financial aid night november 12 th, 2015. welcome & agenda welcome and introductions sherrie...
TRANSCRIPT
Financial Aid Night
November 12th, 2015
Welcome & Agenda •Welcome and Introductions•Sherrie Beaver•Director of School Counseling, Wando High School6:30•Financial Aid 101 & FAFSA•Lt. Col. Henry Fuller, Jr.•Director of Financial Aid & Scholarships, The Citadel6:40•SC State Scholarships & Grants•Elizabeth Caulder•South Carolina Commission on Higher Education7:05•Questions and Answer•Panel Discussion7:30
Quick Tips
www.WandoHigh.com
•Community Scholarships•Scholarship Deadlines •Resources for Financial Aid
www.Naviance.com
•Community Scholarships•Nationwide scholarships•Includes dates, deadlines, application criteria
Reminders for your students!
Senior IGPS -completed
Junior IGPs are In-Progress
Check your student email!
Upcoming Events
December 17th: Scholarship Day
January 5th: PSAT Interpretation Night
February 22nd: Junior Night
National Association of Student Financial Aid Administrators Presents …
© 2015 NASFAA
What You Need to Know
About Financial Aid
© 2015 NASFAA Slide 7
Topics We Will Discuss Tonight
• What is financial aid?• Cost of attendance (COA)• Expected family contribution (EFC)• Financial need• Categories, types, and sources of financial aid• Free Application for Federal Student Aid (FAFSA)• Special circumstances
© 2015 NASFAA Slide 8
What is Financial Aid?
Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses
© 2015 NASFAA Slide 9
What is Cost of Attendance (COA)?
• Direct costs
• Indirect costs
• Direct and indirect costs combined into cost of attendance
• Varies widely from college to college
© 2015 NASFAA Slide 10
What is Expected Family Contribution (EFC)?
• Amount family can reasonably be expected to contribute
• Stays the same regardless of college• Two components
– Parent contribution– Student contribution
• Calculated using data from a federal application form and a federal formula
© 2015 NASFAA Slide 11
What is Financial Need?
Cost of Attendance
– Expected Family Contribution
= Financial Need
© 2015 NASFAA Slide 12
Categories of Financial Aid
• Need-based aid
• Non-need-based aid
© 2015 NASFAA Slide 13
Types of Financial Aid
• Scholarships
• Grants
• Loans
• Employment
Gift Aid
Self-Help Aid
© 2015 NASFAA Slide 14
Gift Aid: Scholarships
• Money that does not have to be paid back
• Awarded on the basis of merit, skill, or unique characteristic
© 2015 NASFAA Slide 15
Gift Aid: Grants
• Money that does not have to be paid back
• Usually awarded on the basis of financial need
© 2015 NASFAA Slide 16
Self-Help Aid: Loans
• Money students and parents borrow to help pay college expenses
• Repayment usually begins after education is finished
• Only borrow what is really needed
• Look at loans as an investment in the future
© 2015 NASFAA Slide 17
Self-Help Aid: Work-Study Employment
• Allows student to earn money to help pay educational costs
– A paycheck; or
– Nonmonetary compensation, such as room and board
• Student may opt whether or not to work or number of hours to work
© 2015 NASFAA Slide 18
Sources of Financial Aid
• Federal government
• States
• Colleges and universities
• Private sources
• Civic organizations and churches
• Employers
© 2015 NASFAA Slide 19
Federal Government
• Largest source of financial aid
• Aid awarded primarily on the basis of financial need
• Must apply each year using the FAFSA
© 2015 NASFAA Slide 20
Federal Student Aid Programs
• Federal Pell Grant• Iraq and Afghanistan
Service Grant (IASG)• Teacher Education
Assistance for College and Higher Education (TEACH) Grant
• Federal Supplemental Educational Opportunity Grant (FSEOG)
• Federal Work-Study (FWS)
• Subsidized and Unsubsidized Federal Direct Student Loans (Direct Loans)
• PLUS Loans
© 2015 NASFAA Slide 21
States
• Residency requirements usually apply
• Award aid on the basis of both merit and need
• Use information from the FAFSA and/or state aid applications
• Deadlines vary by state
– Check paper FAFSA or FAFSA on the Web website
© 2015 NASFAA Slide 22
Colleges and Universities
• Award aid on the basis of both merit and need• Aid may be gift aid or self-help aid• Use information from the FAFSA and/or
institutional applications• Deadlines and application requirements vary by
institution– Check with each college or university
© 2015 NASFAA Slide 23
Private Sources
• Foundations, businesses, charitable organizations
• Deadlines and application procedures vary widely
• Begin researching private aid sources early
© 2015 NASFAA Slide 24
Civic Organizations and Churches
• Research what is available in community
• To what organizations and churches do student and family belong?
• Application process usually occurs during spring of senior year
• Small scholarships add up!
© 2015 NASFAA Slide 25
Employers
• Companies may have scholarships available to the children of employees
• Companies may have educational benefits for their employees
© 2015 NASFAA Slide 26
Free Application for Federal Student Aid (FAFSA)
• A standard form that collects demographic and financial information about the student and family
• May be filed electronically or using paper form– Available in English and Spanish
© 2015 NASFAA Slide 27
FAFSA
• Information used to calculate the expected family contribution (EFC)– Amount of money a student and his or her family may
reasonably be expected to contribute towards the cost of the student’s education for an academic year
• Colleges use EFC to award financial aid
© 2015 NASFAA Slide 28
FAFSA
• May be filed at any time during an academic year, but no earlier than the January 1st prior to the academic year for which the student requests aid
• For the 2016–17 academic year, the FAFSA may be filed beginning January 1, 2016
• Most colleges set FAFSA filing deadlines
© 2015 NASFAA Slide 29
FAFSA on the Web (FOTW)
• Website: www.fafsa.gov
• 2016–17 FAFSA on the Web available on January 1, 2016
• FAFSA on the Web Worksheet:– Used as “pre-application” worksheet– Questions follow order of FAFSA on the Web
© 2015 NASFAA Slide 30
FAFSA on the Web
Good reasons to file electronically:
• Built-in edits to prevent costly errors
• Skip-logic allows student and/or parent to skip unnecessary questions
• Option to use Internal Revenue Service (IRS) Data Retrieval Tool to import tax data
© 2015 NASFAA Slide 31
FAFSA on the Web
Good reasons to file electronically:• More timely submission of original application
and any necessary corrections• More detailed instructions and “help” for
common questions• Ability to check application status online• Simplified application process in the future
© 2015 NASFAA Slide 32
IRS Data Retrieval Tool
• While completing FOTW, applicant may submit real-time request to IRS for tax data
• IRS will authenticate taxpayer’s identity• If match found, IRS sends real-time results to
applicant in new browser window• Applicant chooses whether or not to transfer
data to FOTW
© 2015 NASFAA Slide 33
IRS Data Retrieval Tool
• Available early February 2016 for 2016–17 processing cycle
• Participation is voluntary
• Reduces documents requested by financial aid office
© 2015 NASFAA Slide 34
IRS Data Retrieval Tool
• Some will be unable to use IRS DRT
• Examples include:
– Filed an amended tax return
– No Social Security Number (SSN) was entered
– Student or parent married but filed separately
© 2015 NASFAA Slide 35
FSA ID
• https://fsaid.ed.gov/npas/indexhtm
• Sign FAFSA electronically
• Not required, but speeds processing
• May be used by students and parents throughout aid process, including subsequent school year
• Only the owner should create a FSA ID
© 2015 NASFAA Slide 36
FAFSA on the Web Worksheet
FAFSA on the Web Worksheet contains:
• Instructions
• Questions that gather basic information on student and parent, if applicable
© 2015 NASFAA Slide 37
General Student Information
• Social Security Number
• Citizenship status
• Marital status
• Drug convictions
• Selective Service registration
• Level of parents’ school completion
© 2015 NASFAA Slide 38
Student Dependency Status
FAFSA asks questions to determine dependency status for federal student aid (not IRS) purposes:
• If all “No” responses, student is dependent
• If “Yes” to any question, student is independent
© 2015 NASFAA Slide 39
Information About Parents ofDependent Students
• Tax, income, and other financial information
• Dislocated worker status
• Receipt of federal means-tested benefits
• Assets
• Untaxed income
© 2015 NASFAA Slide 40
Information About Student (and Spouse)
• Tax, income, and other financial information
• Dislocated worker status
• Receipt of federal means-tested benefits
• Assets
• Untaxed income
© 2015 NASFAA Slide 41
Additional Information
• College and housing information
• FAFSA preparer information
• Certification of Statement of Educational Purpose
© 2015 NASFAA Slide 42
Signatures
• Required– Student– One parent (dependent students)
• Format for submitting signatures– Electronic using FSA ID– Signature page– Paper FAFSA
© 2015 NASFAA Slide 43
Frequent FAFSA Errors
• Social Security Numbers• Divorced/remarried parental information• Income earned by parents/stepparents• Untaxed income• U.S. income taxes paid • Household size• Number of household members in college• Real estate and investment net worth
© 2015 NASFAA Slide 44
FAFSA Processing Results
Central Processing System (CPS) notifies student of FAFSA processing results by:
• Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s email address was not provided
• SAR Acknowledgement if filed FAFSA on the Web and student’s email address was not provided
© 2015 NASFAA Slide 45
FAFSA Processing Results
• CPS notifies student of FAFSA processing results by:
– Email notification containing a direct link to student’s online SAR if student’s email was provided on paper or electronic FAFSA
• Student with FSA PIN may view SAR online at www.fafsa.gov
© 2015 NASFAA Slide 46
FAFSA Processing Results
• Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA is submitted
• College reviews ISIR
– May request additional documentation
© 2015 NASFAA Slide 47
Student Aid Report
• Review data for accuracy and correct any errors
• Update estimated tax information when actual figures become available
© 2015 NASFAA Slide 48
Making Corrections
If necessary, corrections to FAFSA data may be made by: • Using FAFSA on the Web (www.fafsa.gov) if student has
a FSA ID;• Updating paper SAR (SAR Information
Acknowledgement cannot be used to make corrections); or
• Submitting documentation to college’s financial aid office
© 2015 NASFAA Slide 49
Special Circumstances
• Cannot be documented using FAFSA
• Send written explanation and documentation to financial aid office at each college
• College will review and request additional information if necessary
• Decisions are final and cannot be appealed to U.S. Department of Education
© 2015 NASFAA Slide 50
Special Circumstances
• Change in employment status
• Unusual medical expenses not covered by insurance
• Change in parent marital status
• Unusual dependent care expenses
• Student cannot obtain parental information
© 2015 NASFAA Slide 51
South Carolina Commission On Higher
Education
Financial Aid Night
State Scholarship and Grant Programs•SC Need-based Grant
•Lottery Tuition Assistance
•SC HOPE Scholarship
•LIFE Scholarship
•Palmetto Fellows Scholarship
General Eligibility Requirements
SC HOPE, LIFE & Palmetto Fellows ScholarshipSC Need-based Grant
Lottery Tuition Assistance• US Citizen/Legal Permanent Resident* • SC Resident*
• No felony convictions • No second or subsequent alcohol/drug misdemeanors • Not in default of any state or federal loans• Enroll in a degree-seeking program at an eligible SC
institution*This must be determined at the time of high school graduation.
SC Need-based Grant
Must complete the FAFSA application each year and be
determined “needy” based on Title IV
Can be used at any 2-year or4-year public institution.
Must be considered a degree seeking student.
Up to $2,500 for full-time or $1,250 for part- time.
SC Need-based Grant Additional Programs
Foster Care Youth Up to the maximum
$2,500 SC NBG award/year, plus up to an additional $2,000
*Student needs to work with the Financial Aid office, DSS, and CHE
College Transition Program
Programs at 5 eligible SC institutions for
intellectually disabled students.
*Student needs to be determined needy by Title IV guidelines
Lottery Tuition Assistance
$100/Credit hour up to
$1,200 for full time
Complete the FAFSA
application
Enrolled as a degree seeking student at
one of the: 16 technical schools, 2-
year USC satellite campuses, or Spartanburg
Methodist College
State Scholarships & Residency: Basic Breakdown
Students must have their immigration status verified through a federal process as either a US Citizen or legal permanent resident before they can be awarded any State scholarship.
Students must be verified by the institution as a SC resident before they can be awarded any State scholarship.
A student who is NOT verified as a US Citizen or legal permanent resident AND who is not verified as a SC resident at the time of their high school graduation cannot receive State scholarships at the time of initial enrollment or at any point in the future.
SC HOPE Scholarship
Eligibility: 3.0 Cumulative GPA (based on the SC UGP) upon high school
graduation
No application Process.
Institution reviews final high school transcript.
Must attend an eligible SC
4-year institution
Up to $2,800 For the 1st
academic year only
(2 terms)
LIFE Scholarship
Initial Eligibility
• Meet 2 of the following 3 requirements:• Earn a cumulative 3.0 SC UGP
GPA* (*only requirement for 2-year)
• Earn an 1100/SAT or 24/ACT• Rank in the top 30% of graduating
class
LIFE ScholarshipTerms of
Eligibility & Award
• Up to 4 consecutive semesters at a 2-year institution
• Up to 8 consecutive semesters at a 4-year institution
• Up to $5,000/year to include a $300 book allowance (Not to exceed the COA)
“Facts of LIFE” Scholarship
NO application
process
Not required to begin college
immediately after high
school
Can earn LIFE Scholarship after 1st, 2nd,
or 3rd academic year
Student has until the end
of an academic year
to earn the GPA/Credit
hours
Dual Enrollment and college enrollment while in high school and/or prior to enrolling in college
Includes “F” and “D” Grades
LIFE GPA
A “Walk Through Life”
End of 1st Academic Year
Earn a 3.0 Cum LIFE GPA
Earn at least 30 credit hours
End of 2nd Academic Year
Earn a 3.0 Cum LIFE GPA
Earn at least 60 credit hours
End of 3rd Academic Year
Earn a 3.0 Cum LIFE GPA
Earn at least 90 credit hours
Palmetto Fellows Scholarship (PFS): Application Periods
• Any eligible student will need to be a part of the Early or Late Award application process during their year of graduation
• TWO opportunities to apply:• Early Award: Mid-October- December 15th
• Late Award: Mid-April-June 15th
• Should the deadline fall on a Saturday, Sunday, or holiday the deadline is the preceding Friday.
*a student cannot use Early Award documentation for the Late Award***a student cannot apply or earn the PFS once they have graduated high school**
• Counselor driven application process• The application and application materials must be submitted via the high
school/home school association and in the Commission office by the established deadlines (listed above)
Palmetto Fellows Scholarship Eligibility Requirements
• For schools that have an official policy on rank that has been reviewed by the Commission for compliance with the established Regulations:
• Rank in the top 6% at the end of the 10th, or the 11th , or the 12th grade academic year
• Earn a 1200 on the SAT/27 on the ACT (through the June test administration of the graduating year)
• Earn a 3.5 cumulative GPA (based on the SC UGP) OR
Alternate Criteria (without regard to rank)• Earn a 1400 on the SAT/32 on the ACT (through the June test administration of
the graduating year)
• Earn a 4.0 Cumulative GPA (based on the SC UGP)
Palmetto Fellows Scholarship Award Breakdown
1st Year
• Up to $6,700
2nd, 3rd, and 4th Years
• Up to $7,500
How do I keep the Palmetto Fellows Scholarship?
3.0 cumulative institutional GPA(Cannot transfer
grades from other colleges)
Earn 30 credit hours each academic year
Does NOT include AP, IB, Dual
Enrollment, CLEP or exempted credit
hours
Important Palmetto Fellows Scholarship Points
• The student MUST attend an eligible 4-year institution the fall semester immediately following high school graduation
• Enrolling in a 2-year institution during a fall or spring semester forfeits the student’s PFS eligibility
• Not enrolling the fall semester upon high school graduation forfeits the student’s PFS eligibility
• A student who attends an out-of-state institution can use any remaining terms of the PFS should they transfer to an eligible SC institution and meet the PFS renewal requirements
• In order for the student to receive scholarship funds they MUST complete the DESIGNATION FORM
• This is the SOLE responsibility of the student• The student is provided this form via email to the email listed on the
electronic application
LIFE & PFS Enhancements
Up to an additional
$2,500
Must Earn 14 credit hours of math and/or science by the end of the 1st academic year
(AP, IB, Dual Enrollment, CLEP & Exempted courses)
Must be enrolled in an eligible major at
their home institution
Starts the student’s 2nd academic year (6
semesters) at a 4-year institution only
Early GraduatesEarly Graduate:
Student graduates mid-year
• For scholarship eligibility the student can ONLY use SC UGP GPA
• CANNOT use rank
• SC HOPE/LIFE Scholarship• Complete Early Graduate application
at planned institution of attendance• Palmetto Fellows Scholarship
• Only ONE opportunity to apply• the Early Award application period
of their senior year• Can receive LIFE Scholarship only for
the 1st semester*. Will receive the PFS the following terms of remaining eligibility.
*Student must attend and eligible 4-year institution only for the spring term
Graduating Early: Student graduates academic year(s)early
• SC HOPE/LIFE Scholarship• Eligibility is based on the end of the
academic year with their “new” graduating class
• Palmetto Fellows Scholarship • Can apply during the Early or Late
Award application period• Early Award Application period can
only use end of the 10th grade GPA and rank
• Late Award application period can use the end of the 10th or 12th grade rank, must use end of the 12th grade GPA
The Infamous “Gap Year”
• There is NO GAP YEAR
• There is NO DEFERMENT OPTION
• Palmetto Fellows Scholarship (PFS): A PFS recipient must enroll at an eligible 4-year institution the fall semester immediately following high school graduation
• Can enroll at an eligible in-state or out-of-state institution• Must be a 4-year institution
• Not enrolling the fall semester upon high school graduation forfeits the student’s PFS eligibility
• Enrollment at a 2-year institution for a fall/spring term forfeits a PFS recipient’s eligibility (may be eligible for LIFE)
• Cannot start a 2-year and transfer to a 4-year and earn the PFS later
• SC HOPE/LIFE Scholarship: • Not required to immediately enroll• “Clock” starts based on the initial term of enrollment once a student is no longer
considered a high school student
Attending an Out-of State Institution
• No State Scholarships or grants may be used at an out-of-state institution at any time
• Academic Common Market • Allows for South Carolina residents who are enrolled in specific programs
at out-of-state institutions to be charged only the applicable in-State tuition by the institution in which the student is enrolled
• Eligible programs are those programs, which are at least 50 percent different in curricular content than programs offered in South Carolina. Participating states are Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia (Florida and Texas participate only at the graduate level).
Contact: Ms. Saundra Carr 803-737-2274 or [email protected]
• http://www.che.sc.gov/Students,FamiliesMilitary/LearningAboutCollege/AcademicCommonMarketInformation.aspx
Year Round Scholarships
Eligible SC
HOPE, LIFE, and
Palmetto
Fellows
recipients
Earn contin
ued eligibility by the
end of the
Spring term
Eligible to use
funds for a
Summer
term
*Enrolled full-time
*Uses a term of eligibilit
y*Eligible for Fall if eligible at the end of Spring
SAT Redesign* Students will sit for the re-designed SAT beginning March 2016
* The College Board provided information regarding the new scoring and/or language that will be provided to all institutions and shared nationally
* Concordance table will be available at the earliest May 2016* “…The current and redesigned assessments vary in design and content tested. We ask that colleges consider the implications of comparing and combining scores from two different tests as they design their score use policies…”
* CHE is monitoring and will provide additional details relating to South Carolina scholarships.
Commission on Higher Education Contact Information
• Dr. Karen Woodfaulk, Director of Student Affairs 803-737-2244 or [email protected]
• Elizabeth Caulder, Associate Director of Student Financial Support Palmetto Fellows, LIFE, SC HOPE, SC Need-based Grant & LTAP803-737-2262 or [email protected]
• Leslie Williams, Program Assistant, Student Financial Support803-737-2290 or [email protected]
• Gerrick Hampton, Associate Director, Pre-College Youth 803-734-7397 or [email protected]