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Empowering Students: Understanding Financial Aid Options

Explore the world of financial aid to fund your education with scholarships, grants, loans, and employment opportunities. Learn about gift aid like Pell Grants, Federal SEOG, and Ohio Instructional Grant, as well as self-help aid options. Discover how to complete FAFSA, the role of financial aid offices in determining eligibility, and understanding cost of attendance and financial need. Get insights into federal student loans like Perkins and Stafford Loans, plus work-study programs. Master the complexities of financial aid to achieve your educational dreams!

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Empowering Students: Understanding Financial Aid Options

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  1. FINANCIAL AID AWARENESS 2000

  2. WHAT IS FINANCIAL AID? • Scholarships • Grants • Loans • Employment Opportunities

  3. TYPES OF NEED-BASED AID • Gift Aid • Self-help Aid

  4. GIFT AID • Grants • Pell Grant • Supplemental Educational Opportunity Grant (SEOG) • Federal/State (LEAP) • State • Institutional • Private

  5. GIFT AID (cont) • Scholarships- Byrd- Douglas- NSSP- Presidential Access- NEISP • State • Institutional • Private

  6. FEDERAL PELL GRANT PROGRAM • Undergraduates pursuing first baccalaureate degree • Portable/Transferable • “Foundation” of financial aid package • Amount based on Cost of Attendance, enrollment status and EFC • Do not have to be a full-time student

  7. FEDERAL SEOG • Undergraduates pursuing first baccalaureate degree • Awarded first to students with exceptional financial need as determined by the institution • Priority to Federal Pell Grant recipients • Campus Based (NOT transferable) • Awards based on institutional policy and funding availability • Do not have to be a full-time student

  8. OHIO INSTRUCTIONAL GRANT (OIG) • State funded grant • Based on need • Must be an Ohio Resident • Pursuing an undergraduate degree • Must be a full-time student • FASFA data transmitted to State for consideration

  9. PART-TIME STUDENT INCENTIVE GRANT • State funded grant • Based on need determined by institution • Must be an Ohio Resident • Pursuing an undergraduate degree • Must be a part-time student

  10. OHIO PROFICIENCY SCHOLARSHIP • Must be an Ohio Resident • Must have passed all parts of the 12th grade proficiency test • $500 Scholarship • Ohio college of your choice

  11. INSTITUTIONAL GRANTS/SCHOLARSHIPS • Usually additional institutional application required • Contact each Financial Aid Office for applications • Check guidelines and deadlines • Early applications are critical

  12. PRIVATE GRANTS/SCHOLARSHIPS • Check with local clubs/organizations • Parent’s employers • Local newspaper • Local libraries • High school guidance counselors • Web (FASTWEB.COM etc) • Student’s responsibility

  13. SELF-HELP AID • FEDERAL PERKINS LOAN • STATE LOANS • INSTITUTIONAL/PRIVATE LOANS • FEDERAL STAFFORD LOAN • Federal Family Education Loan Program • Federal William D. Ford Direct Loan Program

  14. FEDERAL PERKINS LOAN • Priority to exceptional need • Undergraduate OR Graduate student • Determination of Federal Pell Grant eligibility • Campus Based (not transferable) • Interest rate: 5% • Nine month grace period

  15. FEDERAL STAFFORD LOAN • Federal Family Educational Loan - Bank as lender • William D. Ford Direct Loan - Institution/Department of Ed lender • Subsidized - Need based • no interest/no payments until 6 months after attendance in school • unsubsidized - Non-need based • no payments until 6 months after attendance in school • payments begin 30 days after disbursement

  16. FEDERAL STAFFORD LOAN (cont) • Dependent Student Loan limits • Freshman $2625 • Sophomore $3500 • Junior & Senior $5500 • Graduate/professional $8500 • Federal Plus Loan Program (Parent Loan for Undergraduate Students) • Interest and Repayment begin immediately after disbursement • Non-need based • Limited to cost of education

  17. COST OF BORROWING FEDERAL STAFFORD LOAN • Stafford (subsidized and unsubsidized • Variable interest rate not to exceed 8.25% • Origination fee charged by lender = 3% taken off top of loan • PLUS • Variable interest rate not to exceed 9% • Origination fee charged by lender = 3%

  18. FEDERAL WORK STUDY • On or off campus employment • Wages at least minimum wage • Usually 15 to 20 hrs per week (not to interfere with class schedule) • Taxable income

  19. COMPLETION OF THE FAFSA • COMPLETE AND MAIL BY US MAIL • www.fafsa.ed.gov • COMPLETE WITH INSTITUTION, INSTITUTION TRANSMIT ELECTRONICALLY

  20. ROLE OF THE FINANCIAL AID OFFICE • Determine final eligibility for need-based aid • Package aid • Send award notification which details: • Cost Of Attendance • Expected Family Contribution • Need • Types, amounts, and conditions of aid • Disbursement procedures

  21. COST OF ATTENDANCE • Tuition • Room and Board • Books & Supplies • Transportation • Miscellaneous /personal expenses • Loan Origination fees • Study abroad costs

  22. DEFINITION OF NEED • Cost of Attendance • - Expected Family Contribution • = Financial Need

  23. SAMPLE NEEDS ANALYSIS • COST OF ATTENDANCE $ 5944 • -FAMILY CONTRIBUTION 0 • = ESTIMATED NEED $5944 • - PELL GRANT $3000 • -STATE GRANT $ 334 • - OTHER GRANTS & SCHOLARSHIPS 0 • = REMAINING NEED $ 2610 • - SELF HELP (WORK OR LOANS) $2610 • = REMAINING NEED ( PLUS LOAN OR UNMET NEED)

  24. SAMPLE NEEDS ANALYSIS • COST OF ATTENDANCE $ 5944 • -FAMILY CONTRIBUTION 3049 • = ESTIMATED NEED $ 2895 • - PELL GRANT $ 0 • -STATE GRANT $ 0 • - OTHER GRANTS & SCHOLARSHIPS $ 0 • = REMAINING NEED $ 2895 • - SELF HELP (WORK OR LOANS) $ 2625 • = REMAINING NEED ( PLUS LOAN OR UNMET NEED) $ 270

  25. SAMPLE NEEDS ANALYSIS • COST OF ATTENDANCE $ 10,000 • -FAMILY CONTRIBUTION $13,590 • = ESTIMATED NEED $ 0 • - PELL GRANT $ 0 • -STATE GRANT $ 0 • - OTHER GRANTS & SCHOLARSHIPS $ 5,000 • = REMAINING NEED $ 0 • - SELF HELP (unsubsidized loan) $ 2,625 • = REMAINING NEED ( PLUS LOAN OR UNMET NEED) $ 2,375

  26. QUESTIONS ???

  27. THANK YOU • JANEEN S. DEATLEY, Financial Aid Director • Southern State Community College • 1-800-628-7722 ext 2612

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