FINANCIAL AID

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FINANCIAL AID
What you should know about Student Financial Aid
and how to apply for it.
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What is Financial Aid?

• It is assistance in paying your Tuition, Fees,
  Room, Board and other college expenses
• It most likely will not pay your entire bill

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Sources of Financial Aid

• Federal Government (Grants Loans)
• State (Grants Scholarships)
• Institution (Grants, Scholarships Loans)
• Private Agencies (Grants, Scholarships Loans)

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When to apply

• Scholarships October 2007
• Federal Aid Before March 2008
• After that, limited funds may be gone

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How do you apply?

• Institutional Scholarships Contact the
  admissions/financial aid office at the school.
• Private Agencies Contact them or your
• High School Guidance Counselor
• Federal and Sate Aid
• FAFSA
• www.fafsa.ed.gov (not .com)
• Applying is FREE (there is no fee)

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USC Lancaster Scholarships

• Must complete a scholarship application including
  a short essay by February 1 of each year. (You
  can apply as a continuing student)
• Merit Based Financial need is not a
  consideration.
• Requirements 3.0 GPA, 1000 SAT (MV)
• Awards are made for the regular academic year,
  fall and spring semesters, and are not available
  in the summer.
• Students must enroll full time in order to
  receive their awards.
• Awards based on funding (500 to 750)

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Eligibility Requirements

• Must have a high school diploma or GED.
• Must be enrolled or accepted for enrollment as a
  regular student working toward a degree or
  certificate in an eligible program.
• Must be a US citizen.
• Must have a valid Social Security Number.
• Must be registered with the Selective Service, if
  required.
• There are other eligibility criteria, but rarely
  an issue.

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Filing the FAFSA Cont

• When should I file?
• Now
• As soon as you have completed your 2007 Taxes
• Before the end of March

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Filing the FAFSA Cont

• What will I need to file my FAFSA?
• Your Taxes for 2007
• Your Parents Taxes for 2007
• Your PIN (Personal Identification Number)
• A PIN For your parents

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Filing the FAFSA Cont

• Steps in Filing the FAFSA
• Complete your Taxes
• File for a PIN (for you and your parents)
• Fill out the Web Worksheet
• Log on to FAFSA on the Web and File a New FAFSA
  for 2008-2009
• This is completed from the Students perspective
• Be sure you are using the correct SSN

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Steps in Filing the FAFSA Cont

• Be sure to enter our School Code
• USC Lancaster 003453
• USC Columbia 003448
• York Technical College 003996
• Make sure you sign it with a PIN to speed up the
  process
• If you dont have a PIN, create one, or
• print the signature page, sign it and mail it.
• Check with the school 2 weeks later
• After you have submitted the application, you can
  go back and make changes so long as you have your
  PIN.

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Filing the FAFSA Cont

• You can check on the status of your application
  using your PIN.
• If you file the paper application
• it can take 1 month before the school receives it
  
• there are no automated systems to catch mistakes.
• You will be sent a Student Aid Report
• by e-mail if you provided an e-mail address
• by mail if you didnt give an e-mail address
• This will be Yellow
• The School will be sent your application
  electronically.

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(No Transcript)
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• Web Worksheet

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Questions about the FAFSA

• Am I Independent?
• 24 years old?
• Veteran or on Active Duty?
• Parents Deceased and not adopted?
• Married?
• Children or other dependents for whom you the
  student- provide 50 of their support?
• Living on your own doesnt qualify you as
  Independent (you will need your parents taxes)
• My grandparents/aunt/uncle/friend raised me but
  did not adopt me, can I put their information on
  the FAFSA?
• No, you must have your parents info
• If you can not reach your parents, put zeroes in
  their section
• Ask for a Dependency Override from the school.

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Questions about the FAFSA

• My parents are Divorced, whose information do I
  use?
• Custodial Parent
• Step-Parent
• Am I working on a Masters Degree?
• If you have not attended college before, then you
  are not working on a Masters or Doctorate degree
  (yet)
• Do I need to File Taxes?
• If you make more than 5350 you need to
• Can I work and still be eligible for Financial
  Aid?
• Yes, but any amount the student earns over 3750
  will reduce the students eligibility.

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Questions about the FAFSA

• What are some common mistakes?
• Leaving one parents income out of the AGI
• Reporting total incomes from W-2s and not the Tax
  Form as AGI
• Taxes Paid should NOT equal AGI
• Reporting Withholdings on W-2s as Taxes Paid, you
  must report actual paid taxes (which would be
  minus the refund you received)
• If you have a business of 100 or more employees,
  you must report a business value, even if it is 0

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Questions about the FAFSA

• Wow these worksheets are complex, what do I put
  here?
• On the ABC Worksheets, if you dont know what
  something is you probably dont have it
• Social Security Benefits should be reported on
  Worksheet A
• Child Support RECEIVED is included on Worksheet B
• Child Support PAID is included on Worksheet C
  (and reduces total income considered)
• Be sure to put a 0 if you dont receive this

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Questions about the FAFSA

• What does the FAFSA tell me?
• It determines the Expected Family Contribution
  (EFC)
• It determines eligibility for Federal and State
  Grants
• It replaces a credit check for Federal Student
  Loans
• What is the EFC?
• What your family could contribute towards the
  total cost of living and paying for college
• How does the School use it?
• Determine Need (limits need based awards)
• Cost of Attendance (limits all awards)
• Need Formula COA-EFC NEED

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Verification

• What is Verification?
• A review and correction of your application
  information
• Applications are randomly selected
• The schools will notify you
• Each school will need to verify you
• What will you need to do?
• You must complete, sign and return the
  Verification Worksheet and
• You must send signed copies of you (and your
  parents) Federal Tax Returns (not State) and
• You must send copies of your (and your parents)
  W-2s and
• You must do this promptly

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What types of Aid are available?

• Scholarships (free money, earned)
• Grants (free money, usually need based)
• Loans (borrowed money, has to be paid back)
• Work Study (money you earn while at school)

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Federal Aid

• PELL
• Grant Based on EFC
• 4800.00 annual limit
• Each school awards it based on FAFSA
• Academic Competitiveness Grant
• Must be Pell eligible
• Must be U.S. Citizen
• Must meet High School requirements (see later
  slide)
• 750 annual limit
• SMART Grant
• For continuing students (3rd 4th year)
• Requires Science, Mathematics or other areas of
  study.
• SEOG
• Need based grant
• Each school awards it from limited funds

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Federal Aid, cont

• Perkins Loans
• Need based loan
• 5 interest rate
• Each school awards it from limited funds
• Stafford Loans
• No Credit Check, just file FAFSA
• Further detail on later slide
• Work Study
• Does not apply to the bill, has to be earned
• Awarded based on need
• Job is supposed to work around school schedule

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Academic Competitiveness Grant

• Must be PELL Grant Eligible
• Be a U.S. Citizen (there are no eligible
  non-citizens for this program unlike Pell)
• Be enrolled full-time, in a degree seeking
  program at a 2 or 4 year institution
• Must be in first year of college
• Complete a Rigorous High School Program (any 1
  of these 5)
• Courses similar to State Scholars Initiative
• Advanced Placement Courses (3 on tests)
• Dual Enrollment Courses (6 hours in specific
  areas)
• College Preparatory Course Prerequisite
  Requirements
• SC Academic Achievement Honors Award
• High Schools That Work Award of Educational
  Achievement
• Students should always notify the school if they
  believe they are eligible
• Continued Eligibility Requirements
• 30 weeks of courses and 30 credit hours with a
  3.0 GPA.
• 1300/year in Second Year

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State Aid

• Palmetto Fellows Scholarship
• LIFE Scholarship
• HOPE Scholarship
• Lottery Tuition Assistance
• Need Based Grant or Tuition Grant

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Palmetto Fellows Scholarship

• Funded by the State of South Carolina
• Maximum of 6700 limit a year
• No application required. Students are
  automatically considered
• Eligibility Requirements
• SC resident
• Meet these 3 requirements
• 3.5 GPA on a 4.0 scale
• SAT 1200 (not including Writing) or 27 ACT
• Top 6 of Class in one of the last 3 years of HS
• no felony or drug/alcohol convictions in prior
  academic year
• must enroll as a full-time degree-seeking
  undergraduate student (not available at 2 year
  schools)
• Awarded for 8 Terms only
• Renewal requirements 30 Credit Hours, 3.0 GPA
• Science and Math Majors Earn 14 hours of
  Science/Math courses in 1st year and get a bonus
  of 2500 each year after.

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LIFE Scholarship

• Funded by the State of South Carolina
• Award amount equals cost of tuition and fees
  150 book allowance per semester (5000 limit)
• No application required. Students are
  automatically considered
• Eligibility Requirements
• SC resident
• Meet 2 of these 3 requirements
• 3.0 GPA on a 4.0 scale
• SAT 1100 or 24 ACT
• Top 30 of Graduating Class
• no felony or drug/alcohol convictions in prior
  academic year
• NO SAT requirement for two year schools
• must enroll as a full-time degree-seeking
  undergraduate student
• Awarded for 8 Terms only (4 terms at a 2 year
  school)
• Renewal requirements 30 Credit Hours, 3.0 GPA
• College credits earned in High School count
  towards the 30 hours.
• Science and Math Majors Earn 14 hours of
  Science/Math courses in 1st year and get a bonus
  of 2500 for each year after.

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HOPE Scholarship

• Funded by the State of South Carolina
• Award amount equals the cost of Tuition and Fees
  plus 150 book allowance (Max of 2500 per
  semester).
• No application required. Students are
  automatically considered
• Eligibility Requirements
• SC resident
• 3.0 GPA on a 4.0 scale
• no felony or drug/alcohol convictions in prior
  academic year
• must enroll as a full-time degree-seeking
  undergraduate student
• Awarded for 2 Terms only

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Lottery Tuition Assistance

• 2 year schools only (USCL, York Tech, etc)
• Award Amount is dependent upon sufficient
  proceeds from the S.C. Education Lottery
• Award amount cannot exceed tuition minus
  Federal/State grant aid
• Current per credit hour rate 76.00 (maximum
  912.00)
• Some general eligibility requirements include
• Completed FAFSA on file with school
• Enroll in at least 6 credit hours as a
  degree-seeking student
• Be a SC resident
• Must Not be receiving a LIFE Scholarship
• Renewal Requirements 2.0 GPA after first 24
  hours
• subject to change

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SC Need Based Grant (Public)

• Awarded to neediest students first
• Maximum award of 2500
• Amount determined after all other Grants and
  Scholarships have been applied
• Some general eligibility requirements include
• Completed FAFSA on file with school
• Enroll in at least 6 credit hours as a
  degree-seeking student
• Be a SC resident
• Awarded for 8 Terms only (4 at a 2 year school)
• Life Time Limits
• 10,000 for 1st Bachelors Degree,
• 5,000 for first Associates Degree.
• Renewal Requirements 24 credit hours, 2.0 GPA
• If half-time, 12 credit hours

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SC Tuition Grant (Private)

• FAFSA must be on file by June 30th
• Maximum award of 2500
• Awarded to neediest students first, but academic
  requirements
• Eligibility Requirements
• Enroll in at least 6 credit hours as a
  degree-seeking student
• Be a SC resident
• The student must meet one of these academic
  requirements
• Top 75 of graduating High School Class OR
• 900 on SAT/ 19 on ACT OR
• 2.0 High School GPA
• Awarded for 8 Terms only (4 at a 2 year school)
• Life Time Limits
• 10,000 for 1st Bachelors Degree,
• 5,000 for first Associates Degree.
• Renewal Requirements 24 credit hours, 2.0 GPA
• If half-time, 12 credit hours

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Will I need to borrow Loans?

• Probably
• Example of a fairly inexpensive school
• 12000 COA (TF, RB, BS, etc..)
• -4800 PELL
• - 750 ACG
• -5000 LIFE
• 1450 ? You will probably
• need to borrow loans

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Stafford Loans

• Programs (the school chooses)
• Direct Loans Federal Government is the Lender
• Federal Family Education Loan Program Private
  Lending agencies managing Federally Guaranteed
  Loans
• Lenders (the student chooses)
• The student always has the right to choose his
  lender (unless DL)
• Schools may offer a preferred or recommended
  list, which they may have an electronic process
  setup to speed up processing.
• Lenders provide different benefits and repayment
  options
• Eligibility
• Must file FAFSA
• No Credit Check
• Must sign Promissory Note
• Entrance Counseling
• Sub or Unsub?
• Subsidized No interest while in school, based
  on need
• Unsubsidized Interest always accrues, not need
  based

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Stafford Loans, cont

• Interest Rate 6.80 Unsub. / 6.0 Sub.
• Annual Stafford Loan Limits
• 3500 Freshmen borrower (1750/semester)
• 4000 Sophomore borrower
• 5500 Junior borrower
• 5500 Senior borrower
• Aggregate (Total) Loan Limits
• Dependent student 23,000
• Repayment 125/month per 10,000 borrowed.

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Other Loans Available

• Parent Loans (PLUS)
• 8.50 interest
• Credit Check Required
• Goes into repayment immediately
• Teachers Loans
• Apply early (available in February)
• Paid off when you teach in a high need area
  and/or high need program in SC
• 8.80 interest rate if goes into repayment
• Limit 2500 for Freshmen
• Alternative Loans
• Variable interest, often higher than Stafford
  Loans
• Credit Check Required and Cosigner

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Leroy Springs Student Loan
http//www.thespringsclosefoundation.org/home.htm
803-548-2002

• NO Interest Loan
• Requirements FAFSA on file
• SAT (820 on Verbal and Math) or comparable ACT
• Top 50 of graduating class and/or HS GPA of 2.5
• Application, Letter of Recommendation, Interview
• Preference given to applicants who are residents
  of Lancaster County, Fort Mill Township (Fort
  Mill School HS District) and Chester Township
  (Chester HS, Great Falls HS, Lewisville HS
  districts) or whose parents or guardians work
  full-time in one of these areas.
• Applications available April 1 and must be
  completed and returned to the Springs Close
  Foundation by May 1.
• You must apply each year, and must maintain a 2.5
  GPA as a Full-Time student (12 hours/semester)
• Pays Tuition, fees, Room, Board and books (up to
  3,500)

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Satisfactory Academic Progress

• This is a Federal Requirement
• Minimum required academics to receive aid
• Required for almost all awards
• Two Measurements
• Qualitative GPA (Grade Point Average)
• Usually a 2.00 cumulative GPA
• Quantitative Hours attempted vs. Hours Earned
• Limit is 1 ½ the time it should take to complete
  the degree
• Checked at end of Spring or Summer
• You can appeal

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Important Dates

• November USCL begins admitting
• January 1st FAFSA available
• February 1st USCL Scholarship Apps Due
• February 23rd College Goal Sunday - USCL
• March 31st Have FAFSA filed
• April 1st Leroy Springs Loan App Available
• April 15th USCL Priority Deadline for Fin Aid
• May 1st Leroy Springs Loan App Due
• June 30th Deadline for SC Tuition Grant
• July 1st USCL Award Letters Sent
• August 19th USCL Bills due
• August 21st USCL Classes begin

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Remember!

• You must reapply for financial aid each year by
  renewing your FAFSA
• If you change schools, your aid does not
  necessarily transfer with you.
• Add the School Code on the FAFSA
• Contact their Financial Aid Office to get it
  started
• There are many other sources of Aid.
• Search for scholarships in your community.
• Search the Web
• Dont pay for a scholarship or grant application

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Questions?
Thank you for your attention!
Contact Us!

• Kenneth Cole
• Director of Financial Aid
• BY MAIL PO Box 889
• Lancaster, SC 29721
• BY PHONE [phone]
• Visit Us 126 Starr Hall, Hubbard Drive
• BY WEB http//usclancaster.sc.edu/