2 What is Financial Aid? Grants Loans Employment Scholarships VA BenefitsTuition AssistanceStudent Loans
3 General Requirements for All Students You must demonstrate financial needBe enrolled in an eligible program of studyHave a high school diploma or GED or meet the Ability to Benefit test criteriaBe a U.S. Citizen or an eligible non-citizenBe registered with the Selective Service (if male)Not be in default on a Title IV LoanNot owe a repayment to a Title IV programMaintain satisfactory academic progressProvide a valid social security number
4 Application For Financial Aid F - FreeA - ApplicationF - for FederalS - StudentA - Aid
5 How Do I Apply?ElectronicallyFAFSA on the Web (www.fafsa.gov)
6 Priority Deadlines Fall Semester June 1 Spring Semester November 1 Summer SessionMarch 1
7 Expected Family Contribution The FAFSA data will be used to determine your expected family contribution (EFC). The EFC is the amount that a student’s family is expected to contribute toward the student’s cost of attendance.The Financial Aid Counselor subtracts the EFC from the school’s costs to determine your financial need.
8 EDUCATIONAL COSTSThe cost of attendance is the total amount it will cost you to go to college. Each college is responsible for determining the annual average cost of attendance for students using a standard definition established by the U.S. Congress. This figure is used to calculate your financial aid eligibility. Cost of attendance includes tuition, fees, books, supplies, room & board, transportation and miscellaneous expenses.
9 Example of a 9-month Student Budget The Financial Resources Office utilizes budgets to give students a projection of the cost of attending York Technical College and in determining a student’s yearly financial aid package.The following example is for a full-time, in–county, independent student living away from home for one academic year:Tuition and Fees $3496Books and Supplies $1200Transportation $2500Personal/Miscellaneous $2250Room and Board $7200Total $16,646This is not the amount you will pay to attend the college.
10 Definition of Need Cost of Attendance (COA) - Expected Family Contribution (EFC)Financial Need
11 The Central Processing System (CPS) notifies the student of the FAFSA’s processing results: Paper Student Aid Report (SAR) if the student’s address was not providednotification sent containing a direct link to student’s Student Aid Report (SAR) online if student’s address provided
12 Missing Information Letters Missing information letters are sent to students if additional information is required.Most common request is for verification of FAFSA information.Students receive a letter in the mail after the receipt of the FAFSA results and reminders every 30 days.
13 Verification ProcessEach year, the U.S. Department of Education selects a group of FAFSA’s for verification, a process used to make sure that the information students report is accurate. Verification prevents ineligible students from receiving aid by reporting false information, and ensures that eligible students receive all of the aid for which they are qualified for. Some applications are selected because of inconsistent information; others are chosen at random. Colleges can also choose applications to be verified. Students whose applications are selected must give their Financial Aid Office certain documentation to show the information on the FAFSA is correct.
14 Corrections to your FAFSA If a correction to an applicant’s data is needed, the correction may be made by either of the following:On the Web if the student has a PIN numberBy the school (This method is preferred if information has already been transmitted to the school)
15 Financial Aid Information Missing information and award letters are mailed to students and this information can also be viewed on WebAdvisor.Log in to the York Tech website:Click on WebAdvisorLog inClick on “Students”See options for Financial Aid on the screen
16 Financial AssistanceFederal and state financial aid is a resource to assist families with the cost of attendance.There are three categories of federal student aid: Grants, Work-Study and Loans.South Carolina State assistance is available in the following programs: South Carolina Need-Based Grant, South Carolina Legislative Incentive for Future Excellence Scholarship (LIFE) and South Carolina Lottery Tuition Assistance.York Technical College Foundation Scholarships are also available.
17 Financial Aid Federal Federal Pell Grant Federal Supplemental Educational Opportunity Grant (FSEOG)Federal Work-Study (FWS)Direct Stafford Loans
18 Federal Pell Grant Must complete the FAFSA Actual award amount based on Expected Family Contribution (EFC) and enrollment statusMoney that does not have to be repaidAnnual amounts range from $388 to $5,550
19 Federal Supplemental Educational Opportunity Grant (FSEOG) Must complete the FAFSAMust be eligible for Federal Pell GrantMoney that does not have to be repaidBased on hours of enrollmentFunds depend on availability at school
20 Federal Work-Study (FWS) Provides part-time employment while enrolled in school.Helps pay for educational expenses.Available to undergraduate or graduate students who are enrolled full-time or part-time.Priority to students who show exceptional needStudents work no more than 20 hours per week.FWS jobs are limited to availability of positions and funds.
21 America ReadsIn 1997, former President Clinton launched the America Reads Challenge to ensure that children learn to read on their grade level by the third grade. This work-study program provides students with employment to help meet their financial needs. The students gain work experience as reading tutors involved in service activities that play key roles in working with individual children and supporting classroom activities.
22 Direct Stafford Loan Low interest student loans Available to students enrolled in at least 6 credit hoursMust have at least a 2.0 cumulative GPAMust attend a mandatory entrance loan interview if first-time student borrower and complete online entrance loan counseling
23 State Programs South Carolina Need-Based Grant (SCNBG) LIFE ScholarshipLottery Tuition Assistance Program
24 South Carolina Need-Based Grant (SCNBG) Must complete the FAFSABe a legal resident of South CarolinaBe a U.S. Citizen or eligible non-citizenDemonstrate financial needMust have a minimum 2.0 GPABe enrolled at least half-timeCannot have a two or four year degreeComplete a certification verifying that they meet certain criteria established by the state.A student is eligible to receive the grant up to four full-time semesters.
25 South Carolina Need-Based Grant (SCNBG) To continue eligibility for SCNBG, the student must:Maintain satisfactory academic progressComplete at least 24 hours for a full-time student and minimum of 12 hours for a part-time student for fall/spring of the previous academic yearMaintain a cumulative GPA of 2.0
26 LIFE Scholarship Initial Eligibility Must graduate from a South Carolina high school with a minimum 3.0 GPA on the Uniform Grading ScaleMust have an official high school transcript on fileMust be enrolling in college for the first timeMust enroll in a minimum of 12 non-remedial credit hours
27 LIFE Scholarship Continued Eligibility: Student must earn at least 30 non-remedial credit hours and minimum 3.0 GPA in the prior academic yearStudents enrolling mid-year need a minimum of 15 non-remedial credit hours and a minimum 3.0 GPA
28 LIFE Scholarship General Information Students are eligible for a maximum of 4 semesters of LIFE Scholarship at a two-year institution depending on the academic program in which they are enrolled.Students who receive LIFE Scholarship are not eligible to receive Lottery Tuition Assistance.LIFE Scholarship is not awarded in the summer session.LIFE Scholarship covers the cost of tuition and provides a $300 per year book allowance.
29 Lottery Tuition Assistance Must complete a FAFSAMust be a South Carolina residentMust enroll in at least 6 credit hoursMust maintain a cumulative GPA of 2.0 once 24 credit hours have been attempted
30 Lottery Tuition Assistance General Information Amount of award is determined by the state legislatureAward not based on needLottery can only be used to pay the cost of tuition
31 Understanding Student Financial Aid at York Technical College
32 Foundation Scholarships Provided through York Technical College Foundation as well as industries, businesses, professional organizations, civic clubs and individuals.Awarded on the following:Academic excellenceAchievementLeadership qualitiesNeedOther criteria specified by donor
33 Financial Aid Satisfactory Academic Progress (SAP) Students must make satisfactory academic progress to be eligible for financial aid.Students must meet guidelines which comply with federal regulations.The financial aid policy is separate from the general academic policy.Satisfactory Academic Progress must be maintained even during semesters when aid is not received.
34 Satisfactory Academic Progress Three criteria that determine progress:Maximum length of time for which the student may receive financial aid (150%)Percentage of attempted credit hours the student must earn (70%)Minimum GPA the student must maintain (2.0 cumulative GPA)
35 Maximum Time Frame (MTF) Maximum time frame for completion of program is 150% of published hoursAssessment of hours is cumulative and includes previous hours attempted; transfer credits, repeat classes, incomplete grades and withdrawals.Previous credits included even if financial assistance was not received.
36 Maximum Time Frame 150%Scenario 1: Nikisha enrolled as a student in the Teleproduction program. This program requires 45 credit hors for completion.Calculation: 45 credit hours x 150% MTF = 67.5 attempted hoursExplanation: Nikisha is no longer eligible for financial assistance for this program once attempted hours equal 67.5
37 150% MTFScenario 2:Kara graduated from Environmental Technology. This program requires 20 credit hours of completion. Kara attempted 30 credit hours prior to graduating from the Environmental Technology program. Kara decided to enroll in the Teleproduction program the next term of enrollment.Calculation: Maximum Time Frame for the Teleproduction program: 67.5 attempted hours20 credit hours required for Environmental Tech30 credit hours attempted= 10 hours excess67.5 MTF for Teleproduction10 excess hours= 57.5 New MTF for Teleproduction
38 150% MTFExplanation:Kara has 57.5 remaining attempted hours of eligibility to complete the Teleproduction program due to successful completion of the Environmental Technology program. However, excess hours from the 1st program will affect the MTF remaining.
39 70% CompletionStudents must complete 70% of all hours attempted each semester.Attempted hours are cumulative and all previous semesters are included in the calculation.Attempted hours are all courses in which a student is enrolled at the census date.
40 70% Completion Scenario 1: Denise attempted 12 credit hours Fall term and she earned 6 credit hours.Calculation:12 credit hours attempted x 70% =8.4 attempted credit hours.Explanation:Denise is not meeting 70%; She needed to earn 8.4 credit hours to meet the 70% requirement, but only earned 6 credit hours. Financial Aid – SAP status Probation next term of enrollment.
41 70% Completion Next term: Denise enrolled in 9 credit hours Spring term. She was eligible to receive financial aid during a term of Financial Aid-SAP probation. She earned 6 credit hours for the Spring term.Calculation:21 cumulative credit hours attempted x 70% = 14.7 attempted credit hours needed.
42 70% Completion Explanation: Denise cumulatively not meeting 70%; Denise needed to earn 14.7 credit hours to meet the 70% requirement, but only earned 12 cumulative credit hours. Financial Aid – SAP status is suspended next term of enrollment.
43 Grade Point AverageStudents must maintain a 2.0 grade point average (GPA).GPA is cumulative and includes all semesters for which a student has been enrolled.
44 Grade Point Average Terry must maintain a cumulative GPA of 2.0 Explanation:If Terry does not meet 2.0 GPA, Financial Aid – SAP status will be Probation next term of enrollment. If Terry does not raise his GPA above a 2.0 the term following probation he will be suspended from receiving financial assistance.
45 Financial Aid Probation Students who receive financial aid but fail to maintain Satisfactory Academic Progress will be placed on financial aid probation.Exception: A probationary period cannot be extended to students who have exceeded the Maximum Time Frame of 150% of a program of study or have attempted 180 credit hours.
46 Financial Aid Suspension Financial Aid Suspension will result from failure to:Complete the minimum required number of credits required during a probationary semester.Maintain a cumulative GPA of at least 2.0 during a probationary semester.Graduate prior to exceeding the maximum number of credits allowed for the student’s published program length.
47 Financial Aid Suspension Meet the requirements of an appeal approval. A student, who is suspended again after failing to meet these requirements, must attend on his/her own without financial aid and earn the required cumulative GPA and met 70% in order to regain eligibility.Subsequent appeals may be considered if a student has experienced unusual, extenuating circumstances that can be documented.
48 Appeals ProcessStudents must provide written documentation of extenuating circumstances of why they failed to meet the standards and how they will improve.Submission of an appeal does not guarantee reinstatement of financial aid.Students whose appeals are approved are placed on financial aid probation, will continue to receive financial aid and must meet the conditions of the appeal.Students whose appeals are denied will not receive financial aid until they are once again making satisfactory academic progress.
49 Changes in EnrollmentIf you drop before classes begin or before the census date (end of the drop period), your financial aid will be adjusted based on the hours for which you are enrolled on the census date. Also, if you never attend a class, your award amount will be adjusted if it reduces your enrollment below full-time.
50 Example of Potential Award Adjustment Based on Enrollment Fulltime ¾ Time ½ Time Less than ½ time12 hours 9-11 hours 6-8 hours 5 or less hoursA student eligible to receive a full Pell would be awarded accordingly:$2,775 Full Time Enrollment$2,081 ¾ Time Enrollment$1,388 ½ Time Enrollment$694 Less than ½ Time Enrollment
51 Return to Title IVComplete withdrawal from college: As part of Section 484B of the Higher Education Act, Congress passed new provisions governing what must happen to your federal financial assistance if you completely terminate enrollment.If a student withdraws from York Technical College, the college or the student may be required to return a portion of the funds.
52 Myths About Financial Aid MYTH: “You must be enrolled in 12 credit hours per term to receive financial aid.”FALSE. Many federal and state programs awards are not based on enrollment. Therefore you can be enrolled in as little as 1 credit hour to receive financial assistance.
53 MYTHS…..MYTH: “You or your parents can’t get any financial aid because your family income is too high.”FALSE. Income is only one of the criteria on which financial aid is based. If the costs exceed your family’s means, you will qualify for some form of financial aid (grants, work-study, or South Carolina state assistance). Also some scholarships are based on merit.
54 For more information:Stop by the Financial Aid Office in the Student Services BuildingCall