financial aid night november 12 th, 2015. welcome & agenda welcome and introductions sherrie...

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 scarr@che.sc.gov

• 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 kwoodfaulk@che.sc.gov

• Elizabeth Caulder, Associate Director of Student Financial Support Palmetto Fellows, LIFE, SC HOPE, SC Need-based Grant & LTAP803-737-2262 or ecaulder@che.sc.gov

• Leslie Williams, Program Assistant, Student Financial Support803-737-2290 or lwilliams@che.sc.gov

• Gerrick Hampton, Associate Director, Pre-College Youth 803-734-7397 or ghampton@che.sc.gov