March 2019 Divison Meeting

Division Meeting
Joey Derrick, Financial Aid & Scholarships
March 1, 2019

2
Nominate a GEM Today!
Gamecocks who Excel at Magnificent Service
Nominate a colleague in your department or across the Division

PD Team
March Opportunities
• 3/14 at 12pm. – L.E.T.S. Series: Cooking Class
• 3/21 at 8:30 a.m. – What’s Dennis Reading? Breakfast
*For additional information and RSVP links, please visit the PD Team Calendar

MAY 17, 2019
TRONE STUDENT CENTER
FURMAN UNIVERSITY
GREENVILLE, SOUTH CAROLINA
NASPA-SC presents
The 1st Annual
DRIVE-IN
CONFERENCE
ENERGIZE.
ENGAGE.
ENRICH.

C.A.L.M. Oasis Space
Open Practice – patrons can
practice in the space silently
or use ear buds to listen to
guided meditations.
Open Learning – structured
mindfulness and meditation
offerings coordinated by
trained facilitators.

February GEMS Winners
• Annie Shealy, Career Center
• Van Haygood, Student Health Services
• Karra McCray, Housing
• Sara Gerhart, Residence Life
• Chantea Williams, Financial Aid & Scholarships
• Lacie Rhoden, Student Life
• Angie Keith, Housing
• Rebecca Caldwell, Student Health Services

Nominators have a chance to win, too!
When you nominate a colleague you will be entered in the monthly drawings and
you have an opportunity to win a $25 gift card.

February Nominator Winner
• Beth Warren, Career Center

Students, Financial Aid, Student
Employment and Economic
Mobility…
How Does It Fit Together?
March 1, 2019
Joey Derrick
Director, Office of Student Financial Aid and Scholarships

28
Agenda
1. Federal
Student Aid
101
2. State
Student Aid
101
3.
Institutional
Aid 101
4. Financial
Aid at
UofUSC
5. What is
“Financial
Need?”
6. Financial
Need at
UofSC
7. Student
Employment
at UofSC

29
Take a Look at this Graphic

30
Agenda
1. Federal
Student Aid
101
2. State
Student Aid
101
3.
Institutional
Aid 101
4. Financial
Aid at
UofUSC
5. What is
“Financial
Need?”
6. Financial
Need at
UofSC
7. Student
Employment
at UofSC

31
Federal Student Aid 101
Primary Federal Student Aid Programs
1. Grants
2. Loans
3. Federal Work-Study

32
Grants
Pell Grant – Gift aid, based on financial situation, student gets
the same amount at any school.
Supplemental Education Opportunity Grant (SEOG) – Gift aid
(lump sum provided to school), must receive a Pell Grant,
school determines the award amount.

33
Loans
 Federal Direct Subsidized Student Loan – Must be repaid, based on
financial situation, standard amounts awarded based upon grade level,
interest does not accrue while enrolled
 Federal Direct Unsubsidized Student Loan – Must be repaid, not based
on financial situation, standard amounts awarded based upon grade
level, interest accrues while enrolled
 Federal Direct Parent PLUS Loan – Parent takes out loan, must be
repaid, interest accrues while enrolled

34
Federal Work Study – Work program, based upon financial
situation, school receives lump sum and determines the award
amount, student earns award throughout the year via
employment in a Federal Work-Study job

35
How can students apply for Federal
Student Aid?
Complete the simple Free
Application for Federal Student Aid
(FAFSA)

36
Agenda
1. Federal
Student Aid
101
2. State
Student Aid
101
3.
Institutional
Aid 101
4. Financial
Aid at
UofUSC
5. What is
“Financial
Need?”
6. Financial
Need at
UofSC
7. Student
Employment
at UofSC

37
State Student Aid 101
1. Scholarships
2. Grants
3. Loans

38
Scholarships
 Palmetto Fellows – Top Scholarship, gift aid, initially awarded based on
academic merit, retained based upon college academic performance,
standard award amount
 LIFE Scholarship – Gift aid, initially awarded based on academic merit,
retained based upon college academic performance, standard award
amount
 HOPE Scholarship – Gift award based on high school academic
performance, one year only (freshman year), standard award amount

39
Grants
State Need-Based Grant – Gift aid, awarded based upon
financial situation, school receives lump sum and determines
award amount

40
Loans
SC Teachers Loan – Must be repaid, but can be forgiven after
completion of a service commitment to a critical need subject
or geographical area, standard award amount

41
Agenda
1. Federal
Student Aid
101
2. State
Student Aid
101
3.
Institutional
Aid 101
4. Financial
Aid at
UofUSC
5. What is
“Financial
Need?”
6. Financial
Need at
UofSC
7. Student
Employment
at UofSC

42
Institutional Student Aid 101
1. Scholarships
2. Grants

43
Scholarships
General University Scholarships – Awarded by the Office of
Undergraduate Admissions to entering freshmen, based on
academic merit, retained based upon college academic
performance
Departmental Scholarships – Awarded by Departments and
Units across campus, varying criteria, many are donor-funded.

44
Grants
Gamecock Guarantee Grant – Gift aid, awarded to entering
freshmen based on financial situation (must have family
income less than 150% of the HHS Poverty Guidelines.
Access Grant – Gift aid, awarded to any student based on
financial situation (lower middle-income, not receiving a Pell
Grant)

45
Take a Look at this Graphic Again
Tree Map – Total Recipients of Major Student Aid Programs for Undergraduates
2017-18 University of South Carolina - Columbia

46
Agenda
1. Federal
Student Aid
101
2. State
Student Aid
101
3.
Institutional
Aid 101
4. Financial
Aid at
UofUSC
5. What is
“Financial
Need?”
6. Financial
Need at
UofSC
7. Student
Employment
at UofSC

47
2017-18 Total Aid Applications (FAFSAs)
Received
98,307 FAFSAs
for
55,598 Aid Applicants

48
2017-18 Total Aid Accepted
All Students
$444,823,833

49
2017-18 Total Aid Accepted
Undergraduate Students
$300,120,151

50
2017-18 Total Aid by Source
Federal
62%State
23%
Institutional
15%

51
2017-18 Total Aid by Type
Loans
57%
Scholarships
31%
Grants
11%
Work,, Less Than
1%

52
Loans
57%
Scholarships
31%
Grants
11%
Work,, Less Than
1%
Institutional Scholarships - Departmental,
$5,999,814
SC
Palmetto
Fellows
Schlp,
$15,991,9
04
Institutio
nal
Scholarsh
ips -
General,
$19,894,1
35
SC LIFE
Scholarsh
ip,
$38,580,5
88

53
Loans
57%
Scholarships
31%
Grants
11%
Work,, Less Than
1%
Federal Supplemental Grant, $1,377,858
Gamecock Guarantee Grant, $2,101,987
SC Need
Based
Grant,
$3,418,94
2
Federal
Pell
Grant,
$25,990,6
61

54
Loans
57%
Scholarships
31%
Grants
11%
Work,, Less Than
1%
Federal Direct Loan Sub,
$38,245,483
Private Educational Loan,
$40,073,909
Federal
Direct
Loan
Unsub,
$45,107,8
04
Fed
Direct
Parent
Loan
(PLUS),
$46,503,7
19

Average Undergraduate Student Loan Debt at Graduation
Average Dollars Borrowed
$20,000
$22,000
$24,000
$26,000
$28,000
$30,000
$32,000
Class of 2012 Class of 2013 Class of 2014 Class of 2015 Class of 2016
$27,850 $28,400
$28,950
$30,100
$27,416
$29,092
$29,163
$30,564
$30,123
$24,365
$26,319
$28,200
$28,500
$29,012
AverageDollarsBorrowed
Graduating Class
Average Student Loan Debt at Graduation - National Average Student Loan Debt at Graduation - SC
Average Debt at Graduation - USC Columbia

56
Average Dollars Borrowed
66
169 158
175
206
490
127
77
59
43
70
110
0
100
200
300
400
500
600
NumberofStudents
Total Student Loan Debt
Number of Students

Percentage of Undergraduate Students with Student Loan Debt at Graduation
40%
45%
50%
55%
60%
65%
70%
Class of 2012 Class of 2013 Class of 2014 Class of 2015 Class of 2016
70% 70%
69% 68%
55%
59% 59% 60%
60%
52% 53%
54%
55%
54%
Percentage
Graduating Class
Percentage of Students with Student Loan Debt at Graduation - National
Percentage of Students with Student Loan Debt at Graduation - SC
Percentage of Students with Student Loan Debt at Graduation - USC Columbia

Three-Year Federal Student Loan Cohort Default Rate
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
Fiscal Year 2009 Fiscal Year 2010 Fiscal Year 2011 Fiscal Year 2012 Fiscal Year 2013 Fiscal Year 2014
13.4% 14.7%
13.7%
11.8% 11.3% 11.5%
8.9%
7.6%
7.3% 7.5%
3.0%
3.8% 4.7% 4.10% 4.50% 3.10%
Percentage
Federal Fiscal Year
Three-Year Cohort Default Rate - National Three-Year Cohort Default Rate - 4-Year Public Institutions
Three-Year Cohort Default Rate - USC Columbia

59
Agenda
1. Federal
Student Aid
101
2. State
Student Aid
101
3.
Institutional
Aid 101
4. Financial
Aid at
UofUSC
5. What is
“Financial
Need?”
6. Financial
Need at
UofSC
7. Student
Employment
at UofSC

60
What is “Financial Need?”

61
Financial Need – The Math
How Much Does it
Cost to Attend This
College/University?
How Much Money
Do I Have Available
for this Cost?
Financial Need
Cost of
Attendance
(COA)
Expected Family
Contribution
(EFC)
Financial Need

63
Cost of Attendance - Definition
•tuition and fees normally assessed to a student carrying the same academic workload as determined by the
institutionTuition and Fees
•the cost of educational materials related to the student’s course of study not already included as an equipment
rental/purchase expenseBooks and Supplies
•includes housing costs only for the student, whether dependent or independentRoom
•includes meal expenses, which also vary based on the student’s place of residenceBoard
•miscellaneous expenses such as clothing, laundry, etc.Personal Expenses
•the cost of travel between the student’s residence and the institution, and travel necessary to complete a course
of study including internships, student teaching, etc. Typically, separate categories of transportation allowances
are appropriate for on-campus, off-campus, and commuter students living with parents.
Transportation Expenses
• total of all componentsTotal Cost of Attendance
Source: https://www.nasfaa.org/uploads/documents/monograph24_7th.pdf

64
Cost of Attendance – 2018-19
SC Resident Living On Campus with Meal Plan
• $13,556Tuition and Fees
• $1,065Books and Supplies
• $8,144Room
• $3,821Board
• $2,597Personal Expenses
• $1,635Transportation Expenses
• $30,818Total Cost of Attendance

65
Cost of Attendance
$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000
Texas A&M
Florida
Arkansas
Mississippi State
Ole Miss
LSU
Missouri
Kentucky
Auburn
Georgia
Alabama
Tennessee
South Carolina
Vanderbilt*
In-State Tuition – SEC Institutions

67
Expected Family Contribution
“The Expected Family Contribution (EFC) is a measure of your
family’s financial strength and is calculated according to a
formula established by law. Your family’s taxed and untaxed
income, assets, and benefits (such as unemployment or Social
Security) are all considered in the formula. Also considered are
your family size and the number of family members who will
attend college during the year.”
- U.S. Department of Education, FAFSA instructions
Source: https://fafsa.ed.gov/help/fftoc01g.htm

68
Expected Family Contribution

69
Financial Need – The Math
How Much Does it
Cost to Attend This
College/University?
How Much Money
Do I Have Available
for this Cost?
Financial Need
Cost of
Attendance
(COA)
Expected Family
Contribution
(EFC)
Financial Need

70
Unmet Need – The Math
Financial Need
Scholarships
and Grants
Unmet
Financial Need

71
Is This Real, or Just Philosophical?

72
Agenda
1. Federal
Student Aid
101
2. State
Student Aid
101
3.
Institutional
Aid 101
4. Financial
Aid at
UofUSC
5. What is
“Financial
Need?”
6. Financial
Need at
UofSC
7. Student
Employment
at UofSC

73
Average Unmet Need
-10,000.
-5,000.
0.
5,000.
10,000.
15,000.
20,000.
25,000.
30,000.
35,000.
40,000.
45,000.
1. $20,000 or Less 2. $20,001 - $40,000 3. $40,001 - $60,000 4. $60,001 - $80,000 5. $80,001 - $100,000 6. $100,001 -
$120,000
7. Greater Than
$120,000
UnmetNeed
Total Family Adjusted Gross Income
Resident
Non-Resident

74
Median Unmet Need
-10,000
0
10,000
20,000
30,000
40,000
50,000
1. $20,000 or Less 2. $20,001 - $40,000 3. $40,001 - $60,000 4. $60,001 - $80,000 5. $80,001 - $100,000 6. $100,001 -
$120,000
7. Greater Than
$120,000
UnmetNeed
Resident
Non-Resident

75
Agenda
1. Federal
Student Aid
101
2. State
Student Aid
101
3.
Institutional
Aid 101
4. Financial
Aid at
UofUSC
5. What is
“Financial
Need?”
6. Financial
Need at
UofSC
7. Student
Employment
at UofSC

76
Student Employment
Source: https://www.bloomberg.com/news/articles/2018-09-20/u-s-students-spend-more-time-working-paid-jobs-than-going-to-class

77
Average Student Income Earned from Work
-10,000.
-5,000.
0.
5,000.
10,000.
15,000.
20,000.
25,000.
30,000.
35,000.
40,000.
45,000.
1. $20,000 or Less 2. $20,001 - $40,000 3. $40,001 - $60,000 4. $60,001 - $80,000 5. $80,001 - $100,000 6. $100,001 -
$120,000
7. Greater Than
$120,000
StudentEarningsfromWork
Resident
Non-Resident

78
Median Student Income Earned from Work
0
200
400
600
800
1,000
1,200
1,400
1. $20,000 or Less 2. $20,001 - $40,000 3. $40,001 - $60,000 4. $60,001 - $80,000 5. $80,001 - $100,000 6. $100,001 - $120,000 7. Greater Than
$120,000
StudentEarningsfromWork
Resident
Non-Resident

79
Student Income Earnings from Work and Total Adjusted Gross Income
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000
StudentIncomeEarnedfromWork
Resident
Non-Resident

80
Takeaways
• It’s Complicated!
• Students Receive Aid from Many Sources
• “Unmet Need” is a Real Thing
• Hire Student Employees
• Remember that Every Student’s Situation is Unique
• Social and Economic Mobility are the Driving Forces Behind All
of the These Aid Programs

Certificate of Survival
is hereby granted to
You!
to certify that he/she has survived a financial aid presentation
Students, Financial Aid, Student Employment and
Economic Mobility…
How Does It Fit Together?]
Granted: March 1, 2019

March 2019 Divison Meeting

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