1. Financial Aid Presentation

2. Enrollment Services Our office encompasses the following areas: –Recruitment –Admissions –Financial Aid –Student Accounts

3. StudentFinance.Southern.Edu 1 2

4. Financing College Can I afford it? How much will it cost? What is financial aid? FAFSA, when to apply? Where can I get it? Who can help?

5. The Power of Education Min. wage in TN: $ 7.25 hr = $290 week = $1,160 month = $13,920 year Source: Bureau of the Census; Bureau of Labor Statistics (2006).

6. Type of Financial Aid There are two basic types of financial aid Grants Scholarships Work-Study Loans These funds may be merit-based, need- based, or non need-based. Gift Aid Self-help aid

7. Sources of Financial Aid Financial aid comes from a variety of sources. Federal Government State Government Outside/Private Sources University (Institutional Aid)

8. U.S. Department of Education Federal Financial Aid Programs Federal Pell Grant* - $5,550 Federal Supplemental Education Opportunity (FSEOG)* - $3,000 Federal Work Study* - $2,500 *FAFSA Required

9. Federal Loan Programs Types –Federal Perkins Loan – 5% fixed, 9 month grace period –Federal Stafford Loan – 4.5% fixed, 6 month grace period –Federal PLUS loan – 7.9% fixed, with deferment options Consider –Subsidized vs. Unsubsidized –Interest rate –Grace Period Know –Borrowers Rights & Responsibilities –Loan Repayment –Deferment & Forbearance –Entrance & Exit Counseling

10. Institutional Aid & Private Sources University –Financial Aid Office –Web site –Academic Department Outside/Private –Local, state and national agencies, associations and organizations –Employers Trusted sources of information –Mapping Your Future – www.mapping-your-future.org –U.S. Department of Education – www.ed.gov –FAFSA on the web – www.fafsa.ed.gov

11. Merit-based Aid Freshman Academic Scholarship –Based on GPA & ACT –$2,000 to Full Tuition STAR Scholarship –Based on cumulative college GPA –$1,500 to $2,500 Performance Scholarships –GymMasters –Choir, Symphony/Orchestra Awarded by organization, usually with audition

12. Other Freshman Scholarships Florida/Georgia State Scholarship Replacement –Must be a student from FL or GA –Must qualify for state scholarship assistance –$3000 for Freshman year –For non-subsidy students

13. Other Freshman Scholarships Lightbearer Scholarship –Designed to give those that attended at non- SDA Academy a opportunity to experience a Christian education –$2,000 for Freshman year

14. How to Apply for Financial Aid Submit All Forms Required by Southern FAFSA –Free Application for Federal Student Aid –www.fafsa.ed.gov –The FAFSA information is used to calculate the Expected Family Contribution (EFC) and determine the student’s eligibility for most federal and state assistance

15. How to Apply for Financial Aid Other Things to Know About the Process Apply early (Southern’s priority deadline March 1) Information reported on the FAFSA is confidential and is used ONLY to determine financial aid eligibility You may be asked to submit documentation to the financial aid office for verification purposes Keep track of DEADLINES!!! Keep a copy of everything you submit.

16. Dependency Status INDEPENDENT students fit into at least one of the categories listed below: –At least 24 years old by December 31st of the award year covered by the FAFSA –Graduate or professional student –Married –Has legal dependents other than a spouse –Orphan or ward of the court –Veteran of the U.S. Armed Forces Note: If the student is DEPENDENT, report student and parent income and assets on the FAFSA. Not living with parents DOES NOT make a student independent.

17. What are the costs? Tuition and fees Room and board Books and supplies Transportation allowance +Misc. personal expenses Cost of Attendance (COA)

18. To Determine Financial Need COAEFC Financial Need

19. To Determine Financial Need Examples $30,000$5,000$25,000$20,000$5,000$15,000$10,000$5,000 COA EFC Need School A School B School C

20. Financial Aid Awards Your Student Finance Counselor will package all available financial aid options and send them to you for consideration. A few points to take into account before you commit to a school: –Type of institution –Available financial aid –Cost of Education vs. Earning Potential –Academic Program Ranking –Residential vs. Commuter

21. Other Financing Options Year-in-Advance –5% or 3% discount –Year’s cost less financial aid Monthly –4 payments per semester PLUS Loan or Alternative Loans

22. Avoid Scholarship Scams While most scholarships services are legitimate, others may be fraudulent and charge a lot of money for little information Please view with caution any service that requires you to pay more than a nominal fee For information about financial aid scams and tips to avoid being scammed check: –Federal Trade Commission’s web site at: www.ftc.gov/scholarshipscams www.ftc.gov/scholarshipscams

23. Remember… Plan ahead Apply early Read CAREFULLY Meet deadline Keep copies

24. Contact Information Christian Patino(A-C)christianpatino@southern.edu Paula Walters(D-H)pkwalters@southern.edu Lilly Loza(I-M)lillyl@southern.edu Kristin Welch-Murphy (N-R)kjwelch@southern.edu Tina Nelson(S-Z)trnelson@southern.edu Fred McClanahan New Awards fred@southern.edu Jason Merryman - Director Jasonmerryman@southern.edu 1.800.SOUTHERNEnrollment Services P.O. Box 370 Fax: 423.236.1894Collegedale, TN 37315

25. Questions?