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Act 606: Financial Aid Training 3-Hour

Act 606: Financial Aid Training 3-Hour. Academic Challenge Scholarship.

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Act 606: Financial Aid Training 3-Hour

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  1. Act 606: Financial Aid Training 3-Hour

  2. Academic Challenge Scholarship

  3. It is our hope that the lottery funded scholarship known as the Arkansas Academic Challenge Scholarship will:--increase student success--reduce student loans--prepare more students for high wage high demand jobs benefit Arkansas’s economy--increase the percentage of adults in Arkansas that hold a college degree

  4. “NEW”Academic Challenge • Increase participation of direct-from-high-school students from 3,600 to over 10,000 annually • Projected to serve over 29,000 students during the 2010-11 academic year

  5. Arkansas Academic Challenge Scholarship • Student categories • Traditional • Current Achiever • Nontraditional

  6. General Eligibility Requirements • U.S. Citizen or Lawful Permanent Resident • Arkansas Resident • Attend an eligible Arkansas Institution • Satisfactory Academic Standing • Continuing Eligibility Requirements

  7. Academic Challenge Scholarship • Scholarships awarded under the “NEW” Academic Challenge will begin Fall 2010 • NO INCOME REQUIREMENT • Aligned with Smart Core • Expanded to include nontraditional students • Basic eligibility criteria • Traditional Students • Accepted for admission at an approved institution of higher education as a full-time student in a program of study that leads to a baccalaureate degree, associate degree, qualified certificate or a nursing school diploma • Applicant must complete the YOUniversal Scholarship Application and the FAFSA

  8. Academic Challenge Scholarship Traditional • Traditional Student requirements (cont..) Must meet one of the following criteria: • Graduate from an Arkansas public high school, successfully complete the Smart Core curriculum and achieve a 2.5 high school GPAOR obtain a 19 on the ACT • (before 2014 -- No Smart Core), Graduate from an Arkansas public high school, achieve a 2.5 high school GPA AND obtain a 19 on the ACT ORscore proficient on all state-mandated end-of-course assessments • If student graduates from an Arkansas public high school that is identified as a school in which 20% or more of the students received a letter grade of “B” or higher but did not score proficient or higher on the end-of-course assessment, the student must achieve a 2.5 high school GPA AND obtain a 19on the ACT OR score proficient on all state-mandated end-of-course assessments Grade Inflation Clause Delayed Until 2011

  9. Academic Challenge Scholarship Traditional • If a student has a disability identified under the Individuals with Disabilities Education Act and graduated from an Arkansas public high school but did not complete the Smart Core because of the applicant’s individualized education program, the student must achieve a 2.5 high school GPA AND obtain a 19 on the ACT OR score proficient on all state-mandated end-of-course assessments • Graduate from a private, out-of-state high school or home school and achieve a 19 on the ACT

  10. Academic Challenge Scholarship Traditional Continued Eligibility Criteria: • Maintain a 2.50 cumulative GPA • Complete 27 semester hours the first academic year and 30 semester hours each year thereafter • Renewed annually until recipient first: • Earns Bachelor’s degree • Attempts a total of 130 semester hours in 8 semesters The Academic Challenge Scholarship requires “Traditional” students to: --- take 12 hours during the first Fall semester after high school graduation and take 15 hours each semester thereafter --- complete remediation within the first 30 hours of coursework

  11. Academic Challenge Scholarship Current Achievers • Current Achievers • Accepted for admission at an approved institution of higher education as a full-time student in a program of study that leads to a baccalaureate degree, associate degree, qualified certificate or a nursing school diploma • Applicant must complete the YOUniversal Scholarship Application and the FAFSA

  12. Academic Challenge Scholarship Current Achievers Current Achievers • Must meet all of the following criteria • Entered college before the 2010-11 academic year as a full-time first-time freshman within 12 months after graduating high school • Has been continuously enrolled (fall and spring), completing at least 12 hours each semester, since high school graduation • Has completed at least 12 semester credit hours at an approved Arkansas institution • Achieved a 2.5 postsecondary GPA

  13. Academic Challenge Scholarship Current Achiever Continued Eligibility Criteria: • Maintain a 2.50 cumulative GPA • Complete 15 semester hours each consecutive semester (Fall & Spring) • Renewed annually until recipient first: • Earns Bachelor’s degree • Attempts a total of 130 semester hours in 8 semesters The Academic Challenge Scholarship requires “Current Achiever” students to: --take 15 hours each semester -- complete remediation within the first 30 hours of coursework

  14. Funding CAP for Current Achievers • Current Achiever student funding: • $41.5 Million for 2010-2011 • If sufficient funds are not available, awards will be prioritized • Level of progress toward completion of their baccalaureate or associate degree, certificate program or nursing diploma • Highest cumulative GPA • Students majoring in an area identified as a critical workforce need, and the STEM fields

  15. Academic Challenge Scholarship Nontraditional Nontraditional Students • Accepted for admission at an approved institution of higher education as a full-time or part-time student in a program of study that leads to a baccalaureate degree, associate degree, qualified certificate or a nursing school diploma • Applicant must complete the YOUniversal Scholarship Application and the FAFSA

  16. Academic Challenge Scholarship Nontraditional • Nontraditional Students • Must meet one of the following criteria • Graduate from an Arkansas public high school and achieved a 2.5 high school GPA or obtained a 19 on the ACT; or • Graduated from a private high school, out-of-state high school, home school or obtained a GED and achieved a 19 on the ACT; or • Has completed at least 12 semester credit hours and achieved a 2.5 postsecondary GPA.

  17. Academic Challenge Scholarship Nontraditional Continued Eligibility Criteria: • Maintain a 2.50 cumulative GPA • Complete 15 semester hours each semester (Fall and Spring) if a full-time student and at least 6 semester hours each semester if a part-time student • Renewed annually until recipient first: • Earns Bachelor’s degree • Attempts a total of 130 semester hours in 8 semesters The Academic Challenge Scholarship requires “Nontraditional” students to: --- take at least 6 hours each semester for part-time --- take at least 15 hours each semester for full-time --- complete remediation within the first 30 hours of coursework

  18. Funding CAP for Nontraditional Students • Nontraditional student funding: • $17.9 Million for 2010-2011 • If sufficient funds are not available, awards will be prioritized • Level of progress toward completion of their baccalaureate or associate degree, certificate program or nursing diploma • Highest cumulative GPA • ACT or ACT equivalent score • Students majoring in an area identified as a critical workforce need, and the STEM fields

  19. AWARD AMOUNTS • $5,000 per year for full-time students at a 4-year institution • Scholarship at a 2-year college will be one-half (50%) of the scholarship award amounts for 4-year institution • Award amounts will be prorated for part-time students (only applies to nontraditional category) • ½ award amount – 6-8 hours • ¾ award amount – 9-14 hours

  20. Academic Challenge Scholarship Application Deadline Dates: • Traditional Students • June 1 of senior year in high school • Can start applying in November of Senior year • Current Achiever Students • June 1 for the Fall term • November 1 for the Spring term (subject to change) • Nontraditional Students • June 1 for the Fall term • November 1 for the Spring term (subject to change)

  21. Application/Award Statistics • Number of Applicants: • Traditional (High School Seniors) – 16,951 • Current Achiever/Nontraditional – 45,004 • Number Awarded (so far): as of 12/10/2010 • Traditional (High School Seniors) – 12,887 • Current Achiever/Nontraditional – 12,267

  22. Administrative Processing • Electronic (TRIAND) transcripts • Transcript retrieval • Smart Core criteria • GPA • ACT & other test scores • Notifications to students (emails) • Award Notices • Incomplete Notices • Ineligible Notices

  23. New Universal Application for ADHE Scholarships and Grants • Launched on January 1, 2010 • Search and apply for all ADHE administered scholarships and grants at one time • Receive e-mail status notifications • Available all year, but deadlines built into processing • Manage your account 24/7 to include: • Updating personal information and college • Reviewing transcript and test score information www.adhe.edu

  24. Universal Application Homepage

  25. Scholarship Reporting System for Counselors Reporting abilities: • List of Seniors that have submitted scholarship application • Status of Application • Provide the ACT/GPA/Smart core indication that is being used to evaluate student • What other reporting items would be helpful???

  26. QUESTIONS???

  27. finaid@adhe.edu (501) 371-2050 Contact Information:

  28. Financial Aid in Arkansas Financial Aid Programs Administered by the Arkansas Department of Higher Education

  29. ADHE Programs • Academic Challenge Scholarship (Lottery) • Governor’s Scholars Program • Higher Education Opportunity Grant (GO Opportunities) • State Teacher Education Program (STEP) • Teacher Opportunity Program (TOP) • Military Dependents’ Scholarship • Law Enforcement Officer’s Dependents Scholarship • Arkansas Health Education Grant (ARHEG) • Workforce Improvement Grant

  30. General Eligibility Requirements • U.S. Citizen or Permanent Resident Alien • Arkansas Resident • Eligible Arkansas Institution • Satisfactory Academic Standing • Continuing Eligibility Requirements

  31. Scholarship program that encourages Arkansas’s best & brightest high school students to remain in Arkansas for their college education • Categorized into two (2) designations: • Governor’s Distinguished Scholarship (up to $10,000 per year) • 32 ACT or 1410 SAT; and • 3.5 academic GPA; or • National Merit or National Achievement Finalist • Governor’s Scholarship (up to $4,000 per year) • 27 ACT; or • 3.5 academic GPA • Students ranked based on ACT, GPA, Rank In Class & Leadership • Awarded to one (1) student per Arkansas county

  32. Governor’s Scholars Program • Full-time - 15 semester hours • 12 semester hours 1st semester freshman year only • Governor’s Distinguished Scholarship - maintain a 3.25 GPA • Governor’s Scholarship – maintain 3.0 GPA • Recipients must complete 27 hours the first year and 30 hours each year thereafter • Program leads to a bachelor’s degree • Deadline - February 1st

  33. Higher Education Opportunities Grant • Known as the “Go! Grant” • Need-based grant program that provides assistance to disadvantaged students • Full-time = $1,000 per year • Part-Time = $500 per year • Renewable for up to $4,000

  34. Higher Education Opportunities Grant(GO! Grant) Basic Eligibility Requirements: • Accepted for admission in a qualified certificate program, associate degree program or a baccalaureate program at an approved institution • Demonstrate financial need (complete FAFSA) • $25,000 max family AGI for family with one (1) in the household • Additional $5,000 per additional number in household up to ten (10) additional household members • Recipients must maintain 2.0 GPA & continue to meet the need criteria • Available to any student that meets the basic eligibility requirements regardless of age and high school grad date (traditional & non-traditional students)

  35. State Teacher Education Program (STEP) Basic Eligibility Criteria Hold a valid Arkansas teaching license Teach full-time in a public school district in Arkansas in a designated shortage area Graduate from a teacher education program after April 2004 Have an outstanding federal student loan balance Loan Repayment Amounts: $3,000 per year for a maximum of three (3) years for teaching in a subject and/or geographic shortage area Additional $1,000 per year minority teacher

  36. Teacher Opportunity Program (TOP) Basic eligibility criteria Be employed as a classroom teacher or administrator by a school district in the state for no less than three (3) years Returns to an approved institution of higher education to pursue additional education related to job Priority will be given to those applicants that are pursuing an additional licensure in a subject area declared to be a shortage area Award Amount: Reimbursement Cost associated with six (6) semester credit hours or the equivalent

  37. Critical Academic Shortage Areas • Math (Secondary) • Middle Childhood • Special Education • Science (Secondary) • Life/Earth Science (7-12) • Physical/Earth Science (7-12) • Foreign Language • Spanish • French • Mandarin Chinese • Library Media • School Counselor • Gifted & Talented

  38. Military Dependents Scholarship • Dependent or spouse of MIA, KIA or POW or 100% permanent and total disability • Arkansas resident • State supported college, university or technical institute • Must apply for Chapter 35 benefits from the VA • Waiver of tuition, fees, room and board in excess of VA benefits

  39. Law Enforcement Officers Dependents Scholarship • Dependent/spouse of Arkansas law enforcement officer • Killed or totally disabled in the line-of-duty • State supported college, university or technical institute • Waiver of tuition, fees and room • Under 23 years old (except spouse)

  40. Eligible Law Enforcement Officers • State Highway Police • Municipal Police • Sheriff or Deputy Sheriff • Constable • Game Warden • Municipal Firefighter • Some Highway Department Employees

  41. Eligible Law Enforcement Officers • State park employees • State forestry employees when fighting fires • State correction employees • Emergency Medical Technicians • Department of Community Punishment Employees • Teachers

  42. Arkansas Health Education Grant (ARHEG) • Provides assistance for Arkansas residents attending certain out-of-state health and medical professional schools • School of Dentistry • School of Optometry • School of Veterinary Medicine • School of Podiatric Medicine • School of Chiropractic Medicine • School of Osteopathic Medicine

  43. Workforce Improvement Program • Students 24 and older that have unmet financial need • Allocated to campuses based upon percentage of students 24 and older • Up to $2,000 per year

  44. Financial Aid in a Nutshell Money from a source other than the family to assist with the cost of attending college

  45. Types of Aid Gift Aid Grants Scholarships Non-gift Aid Loans Employment

  46. Sources of Aid Federal government States Colleges Private sources

  47. Financial Need Cost of Attendance (COA) – Expected Family Contribution (EFC) Financial Need

  48. Cost of Attendance Direct costs Indirect costs COA varies widely from college to college

  49. 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 FAFSA data and a formula specified in law

  50. FAFSA4caster

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