING IN.

THE MOMENT WE GO OFF THE AIR TONIGHT, THE ENTIRE PROGRAM WILL BE AVAILABLE ONLINE AT MPT.ORG/COLLEGE.

NOW, WE'RE STILL TAKING VIEWER QUESTIONS.

EMAIL THEM TO COLLEGE@MPT.ORG AND A FINANCIAL AID PROFESSIONAL WILL BE IN TOUCH THESE DAYS, A CONVERSATION ABOUT PAYING FOR COLLEGE WOULDN'T BE COMPLETE WITHOUT TALKING ABOUT STUDENT LOANS.

WE'VE ALREADY HEARD A LITTLE ON THE SUBJECT FROM MARIO, BUT OUR NEXT GUEST IS HERE TO HELP US DIVE EVEN DEEPER.

DR. TISA SILVER CANADY IS A FINANCIAL WELLNESS EXPERT SPECIALIZING IN STUDENT LOANS, AND FOUNDER OF THE MARYLAND CENTER FOR COLLEGIATE FINANCIAL WELLNESS.

WELCOME TISA!

>> THANK YOU SO MUCH FOR HAVING ME.

>> IT'S GREAT TO HAVE YOU TONIGHT I THINK, OBVIOUSLY STUDENT LOANS HAVE BEEN BIG IN THE NEWS THIS YEAR.

AND SO A LOT OF STUDENTS OF PARENTS MIGHT BE CONFUSED ABOUT WHAT TO CONSIDER WHEN THEY'RE DECIDING WHETHER OR NOT TO TAKE OUT STUDENT LOANS.

WHAT IS YOUR ADVICE?

>> WELL, MY ADVICE IS THAT THE COST OF HIGHER EDUCATION HAS MADE IT SO THE STUDENT LOANS ARE A NECESSITY FOR SOME STUDENTS.

AND STUDENT LOANS DON'T NECESSARILY HAVE TO BE A BAD THING AS LONG AS YOU GO IN FULLY INFORMED AND YOU CHOOSE FEDERAL STUDENT LOANS FIRST, I THINK THAT'S A GREAT START.

>> AND WHY IS IT IMPORTANT TO CHOOSE THE FEDERAL STUDENT LOANS FIRST?

>> FEDERAL LOANS DIFFER FROM LOANS OFFERED BY BANKS IN WHAT WE CALL PRIVATE OR ALTERNATIVE LENDERS.

THE APPLICATION FOR STUDENT FEDERAL LOANS IS THE SAME FOR EVERYONE.

PRIVATE OR ALTERNATIVE LENDERS HAVE THE ABILITY TO DO WHAT THEY WANT TO DO.

THEY CAN SET THEIR OWN TERMS AND CONDITIONS.

FAMILIES AND BORROWER MIGHT BE TREATED DIFFERENTLY.

THERE ARE FEWER PROTECTIONS AND FEWER OPTIONS FOR CANCELLATIONS.

PLEASE EXHAUST YOUR FEDERAL AID BEFORE YOU TAKE ANY PRIVATE STUDENT LOANS.

>> GOOD ADVICE.

IF A FAMILY DOES DECIDE THAT THE CHILD SHOULD TAKE OUT A STUDENT LOAN, WHAT IS THE FIRST STEP IN.

>> THE FIRST STEP IS TO COMPLETE THE FAFSA AVAILABLE OCTOBER 1 OF EVERY YEAR.

IT'S A FEDERAL FORM BUT IT'S A GATEWAY TO STATE AID, INSTITUTIONAL AID AS WELL AS PRIVATE SCHOLARSHIPS OR LOANS FROM PRIVATE LENDERS.

THEY ASK FOR THAT INFORMATION.

TOO.

THE FAFSA IS THE BEST GATEWAY TO START.

BUT IF YOU HAVE TO USE ANOTHER LENDER, LOOK FOR THE BEST TERMS AND CONDITIONS AND READ ONLINE REVIEWS TO SEE HOW THEY TREAT THEIR CUSTOMERS.

>> YOU ALREADY SORT OF TOUCHED ON THIS, BUT I KNOW THERE ARE SO MANY DIFFERENT KIND OF STUDENT LOANS.

SO HOW CAN FAMILIES DECIDE WHAT IS BEST FOR THEM?

>> AGAIN, START FEDERAL, BUT EVEN WITHIN FEDERAL STUDENT LOANS THERE ARE DIFFERENT TYPES.

THE SUBSIDIZED VARIETY ARE THE BEST ONES IN TERMS OF COST BECAUSE THE INTEREST IS SUBSIDIZED WHILE THE STUDENTS ARE IN SCHOOL.

AND THERE ARE LOANS PARENTS CAN TAKE OUT FOR THEIR CHILDREN'S EDUCATION BUT THEY HAVE HIGHER INTEREST RATES AND HIGHER ORIGINAL NATION FEES.

HAVE THE STUDENT EXHAUST THEIR AID FIRST BEFORE THE PARENT GOES AHEAD AND TAKES OUT LOANS FOR THE STUDENT'S EDUCATION.

>> NOW OUR NEXT QUESTION COMES FROM A VIEWER WHO ASKS, MY HUSBAND AND I SAVED MONEY IN AN EDVEST ACCOUNT BUT ARE NOT IN A POSITION TO PAY THE REMAINING COSTS.

I'M AWARE THAT PARENTS CAN TAKE OUT A LOAN FOR THEIR STUDENT BUT ARE THERE LOANS STUDENTS CAN TAKE OUT IN THEIR OWN NAME?

>> ABSOLUTELY.

THERE ARE FEDERAL STUDENT LOANS THAT STUDENTS CAN TAKE OUT IN THEIR OWN NAMES AND PRIVATE LOANS AS WELL BUT THOSE ARE LIKELY TO REQUIRE A CO-SIGNER AND THAT'S WHERE A PARENT OR RELATIVE WOULD STEP UP.

>> AS WE TOUCHED ON THIS AUGUST, BIDEN-HARRIS ADMINISTRATION ANNOUNCED THEIR STUDENT DEBT RELIEF PLAN WITH A ONE-TIME STUDENT DEBT RELIEF.

CAN YOU EXPLAIN WHAT THIS MEANS?

WHO IS ELIGIBLE AND WHO CAN TAKE ADVANTAGE OF THIS?

>> SO THE PART THAT MOST PEOPLE ARE CONCERNED ABOUT IS THE $10,000 OR $20,000 WORTH OF RELIEF.

THERE ARE INCOME CAPS FOR FAMILIES FOR SICKLE FILERS, THE INCOME CAP IS $125,000 PER YEAR.

FOR MARRIED OR PEOPLE WHO FILE HEAD OF HOUSEHOLD, $250,000 PER YEAR.

SO FOR PEOPLE WHO ARE UNDER THOSE INCOME CAPS, THERE IS A POSSIBILITY THEY COULD RECEIVE UP TO $10,000 WORTH OF RELIEF DEPENDING ON WHAT TYPES OF LOANS THEY HAVE.

IF THE BORROWERS HAD PELL GRANTS THAT NUMBER FOR RELIEF COULD RISE TO $20,000 MUCH THE BEST ADVICE I CAN GIVE IS FOR PEOPLE TO GO TO STUDENTAID.GOFF/DEBT RELIEF AND MAKE SURE WHEN THE APPLICATION IS AVAILABLE IN EARLY OCTOBER THEY FILL IT OUT AS SOON AS POSSIBLE.

>> JUST TO BE CLEAR, IS THAT FORGIVENESS CAP FOR INDIVIDUALS WITHIN THE FAMILY?

>> YES.

>> SO A PERSON WHO ONLY HAS PARENT PLUS LOANS, THEIR MAXIMUM WOULD BE $10,000 BUT FOR A PERSON WHO TOOK OUT STUDENT LOANS FOR THEMSELVES, THERE IS A POSSIBILITY THEY COULD SEE UP TO $20,000 OF REGLEF WHAT IF YOU HAVE MULTIPLE CHILDREN WITH STUDENT LOANS.

>> UNFORTUNATELY, THE FEDS HAVE NOT RELEASED ANYTHING THAT GIVES YOU AN EXTRA GIFT FOR MULTIPLE CHILDREN.

>> OKAY.

AND SO CURRENT STUDENTS, ARE THEY GOING TO BENEFIT FROM THIS?

>> CURRENT STUDENTS COULD BENEFIT IF THEY HAD LOANS FULLY DISBURSED BEFORE JUNE 30 OF THIS YEAR.

SO INCOMING FRESHMAN WOULD NOT BENEFIT FROM THIS BUT ANYONE WHO HAS LOANS DISBURSED PRIOR TO JUNE 30 COULD BENEFIT FROM THIS CANCELLATION.

>> AND WHAT WOULD YOU SAY TO MAYBE A TEENAGER WHO IS THINKING WHY NOT MAX OUT MY STUDENT LOAN POTENTIAL NOW BECAUSE I MIGHT NOT HAVE TO PAY IT BACK?

WHAT IS YOUR ADVICE.

>> MY ADVICE IS AVOID STUDENT LOANS IF YOU CAN.

THIS CANCELLATION ANNOUNCEMENT HAS BEEN MONUMENTAL.

I DON'T EXPECT TO SEE ANYTHING SIMILAR LICK THIS AGAIN SO WOULD I NOT ADVISE ANYONE TO OVERBORROW JUST BECAUSE THERE MAY BE SOME BENEFIT THAT WE ARE NOT CERTAIN OFF IN THE FUTURE.

>> I KNOW THAT'S NOT THE ONLY STUDENT LOAN FORGIVENESS PROGRAM OUT THERE.

CAN YOU TELL ME ABOUT THE PUBLIC SERVICE STUDENT LOAN FORGIVENESS.

>> PSLF IS A FEDERAL PROGRAM DESIGNED TO FORGIVE THE REMAINING BALANCE OF STUDENT LOAN DEBT FOR PEOPLE WHO HAVE WORKED QUALIFYING FOUR YEARS IN A PUBLIC SERVICE CAREER AND MADE PAYMENTS UP TO 10 YEARS.

UNFORTUNATELY THAT PROGRAM HAS HAD A 98% REJECTION RATE SINCE ITS INCEPTION.

SO LAST OCTOBER, THE BIDEN ADMINISTRATION ANNOUNCED THE LIMITED PFLS WAIVER, A TEMPORARY OVERHAUL THAT EXPANDED THE RULES.

WE HAVE SEEN 10 TIMES AS MANY BORROWERS HAVE THEIR DEBTS FORGIVEN SINCE THE WAIVER WAS ANNOUNCED VERSUS THAT FOUR-YEAR PERIOD SINCE THE PROGRAM BEGAN.

SO I ENCOURAGE PEOPLE WHO HAVE WORKED IN PUBLIC SERVICE CAREERS WHETHER THEY'RE AT THE 10 YEAR MARK, VISIT STUDENTEIGHT.GOV/PSLF.

GET THE APPLICATION IN BEFORE OCTOBER 31.

AFTER OCTOBER 31, THE OLDER STRICT RULES WILL GO BACK INTO EFFECT AND THAT'S WHERE WE SAW THE 98% REJECTION RATE.

>> CAN YOU GIVE ME AN IDEA WHAT QUALIFIES UNDER PUBLIC SERVICE FOR THIS PROGRAM.

>> PEOPLE WHO WORK FOR THE FEDERAL GOVERNMENT, LOCAL OR TRIBAL AGENCIES AS LONG AS 501c3 NON-PROFIT ORGANIZATIONS AND OTHER TAX EXEMPT ORGANIZATIONS THAT PROVIDE QUALIFYING SERVICES TO THE PUBLIC.

IT'S A WIDE NET BUT YOU CAN FIND INFORMATION AT STUDENTAID.GOV/PF LS.

>> WHERE CAN BORROWS FIND OUT HOW TO PAY OFF THEIR STUDENT LOANS.

>> MCCFW.ORG AND I WOULD ENCOURAGE BORROWERS TO NOT ONLY LOOK AT THE FEDERAL GOVERNMENT BUT LOOK AT STATE GOVERNMENT BECAUSE MARYLAND HAS SEVERAL PROGRAMS THAT OFFER LOAN REPAYMENT ASSISTANCE TO PEOPLE, MANY OF THOSE PROGRAMS ARE BASED ON THE CAREER A PERSON IS WORKING IN.

BUT THOSE PROGRAMS ARE STILL THERE AND WE NEED TO UTILIZE THEM.

>> OKAY, THANK YOU SO MUCH FOR ALL THE VALUABLE INFORMATION.

>> THANK YOU.

WE'RE GETTING READY TO WRAP UP TONIGHT'S PROGRAM, BUT IF YOU STILL HAVE QUESTIONS, WE'VE GOT YOU COVERED.

E-MAIL THEM TO COLLEGE@MPT.ORG," AND A AND A FINANCIAL AID ADVISOR WILL REACH OUT TO YOU AFTER THE SHOW.

YOU CAN ALSO STREAM TONIGHT'S PROGRAM ONLINE ANYTIME BY VISITING OUR WEBSITE, MPT.ORG/COLLEGE.

IN JUST A MINUTE, MARIO'S GOING TO TAKE US THROUGH HIS ULTIMATE FINANCIAL AID CHECKLIST.

BUT FIRST, A QUICK DOSE OF SCHOOL SPIRIT FROM OUR HOSTS HERE AT MCDANIEL.

I'M KERRY CAVANAUGH WITH WAYS TO PAY FOR COLLEGE.

THANKS FOR WATCHING!

>> HAVE ALL YOUR NOTES AND READY TO GO?

IF NOT, JUST IN CASE, HERE IS MARIO'S MAP OF THE WAYS TO PAY FOR COLLEGE.

>> BEFORE YOU MAKE THE TRIP, THINK TO YOURSELF, WHAT DO I WANT TO DO?

AND WHAT COLLEGE IS RIGHT FOR ME?

MEET WITH A HIGH SCHOOL OR COLLEGE FINANCIAL AID ADVISOR.

GO SLOWLY DOWN RESEARCH STREET!

THE MORE RESEARCH YOU DO, THE MORE LIKELY YOU ARE TO FIND DIFFERENT SOURCES OF FINANCIAL AID.

ORGANIZE YOUR FINANCIAL RECORDS, INCLUDING YOUR INCOME TAXES.

SIGN UP FOR THE MARYLAND COLLEGE AID PROCESSING SYSTEM FILL OUT THE FAFSA AND ALL ONLINE FORMS ACCURATELY, CONSISTENTLY AND COMPLETELY.

APPLY AS EARLY AS YOU CAN FOR FEDERAL, STATE, INSTITUTIONAL, AND PRIVATE FUNDS.

MEET ALL THE DEADLINES.

RESPOND AS QUICKLY AS POSSIBLE AND KEEP THOSE GRADES UP!

SOME FINANCIAL AID CAN DEPEND ON IT!

>> WE KNOW THIS WAS A LOT TO ABSORB, SO EVERY LINK WE'VE MENTIONED - AND EVEN THIS PROGRAM - CAN BE FOUND ON OUR WEBSITE.

>> ARE YOU READY FOR YOUR OWN TWISTS AND TURNS AND UPS AND DOWNS?

WELL, MAYBE NOT THAT MANY DOWNS, RIGHT?

>> ARE YOU GUYS EXCITED?

>> YEAH!

>> ABSOLUTELY!

I'M MARIO ARMSTRONG.

GOOD LUCK, HOLD ON AND ENJOY THE RIDE!

>> ANNOUNCER: WAYS TO PAY FOR COLLEGE IS PRODUCED IN COOPERATION WITH THE MARYLAND HIGHER EDUCATION COMMISSION, AND WAS MADE POSSIBLE IN PART BY A GRANT FROM THE UNITED STATES DEPARTMENT OF EDUCATION.

ADDITIONAL SUPPORT FOR THIS PROGRAM IS PROVIDED BY THE EASTERN SHORE HIGHER EDUCATION CENTER.

THIS PROGRAM IS PART OF AMERICAN GRADUATE.

LET'S MAKE IT HAPPEN.

A PUBLIC MEDIA INITIATIVE MADE POSSIBLE BY THE CORPORATION FOR PUBLIC BROADCASTING.