Financial Aid 101. Seminole State College

Transcription

1 Financial Aid 101 Seminole State College

2 How Can I Apply for Financial Aid? Complete a FAFSA (Free Application for Federal Student Aid) each school year in summer before fall starts ( or ). Our school code is: Must be completed each year Apply for scholarships (Complete FAFSA) Admissions Office - Private Scholarships

3 Items You Will Need to Complete the FAFSA Students Social Security number PIN ( Data retrieval tool if available Completed IRS tax return and W2 form Record of untaxed income Record of investments Current bank statements. Parents PIN ( Data retrieval tool if available Completed IRS tax return and W2 form Record of untaxed income Record of investments Current back statements

4 What Happens After I Submit the FAFSA? The central processing system calculates the Expected Family Contribution (EFC) The student receives a Student Aid Report (SAR) showing the EFC and any notes, exceptions or errors At the same time, school receives an electronic copy of the SAR School will calculate ESTIMATED financial aid Student must complete any additional paperwork (verification, etc.) before financial aid can be finalized (to do list will notify student) If student wishes to accept loans, they must also complete a Master Promissory Note and Entrance Counseling at

5 Basic Eligibility Criteria for Financial Aid High school diploma or GED (transcripts received) US citizen/eligible non-citizen Males must be registered with Selective Service Valid Social Security number Enrolled in a degree or certificate program Continue to make satisfactory academic progress

6 Definition of Independency 24 years of age ( born before Jan. 1,1991 for Orphan or ward of the court Veteran of the US Armed Forces or serving on active duty (for other than training purposes) Married (as of the FAFSA filing date) Have children you support more than 50% Enrolled in a master s or doctorate program

7 Definition of a parent Natural parent(s) Adoptive parent(s) If parents are divorced, use parent with whom you lived with the most (does not matter who claims student on tax return) If parents are remarried, new spouse s information must also be included

8 Verification You may be selected for a process called verification If so, you must submit various documentation requested by the Financial Aid office Financial aid cannot be finalized until all requested documents have been submitted and processed so don t delay

9 Check Your To Do List in MySeminoleState Your To Do List is a list of documents or actions required for the Office of Financial Aid to verify, process and release your financial aid. The College must receive your official high school or GED transcript to process any financial aid. The College must receive official transcripts from any other colleges you attended before financial aid can be posted. Forms required for financial aid are available online. If you are unable to use the online FAFSA automatic data retrieval tool, you may request your IRS Tax Transcript online (click on GetTaxTranscript) or call

10 Financial Aid Includes: Basic Types of Aid Grants: awarded based on need Loans: from the federal government and must be repaid. There are two types: subsidized and unsubsidized. At a minimum, you must be enrolled as a half-time student taking at least 6 credit hours. Scholarships: awarded based on need or meeting certain qualifications and do not have to be repaid (except for Bright Futures if you do not complete a course) Work Study: earn money working on campus while in school Florida Prepaid: third-party payment to Seminole State

11 Grants (Based on Need) The Federal Pell Grant is the largest and best-known source of grants. Grants are need based. When you see the amount of a Grant that you are offered, it is based upon full-time status (12 credits). The actual amount you receive will vary based on the number of credits you take each term. Pell Grants are prorated each semester based on enrollment status. Pell Grants are limited to 12 equivalent full-time semesters (6 years).

12 Loans (Must Be Repaid) Subsidized: based on need and government pays the interest while you are in school at least half-time Unsubsidized: not based on need and you are responsible for interest that accrues while you are attending school Must be at least a half-time student (enrolled in 6 credits) to be eligible for loans Sign Master Promissory Note Complete Loan Entrance Counseling Only borrow what you need, as there is a limit to how much you can receive in loans Complete Loan Exit Counseling if you drop below half-time status

13 Scholarships Examples of Scholarships Bright Futures: Contact Bright Futures by phone or online to tell them you are attending Seminole State College of Florida ( or Seminole State Scholarships Private Scholarships Be aware of standards necessary to keep scholarship

14 Federal College Work Study To Apply to be a Federal College Work Study, complete: FAFSA Federal College Work-Study Application Federal College Work-Study Online Application You need to be enrolled in at least 6 credits.

15 Florida Pre-Paid Contact Florida Pre-Paid to inform them you are attending Seminole State College of Florida at Register for classes. Accept your financial aid and defer your fees. When accepting Pre-Paid, it may appear as if you only have $1 in the account, but this is the amount we enter to allow you to defer until Florida Pre-Paid actually pays Seminole State College.

16 Standards of Academic Progress (FASAP) Financial Aid is earned. To keep your eligibility you must: Maintain a 2.0 cumulative grade point average. Complete 67 percent of all credit hours attempted including transfer hours. Do not exceed the maximum time frame for degree completion (150 percent of required number of hours for degree). For AA or AS degree, this means approx. 90 credits and for a BA/BS approx. 180 credits.

17 Questions?