hs presentation 1415 part 2
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TRANSCRIPT
PRESENTER
USC LancasterKenneth T. Cole
Director of Financial AidUSC
LANCASTER
What is Financial Aid Sources and Types of Financial Aid Scholarships Federal Grants Work Study State Scholarships State Grants Student Loans
It is assistance in paying your Tuition, Fees, Room, Board and other college expenses
It most likely will not pay your entire bill
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)
Federal Government (Grants & Loans)
State (Grants & Scholarships)
Institution (Grants, Scholarships & Loans)
Private Agencies (Grants, Scholarships & Loans)
Common Minimum Requirements:◦ 3.0+ GPA◦ 1000+ SAT
(Math+Verbal) or 22+ ACT
◦ Application, Essay, Letters of Recommendation
Search Engines:◦ Fastweb.com◦ Schoolsoup.com
Types of Scholarships:◦ Academic◦ Athletic◦ Talent◦ Tuition Off-Set
◦ Amounts◦ Based on each award◦ No true limit◦ May cause some need-
based aid to be reduced: Grants Work Study Student Subsidized Loans Some state Scholarships
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)
PELL ◦ Grant Based on EFC◦ Guarantee if eligible◦ Based on FAFSA◦ $602 to $5730◦ ½ per full-time semester
301 to 2775 No more than 2 Full-time semesters per year
◦ Maximum of 12 semesters◦ Adjusted for enrollment status
SEOG◦ Need based grant◦ Usually awarded to 0 EFC students◦ Not guaranteed◦ $100 to $4000◦ Each school awards it from limited funds
EFC PELL
4996 $0
4995 $602
4000 $1600
3000 $2600
2000 $3600
1000 $4600
500 $5100
0 $5550
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
Palmetto Fellows Scholarship
LIFE Scholarship
HOPE Scholarship
Lottery Tuition Assistance
Need Based Grant or Tuition Grant
$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
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)
$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
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)
$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)
Current per credit hour rate◦ $95.00 (maximum $1140.00 per semester)*
Cannot exceed tuition and fees minus Federal/State grant aid(Tuition+Fees) – (Federal & State Grants & Scholarships)= LimitExample : 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 2013, subject to change dependent upon sufficient proceeds from the S.C. Education Lottery
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 (limited funds) 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)
Max Award of $2800 per year ($1400 per semester) South Carolina Private Colleges Only FAFSA must be on file by June 30th
Awarded to neediest students first (limited funds) 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)
After all of this available aid, will you need to borrow a student loan?
Example of a fairly inexpensive schoolTuition + Fees + Books + Supplies
$6000 + $500 + $1200 + $120
Need Grants and Scholarships
Scholarships Only
Need Grants Only
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
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
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
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
USC LancasterKenneth 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
Thank you for your attention!
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