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Financial aid awards

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  • 1. PRESENTER USC Lancaster Kenneth T. Cole USC Director of Financial AidLANCASTER
  • 2.  What is Financial Aid Sources and Types of Financial Aid Scholarships Federal Grants Work Study State Scholarships State Grants Student Loans
  • 3.  It is assistance in paying your Tuition, Fees, Room, Board and other college expenses It most likely will not pay your entire bill
  • 4.  Scholarships (free money, earned) Grants (free money, usually need based) Loans (borrowed money, has to be paid back) Work Study (money you earn while at school)
  • 5.  Federal Government (Grants & Loans) State (Grants & Scholarships) Institution (Grants, Scholarships & Loans) Private Agencies (Grants, Scholarships & Loans)
  • 6.  Common Minimum  Types of Scholarships: Requirements: ◦ Academic ◦ 3.0+ GPA ◦ Athletic ◦ Talent ◦ 1000+ SAT ◦ Tuition Off-Set (Math+Verbal) or 22+ ◦ Amounts ACT ◦ Based on each award ◦ Application, Essay, Letters of ◦ No true limit Recommendation ◦ May cause some need-based Search Engines: aid to be reduced: ◦ Fastweb.com  Grants  Work Study ◦ Schoolsoup.com  Student Subsidized Loans  Some state Scholarships
  • 7.  Must complete a scholarship application including a short essay by February 1 of each year. (You can apply as a continuing student) Merit Based: Financial need is not a consideration. Requirements: 3.0 GPA, 1000+ SAT (M+V) Awards are made for the regular academic year, fall and spring semesters, and are not available in the summer. Students must enroll full time in order to receive their awards. Awards based on funding ($500 to $2000)
  • 8. EFC PELL 4996 $0 PELL ◦ Grant Based on EFC 4995 $602 ◦ Guarantee if eligible ◦ Based on FAFSA 4000 $1600 ◦ $602 to $5550 ◦ ½ per full-time semester 3000 $2600  301 to 2775  No more than 2 Full-time semesters per year 2000 $3600 ◦ Maximum of 12 semesters ◦ Adjusted for enrollment status 1000 $4600 500 $5100 SEOG ◦ Need based grant 0 $5550 ◦ Usually awarded to 0 EFC students ◦ Not guaranteed ◦ $100 to $4000 ◦ Each school awards it from limited funds
  • 9.  Perkins Loans ◦ Need based loan ◦ No credit check ◦ 5% interest rate ◦ Up to $5500 annually ◦ Each school awards it from limited funds Direct Loans ◦ No Credit Check, just file FAFSA ◦ Further detail on later slide Work Study ◦ Does not apply to the bill, has to be earned ◦ Awarded based on need ◦ Job is supposed to work around school schedule ◦ Minimum wage $7.25/ hour; maximum 20 hours/week
  • 10.  Palmetto Fellows Scholarship LIFE Scholarship HOPE Scholarship Lottery Tuition Assistance Need Based Grant or Tuition Grant
  • 11.  $6700 limit a year ◦ ($3350 per semester) Must file an Application during Sr. Year Can only be used at 4 Year colleges in South Carolina Eligibility Requirements:  SC resident  Meet these 3 requirements:  Top 6% of Class in sophomore, junior or senior year  3.5 GPA on the SC UGS scale  SAT 1200 (not including Writing) or 27 ACT  OR meet these 2 requirements  4.00 GPA on the SC UGS scale  SAT 1400 or 32 ACT  no felony or drug/alcohol convictions in prior academic year  must enroll as a full-time degree-seeking undergraduate student
  • 12. Renewal Rules The “Palmetto Fellows” Clock ◦ Awarded for 8 Terms only ◦ all at a 4 year college ◦ Must be consecutive years Renewal requirements: ◦ Earn 30 Credit Hours, 3.0 GPA ◦ If you lose eligibility you can not regain it, but can get LIFE Science and Math Majors: ◦ Earn 14 hours of Science/Math courses in 1st year ◦ Get a bonus of $2500 each year after (at 4 year colleges only)
  • 13.  $5000 per year ◦ ($2500 per semester; max= T&F+$300) No application required. Can only be used in South Carolina Eligibility Requirements:  SC resident  4 year College: Meet two of these three requirements  3.0 GPA on the SC UGS scale  SAT 1100 or 24 ACT (writing sub-section not counted)  Top 30% of Graduating Class  2 Year College:  Meet only the 3.0 GPA requirement  No SAT/ACT or class rank requirement  no felony or drug/alcohol convictions in prior academic year  must enroll as a full-time degree-seeking undergraduate student
  • 14. Renewal Rules The “LIFE Clock”: ◦ Awarded for 8 Terms only ◦ Consecutive years only ◦ If you don’t attend in a term they still don’t exclude that term ◦ 2 Year Colleges: only eligible during first 2 years. ◦ 4 Year Colleges: eligible for all 4 years. Renewal requirements: ◦ Earn 30 Credit Hours with 3.0 GPA ◦ College credits earned in High School count towards the 30 hours. ◦ You can EARN the LIFE after your 1st year ◦ If you lose eligibility, you can regain it after 1 year. Science and Math Majors: ◦ Earn 14 hours of Science/Math courses in 1st year ◦ Get a bonus of $2500 each year after (at 4 year colleges only)
  • 15.  $2800 per year ◦ ($1400 per semester; max t&f +$300 books). No application required. Eligibility Requirements:  SC resident  3.0 GPA on SC UGS  no felony or drug/alcohol convictions in prior academic year  must enroll as a full-time degree-seeking undergraduate student Awarded for 2 Terms only of Freshman year only Not renewable (try to earn LIFE scholarship) Funded by the State of South Carolina (can be defunded)
  • 16.  Current per credit hour rate ◦ $78.00 (maximum $936.00 per semester)* ◦ Cannot exceed tuition and fees minus Federal/State grant aid ◦ (Tuition+Fees) – (Federal & State Grants & Scholarships)= Limit Example : Tuition + Fees $3200 $2775 Pell + $225 SEOG -$3000 Lottery Limit $200 South Carolina 2 year colleges only Some general eligibility requirements include: ◦ Completed FAFSA on file with school ◦ Enroll in at least 6 credit hours as a degree-seeking student ◦ Be a SC resident ◦ Must Not be receiving a LIFE Scholarship Renewal Requirements: ◦ 2.0 GPA after first 24 hours ◦ Can regain eligibility after 1 year ◦ Cannot receive again for 5 years after first degree*Amount for Spring 2012, subject to change dependent upon sufficient proceeds from the S.C. Education Lottery
  • 17.  Max award $2500 per year ($1250 per semester) ◦ Institutions may award less ◦ Amount determined after all other Grants and Scholarships have been applied South Carolina Public Colleges Only Awarded to neediest students first Some general eligibility requirements include: ◦ Completed FAFSA on file with school ◦ Enroll in at least 6 credit hours ◦ degree-seeking student ◦ Be a SC resident Life Time Limits: ◦ $10,000 for 1st Bachelor’s Degree, ◦ $5,000 for first Associates Degree. Awarded for up to 8 Terms only (4 at a 2 year school) Renewal Requirements: ◦ 2.0 GPA ◦ 24 credit hours (12 credit hours if half-time)
  • 18.  Max Award of $2800 per year ($1400 per semester) South Carolina Private Colleges Only FAFSA must be on file by June 30th Eligibility Requirements: ◦ Need ◦ Enroll in at least 6 credit hours ◦ degree-seeking student ◦ Be a SC resident ◦ The student must meet one of these academic requirements:  Top 75% of graduating High School Class OR  900+ on SAT (M&V only) / 19+ on ACT OR  2.0 High School GPA on the SC UGS Awarded for 8 Terms only (4 at a 2 year school) Life Time Limits: ◦ 4 year limit Renewal Requirements: ◦ 2.0 GPA ◦ 24 credit hours (12 credit hours if half-time)
  • 19. After all of this available aid, will you need to borrow a student loan? Example of a fairly inexpensive school Tuition + Fees + Books + Supplies $6000 + $500 + $1200 + $120 Need Grants Scholarships Need Grants and Only Only ScholarshipsActual Costs $7,820 $7,820 $7,820LIFE - $5,000 $5,000 $0Pell - $5,550 $0 $5,550Lottery - $0 $0 $950Unmet Costs $0 $2,820 $1,320
  • 20.  Direct Loans: ◦ Federal Government is the Lender Fees: ◦ 1%, out of each disbursement (up to 1.5%) Eligibility: ◦ Must file FAFSA ◦ No Credit Check ◦ Must sign Promissory Note ◦ Entrance Counseling Payments? ◦ None required while in college at least ½ time ◦ Payments start 6 months after stop attending college Sub or Unsub? ◦ Subsidized: No interest while in school, based on need ◦ Unsubsidized: Interest always accrues, not need based
  • 21.  Interest Rate: 6.8% (subsidized=no interest in school) Annual Stafford Loan Limits: ◦ Freshmen $5500 ($3500 Subsidized Limit) ◦ Sophomore $6500 ($4500 Subsidized Limit) ◦ Junior $7500 ($5500 Subsidized Limit) ◦ Senior $7500 ($5500 Subsidized Limit) Actual Subsidized Loan Portion is based on need. Can borrow another $4000-$5000 unsub if parent loan denied. Aggregate (Total) Loan Limits: ◦ Dependent student: $31,000 ($23,000 Sub limit) Repayment: ◦ Approx. $125/month per $10,000 borrowed. ◦ About $450/month for 10 years if borrow $31,000
  • 22.  Parent Loans (PLUS) ◦ 8.50 % interest, up to 3% in fees ◦ Credit Check Required ◦ Goes into repayment immediately South Carolina Teacher’s Loans ◦ Apply early (available in February) ◦ Paid off when you teach in a high need area and/or high need program ◦ 8.80 % interest rate if goes into repayment TEACH Grant ◦ Federal Grant available at some 4 year colleges ◦ Must be admitted to education program ◦ Grants up to $4000 ◦ Must agree to teach in a high-need field at a low-income elementary or secondary school for at least 4 years within 8 years of completing degree. ◦ If fail to meet this requirement, grant reverts to an unsubsidized loan with back interest. Alternative Loans ◦ Variable interest, often higher than Stafford Loans ◦ Credit Check Required and Cosigner
  • 23. Thank you for your attention! Contact Us!USC LancasterKenneth Cole BY MAIL: PO Box 889 Lancaster, SC 29721 BY PHONE: (803) 313-7068 Visit Us: 127 Starr Hall, Hubbard Drive BY WEB: http://usclancaster.sc.edu/A presentation like this is available at the USC Lancaster Financial Aid Office Website