1. PRESENTER
USC Lancaster
Kenneth T. Cole
USC
Director of Financial Aid
LANCASTER

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
Scholarships
Actual Costs $7,820 $7,820 $7,820
LIFE - $5,000 $5,000 $0
Pell - $5,550 $0 $5,550
Lottery - $0 $0 $950
Unmet 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 Lancaster
Kenneth 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