FAFSA Night 2015 Presented by the USC Aiken Office of Financial Aid

Transcription

1 FAFSA Night 2015 Presented by the USC Aiken Office of Financial Aid

2 USC Aiken Office of Financial Aid 2 Scope of this Workshop What is financial aid? Financial Aid Timeline Free Application for Federal Student Aid (FAFSA) Cost of Attendance (COA) Expected Family Contribution (EFC) What is financial need? Types of financial aid Federal Programs State Programs

3 USC Aiken Office of Financial Aid 3 Financial Aid Timeline January/February Complete the FAFSA February/March Complete verification of information for campuses Respond to any questions from the campus aid office March/April Receive financial aid notification Reply to offers of aid May 1 Confirm admission decision Complete all steps necessary to secure offered aid you intend to accept Notify campus of outside scholarships

4 USC Aiken Office of Financial Aid 4 What is Financial Aid? Financial Aid is money intended to help students pay for their educational expenses. Typically, aid comes in one of the following forms: Scholarships Grants (Federal and State) Federal Work Study Loans

5 USC Aiken Office of Financial Aid 5 Types of Financial Aid

6 USC Aiken Office of Financial Aid 6 Sources of Financial Aid Federal Government- the largest source of aid that offers several different aid programs. State- South Carolina has several different aid programs based on financial need, academic merit, talents, or career choices (some programs require students to complete a specific employment obligation after graduation). Institutional- colleges and universities offer numerous scholarships, grants, and loans to students. Outside agencies- come from many different civic organizations, associations, clubs, foundations, churches, and businesses.

7 USC Aiken Office of Financial Aid 7 Start here for all aid options: available 1/1/2015 Initial FAFSA Entry Renewal Application Entry FAFSA Corrections Providing Signatures Continuing a Saved FAFSA Viewing Transaction History Start A New FAFSA (for new users) and Login (for returning users) Spanish -

8 USC Aiken Office of Financial Aid 8 Applying for Federal Financial Aid Free Application for Federal Student Aid (FAFSA) A standard form that collects demographic and financial information about the student and family Required for all types of federal aid Download the FAFSA on the Web Worksheet at to prepare your form 99% of forms are filed online! Sign the FAFSA with a Personal Identification Number (PIN) May be filed at any time during an academic year, but no earlier than January 1 st of the year you are going to college

9 USC Aiken Office of Financial Aid 9 Apply for Financial Aid Cont d For the academic year, the FAFSA may be filed beginning January 1, 2015 Information from FAFSA is used to calculate the Expected Family Contribution (EFC) Colleges use the EFC to award financial aid Colleges may set priority FAFSA filing deadlines Example: March 1 st is USC Aiken s priority deadline Never pay to complete the FAFSA!

10 USC Aiken Office of Financial Aid 10 Frequent FAFSA Errors Incorrect SSN Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U. S. income taxes paid Household size Number of household members in college Real estate and investment net worth

11 USC Aiken Office of Financial Aid 11 Who Are Considered Parents on the FAFSA? Parents living and married to each other Parents living together and not married Parent widowed or single Parents divorced or separated answer questions for parent with whom student lived more during past 12 months If student lived with each parent exactly the same amount of time, answer for the parent who provided more financial support during the past 12 months or during the most recent year that the student actually received support from a parent If parent remarried, answer about that parent and the person whom parent married (stepparent)

12 USC Aiken Office of Financial Aid 12 Who Are Considered Parents on the FAFSA? (continued) Student s biological or adoptive parents(s) or person that the state has determined to be the parent. For example, a person listed on the birth certificate. Philosophy- the family should help pay the educational expenses of their student Help to ensure limited taxpayer resources are directed to students with the most need, regardless of the parents marital status, when those parents are living together

13 USC Aiken Office of Financial Aid 13 Who Are Not Considered Parents Foster parents on the FAFSA? Legal guardians who have not adopted the student Relatives, such as grandparents, who have not adopted the student Stepparents who have not adopted the student and the natural parent in the household is deceased. Must use remaining biological/adoptive parent, if any. NOTE: Students are typically dependent on parents for the FAFSA process until age 24 (exceptions do occur).

14 USC Aiken Office of Financial Aid 14 Website: Federal Student Aid Personal Identification Number (FSA PIN) Issued to an individual and is the signature for Federal Student Aid purposes (FAFSA, Master Promissory Note, and National Student Loan Data System website) Faster than using paper signature Parent s PIN may be used for multiple children Each student must have their own PIN to sign the FAFSA electronically May be used by students and parents throughout aid process, including subsequent school years

15 USC Aiken Office of Financial Aid 15 FAFSA PIN Changes FSA is adopting the best practice of using a username and password instead of personal information: The FSA ID Requires users to enter less info (2 fields instead of 4) Provides more secure access to user s information Links to PIN information during registration Offers self service capability (name change) The FSA ID (username and password) will replace PIN for students, parents and borrowers accessing FSA systems starting on April 25, 2015

16 USC Aiken Office of Financial Aid 16 IRS Data Retrieval Tool Available February 2015 Within several days for electronic tax filers (1040, 1040A or 1040EZ) Within several weeks for paper tax filers Applies to Those who have filed tax returns Those making corrections online after filing tax returns Does Not apply to Married but are filing separately Filing status is Head of Household Marital status changed after 12/31/14 Those filing amended or foreign tax returns

17 USC Aiken Office of Financial Aid 17 IRS Data Retrieval Tool To use the Tool, must have: A valid Social Security Number and Filed a 2014 federal tax return and Same marital status as 12/31/2014 Filtering question helps applicant know whether to use Tool IRS Data Retrieval Process meets verification requirements Secure and FAST option Students (and parents) not using the Tool and selected for verification: In most cases, must submit an IRS Tax Return Transcript rather than a copy of the Tax Return

18 USC Aiken Office of Financial Aid 18 Life after the FAFSA What s Next? Central Processing System (CPS) notifies students of FAFSA processing results by: Paper Student Aid Report (SAR) if paper FAFSA was filed and student s address was not provided SAR Acknowledgement if filed FAFSA on the Web and student s e- mail address was not provided notification containing a direct link to student s online SAR if student s was provided on paper or electronic FAFSA Student with PIN may view SAR online at

19 USC Aiken Office of Financial Aid 19 FAFSA Processing Results Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA is submitted Most schools will not begin processing aid for until late March or April College reviews ISIR May request additional documentation Watch for s or letters from the schools listed on the FAFSA

20 USC Aiken Office of Financial Aid 20 FAFSA Processing Results Additional documentation may be required for VERIFICATION of information regarding: Adjusted Gross Income (AGI) U.S. income tax paid Untaxed Income only if reportable on the FAFSA Untaxed IRA distributions Untaxed pensions Education credits IRA deductions Tax exempt interest

21 USC Aiken Office of Financial Aid 21 What is Cost of Attendance (COA)? Tuition and Fees Room and Board Books & Supplies Transportation Fixed Costs + Miscellaneous Living Expenses Estimated Costs = Cost of Attendance (COA) DO NOT confuse this with your bill Cost of Attendance exceeds costs billed by the university and is meant as a ceiling to the amount of aid a student can receive.

22 USC Aiken Office of Financial Aid 22 What is the Expected Family Contribution (EFC)? The amount of money a student and his or her family may reasonably be expected to contribute towards the cost of the student s education for an academic year EFC is the same regardless of which college the student attends Federal Methodology established by U. S. Congress is determined by filing the FAFSA

23 USC Aiken Office of Financial Aid 23 Expected Family Contribution (EFC)? Two Components: Parent contribution Student contribution Factors that determine the EFC Income Assets Family Size Number in College Age of Older Parent

24 USC Aiken Office of Financial Aid 24 What is Financial Need? Cost of Attendance (COA) Expected Family Contribution (EFC) = Eligibility for Need-Based Aid

25 USC Aiken Office of Financial Aid 25 Need Comparison Chart The Estimated Family Contribution (EFC) stays the same at each institution.

26 USC Aiken Office of Financial Aid 26 Federal Funding Options Presented By Mrs. Alicia Hugee Loan Coordinator

27 USC Aiken Office of Financial Aid 27 Common Federal Aid Programs Federal Pell Grant Federal Supplemental Educational Opportunity Grant (SEOG) Federal Work-Study Federal Direct Loans Federal TEACH Grant (loan) Federal PLUS Loans

28 USC Aiken Office of Financial Aid 28 Federal Grants Federal Pell Grant up to $5775 Supplemental Educational Opportunity Grant (SEOG) up to $4000 Teacher Education Assistance for College and Higher Education (TEACH) Grant up to $4000

29 USC Aiken Office of Financial Aid 29 Federal Work Study (FWS) An opportunity for you to work Earn money to cover your college expenses Jobs you might find: Library aide Campus childcare center teacher Residence hall front desk clerk Food service worker

30 USC Aiken Office of Financial Aid 30 Federal Student Loans Name of Loan Maximum Amount Interest Rate for Who covers the interest while in college Grace period Subsidized Stafford $3,500* 4.66% Government 6 Months Unsubsidized Stafford PLUS Loan $5,500* (max for both Stafford Loan) Up to COA minus any other aid 4.66% Student 6 months 7.21% Parent n/a *Amounts are based on first-year undergraduate students. Interest rates are valid for aid year.

31 USC Aiken Office of Financial Aid 31 Federal Parent Plus Loan Loans borrowed by parents PLUS loans have an interest rate of 7.21% for the aid year Payment can be delayed until after the student leaves college Can borrow up to the cost of attendance minus any other financial aid received

32 USC Aiken Office of Financial Aid 32 State Funding Options Presented by Mrs. Kathy Long Scholarship Coordinator

33 SC HOPE Scholarship Program Awarded to incoming college freshmen that graduate from high school with a cumulative 3.0 GPA on the SC Uniform Grading Policy. SC residency required. HOPE is a freshman year only award and is available at South Carolina 4-year institutions. Award Amount: Maximum of $2,800 for the academic year

34 SC LIFE Scholarship Program Awarded to incoming freshmen at a 4-year institution who meet two of the three following requirements: Graduate from high school with a 3.0 cumulative GPA on the SC Uniform Grading Policy Score an 1100 on the SAT or a 24 on the ACT Rank in top 30% of graduating class Freshmen entering a 2-year institution must have a 3.0 high school GPA on the SC Uniform Grading Policy. Continuing college students must: Earn an average of 30 credit hours per academic year Maintain a 3.0 collegiate GPA SC residency is required.

35 SC LIFE Scholarship Award Amounts $5,000 per academic year $7,500 per academic year for 2 nd, 3 rd and 4 th year LIFE recipients majoring in an approved math or science who meet all eligibility requirements for the Enhancement. A lesser amount may be awarded if a student s cost of attendance is exceeded.

36 Palmetto Fellows Scholarship Program **Application is made directly to the SC Commission on Higher Education with the assistance of the high school guidance counselor. There are 2 application deadlines each year - in December and June.** SC residency is required. Initial Eligibility 3.5 high school GPA on the SC Uniform Grading Policy Score a 1200 on the SAT or a 27 on the ACT Rank in top 6% of graduating class Alternative Eligibility Criteria: 4.0 GPA on the SC Uniform Grading Policy 1400 on the SAT or a 32 on the ACT Continued Eligibility Earn a cumulative 3.0 GPA on a 4.0 scale for graduation purposes by the end of each academic year. Earn a minimum of 30 credit hours by the end of each academic year.

37 Palmetto Fellows Scholarship Award Amounts Award Amounts: $6,700 per academic year for first year Palmetto Fellows. $7,500 per academic year for 2 nd, 3 rd and 4 th year students not eligible for the Palmetto Fellows Enhancement. $10,000 per academic year for 2 nd, 3 rd and 4 th year Palmetto Fellows majoring in an approved math or science who meet all eligibility requirements for the Enhancement. A lesser amount may be awarded if a student s cost of attendance is exceeded. Students are strongly advised to be aware of and to understand the award information and eligibility requirements provided by the SC Commission on Higher Education.

38 LIFE and Palmetto Fellows Enhancement Maximum award amounts are increased for 2 nd, 3 rd and 4 th year scholarship recipients who are majoring in approved math and science disciplines. Must earn 14 hours of math and science credits (any combination) by end of first year of college enrollment. 14 hours can include exempted credit hours, CLEP credits, dual enrollment, summer courses prior to student s initial college enrollment, Pass/Fail courses with a grade of "Pass", and IB and AP credits. Must have declared a math or science major determined to be eligible by the SC Commission on Higher Education.

39 South Carolina Need Based Grant Awarded to South Carolina residents demonstrating financial need. Must be an undergraduate student in a SC public institution who does not yet have first bachelor s degree. At USC Aiken, must be enrolled full-time. Complete the FAFSA and meet regulatory requirements regarding criminal convictions. Funds are limited and awarded on a first-come, firstserved basis.

40 SC Tuition Grants Program Need-based grant for SC residents that plan to attend one of SC s 21 participating independent colleges To apply, complete the FAFSA and list the independent college of choice The deadline is June 30, 2015 Freshman must graduate in top 75% of high school class or score 900 or above on SAT or 19 or above on ACT or graduate from a SC high school with a final GPA of 2.0 or higher on the SC Uniform Grading Policy Full-time college student must earn 24 credit hours each year and maintain satisfactory academic progress Average award amount for recent years has been $2600 Web address:

41 SC Lottery Tuition Assistance Program To be eligible at a SC Technical School, you must: Qualify for in-state tuition rates and be a legal SC resident for a minimum of one year Complete the Free Application for Federal Student Aid (FAFSA) Be admitted to one of SC s 16 technical colleges and enroll in at least six credit hours each term Make reasonable progress toward completion of the requirements of your program Not be the recipient of a LIFE Scholarship At USC 2-year campuses and Spartanburg Methodist College, eligibility requirements vary slightly. Students who plan to attend one of these institutions should contact the Financial Aid Office at the school or refer to the website of the SC Commission on Higher Education at Award Amount: The actual amount of tuition assistance available to each student will be adjusted each semester based on lottery revenue. The maximum amount of tuition assistance available for recent terms has been approximately $900 for a full-time student and $75 per credit hour for a part-time student.

42 SC Teaching Fellows Program Scholarship program for high-achieving SC high school students who plan to teach in SC public schools Funded by the state of SC and administered by the Center for Educator Recruitment, Retention and Advancement USC Aiken is one of twelve Teaching Fellows Institutions in SC Provides a $24,000 scholarship/ loan over 4 years Up to $6,000 per year Required to teach one year in SC public school for every year funds are received Must be repaid as a loan if program is not completed Participate in professional development opportunities: Seminars, workshops, conferences, action research, service-learning, and leadership training

43 SC Teaching Fellows Program - Cont d Application made online at by December 1 st of high school senior year Requirements to apply: U.S. citizen or legal permanent resident Legal resident of SC High school senior Requirements to remain eligible: Complete 30 credit hours per year Maintain 2.75 institutional GPA Full-time enrollment Attend all required activities and programs May be combined with Palmetto Fellows, LIFE or HOPE Scholarship and SC Teachers Loan

44 SC Teachers Loan Program Long-term loan: teaching cancelable. Cancelable at 20% or $3000, whichever is greater, for each year of full time teaching in a critical subject or critical geographic area in SC or at 33 1/3% or $5000, whichever is greater, for each year of full time teaching in both critical subject and critical geographic area. Critical subject areas at time of application will be honored for cancellation when you begin teaching. Critical geographic areas are deemed by the SC Department of Education at the time of employment. If you decide not to teach, the interest rate for loans made on or after July 1, 2000, shall be the rate on the Federal Direct Loan plus 2%. The rate will not exceed 10.25%. Repayment begins 6 months after student graduates or drops below half-time enrollment.

45 Loan Limits: SC Teachers Loan Cont d First and Second year undergraduate, $2,500 Third and Fourth year undergraduate, $5,000 Graduate (per year), $5,000 Eligibility requirements: SC resident Plan to be certified as a teacher in SC public school system (critical need geographic or subject area) Graduate top 40% in high school class SAT or ACT score equal to or greater than the SC Average for the year of high school graduation Enrolled at least ½ time

46 Financial Aid Web Links State Programs - South Carolina sctuitiongrants.org cerra.org/teachingfellows sccango.org Federal Programs FAFSA on the Web

47 USC Aiken Office of Financial Aid 47 Office of Financial Aid 471 University Parkway Penland Suite 102 Aiken, South Carolina Phone: Fax: OFFICE HOURS: Monday - Friday 8:30 am - 5:00 pm