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Financial Assistance and Resource Presentation Anderson University Financial Aid Planning Office
ASK Why do you want to go to college? • The next step after high school • Your parents want you to go • Your desired career requires a college degree • You heard it’s really fun and you want to meet a lot of new people (husband, wife) • To increase your earning potential
Asking the right questions! • Student Culture • Institutional Size • Location • Learning Environment • Cost
SEEKout your admissions counselor! A.R.T.S Application (online or hard copy) Recommendation (letters from a teacher, guidance counselor, high school administrator, or pastor) Transcript (college prep curriculum or higher with at least a 2.5 GPA) Scores (20 ACT, 1000 SAT)
KNOCKon doors • Baseball • Campus Ministries • Interior Design • Theater • Music • Business • Education • Art • Concerned about acceptance –Call Admissions • Worried about paying for college- Call Financial Aid
What is Financial Need? • Financial need is the difference between educational expenses and the amount the student and family are expected to pay. • Total educational expenses are usually called the cost of attendance. • The amount the student and family are expected to pay is called the expected family contribution (EFC). • NOTE: The cost of attendance is different at each school, but the EFC remains the same.
The equation for determining financial need is: COA - EFC ____________ = FINANCIAL NEED
What Is Included In The Cost Of Attendance? • Tuition and Fees • Books and Supplies • Room and Board • Miscellaneous Expenses • (Transportation, Personal, etc.)
What is student financial aid? • Gift Aid • Need Based • Scholarships • Grants • Merit Based • Scholarships • Grants • Self-help • Employment • Loans
South Carolina Scholarships and Grants
Need Based Aid – State (Public) • SC Need Based Grant – • Must attend a SC public college/university • Must file the FAFSA which determines eligibility • Determination of the amount is made by the college/university up to $2,500 per year, if full-time, $1,250 if part time • Awarded on a first come, first serve basis. • SC Lottery Tuition Assistance Program – • Must attend a SC public college/university • May receive up to the cost of tuition (Spartanburg Methodist College-amount is limited to the highest in-state tuition rate at a two-year public institution) • Must be awarded federal grants and Need-based Grants before determining eligibility.
Need Based Aid – State (Private) • SC Tuition Grant - • Must attend a SC private college/university • Must file the FAFSA by June 30, 2010 which determines eligibility • Must meet one of three criteria: • 900/19 SAT • Top 75% of high school class • 2.0 high school GPA • Amount for freshmen for 2009-2010 is $2,800 (actual amount depends on the budget approved by the SC General Assembly)
Merit Based Aid – State • Palmetto Fellows Scholarship • Legislative Incentive for Future Excellence (L.I.F.E) • HOPE Scholarship
SC Scholarships and/or Grants Please remember: All initial and renewal criteria must be met before scholarships/grants can be awarded.
Need Based Aid - Federal • Pell Grant – • Determined by the FAFSA (Free Application for Federal Student Aid) • Awarded up to $5,350 for 2009-2010. • SEOG – • Determined by the FAFSA (Free Application for Federal Student Aid) • Awarded up to $4,000 for the 2009-2010 academic year.
Federal Grant Programs Based on Need for Financial Aid (2009-2010 Annual Amounts)
TEACH Grant • Provides up to $4,000 a year • Must sign an agreement to serve for at least four (4) years as full-time “highly qualified” teacher • Must teach in “high-need field” Bilingual education, English language acquisition, Foreign Language, Mathematics, Reading Specialist, Science, Special Education, or Another field documented as high-need by the Federal and/or State Government, Local Education Agency
Merit Based Aid – Institutional • Academic Scholarships – Qualifications vary. Determined by, but not limited to: • High School GPA • ACT Scores • SAT Scores • Interviews • Athletic Scholarships – Determined by coaches. • Talent Scholarships – Drama, music, etc. Determined by audition. Institutional aid is determined individually by each college or university.
Self Help – Stafford Student Loans • Low interest Federal loan program • FAFSA must to be completed • Interest is 6.00% (Rates effective July 1, 2008 through June 30, 2009) • Repayment begins 6 months after graduation • Two types of Stafford loans • Subsidized (government pays the interest while student is in school) • Unsubsidized (student is responsible for interest while in school) • Shop around – some lenders offer better incentives • Up to 10 years to repay
Self Help – Stafford Student, Parent, Alternative Loans Help pay for educational expenses with student loans Begin repayment after education is finished Borrow only what is really needed Look at student loans as an investment in the future
Self Help – PLUS Loans (Parent Loan for Undergraduate Student) • Low interest Federal loan (Fixed Rate equal to the 91-day T-Bill + 3.10% not to exceed 9.00%) • Payments begin 60 days from the second loan disbursement • Up to 10 years to repay
Self Help – Federal College Work Study • FAFSA must be completed • Part-time jobs on campus • Part-time jobs off campus • America Reads/America Counts • Community Service
Self Help – Outside Scholarships For scholarship information contact your high school, local companies, and civic organizations. Some good Internet websites: • www.finaid.org • www.fastweb.com • www.wiredscholar.com • www.sctuitiongrants.com • www.slc.sc.edu • www.che.sc.gov • Check with your local Chamber of Commerce
Completing the FAFSA • Complete your tax return as soon as possible after January 1. • Apply, even if you think you will not qualify. • Read all instructions carefully and ask questions. • Keep copies of everything. • Meet all deadlines.
FAFSA on the Web • The student and one (1) parent can apply for a PIN number at www.pin.ed.gov, which allows you to sign the FAFSA electronically. • The FAFSA can be filed at www.fafsa.ed.gov.
FAFSA on the Web • What you need to file the FAFSA • Student’s Social Security and driver’s license numbers • Parent’s and student’s completed Federal 1040 Income Tax Form. (You do not have to file the tax return before completing the FAFSA.) • Parent’s and student’s asset information.
Where can I get more information on Student Aid? • Financial Aid Office at the school you plan to attend • www.studentaid.ed.gov • www.students.gov • Federal Student Aid Information Center 1-800-4-FED-AID (1-800-433-3243) • Your high school counselor’s office • Your local library’s reference section • Foundations, religious organizations, community organizations, civic groups, and parent’s employers or unions
CAUTION! • Avoid being charged a fee to file the Free Application for Federal Student Aid • Completion and processing of the FAFSA are FREE • If filing via FAFSA on the Web, be sure to go directly to www.fafsa.ed.gov • Contact financial aid office for help completing the FAFSA
ERRORS can be COSTLY! Errors on the FAFSA or supplemental forms may DELAY application processing and result in the LOSS of financial aid funds. Read the instructions and complete all forms carefully!
Finished! Thank you!