Student Financial Aid Newsletter

Transcription

1 Student Financial Aid Newsletter Summer 2015 Edition CONTENTS 1) Important Updates/Events Information 2) Federal Updates: Federal Student Aid Identification Process 3) Account Balance Holds 4) Benefits of the Federal Work Study Program Priority Deadlines Register for the Summer 2015 Semester now! Tuition payment deadline and financial aid application completion date for the Summer 2015 Semester is May 1, Please click here to find out more information about important dates that you should be aware of. For college wide events and to see what s going on around campus, please view our events on the College Calendar through your my Tri C space under the My Info tab. April is Financial Literacy Month! Please with the Student Financial Aid & Scholarships Office for various workshops that are offered at all four main campuses. Complete the Financial Literacy Passport and your name will be submitted towards a drawing for a prize! 5) Tips for Maintaining Satisfactory Academic Progress 6) Scholarships at Cuyahoga Community College (Tri C) 7) External Scholarships: College Now Cleveland 8) What s a Budget and How Can I Get Started? 9) What is Loan Consolidation? 1

2 Federal Update: Federal Student Aid Identification The U.S. Department of Education will implement a new login process this spring for our student and borrower based websites, including FAFSA on the Web, NSLDS Student Access, StudentLoans.gov, StudentAid.gov, and the TEACH Grant website. The new FSA ID, which will be comprised of a user selected username and password, will replace the Federal Student Aid PIN as the process by which students, parents, and borrowers authenticate their identity to access their federal student aid information. To ensure the transition to the FSA ID is as seamless as possible for customers, and to minimize confusion before the change, Department of Education will complete the following activities this spring: There will be posts of an announcement about the FSA ID on each impacted website in mid April This high level information will introduce the FSA ID to users, but will also reassure them that there is nothing they need to do before the change. There also will be a new page on StudentAid.gov in mid April that provides additional information about the upcoming transition to the FSA ID. Once the FSA ID is implemented on April 26, 2015, users who visit the PIN website will automatically be redirected to this page. After implementation on April 26, 2015, users who arrive at the impacted websites will be directed to a link to register for their new FSA ID. The registration process should take less than seven minutes. How Student account balances will put holds on registering and receiving financial aid If you have any outstanding balances on your account from prior semesters, this may prevent you from being able to register for classes for future semesters. To make payments on your account, please visit my Tri C space or contact the Enrollment Center. 2

3 Benefits of Work Study Work study is a type of campus based financial aid which provides students the opportunity to earn money from working part time while enrolled in college/university. Students may apply for various positions at Tri C, including tutors, Student Ambassadors, Orientation Leaders and as assistants in offices throughout the College. There are even work study positions available at select organizations off campus. There are many benefits to accepting a work study award. One of the benefits is that students are paid as they work. Many students like that they can earn money during the semester to help with other school expenses. Work study students are paid hourly (e.g. $8.10 $9.50 an hour) and work no more than 20 hours a week. At Tri C, work study students receive a pay check every two weeks like regular College employees. You might be surprised at how many people started their careers as work study students! Here are a few other benefits to taking on work study: Work Experience: Work study students can gain valuable experience that can help them obtain jobs after graduation. For example, some students who start off as work study students in admissions or financial aid continue on into full time careers as Admissions Counselors or Financial Aid Counselors. Flexibility: Work study students can plan their work schedule around their class schedule much easier than those who have regular part time or full time jobs. Supervisors are willing to work with their work study students to make sure they are successfully preparing for classes. Networking: Work study students have the opportunity to meet many different people. Those people can include directors, administrator and other community leaders. Some student have met people that can become their mentors or even help with future job prospects. To apply for a work study position at Tri C, please visit c.edu and click on the button for Student Work Study Positions. If you are not sure whether you qualify for work study, please stop by the Student Financial Aid & Scholarship Office and talk with a Financial Aid Advisor. To learn more about the benefits of work study, click here. 3

4 Tips for Maintaining Satisfactory Academic Progress Students must meet Satisfactory Academic Progress (SAP) requirements in order to continue receiving federal financial aid. Here are some quick tips to help you maintain your financial aid eligibility. 1. Talk to your professor: Classroom success starts with good communication with your professor. Talk about where you may be struggling, but where you are doing well too. 2. Make a study plan: Students who plan ahead are more likely to be successful in the classroom. Create a study plan by developing a study schedule. You may also wish to include a time to meet with a tutor or to work with a study group. 3. Take a break: Even the most successful students know when to slow down in between classes. Stress can add more difficulty in completing classwork. Take a break by taking a walk or listening to relaxing music. Consider talking with a friend or watching a favorite TV show to relax. 4. Ask for help: Remember to speak up when you need help. Again, talk to your professor, speak with an academic counselor in the Counseling Center, or work with a mentor. Of course, if you have to make that tough decision of whether to drop a course, be sure to speak with a financial aid advisor. 4

5 Scholarships at Cuyahoga Community College (Tri C) Cuyahoga Community College is committed to helping students complete their academic program. Through the generous contributions of our donors and the Tri C Foundation, the College is able to offer many scholarship opportunities. There are so many amazing scholarship opportunities for students to take advantage of here at Tri C! Scholarship opportunities range from program specific scholarships to those aimed at assisting students in completing their degree program. Some scholarships are based on merit, while others are determined by financial need. Scholarships are one of the financial management strategies students can use to reduce their debt in paying for college. Student Financial Aid & Scholarships requires all students to complete the Free Application for Federal Student Aid (FAFSA) along with the online scholarship application. How to Apply for Tri C Foundation Scholarship Opportunities Instructions to apply: Complete the Free Application for Federal Student Aid (FAFSA) and include the federal student aid code for Tri C (003040). Complete the online scholarship application. Award notifications will be mailed from May to October each year for the priority awarding period. Students who have applied for scholarships and have not been awarded will receive a notice by . Student should check their my Tri C space account for the status of the scholarship application. Students must meet the scholarship criteria in order to qualify. **Students who have previously earned an Associate or Bachelor s degree may not be considered. 5

6 College Completion Scholarship Application The College Completion Scholarship, made available through the generous donations from Collection Auto Group and Key Bank, is an investment in student success to ensure our students are able to complete their college degree. We invite interested students to apply for this scholarship opportunity as they engage in the final semesters of their program. Scholarship Requirements: Plan to attend Cuyahoga Community College during the academic year. Have an overall/cumulative grade point average (GPA) of 2.5 or higher at Tri C. Be enrolled in at least nine (9) credit hours per semester for the entire scholarship period, with preference for second year students who are focusing on completing degree requirements. First consideration is given to students who: Have completed 45 or more credits and who have enrolled in each of the previous two semesters. Have participated in special orientation sessions and workshops to promote college completion. Instructions to apply: Complete the Free Application for Federal Student Aid (FAFSA) Complete the scholarship application and essay requirements. Submit a copy of the Academic Plan completed by a Counselor or faculty member. Return the completed scholarship application and all requirements stated above by the published deadline to the Student Financial Aid & Scholarships Office at any campus. 6

7 External Scholarship Highlight: College Now Cleveland College Now Cleveland is a non profit organization that assists high school and adult students from the Greater Cleveland area with preparing and attending college. College Now Cleveland is one of a few organizations of its kind to serve future and current college students in Ohio and throughout the country. College Now Cleveland offers scholarships that students at Tri C can apply for, including the Adult Learner Scholarship. College Now Cleveland also offers assistance with researching external scholarships that are supported by various individuals and organizations. Many of those scholarships are on their website, but you can also contact them directly for further information or assistance. Remember that the key to receiving scholarships is to apply early and also to apply often! For more information on College Now Cleveland and its other services, click on the link on our scholarships webpage or stop by their offices located in Tower City (50 Public Square, Suite 1800, Cleveland, OH 44113). Did You Know? You must be enrolled and actively attending at least 6 credit hours to receive a Direct Student Loan 7

8 What s a Budget and How Can I Get Started? A budget is an estimate of income and expenses for a set period of time. If your income is primarily from wages earned, then compiling that information will be fairly easy. Expenses may be more challenging to manage because due to there being multiple types of expenses such as: Fixed Expenses such as rent and mortgage Variable Expenses such as food, groceries, utilities, and repairs Periodic Expenses such as cost of books each semester or routine oil change Emergency or unplanned expenses If you categorize your expenses, you may notice some of your expenses are not really needs and they fall more into the category of disposable wants. Listed below is a guide to help you budget effectively. 1) Calculate Income Calculate your projected income by estimating the amount of money that you will receive during the semester. This includes job earnings, financial aid, savings, etc. 2) List your total expenses Add together your fixed and variable/periodic expenses to determine the full amount of money that is being deducted from your income. TIP Be careful with credit cards! If you don t have the cash to pay for it, chances are you can t afford it. 3) Balancing your budget Subtract your expenses (step 2) from your income (step1). If your expenses total more than your income, find ways to reduce your spending. TIP Track your spending by identifying your spending patterns. Try keeping a receipt of all expenditures for a month. Use those receipts to separate your expenses into categories, identifying items that are unnecessary wants to help reduce spending. TIP Give yourself an allowance. Know what you can afford to spend on miscellaneous items. Once you reached your amount for the month, that s it. 4) Financial Planning Be proactive and plan for the future. Now that you have a good idea of your finance limits, set some goals. Identify short term and long term goals; such as save money for spring semester books or to pay for a summer course. 8

9 What is Loan Consolidation? A Direct Consolidation Loan allows a borrower to consolidate (combine) multiple federal education loans into one loan. This may be a choice for you. Consolidation loans have: One monthly payment. Fixed interest rate. Weighted average of all the interest rates of loans being consolidated, rounded up to the nearest 1/8 th percent. Choice of servicer. To qualify for a Direct Consolidation Loan, a borrower must have at least one Direct Loan or Federal Family Education Loan (FFEL) that is: In Grace or Repayment Status (repayment status includes loans that are in a deferment or forbearance). Borrowers can consolidate most defaulted education loans, if they: Make satisfactory repayment arrangements with their current loan holder(s) or Agree to repay their new consolidation loan under one of the incomedriven repayment. The Student Financial Aid & Scholarships Office offers services to assist you with the consolidation process. To set up an appointment, please contact us at , Option #2. Did You Know? Some academic programs may not be eligible for federal financial aid. 9

10 Student Financial Aid & Scholarships Office Contact Information ****** Phone: , Option #2 E mail: financialaid@tri c.edu Eastern Campus Metropolitan Campus Western Campus Student Services 1602 Student Services 209 Student Services Richmond Road 2900 Community College Avenue Pleasant Valley Road Highland Hills, Ohio Cleveland, Ohio Parma, Ohio Westshore Campus Corporate College West Brunswick Center Enrollment Center EnrollmentCenter EnrollmentCenter Clemens Road Center Ridge Road 3605 Center Road Westlake, Ohio Westlake, Ohio Brunswick, Ohio Unified Technology Center 2415 Woodland Avenue Cleveland, Ohio Visit Our Website: c.edu/financialassistance 10