The Financial Aid Scholar Newsletter

Transcription

1 Volume III, Issue VI Spring 2012 Edition April 2012 SHAW UNIVERSITY The Office of Financial Aid 118 East South Street Raleigh, NC The Financial Aid Scholar Newsletter Editor: Zakiya Middleton Scholarship Coordinator Co-Editor: Wanda Carter Default Coordinator Financial Aid Director: Rochelle King Associate Director: Linda Sledge S P E C I A L P O I N T S O F I N T E R E S T : Outlines the recent changes to federal & state programs Lists available UNCF Scholarships, **High School Senior scholarships are highlighted in yellow.** Discusses the requirements for financial clearance for all May 2012 graduates. I N S I D E T H I S I S S U E : Federal Up-dates Federal Up-dates UNCF Scholarship Opportunities UNCF Scholarship Opportunities UNCF Scholarship Opportunities UNCF Scholarship/ Work Study Announcement The following changes will be effective beginning the year. To ensure that you receive your Financial Aid Award in a timely manner, the Financial Aid Office recommends that you adhere to the following: Parents and students are encouraged to file their 2011 tax returns and Free Application for Federal Student Aid (FAFSA) early at Applicants and/or their parents who filed a 2011 federal tax return are advised to use the IRS data retrieval process when adding their income on the FAFSA form. The data retrieval process is available to all tax filers excluding married couples that file separate returns or those who file an amended return. Selected applicants and/or their parents that do not use the IRS data retrieval process or who after using data retrieval make changes to their tax information will be required to submit a copy of an official federal tax transcript from the IRS. Copies of Federal 1040 tax forms will no longer be accepted for verification. We can only accept tax transcripts from the Internal Revenue Service (IRS). An IRS tax transcript can be obtained at by clicking on Order a Return or Account Transcript link and following the appropriate steps or you may call All non-filers must provide a non-filer s tax statement from the IRS along with a copy of their wage earnings statement from the IRS or W-2 form (s) from all employers for that tax year ( if applicable) to the FAO. Beginning with the year all eligible N.C. undergraduate students enrolled at least ¾ times will be eligible to receive the NC Need-Based Scholarship. The scholarship is awarded on a first-come, first-serve basis, so early and accurate FAFSA submission is required. Also, students selected for verification must submit documentation before the grant can be awarded ***Please be advised that all students must be fiscally cleared prior to moving into the dormitory for the 2012 fall term. Shaw University s deadline for all outstanding documents will be Friday, June 1, Students must have a completed FAFSA and if selected for verification, submit all outstanding documents. Any documents incomplete will be returned unprocessed. Documents submitted to the Financial Aid Office after June 1, 2012 will be accepted but, could cause a delay in you receiving a financial aid award. Please note that failure to comply with the following may affect your financial aid and enrollment status at the University. Students with questions are urged to contact the Financial Aid Office at *** Graduating Senior FA Clearance Steps 10

2 P a g e 2 T h e F i n a n c i a l a i d s c h o l a r F e d e r a l U p - d a t e s As a result of recent legislative changes, you should be aware of a number of new requirements for the federal student aid programs. Most of these changes are effective with the school year (July 1, 2012 through June 30, 2013). Here's an overview of the changes that could impact your financial aid for the upcoming academic year and in the future. Direct Student Loan Changes Direct Subsidized loans will not be eligible for an interest subsidy during the six-month grace period. Subsidized loans are loans for which the borrower is not responsible for the interest while the student is enrolled in college on at least a half-time basis, when the loan is in the six-month grace period after the student is no longer enrolled at least half time, or if the loan is in a deferment status. This provision eliminates the interest subsidy provided during the six-month grace period for subsidized loans for which the first disbursement is made on or after July 1, 2012, and before July 1, If you receive a subsidized loan during this timeframe, you will be responsible for the interest that accrues while your loan is in the grace period. You do not have to make payments during the grace period (unless you choose to) but the interest will be added (capitalized) to the principal amount of your loan when the grace period ends. This provision does not eliminate the interest subsidy while the borrower is in school or during eligible periods of deferment. All subsidized loans made to undergraduate students will have a fixed interest rate of 6.8%. Subsidized loans for which the first disbursement is on or after July 1, 2012, will have a 6.8% fixed interest rate. Note: In the President's FY2013 budget request, the Administration has proposed maintaining the interest rate on subsidized loans at the current rate of 3.4% for the school year. Graduate and professional students are no longer eligible to receive subsidized loans. Effective for loans made for payment periods that begin on or after July 1, 2012, graduate and professional students are no longer eligible to receive subsidized loans. However, if you are a graduate or professional student, you may still qualify for up to $20,500 in unsubsidized loans each year. The U.S. Department of Education can no longer offer borrowers repayment incentives. Effective for loans first disbursed on or after July 1, 2012, the Department of Education is prohibited from offering any repayment incentives to Direct Loan borrowers, except interest rate reductions to borrowers who agree to have payments automatically electronically debited from their bank account). Source of Information provided by Department of Education via website.

3 V o l u m e I I I, I s s u e V I P a g e F e d e r a l U p - d a t e s Federal Pell Grant Program Duration of Eligibility Each week on Sundays from April 15 July 1st, 2012 the Department of Education will be sending out s to any applicant who has completed a FAFSA, and who is Pell-eligible and has a calculated (Lifetime Eligibility Used) LEU percentage greater than 500 percent. Note that once you have received a Pell Grant for 12 semesters, or the equivalent, you will no longer be eligible for additional Pell Grants. You are eligible to receive a Pell Grant for up to 12 semesters or the equivalent. If you have exceeded the 12-semester maximum, you will lose eligibility for additional Pell Grants beginning in school year. Equivalency is calculated by adding together the percentage of your Pell eligibility that you received each year to determine whether the total amount exceeds 600%. For example, if your maximum Pell Grant award amount for the school year was $5,550, but you only receive $2,775 because you were only enrolled for one semester, you would have used 50% of your maximum award for that year. If in the following school year, you were enrolled only three-quarter time, you would have used 75% of your maximum award for that year. Together, you would have received 125% out of the total 600% lifetime limit. To determine how much of the maximum six years (600%) of Pell Grant you have used each year, the Department compares the actual amount you received for the award year with your scheduled award amount for the award year. Of course, if you receive the full amount of your schedule award, you will have used 100%. Some students do not receive their entire scheduled award for an award year. There are a number of reasons for this, the most common of which are that the student was not enrolled for the full year or the student was not enrolled full-time, or both. The Department keeps track of your LEU by adding together the percentages of your Pell Grant scheduled awards that you received for each award year. The table below shows examples of the LEUs of three students who received differing amounts of their scheduled awards over a four year period. Examples of Pell Lifetime Eligibility Used Student A Student B Student C Award Year 1 Pell Grant Schedule Award $5, $5, $4, Pell Grant Amount Received $2, $3, $4, Percent Used 50% 75% 100% Award 2 Pell Grant Schedule Award $5, $5, $5, Pell Grant Award Received $5, $5, $5, Percent Used 100% 100% 100% Award 3 Pell Grant Schedule Award $4, $5, $5, Pell Grant Amount Received $4, $1, $5, Percent Used 100% 25% 100% Award 4 Pell Grant Scheduled Award $4, $5, $5, Pell Grant Amount Received $4, $5, $5, Percent Used 100% 100% 100% Total Lifetime Eligibility Used - LEU Note: From through , it was possible for a student to receive up to two scheduled awards in a year. So some students will have a "percent used" of up to 200% for one or more of those years. 350% 300% 400% Of course, if a student's LEU equals or exceeds 600%, the student may no longer receive Pell Grant funding. Similarly, a student whose LEU is greater than 500% but less than 600%, while eligible for a Pell Grant for the next award year, will not be able to receive a full scheduled award. Source of Information provided by Department of Education via IFAP.ed.gov website.

4 P a g e 4 T h e F i n a n c i a l a i d s c h o l a r U n c f s c h o l a r s h i p o p p o r t u n i t i e s Avis Budget Group-2012 Summer Internship Program $ GPA Requirements: 3.0 GPA or better $ Eligible Majors: Accounting, Business, Communications, Computer Science, Economics $ Classifications: Sophomore, Junior, Graduate students AXA Achievement Scholarship $ Scholarship Amount: up to $2,000 $ Eligible Majors: Accounting, Business $ Classifications: Sophomore and Juniors BASF/Alfred Chisholm Memorial Scholarship 2012/13 $ Scholarship Amount: up to $6,000 $ GPA Requirements: 2.7 GPA or better $ Eligible Majors: Accounting, Biology, Business, Chemistry, Computer Science, Mathematics $ Classifications: Freshmen, Sophomore, Junior & Senior Central Florida Nursing Scholarship $ GPA Requirements: 2.5 GPA or better $ Eligible Locations: Florida $ Eligible Majors: Nursing $ Classifications: Open Central Florida Scholarship $ GPA Requirements: 2.5 GPA or better $ Eligible Locations: Florida, Freshmen, Sophomore, Junior, Senior Comerica Charitable Foundation Scholarship $ Scholarship Amount: up to $2.275 $ Eligible Majors: Accounting, Finance, Business $ Classifications: Freshmen, Sophomores, Juniors Application Deadline: April 26, 2012

5 V o l u m e 1, I s s u e 1 P a g e 5 U n c f s c h o l a r s h i p o p p o r t u n i t i e s Cynthia Denise Robinson Horton Scholarship Fund $ Scholarship Amount: up to $3,000 Application Deadline: April 20, 2012 Dallas Independent School District Scholarship $ Scholarship Amount: up to $2,500 $ GPA Requirements: 2.75 or better $ Eligible Locations: Texas Application Deadline: May 1, 2012 Dayton Public Schools Scholarship $ Scholarship Amount: up to $1,000 $ GPA Requirements: 2.5 GPA or better $ Eligible Locations: Ohio Application Deadline: May 4, 2012 Deborah L. Vincent/FAHRO Education Scholarship $ Scholarship Amount: up to $2,500 $ GPA Requirements: 2.5 GPA or better $ Eligible Locations: Florida Federal Express/UNCF Scholarship Initiative 2012 $ Scholarship Amount: up to $4,000 $ GPA Requirements: 3.0 GPA or better First Coast Scholarship $ Scholarship Amount: up to $1,000 $ Eligible Locations: Florida $ Classifications: High school seniors Application Deadline: May 11, 2012

6 P a g e 6 T h e F i n a n c i a l A i d S c h o l a r U N C F s c h o l a r s h i p o p p o r t u n i t i e s Foot Locker Foundation, Inc-UNCF Scholarship, College Freshmen, Sophomores, Juniors, & Seniors Application Deadline: April 24, 2012 Frito Lay Arts Scholarship 2012 $ Eligible Majors: Fine Arts, Theatre Arts/Drama $ Classifications: Freshmen, Sophomores, Juniors & Seniors General Mills Corporate Scholars Award 2012 $ GPA Requirements: 3.25 or better $ Eligible Majors: Accounting, Business, Finance, Human Resources, Marketing Operation Management $ Classifications: Freshmen, Sophomores & Juniors Hausman Family Charitable Trust Scholarship $ Eligible Locations: Massachusetts, Vermont, Rhode Island, Maine, New Hampshire Hershey s Scholarship $ Eligible Locations: Pennsylvania Houston ISD Scholarship $ Scholarship Amount: up to $2,500 Application Deadline: May 21, 2012

7 V o l u m e 1, I s s u e 1 P a g e 7 U N C F s c h o l a r s h i p o p p o r t u n i t i e s LMI Scholarship Program $ Eligible Locations: Texas, South Carolina, Georgia, California, Georgia, Washington, Missouri, Illinois, Oklahoma, Kansas $ Eligible Majors: Engineering $ Classifications: Freshmen, Sophomores & Juniors Malcolm X Scholarship for Exceptional Courage $ Scholarship Amount: up to $4,000 $ GPA Requirements: 3.0 GPA or better $ Classifications: Freshmen, Sophomores, Juniors & Seniors Application Deadline: April 23, 2012 Portfolio Project Scholarship $ Scholarship Amount: up to $20,000 $ Eligible Locations: Kentucky Application Deadline: May 4, 2012 MCCA Lloyd M. Johnson Jr. Scholarship 2012 $ Scholarship Amount: up to $10,000 $ GPA Requirements: 3.2 or better $ Classifications: College Seniors, Graduate Students Muscogee County School District Scholarship $ Scholarship Amount: up to $1,000 $ Eligible Locations: Georgia Application Deadline: April 20, 2012 New Jersey District 1199J Scholarship $ Scholarship Amount: up to $2,000

8 P a g e 8 T h e F i n a n c i a l A i d S c h o l a r U N C F s c h o l a r s h i p o p p o r t u n i t i e s Northwest Indiana Scholarship Program $ Eligible Locations: Indiana, Freshmen, Sophomore, Junior & Seniors Red, Hot & Snazzy Gala Scholarship $ Scholarship Amount: up to $2,000 $ Eligible Locations: Texas Richardson ISD Scholarship Program 2012 $ Scholarship Amount: up to $1,000 $ Eligible Locations: Texas Settle Dollars for Scholars 2012 $ Scholarship Amount: up to $3,000 $ Eligible Locations: Washington TILGA $ Scholarship Amount: up to $9,500 $ Eligible Locations: Ohio $ Classifications: Open UNCF General Scholarship $ GPA Requirements: 2.5 GPA or better, College Freshmen, Sophomores, Juniors, Seniors, Graduate students.

9 V o l u m e 1, I s s u e 1 P a g e 9 S c h o l a r s h i p o p p o r t u n i t i e s / W o r k - S t u d y A n n o u n c e m e n t UNCF/University of Minnesota Partnership Graduate Fellows Program 2012 $ Scholarship Amount: up to $10,000 $ Classifications: Seniors & Graduate Students Legacy Scholarship Program $ GPA Requirements: 3.0 GPA or better $ Eligible Majors: Public Health, Communications, Social Work, Education & Liberal Arts $ Classifications: Open visit legacyforhealth.org/adamsscholarship. The last day for Work-study is Friday, April 20th, The last day for Work-study checks is Friday, May 4th, 2012.

10 Please note that the dates below are reserved for upcoming exit loan counseling sessions. Attendance at one of these sessions is MANDATORY for Fall 2011 and Spring 2012 graduating seniors to receive Financial Aid graduation clearance. During the sessions you will have the opportunity to ask questions regarding your loans (i.e. deferment, forbearance, loan consolidation, financial hardship) and receive options for repayment of your loans. If you have completed the exit loan form and confirmed that it has been received in the Financial Aid Office you are not required to attend the following exit loan counseling sessions. For additional information or if you have any questions, please contact Ms. Wanda Carter in the Financial Aid Office at Dates: Friday, April 20 th Monday, April 23 rd Friday, April 27 th Place: Thomas J. Boyd Chapel on main campus Time: 11:00 am 2:00 pm (all days) CAPE students not attending the Raleigh main campus can obtain the exit loan form from the Shaw University website ( and by completing the following instructions: Click on Admissions. Click on Financial Aid. Click on Financial Aid forms. Download the exit loan form. Please complete the exit loan form and fax it to Please contact Ms. Carter at for further instructions.