Guide to Student Financial Aid for Entering Freshmen
Understanding student financial aid is crucial for entering freshmen. Financial aid assists in covering tuition, fees, room, board, and other college expenses. To apply, students can explore various scholarships, federal and state aid programs, and file the FAFSA. The process involves gathering necessary documents, creating FSA IDs, answering questions about income and dependency status, and submitting the application. Key deadlines are highlighted, emphasizing the importance of timely submission for funding consideration.
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Student Financial Aid Student Financial Aid What entering Freshmen need to know about Student Financial Aid.
What is Financial Aid? What is Financial Aid? It is assistance in paying your Tuition, Fees, Room, Board and other college expenses It most likely will not pay your entire bill
How do you apply? How do you apply? USCL Scholarships: Financial Aid > Scholarships at USCL http://usclancaster.sc.edu/finaid/scholshp.htm Application & Essay Deadlines: Nov 1st, Lancer Scholars ; 3.50+ HS GPA Feb 1st, USCL Scholarships; 3.00+ HS GPA Private Agencies: Online: Bigfutures FastWeb Facebook: GoodCall SCScholarships Foundation for the Carolinas
How do you apply? How do you apply? Federal and State Aid: FAFSA www.fafsa.gov (not .com) Applying is FREE (there is no fee)
Filing the FAFSA Filing the FAFSA Cont Cont What will I need to file my FAFSA? Your Taxes (2017) Your Parents Taxes (2017) FSA IDs (for you and your Parents)
10 Steps in Filing the FAFSA 10 Steps in Filing the FAFSA 1. Get Ready: SSNs, Dates of Birth, Taxes, W-2s, Bank Statements, Investment Values 2. Log on to www.fafsa.gov , Start 2019-2020 FAFSA 3. Create an FSA ID for yourself 4. Answer questions about yourself 5. Choose schools to send FAFSA to 6. Answer Dependency Status questions 7. Answer questions about your parents 8. Answer income information (use IRS Data Retrieval) 9. Create an FSA ID for your parent(s) and sign 10. Submit the FAFSA, and print Confirmation
The USCL Financial Aid Process The USCL Financial Aid Process 1. File the FAFSA by end of March April 1st : FAFSA Priority Deadline Complete Additional Requirements Notifications sent beginning March; first letter by mail. Notifications sent weekly thereafter by e-mail (to USCL e-mail) April 15th: Further Information Priority Deadline Check Financial Aid Status and Eligibility for details Read thoroughly Print, sign and return forms promptly Provide any other documentation requested August 1st : Deadline for Fall Semester You can still get awarded after this date, but you will most likely have to pay your bill before the aid is ready. 2.
The USCL Financial Aid Process The USCL Financial Aid Process 3. Award Notification First awards are made in June Notifications are sent by e-mail, check Award for details Follow instructions for each award Accept , Reduce or Decline Student Loans (Direct Loans) Decline any other awards you do not want Print, sign and return forms promptly 4. Student Loan Requirements: https://www.studentloans.gov Complete Loan Entrance Counseling Sign the Master Promissory Note (using your PIN) 5. Register for classes Meet with an advisor Turn advisement form into the Records Office Sign up for your classes on Self Service Carolina
The USCL Financial Aid Process The USCL Financial Aid Process 6. Pay your Bill Complete the Title IV Fee Authorization on Self Service Carolina Sign up for Direct Deposit. Your Financial Aid will automatically apply towards your bill. If you require loan funds to buy your books, books can be charged. Pay remaining charges in Self Service Carolina. If you have an overage: Scholarships, grants and non-federal loans will be sent 7 days before classes (Aug. 15th). Federal Loans will be sent 30 days after classes start (September 27th) Buy your books (Keep your receipts) 7. Changing classes If you aren t full time, notify the Financial Aid Office Talk to Financial Aid before dropping or adding a class Withdrawing from classes after they start can affect your financial aid eligibility.
Self Service Carolina Walk Self Service Carolina Walk- -Thru Thru Go to my.sc.edu Sign In with your VIP ID and password
Self Service Carolina Walk Self Service Carolina Walk- -Thru Thru Select Financial Aid For Academic Year, select 2019-2020 For Campus, select Lancaster Campus
Self Service Carolina Walk Self Service Carolina Walk- -Thru Thru Check Financial Aid Status FAFSA Application Status General Academic Progress Messages
Self Service Carolina Walk Self Service Carolina Walk- -Thru Thru Check Eligibility : Document Requirements Financial Aid Holds Satisfactory Academic Progress
Self Service Carolina Walk Self Service Carolina Walk- -Thru Thru Check Award : Current Year Financial Aid Awards Accept or Decline Financial Aid Awards Your Financial Aid Awards History
Verification Verification What is Verification? We must verify the information on your FAFSA Why was I selected? Applications are randomly selected (1 in 3 chosen) How do I know if I was selected? We will notify you by e-mail or by mail within 2 weeks What do I need to do? You must complete, sign and return the Verification Worksheet ; and If you file taxes: You must complete the IRS Data Retrieval OR order an IRS Tax Transcript (we cannot accept 1040s). If you do NOT file taxes, but have income: You must send copiesof your (and your parents ) W-2s;
Forms Forms Through Self Service Carolina, or USCL s Home Page https://www.sc.edu/about/system_and_campuses/palmetto_college/internal/ current_students/financial_aid/forms/ click on 2019-2020 Apply Financial Aid Forms and Certifications , or
Satisfactory Academic Progress Satisfactory Academic Progress Minimum required academics to receive aid This is a Federal Requirement Required for almost all awards Two Measurements: Qualitative: You must maintain a 2.0+ USC (Institutional) GPA Quantitative: You must earn at least 67% of all attempted hours Hours attempted vs. Hours Earned An Earned Hour is a passing grade (D+) Withdrawals do count as attempted hours (drop before Ws) Maximum Attempted Hours Associate s Degree (AA, AS, ASB, ASCJ): Nursing Degree (ADN): Bachelor s Degree(BOL/BLS): *Transfer hours accepted are counted in the total Checked at end of Spring If you lose aid, you lose it starting in summer You can appeal 90 105 180
What does the FAFSA Tell Me? What does the FAFSA Tell Me? It determines eligibility for Federal and State Grants It replaces a credit check for Federal Student Loans It determines the Expected Family Contribution. What is the EFC? What your family could contribute towards the total cost of living and paying for college How does the School use it? Determine Need (limits need based awards) Cost of Attendance (limits all awards) Need Formula: COA-EFC = NEED
Cost of Attendance Cost of Attendance Tuition & Fees (subject to change) Non-Resident: $18,238 Resident: $7,558 Average Cost of Books & Supplies $1,600 Average Cost of Room & Board Off-Campus: $6,840 w/Parents: $4,050 Estimated Personal Expenses Off-Campus: $4,845 w/Parents: $2,243 Estimated Transportation Expenses Off-Campus: $2,070 w/Parents: $2,070 Example: CoA for Resident w/Parents Example: CoA for Non-Resident Off-Campus $17,521 $33,593
Financial Need Financial Need Cost of Attendance - Expected Family Contribution = Financial Need Cost of Attendance limits all aid Financial Need limits Need Based aid
What types of Aid are available? Grants (free money, usually need based) Scholarships (free money, earned) Loans (borrowed money, has to be paid back) Work Study (money you earn while at school) Other terms: Merit Award granted based on academics or talent Need Based Requires the student to demonstrate financial need (FAFSA) Campus-Based Aid Limited funding for each campus Tuition Assistance Pays up to Tuition & Fees Self-Help Aid Student works for or borrows the money
Federal Grants Federal Grants PELL Grant Based on EFC Guarantee if eligible Based on FAFSA $657 to $6195 for 2 semesters per full-time semester 329 to 3098 Fall, Spring Maximum of 12 full-time semesters Adjusted for enrollment status Summer: Can get another full disbursement if Meet SAP Enrolled in at least 6 hours. SEOG Need based grant Only awarded to 0 EFC students Not guaranteed, awarded by Priority Deadline $1000 ($500/semester) Awarded from limited funds EFC PELL 5577 $0 5501 $657 4000 $2245 3000 $3245 2000 $4245 1000 $5245 500 $5745 0 $6195
Other Federal Aid Other Federal Aid Direct Loans No Credit Check, just file FAFSA Further detail on later slide Work Study You will be notified by mail if you are awarded Does not apply to the bill, has to be earned Awarded based on need Job is supposed to work around school schedule
State Aid State Aid LIFE Scholarship Lottery Tuition Assistance Need Based Grant
LIFE Scholarship LIFE Scholarship $5000 per year ($2500 per semester) Final Official High School Transcript is required No application required. Complete a State Affidavit on Self Service Carolina Eligibility Requirements: SC resident no felony or drug/alcohol convictions in prior academic year must enroll as a full-time Must be degree-seeking undergraduate student Academic Requirements: USCL (2 year College): 3.0 GPA on the SC UGP GPA scale No SAT/ACT or class rank requirement for 2 year schools
LIFE Scholarship LIFE Scholarship Renewal requirements: 30 Credit Hours, 3.0 GPA (B average) College credits earned in High School count towards the 30 hours. Awarded for 8 Terms only First 2 years can be awarded at USCL, then must enter a 4 year college 4 Terms at USCL, then must enter 4 year program to continue Palmetto College is a 4 year Program but you must be admitted in 3rd year. Summer Awards Must have received for Fall and Spring and meet renewal requirements Must be enrolled full-time in Summer and be accelerating degree completion This DOES use a Term of eligibility (still 4 at USCL) Science and Math Majors: Earn 14 hours of Science/Math courses in 1st year When they begin at a 4 year college they will get a bonus $2500 enhancement for each year after the Freshman year MUST be attending a 4 year college, MUST be a declared science or math major
Lottery Tuition Assistance Lottery Tuition Assistance 2 year schools only Current per credit hour rate = $100.00 Max Per Semester: $1200.00 Award amount cannot exceed tuition and fees - Federal/State grant aid Example: Fall Tuition & Tech fee=$3779 - $3098 Pell = $681 LTAP Some general eligibility requirements include: Completed FAFSA on file with school Enroll in at least 6 credit hours Must be a degree-seeking student Be a SC resident Must Not be receiving a LIFE Scholarship Must sign a Lottery Tuition Assistance Certification Online Renewal Requirements: 2.0 GPA after first 24 hours
SC Need Based Grant (Public) SC Need Based Grant (Public) FAFSA Required Awarded to neediest students first (ie 0 EFC) Awarded in order of applications received (April 1st is priority deadline) Awarded up to $1905 per year Max award $2500 per year ($1250 per semester) Awards may be less (USCL standard award is $1905 per year) Amount determined after all other Grants and Scholarships have been applied Some general eligibility requirements include: Enroll in at least 6 credit hours as a degree-seeking student Be a SC resident Complete a State Affidavit on Self Service Carolina
SC Need Based Grant (Public) SC Need Based Grant (Public) Life Time Limits: $10,000 for 1stBachelor s Degree, $5,000 for first Associates Degree. Awarded for 8 Terms only 4 at a USC Lancaster 4 more in Upper Division programs (4 year degrees) Renewal Requirements: 24 credit hours, 2.0 GPA If half-time, 12 credit hours
Will I need to borrow Loans? After all of this available aid, will you need to borrow a student loan? Need Grants and Scholarships Scholarships Only Need Grants Only Tuition and Fees $7,738 $7,738 $7,738 + Est. Books $1,600 $1,600 $1,600 LIFE -$5,000 -$5,000 -$0 Pell -$6,195 -$0 -$6,195 Lottery -$0 -$0 -$1,362 Unmet Costs $0 $4,338 $1,781 You may need to borrow loans $1857 Overage $0 $0
Stafford Loans Stafford Loans Direct Loans: Federal Government is the Lender Fees: Currently 1.062%, out of each disbursement (up to 1.50%) Eligibility: Must file FAFSA No Credit Check Must sign Promissory Note Entrance Counseling Sub or Unsub? Subsidized: No interest while in school, based on need Unsubsidized:Interest always accrues, not need based
Stafford Loans, Stafford Loans, cont Interest Rate: Unsubsidized 4.53% ; Subsidized 0% in school, then 4.53% Simple daily interest Annual Stafford Loan Limits: Freshmen $5500 ($3500 Subsidized Limit; $2750/semester) Sophomore $6500 ($4500 Subsidized Limit; $3000/semester) Junior $7500 ($5500 Subsidized Limit; $3750/semester) Senior $7500 ($5500 Subsidized Limit; $3750/semester) Aggregate (Total) Loan Limits: Dependent student: $31,000 ($23,000 Sub limit) Repayment: $108/month per $10,000 borrowed. About $333/month for 10 years if borrow $31,000 Loan repayment Calculator: http://www.finaid.org/calculators/loanpayments.phtml cont
Stafford Loans, Stafford Loans, cont Freshman 30 Day Loan Delay cont Federal Regulation Freshman loan borrowers only Loan funds not available until 30 days after classes start: September 23rd Loan Funds will pre-authorize to pay bill Books and required supplies can be charged to your student account from the USC Lancaster Bookstore in one of 2 ways: Carolina Card: Can pre-charge before bill is paid. Book Voucher: Up to $500 Form can be picked up in Financial Aid Office Aug 19th
Other Loans Available Other Loans Available Parent Loans (PLUS) 7.08 % interest, 4.248 % in fees Loan in Parent s name. Credit Check Required Goes into repayment immediately (can be deferred) Teacher s Loans Freshmen, Sophomores $2500, Juniors & Seniors $5000 Apply early (Priority Deadline April 30th) https://www.scstudentloan.org/ Paid off when you teach in a high need area and/or high need program Interest Rate= DL Sub Rate +2% (Max 8.25 %) Alternative Loans Variable interest, often higher than Stafford Loans Credit Check Required and Cosigner Leroy Springs Student Loan (Springs Close Foundation)
Leroy Springs Student Loan Leroy Springs Student Loan http://www.springsfnd.org/ Applications are due May 1 for full-year loans. Due December 1st for Spring Only Loans NO Interest Loan Requirements: FAFSA on file 1000 on SAT (Verbal and Math) or 21 on ACT Top 50% of graduating class and/or HS GPA of 2.75 on SC UGS Application, Letter of Recommendation, Interview Students must live in, or their parents must be employed in, Lancaster County, Fort Mill Township or Chester Township. You must apply each year, Must maintain a 2.75 GPA as a Full-Time student Pays Tuition, fees, Room, Board (up to $3,000) and books ($500)
USC Lancaster Scholarships USC Lancaster Scholarships Freshmen must apply by February 1st Continuing students can apply by April 1st . Must complete a scholarship application including a short essay each year. Merit Based: Financial need is not a consideration. Requirements: 3.0+ GPA 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 $2500) Renewal Requirements: 30 earned hours and a 3.0+ GPA
Important to know Important to know Scholarships: You must bring scholarships to the Financial Aid Office Refund Checks: Any financial aid over your bill will be cut as a Refund Check Refund checks are mailed no earlier than 10 days before classes begin. Freshmen student loan funds don t arrive until September 23rd at the earliest ! Refund checks can be direct deposited. Be sure to sign up on Self Service Carolina. Other Aid: If you receive other types of aid, consult with the Financial Aid Office ie: Veterans Benefits, Voc. Rehab., WIA/TRA, Prepaid Tuition, etc Enrollment Status: You will initially be awarded based on Full-Time enrollment. Let us know if you will not be full-time
Dropping and Withdrawing Dropping and Withdrawing Drop: To remove a class before it counts for a grade. When you drop a class you get a refund on the Tuition. Aid is adjusted as if you never took the class. If you change from full-time to part-time, you may owe aid back. Withdrawing: To remove a class after it counts for a grade. When you withdraw early you get a grade of W and it doesn t hurt your GPA. When you withdraw later you get a WF and it is treated as an F on your GPA. Withdrawing from some classes doesn t affect current aid. Withdrawing affects your % Completion Rate for Satisfactory Academic Progress. You must PASS 67% of all classes attempted. Complete Withdrawal: Dropping or Withdrawing from all classes. You can only keep aid based on the % of the semester you attended. At 60% you can keep all aid. If you Completely withdraw BEFORE 60% of the semester is over, you WILL OWE FINANCIAL AID BACK! Consult with a Financial Counselor before removing any classes.
Important Dates Important Dates February 1st : March April 1st April 15th July 17th August 1st August 16th August 19th-20th August 22nd August 25th August 28th September 29th September 23rd October 1st November 6th October 21st November 1st Deadline for Scholarship Applications Have FAFSA filed USCL FAFSA Priority Deadline USCL Processing Priority Deadline Bills generated Fall Deadline for the FAFSA Grants and Scholarships Disburse (Refunds 2-3 business days later) Late Advisement/Course Adjustment Classes Begin, Last day to pay Bill Fall-1st 8 weeks, Last day to drop/add Fall 16 weeks: Last date to drop/add Fall-1st8 weeks, last date to drop with W Freshmen Student Loan Funds disburse FAFSA available for 2020-2021 Fall 16 weeks: Last date to drop with a W Fall- 2nd 8 weeks Classes Begin 1st Date to withdraw from all classes and not owe aid back
Remember! Remember! Reapply for Financial Aid each year The FAFSA becomes available on October 1st Scholarship applications are due April 1st If you change schools: Not all aid will transfer with you Add the new School Code on the FAFSA Contact their Financial Aid Office to get started Your academics affect your financial aid eligibility. Keep your grades up Consult with a Financial Aid Counselor if you are having problems Make use of our Academic Success Center and Counseling Office Everyone here wants to help you succeed!!!
Questions? Questions? Contact Us! Kenneth Cole Ashley Barber Tyrie Rowell Director of Financial Aid Financial Aid Counselor, Student Services Financial Aid Counselor, Loan Coordinator By Mail: BY PHONE: Visit Us: BY WEB: By E-mail: PO Box 889 Lancaster, SC 29721 (803) 313-7068 126 Starr Hall, Hubbard Drive http://usclancaster.sc.edu/ usclfa@mailbox.sc.edu This presentation is available at the USC Lancaster Financial Aid Office Website
