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Paying For College

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Loan limits based on ability to pay ... Loan forgiveness if teach in critical geographic area and/or subject. FAFSA on the web ... – PowerPoint PPT presentation

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Title: Paying For College

1
Paying For College

Who, What, When, Where and How?

2
Four Ways to Pay for College

Grants Money that is given to you
Scholarships Money that is given to you
because of academic achievement, talent, skill or
financial need
Work Money you earn
Loans Money you borrow and must repay

3
Goals of Financial Aid

Primary goal is to assist students in paying for
college and is achieved by
Evaluating families ability to pay educational
costs
Distributing limited resources in an equitable
manner
Providing balance of gift aid and self-help aid

4
Definition of Need

Cost of attendance (COA)
Expected family contribution (EFC)
Need

5
Cost of Attendance

Tuition and fees
Room and board
Books, supplies, transportation, and
miscellaneous personal expenses, including
documented costs for a personal computer
Loan fees
Study abroad costs
Dependent care expenses
Disability-related expenses
Cooperative education program costs

6
Free Application for Federal Student Aid (FAFSA)

A form of need analysis
Determines the Expected Family Contribution (EFC)
Use ALL 2007 income (taxed and untaxed)
Provide both student and parent(s) income

Looks at total Household size
How many are in college?
Total assets are considered in calculation
Can send to up to 6 colleges/universities
FREE

7
Whose information is provided on the FAFSA?

Students income and asset information
Parent income and assets.
Dependency questions
Biological/adoptive parent(s)
Information from legal guardians is not
acceptable
Divorced/separated parents?
Information from parent with whom student lives
If parent has remarried, step-parent info must be
reported

8
Electronic Applications

Apply online www.fafsa.ed.gov
7-10 day processing time for online vs. 4-6 weeks
for paper application

9
Obtain a Pin number

Apply for a PIN www.pin.ed.gov both student and
at least one parent

Update

Real time pins

10
Unusual Circumstances

Professional Judgments
Special Circumstances
Change in parents marital status
Loss of Income or significant reduction
Death of a parent

11
Federal Programs

Federal Pell Grant
Federal SEOG
Federal CWS
Federal Perkins Loan
Federal Stafford Loan Programs
Federal PLUS Loan

12
Federal Pell Grant

Must file FAFSA
Based on Need
Up to 4,800 (for 2008-2009 academic year)
Award based on enrollment status, FT, PT or Less
than half-time

13
Academic Competitiveness Grant

First year students can receive up to 750
Second year students can receive up to 1,300
Must have achieved a 3.0 GPA

14
Academic Competitiveness Grant

Must be a Federal Pell Grant recipient, and
Must have completed a rigorous secondary school
program of study
4 years of English
3 years of Math (including Algebra I and a higher
level course such as Algebra II, Geometry, or
Data Analysis and Statistics)
3 years of science including one year each of at
least two of the following courses biology,
chemistry or physics,
3 years of social studies, and
1 year of a language other than English

15
Federal Supplemental Education Opportunity Grant
(FSEOG)

Must file FAFSA
Based on need
Limited funds
Up to 4,000 a year (Depending on school)

16
Federal College Work-Study

Must file FAFSA
Based on need
Limited funds
Students work up to 20 hours/week - earn a
paycheck
Usually on campus

17
Federal Perkins Loan

Federal Loan Program
5 Interest
Subsidized No interest accrues while in school
Administered by the College
Need-based loan
Funds are limited

18
Federal Stafford Loan Program
Loan Made to the Student

Subsidized Loan
Must file FAFSA
Need-Based Loan
Interest deferred
6 month grace period prior to repayment
Interest rate 6.4 fixed

Unsubsidized Loan
Must file FAFSA
Not need-based
Interest NOT deferred
6 month grace period prior to repayment
Interest rate 6.8 fixed

Loan Limits are based on grade level Freshman
is 3500 combined between Subsidized and
Unsubsidized
19
Federal PLUS Loan

Loan Made to the Parent of a Student
FAFSA normally not required (some schools may
require)
Approval based on creditworthiness
Loan limits based on ability to pay
Payments begin 60 days after final disbursement
of the loan (but can be postponed while student
is in school)
Interest rate 8.5 fixed

20
Scholarships

Never Pay for a Scholarship or for a Scholarship
Search
Never buy anything based on the promise of a
scholarship

21
Scholarships

College Board Scholarship Search
http//apps.collegeboard.com/cbsearch_ss/welcome.j
sp
Fast Web Scholarship Search
www.fastweb.com
College Nets Scholarship Search
www.collegenet.com/mach25/
SC Student Loan Corporations 1K Giveaway
www.scstudentloan.org

22
SCs State Programs

Palmetto Fellows Scholarship
Palmetto Life Scholarship
Hope Scholarship
Lottery Tuition Assistance
Need-Based Grant
Administered by SC Commission on Higher Education
www.che.sc.gov

23
General Eligibility Criteria for All State
Programs

Be a South Carolina resident
Be a U.S. citizen or a permanent resident (green
card)
Be enrolled as a degree-seeking student at an
eligible South Carolina public or private
institution
Certify that the he/she has never been convicted
of any felonies and has not been convicted of any
alcohol or other drug-related misdemeanor
convictions within the past academic year
(excluding Lottery Tuition Assistance Program)

24
General Eligibility - Continued

Verify that he/she does not owe a refund or
repayment on any Federal or State financial aid
and not be in default on any Federal loans
Award Amounts
Cannot exceed the cost-of-attendance (excluding
Lottery Tuition Assistance, which can only be
used toward the cost-of-tuition) and
Half awarded during the fall and half during the
spring (LTAP may be awarded during the summer).
Generally can receive funds from only one program
during an academic year.

25
Palmetto Fellows Scholarship

Maximum Scholarship Amount
6,700 during Freshman year
7,500 per year for Sophomore through Senior
years
10,000 per year (Enhanced Award) for Sophomore
through Senior years for students who have
declared a major in
Math
Computer/Information Technology
Engineering
Science Education
Math Education
Health Care (Medicine, Dentistry, Nursing, etc.)

26
Palmetto Fellows Scholarship

Must apply during Senior year of high school
Deadline for early applications is December 15
Deadline for final applications is June 15
Eligibility criteria
Top 6 of class,
1200 or higher SAT, 27 or higher ACT, and
3.50 cumulative GPR on Uniform Grading Scale
OR
1400 or higher SAT, 32 or higher ACT, by the
November test for early and June test for
final administration of the Senior year, and
4.00 cumulative GPR on Uniform Grading Scale

27
Palmetto Fellows Scholarship

Enhanced Award - 2,500 per year beginning in
Sophomore year
Declare a major in Mathematics or Science, and
Have earned at least 14 credit hours of math or
science courses (at least 6 in math, 6 in science
plus 1 laboratory course) during their Freshman
year (including AP courses taken during High
School).
Information concerning eligible degree programs
and courses to meet the minimum fourteen credit
hour course level requirement can be found on the
SC Commission on Higher Educations website at
www.che.sc.gov.

28
LIFE Scholarship

Available for attendance at a two or four year
institutions in South Carolina.
Maximum Awards at a four year institution
Up to 5,000 per year
Up to 7,500 per year (Enhanced Award) for
Sophomore through Senior years for students who
have declared a major in
Math
Computer/Information Technology
Engineering
Science Education
Math Education
Health Care (Medicine, Dentistry, Nursing, etc.)

29
LIFE Scholarship

Maximum Awards at a Two Year or Technical
School
Cost of tuition 300 book allowance
Eligibility requirements Two out of these
three
3.0 or higher cumulative GPA
1100 SAT or 24 ACT
Top 30 of high school class
Can earn the LIFE Scholarship while in college
3.0 GPA or greater and at least an average of 30
credit hours per academic year.

30
LIFE Scholarship

Enhanced Award - 2,500 per year beginning in
Sophomore year
Declare a major in Mathematics or Science, and
Have earned at least 14 credit hours of math or
science courses (at least 6 in math, 6 in science
plus 1 laboratory course) during their Freshman
year (including AP courses taken during High
School).
Information concerning eligible degree programs
and courses to meet the minimum fourteen credit
hour course level requirement can be found on the
SC Commission on Higher Educations website at
www.che.sc.gov.

31
SC Hope Scholarship

Available only for the Freshman year at a SC
four-year institution
Up to 2,800 towards the cost of attendance
Requirements
3.0 GPA at time of high school graduation

32
Lottery Tuition Assistance (LTAP)

Available for students attending SC Technical
Colleges, USC Regional Campuses and Spartanburg
Methodist College
Eligibility Criteria
Must file the FAFSA
Must be degree seeking and enrolled in a minimum
of 6 credits
For the Fall 2007 term, students may receive 72
per credit hour, up to 864 for full-time
attendance, towards the cost-of-tuition
The award amount is determined each term based on
the number of eligible students and available
funding

33
SC Need-Based Grant

Eligibility Criteria
Must file the FAFSA form
Students must be needy based on the results of
the FAFSA (consistent with Pell Grant
eligibility)
Award Amounts
Students may receive up to 2,500 annually if
enrolled full-time and up to 1,250 annually if
enrolled part-time for a maximum of eight
full-time equivalent terms
Can be received in conjunction with other State
programs such as Palmetto Fellows, Life, Hope and
Lottery Tuition Assistance
College determines the exact award amount

34
SC Tuition Grant

Need-Based Grant Program available to Eligible SC
Residents attending SC Independent Colleges on a
Full-time Basis
Freshman Academic Eligibility Criteria
Top 75 of senior class, OR
SAT score of 900 (math and critical reading) or
higher, OR
ACT score of 19 or higher, OR
Final High School GPA of 2.0 or higher on SC
Uniform Grading System

35
SC Tuition Grant

Students must file FAFSA annually
Annual Application Deadline June 30
Maximum award - 3,200
Tentative Award notifications via e-mail
www.sctuitiongrants.com for more information

36
SC Independent Colleges

Furman University - Greenville
Limestone College - Gaffney
Morris College - Sumter
Newberry College - Newberry
North Greenville University - Tigerville
Presbyterian College - Clinton
Southern Wesleyan University - Central
Spartanburg Methodist College - Spartanburg
Voorhees College - Denmark
Wofford College Spartanburg

Allen University - Columbia
Anderson University Anderson
Bob Jones University - Greenville
Benedict College - Columbia
Charleston Southern University - Charleston
Claflin University - Orangeburg
Coker College - Hartsville
Columbia College - Columbia
Columbia International University - Columbia
Converse College - Spartanburg
Erskine College - Due West

www.scicu.org
37
SC Teachers Loan Program

SC Residents Only
Education Majors
FAFSA not required
Graduate in top 40 of high school class
SAT score of 993 or ACT score of 19.4
Loan Limits are based on grade level Freshman
2,500

Loan forgiveness if teach in critical geographic
area and/or subject

38
FAFSA on the web
39
FAFSA on the Web Worksheet

2008-09 FAFSA on the Web Worksheet8-page booklet
containing
Instructions
97 questions in 5 sections
Worksheets A, B, and C

40
FOTW Worksheet Section 1
General student information

Name
State of legal residence
Social Security Number
Drivers license number

41
FOTW Worksheet Section 1
General student information

Citizenship
Marital status
Date of legal residence
Selective Service status

42
FOTW Worksheet Section 1

General student information
Degree type
Grade level
Enrollment status

43
FOTW Worksheet Section 1
General student information

Self-help preferences
Receipt of first bachelors degree
Parent's educational background's
Drug conviction status

44
FOTW Worksheet Section 2

Students dependency status
If all No responses, student is dependent
If Yes to any question, student is independent

45
Independent Student Definition

At least 24 years old by December 31 of award
year covered by the FAFSA
Graduate or professional student
Married
Has children or dependents (other than a spouse)
for whom the student provides more than half
support
Orphan or ward/dependent of the court
Veteran of U.S. Armed Forces or currently serving
on active duty (for other then training purposes)
in the Armed Forces or
Determined to be independent by financial aid
administrator based on unusual circumstances

46
FOTW Worksheet Section 3

Data for parents of dependent students
Parents marital status
Date of parents marital status

47
FOTW Worksheet Section 3

Data for parents of dependent students
Parents email address
Parents date of birth
Parents SSNs
Parents legal residence

48
FOTW Worksheet Section 3

Financial data for parents of dependent students
Tax filing status and return type
If parents filed or will file a 1040, were they
eligible to file a 1040A or 1040EZ?

49
FOTW Worksheet Section 3

Financial data for parents of dependent students
Adjusted Gross Income (AGI) for 2007
Parents income earned from work

50
FOTW Worksheet Section 3

Data for parents of dependent students
Did anyone in the parents household receive
benefits from any of the federal programs listed?

51
FOTW Worksheet Section 3

Data for parents of dependent students
Parents exemptions for 2007
Parents household size
Parents number in college

52
FOTW Worksheet Section 3

Financial data for parents of dependent students
Complete the worksheets on page 8 (right hand
side)
Worksheets A and B-untaxed income
Worksheet C-income excluded from EFC calculation

53
FOTW Worksheet Section 3

Asset data for parents of dependent students
Cash, savings, and checking
Net worth of investments
Net worth of business and investment farms

54
FOTW Worksheet Section 4

Students (and spouses) financial data
Tax filing status and return type
If student (and spouse) filed or will file a
1040, was he or she eligible to file a 1040A or
1040EZ?

55
FOTW Worksheet Section 4