Financial Aid for the Gordon College Teacher Education Program

Transcription

1 Financial Aid for the Gordon College Teacher Education Program

2 Financial Aid Application Procedures Overview All students interested in applying for financial aid must complete the entire Free Application for Federal Student Aid (FAFSA) process after January 1 of each year in order to receive consideration for federal and/or state aid for the upcoming academic year. The only exception to this requirement is for students applying ONLY for the HOPE Scholarship. HOPE applicants should refer to the HOPE Scholarship section of this Web site for the specific instructions on completing the GSFAPPS electronic application ( in lieu of the FAFSA. The FAFSA application process is used to determine your eligibility for aid such as: Federal Pell Grant Federal Stafford Student Loans Federal Parent Plus Loan for Undergraduate Students (PLUS) HOPE Scholarship Limited funded federal/state campus-based aid such as: Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Work-Study (FWS) Leveraging Educational Assistance Partnership Grants ( LEAP)

3 Priority Consideration Deadline Priority Consideration Deadline Defined Students can apply for the Federal Pell Grant by completing the FAFSA process any time during the award year. Federal Campus-Based funds (such as the FSEOG, FWS, and LEAP are limited. Students who complete the entire application process which consists of submitting the FAFSA, completing the verification process (if selected), furnishing us any other requested documentation (citizenship, Selective Service registration, etc.) no later than April 1st each year, will comprise the initial group of students who receive priority consideration when we award these funds. If funds still remain after we have considered and awarded the eligible students in this initial group, we then consider and award eligible students who completed the application process by April 2, 3, 4, etc. until these funds are exhausted. The aid application process can take four or more weeks during peak processing times. See the Application Deadlines at

4 When Aid Pays School Charges If you do not receive your electronic Financial Aid Award by the semester deadlines, you should plan to pay all educational costs. You will be reimbursed when you complete the process. Also, if you are awarded student loans, those funds are not available until you have signed your Master Promissory note and completed any required loan entrance counseling. If you have a 30 day delay requirement as a first time borrower, those funds will not be available until 30 days after the first day of classes. You must have signed your Master Promissory note and completed any required loan entrance counseling in order for these funds to disburse.

5 Free Application for Federal Student Aid You may submit the FAFSA or your Renewal FAFSA which is available January 1 of each year. Visit FAFSA on the web at for more information. Students and parents who electronically file make fewer errors and the process is much faster than filing the paper FAFSA. We encourage electronic filers to print and complete the Pre- Application Worksheet prior to completing the web based FAFSA. You can print the Pre- Application Worksheet from Section 1 of the FAFSA on the Internet. The Gordon College Title IV federal school code is Be sure to list Gordon College's federal school code in the appropriate section to ensure that Gordon College receives your application. You may contact us for a paper FAFSA if you do not have computer access or choose not to file electronically. Use your name exactly as it appears on your Social Security card. Do not use nicknames, abbreviations, or middle names as first names. The U. S. Dept. of Ed. requires your name on the FAFSA to identically match your name on Social Security Administration records. You will be required to submit additional information if there is a name conflict. Students applying ONLY for the HOPE Scholarship do not need to complete a FAFSA application. HOPE applicants should refer to the HOPE Scholarship section of this Web site for the specific instructions on completing the GSFAPPS electronic application ( in lieu of the FAFSA.

6 Federal PIN Those students who submitted a FAFSA for a previous Academic Year should have received a Personal Identification Number (PIN) from the U. S. Department of Education (U.S. Dept. of Ed.). The PIN serves as your personal identifier and permits you to access your personal information in various U.S. Dept. of Ed. systems. Your PIN also serves as your electronic signature for U. S. Dept. of Ed. purposes, so do not share it with anyone. If you cannot locate your PIN or do not have one, go to to request a PIN. Once you receive your PIN, you can then complete and submit the electronic FAFSA. Parents of dependent students also need to request a PIN.

7 Student Aid Report If you provide your address on your FAFSA, the U.S. Dept. of Ed. Central Processing System (CPS) will send you a PIN containing a direct link to your PIN (if you don't already have a PIN); and a Student Aid Report (SAR) e- mail notification containing a direct link to your data on "SAR on the Web". You will receive this notification approximately one to two weeks after submitting your completed FAFSA to the CPS. If you do not provide your address on your FAFSA, the CPS will send you a paper SAR and if you do not have a PIN, they will also send you a paper PIN mailer. You will receive this document approximately three to four weeks after you submit your complete FAFSA. Review the SAR for accuracy. If the SAR needs corrections, make them on the FAFSA web site ( using the appropriate pin numbers.

8 Application Status at Gordon College Students who have applied for aid but have not received the electronic notice of their Financial Aid Award can electronically review their financial aid award status by accessing the "Application Status" option under the Student Financial Aid Menu on Banner Web. Application Status will indicate if and what additional information we still need to complete your application process.

9 Verification Process The U.S. Dept. of Ed. created the Verification Process to confirm the accuracy of information submitted on the FAFSA. Your Student Aid Report (SAR) may indicate your application was selected for Verification. However, Gordon College participates in the U.S. Dept. of Ed.'s Quality Assurance Program (QAP) so only students who receive Verification Worksheets from us are required to complete the process at Gordon College. Even if your SAR does not state you have been selected by the U.S. Dept. of Ed., you may be required to complete a Verification Worksheet and provide us tax forms. You should only provide tax documents if we request them. At a minimum, we will ask you to verify the following: Adjusted Gross Income and wages listed on appropriate W-2 forms. Please submit copies of all requested signed federal income tax returns and W-2 forms. The U.S. Internal Revenue Service's (IRS) granting of an extension to file a tax return does not eliminate the requirement to submit the tax return to us. The Verification process cannot be completed until all requested documents have been received.

10 Verification Process, Cont. Under certain circumstances it may become necessary for you to submit additional information as part of the verification process. If you are required to submit additional documentation you should promptly submit the requested information to us. Complete and sign the appropriate Verification Worksheet and submit copies of all requested signed federal income tax returns and any other documents as requested. The U.S. Internal Revenue Service's (IRS) granting of an extension to file a tax return does not eliminate the requirement to submit the tax return to us. The Verification process cannot be completed until all requested documents have been received. If discrepancies are noted between the information submitted on your FAFSA and the Verification documents, we will electronically transmit the corrected information to the U.S. Dept. of Ed. Central Processing System (CPS). We will contact you if we need additional information to process your application for student financial aid. Please respond promptly to prevent delays in processing your application for aid. We cannot determine your aid eligibility until the Verification Process is complete. **As a reminder only submit the documentation that is requested of you by the Gordon College Financial Aid Office.**

11 Electronic Financial Aid Awards Electronic Financial Aid Awards may be viewed on the student's Banner Web account. All Gordon College students are required to have a valid Gordon College address. We use your Gordon address as the preferred mechanism to electronically notify you of the availability of your Financial Aid award. It is critical that you regularly check your account and delete old s in order to avoid reaching your disk space capacity; otherwise your electronic Award notification may be rejected by your account. When you access your electronic award, review all award messages and the information we provide concerning the types of aid included on your award. Gift aid (HOPE Scholarship, Federal Pell Grant etc.) is automatically accepted for you at the time of the award. We also notify applicants who request aid that is not available.

12 Summary of Overview Complete the FAFSA as soon as possible after January 1 st of each year (you should complete your tax return before completing the FAFSA). Submit all requested documentation to the Gordon College Financial Aid Office in a timely manner. If requesting a student loan, sign the Master Promissory Note as soon as it is available. Pay all tuition and fees (unless the total is covered by financial aid) by appropriate deadlines.

13 Student Loans Stafford Loans are low interest loans made to students. The Federal Stafford Loan, as part of the Federal Family Education Loan Program (FFELP), is the most widely used loan in the student education loan program. There are two types of Stafford Loans, Subsidized and Unsubsidized. A Subsidized Stafford Loan is available to students who have financial need. An Unsubsidized Stafford Loan is an option for students who do not demonstrate financial need.

14 Subsidized Stafford Loan For the student with financial need, the federal government pays the interest on the subsidized loan while the student is enrolled in college at least half-time and for six months after the student is no longer enrolled. At the end of the six-month period, the student becomes responsible for the loan interest and repayment.

15 Unsubsidized Stafford Loan While unsubsidized loans are offered to students with no financial need, the student with an unsubsidized loan is responsible for the interest at all times. Students can choose to pay the interest while they are enrolled or have it added to the loan principal. Delaying interest payment by adding to principal, however, will increase the cost of the loan. Repayment of the principal begins six months after the student is no longer enrolled.

16 Eligibility for Student Loans You first complete the Free Application for Federal Student Aid (FAFSA) and have your results sent to the financial aid offices of the schools to which you are applying for admission and financial assistance. Each financial aid office then determines if you are eligible for a subsidized or unsubsidized Stafford loan and, if so, includes this recommendation and loan amount in your financial aid award package. Other eligibility requirements follow: Citizenship - You must be a U.S. citizen or an eligible non-citizen. Enrollment - You must be enrolled or accepted for enrollment at least half-time at a participating school in an eligible program leading to a degree or certificate; or leading to a professional credential or certification from a state, that is required for employment as an elementary or secondary school teacher in that state; or be enrolled for not longer than a 12- month period in a course of study which has been determined as necessary for enrollment in a degree or certificate program. Academic - You must be maintaining satisfactory academic progress in your course of study according to your school's standards and statutory requirements. Non-Default - You must not be in default on an educational loan or owe a refund on an educational grant. High School - You must have a high school diploma or GED or pass an independently administered test, determined by your school, that demonstrates your ability to benefit from the program of study. Law - You must meet all of the other Federal Stafford Loan program eligibility requirements prescribed by law at the time your loan application is processed.

17 Loan Amounts The amount students may borrow depends on their grade level in school, program length, amount of other financial aid received, and in the case of the subsidized Stafford Loan the amount of financial need. The annual maximums by grade level are shown below: $3,500 - first year of undergraduate school $4,500 - second year of undergraduate school $5,500 - third year and beyond of undergraduate school $8,500 - graduate/professional students Depending on the grade level and the program length, independent students may borrow additional amounts (above these maximums) as unsubsidized Stafford Loans. Total (subsidized plus unsubsidized) lifetime maximums are listed below: $23,000 - undergraduate students (Subsidized) $23,000 undergraduate students (Unsubsidized) $46,000 Total Loan Indebtedness undergraduate students $138,500 - graduate students (including any undergraduate loans)

18 Applying For A Student Loan Complete the FAFSA for the upcoming Academic year: Complete the Stafford Loan Request for the appropriate Aid Year Sign the Master Promissory Note (if necessary) when notified it is ready to sign.

19 PROMISE Teacher Scholarship The PROMISE Teacher Scholarship assists students seeking their first undergraduate degree in education OR students seeking a second undergraduate degree in education if their first undergraduate degree was not in education.

20 Information about the Promise Teacher Program Students must have a 3.0 cumulative GPA for all course work and be classified as either a junior or senior in an approved education program. The scholarship provides $3,000 per academic year. Students may also qualify for the HOPE Scholarship if they are earning their first undergraduate degree.

21 Additional Information about the Promise Teacher Program The PROMISE Teacher Scholarship Loan a component of Georgia's HOPE Scholarship Program provides forgivable loans to students who aspire to be teachers in Georgia public schools. If you commit to teach in a Georgia public school, you will pay less for your education. For a four-year commitment, you can receive up to $6,000 in financial assistance. The purpose of the program is to attract undergraduates into teaching profession and provide them with financial assistance beginning their junior year and continuing through their senior year. In return for the scholarship, the student agrees to teach after graduation in a Georgia public school system at the preschool, elementary, middle, or secondary level for one academic year for each $1,500 disbursement.

22 Value of the Promise Teacher Scholarship The maximum award for a student is $3,000 for the junior year and another $3,000 for the senior year. For a student taking less than six hours, the maximum award will be $1,500 per academic year. A student will teach in Georgia for one year for each $1,500 borrowed to complete service repayment. If a student fails to complete service repayment, the student is required to repay the amount borrowed in cash installments with interest. Principal deferments options for eligible borrowers.* No Application fees.* No Origination fees.* * Subject to change

23 Eligibility Requirements Be a United States Citizen or Permanent Resident Alien who meets the definition of an eligible non-citizen under Federal Title IV requirements; Be academically classified by your college as a junior or senior with a minimum overall grade-point average of 3.0 based on a 4.0 grade-point scale (including all courses taken); Be certified by your institution's College of Education teacher certification official to be admitted into an approved teacher education program in Georgia as a junior or senior leading to initial certification; Agree to teach in a Georgia public school classroom at the preschool, elementary, middle, or secondary level after graduation; Agree to obtain their Professional Georgia Educator Certificate after graduation; Not owe a refund on a grant or scholarship previously received under any State of Georgia or federal program for attendance at any postsecondary educational institution; Not be in default on a loan previously obtained under any State of Georgia or Federal program for attendance at any postsecondary educational institution.

24 Service Commitment Under the PROMISE Program, you will be obligated to teach in a Georgia public school at the preschool, elementary, middle or secondary level one academic year for each $1,500 awarded through the scholarship. For example, if you receive $3,000 per academic year for two years (a total scholarship of $6,000) and teach four years in a Georgia public school at the preschool, elementary, middle, or secondary level, your loan will be completely forgiven. If a recipient is unable to complete his/her program or meet his/her teaching obligation, he/she must repay any outstanding loan amounts, plus interest, to the State of Georgia.

25 Extremely Important! Hope Promise Applicants: The following documents must be received by the Gordon College Financial Aid Office by May 1 st, 2008: An official ISIR Record (FAFSA Application) Any additional documentation as requested by the Gordon College Financial Aid Office Hope Promise applications will be available on June 1 st, The web address for applying is listed on the following slide. Failure to submit documentation in a timely manner will delay the processing of a HOPE Promise application. The funding for HOPE Promise is awarded on a first-come first-served basis.

26 Application Procedure You must be fully accepted in the College of Education before you are eligible to apply. Link to apply for the PROMISE Teacher Scholarship Loan Application and Promissory Note : Link to apply for the PROMISE Teacher Scholarship Renewal Application:

27 Loan Disbursement Information Once the application process has been reviewed and approved, GSFC mails an Award Letter to the student advising them of each disbursement for the academic year. After the student signs and returns the Award Letter, GSFC sets up all disbursements to be sent to the school fourteen days prior to each term.

28 Teach Grant Program Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families.

29 Effective Dates The first TEACH Grants will be awarded to eligible students for the school year.

30 Conditions In exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students. As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant. This means that you must teach for the entire time. If you taught for 47 of the 48 months, you would have the grant converted to a loan and the interest would be calculated from the time of initial disbursement. A student will be required to meet the 4 year obligation even if they only receive one semester disbursement and then changes his or her mind. IMPORTANT: If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Loan. You must then repay this loan to the U.S. Department of Education. You will be charged interest from the date the grant(s) was disbursed.

31 Student Eligibility Requirements To receive a TEACH Grant you must meet the following criteria: Complete the Free Application for Federal Student Aid (FAFSA), although you do not have to demonstrate financial need. Be a U.S. citizen or eligible non-citizen. Be enrolled as an undergraduate, post-baccalaureate, or graduate student in a postsecondary educational institution that has chosen to participate in the TEACH Grant Program. Be enrolled in coursework that is necessary to begin a career in teaching or plan to complete such coursework. Such coursework may include subject area courses (e.g., math courses for a student who intends to be a math teacher). Meet certain academic achievement requirements (generally, scoring above the 75th percentile on a college admissions test or maintaining a cumulative GPA of at least 3.25). Sign a TEACH Grant Agreement to Serve.

32 High Need Fields High-need fields are the specific areas identified below: Bilingual Education and English Language Acquisition. Foreign Language. Mathematics. Reading Specialist. Science. Special Education. Other identified teacher shortage areas as of the time you begin teaching in that field. These are teacher subject shortage areas (not geographic areas) that are listed in the Department of Education s Annual Teacher Shortage Area Nationwide Listing. To access the listing, please go to

33 Schools Serving Low-Income Students Schools serving low-income students include any elementary or secondary school that is listed in the Department of Education s Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits. To access the Directory, please go to

34 TEACH Grant Agreement to Serve Each year you receive a TEACH Grant, you must sign a TEACH Grant Agreement to Serve that will be available electronically on a Department of Education Web site. The TEACH Grant Agreement to Serve specifies the conditions under which the grant will be awarded, the teaching service requirements, and includes an acknowledgment by you that you understand that if you do not meet the teaching service requirements you must repay the grant as a Federal Direct Unsubsidized Loan, with interest accrued from the date the grant funds were disbursed. Specifically, the TEACH Grant Agreement to Serve will require the following: For each TEACH Grant-eligible program for which you received TEACH Grant funds, you must serve as a full-time teacher for a total of at least four academic years within eight calendar years after you completed or withdrew from the academic program for which you received the TEACH Grant. You must perform the teaching service as a highly-qualified teacher at a low-income school. The term highly-qualified teacher is defined in section 9101(23) of the Elementary and Secondary Education Act of 1965 or in section 602(10) of the Individuals With Disabilities Education Act. Your teaching service must be in a high-need field. You must comply with any other requirements that the Department of Education determines to be necessary. If you do not complete the required teaching service obligation, TEACH Grant funds you received will be converted to a Federal Direct Unsubsidized Loan that you must repay, with interest charged from the date of each TEACH Grant disbursement.

35 IMPORTANT REMINDER If you receive a TEACH Grant but do not complete the required teaching service, as explained above, you will be required to repay the grants as a Federal Direct Unsubsidized Loan, with interest charged from the date of each TEACH Grant disbursement.

36 Disclaimer This fact sheet provides a preliminary summary of the TEACH Grant Program based on the College Cost Reduction and Access Act of The information in this document is subject to change and is not binding on the Department of Education.

37 Questions?