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York Technical College Financial Resources Office.

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Presentation on theme: "York Technical College Financial Resources Office."— Presentation transcript:

1 York Technical College Financial Resources Office

2 What is Financial Resources? Grants Grants Employment Employment Scholarships Scholarships VA Benefits VA Benefits Tuition Assistance Tuition Assistance Student Loans Student Loans

3 General Requirements for All Students You must demonstrate financial need You must demonstrate financial need Be enrolled in an eligible program of study Be enrolled in an eligible program of study Have a high school diploma or GED or meet the Ability to Benefit test criteria Have a high school diploma or GED or meet the Ability to Benefit test criteria Be a U.S. Citizen or an eligible non-citizen Be a U.S. Citizen or an eligible non-citizen Be registered with the Selective Service (if male) Be registered with the Selective Service (if male) Not be in default on a Title IV Loan Not be in default on a Title IV Loan Not owe a repayment to a Title IV program Not owe a repayment to a Title IV program Maintain satisfactory academic progress Maintain satisfactory academic progress Provide a valid social security number Provide a valid social security number

4 Application For Financial Aid F - Free A - Application F - for Federal S - Student A - Aid

5 How Do I Apply? Electronically FAFSA on the Web (www.fafsa.gov) FAFSA on the Web (www.fafsa.gov)www.fafsa.gov

6 Priority Deadlines Fall Semester June 1 Spring Semester November 1 Summer Session March 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 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 Resources Counselor subtracts the EFC from the school’s costs to determine your financial need. The Financial Resources Counselor subtracts the EFC from the school’s costs to determine your financial need.

8 EDUCATIONAL COSTS The 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. The 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$3352 Tuition and Fees$3352 Books and Supplies$1200 Books and Supplies$1200 Transportation$2500 Transportation$2500 Personal/Miscellaneous$2250 Personal/Miscellaneous$2250 Room and Board$7200 Room and Board$7200 Total$16,502 Total$16,502

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: 1. Paper Student Aid Report (SAR) if the student’s address was not provided 2. notification 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. Missing information letters are sent to students if additional information is required. Most common request is for verification of FAFSA information. Most common request is for verification of FAFSA information. Students receive a letter in the mail after the receipt of the FAFSA results and an reminder 30 days later. Students receive a letter in the mail after the receipt of the FAFSA results and an reminder 30 days later.

13 Verification Process Each 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 Resources Office certain documentation to show the information on the FAFSA is correct. Each 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 Resources 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: If a correction to an applicant’s data is needed, the correction may be made by either of the following: 1. On the paper Student Aid Report (SAR) 2. On the Web if the student has a PIN number 3. By 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. Missing information and award letters are mailed to students and this information can also be viewed on WebAdvisor. 1. Log in to the York Tech website: 2. Click on WebAdvisor 3. Log in 4. Click on “Students” 5. See options for Financial Aid on the screen

16 Financial Resources Assistance Federal and state financial aid is a resource to assist families with the cost of attendance. Federal 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. 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. 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. York Technical College Foundation Scholarships are also available.

17 Financial Resources Federal Federal Pell Grant Federal Pell Grant Federal Academic Competitiveness Grant (ACG) Federal Academic Competitiveness Grant (ACG) Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Work-Study (FWS) Federal Work-Study (FWS) Federal Stafford Loans Federal Stafford Loans

18 Must complete the FAFSA Must complete the FAFSA Actual award amount based on Expected Family Contribution (EFC) and enrollment status Actual award amount based on Expected Family Contribution (EFC) and enrollment status Money that does not have to be repaid Money that does not have to be repaid Annual amounts range from $1,176 to $5,550 Annual amounts range from $1,176 to $5,550 Federal Pell Grant

19 Federal Academic Competitiveness Grant (ACG) Must be at least a part-time undergraduate student enrolled in an eligible certificate, diploma or associate degree program Must be at least a part-time undergraduate student enrolled in an eligible certificate, diploma or associate degree program Must be eligible for Pell Grant Must be eligible for Pell Grant Must be a U.S. citizen or eligible non-citizen Must be a U.S. citizen or eligible non-citizen

20 Federal Academic Competitiveness Grant (ACG) First academic year undergraduate students must: Be enrolled in an eligible program. Be enrolled in an eligible program. Have completed a rigorous secondary school program of study. Have completed a rigorous secondary school program of study. Not have been previously enrolled as a regular student in an undergraduate program. Not have been previously enrolled as a regular student in an undergraduate program. Have graduated from high school after Jan. 1, Have graduated from high school after Jan. 1, The award is up to $750 for first academic year undergraduate students. The award is up to $750 for first academic year undergraduate students.

21 Federal Academic Competitiveness Grant (ACG) Second academic year undergraduate students must: Be enrolled in an eligible program. Be enrolled in an eligible program. Have completed a rigorous secondary school program of study. Have completed a rigorous secondary school program of study. Have graduated from high school after Jan. 1, 2006 Have graduated from high school after Jan. 1, 2006 Have at least a 3.0 GPA for the first academic year for their eligible program. Have at least a 3.0 GPA for the first academic year for their eligible program. The award is up to $1300 for second academic year undergraduate students. The award is up to $1300 for second academic year undergraduate students.

22 Federal Supplemental Educational Opportunity Grant (FSEOG) Must complete the FAFSA Must complete the FAFSA Must be eligible for Federal Pell Grant Must be eligible for Federal Pell Grant Money that does not have to be repaid Money that does not have to be repaid Based on hours of enrollment Based on hours of enrollment Funds depend on availability at school Funds depend on availability at school

23 Federal Work-Study (FWS) Provides part-time employment while enrolled in school. Provides part-time employment while enrolled in school. Helps pay for educational expenses. Helps pay for educational expenses. Available to undergraduate or graduate students who are enrolled full-time or part-time. Available to undergraduate or graduate students who are enrolled full-time or part-time. Priority to students who show exceptional need Priority to students who show exceptional need Students work no more than 20 hours per week. Students work no more than 20 hours per week. FWS jobs are limited to availability of positions and funds. FWS jobs are limited to availability of positions and funds.

24 America Reads In 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.

25 Federal Stafford Loan Low interest student loans Low interest student loans Available to students enrolled in at least 6 credit hours Available to students enrolled in at least 6 credit hours Must have at least a 2.0 cumulative GPA Must have at least a 2.0 cumulative GPA Must attend a mandatory entrance loan interview if first-time student borrower and complete online entrance loan counseling Must attend a mandatory entrance loan interview if first-time student borrower and complete online entrance loan counseling

26 State Programs South Carolina Need-Based Grant (SCNBG) South Carolina Need-Based Grant (SCNBG) LIFE Scholarship LIFE Scholarship Lottery Tuition Assistance Program Lottery Tuition Assistance Program

27 South Carolina Need-Based Grant (SCNBG) Must complete the FAFSA Must complete the FAFSA Be a legal resident of South Carolina Be a legal resident of South Carolina Be a U.S. Citizen or eligible non-citizen Be a U.S. Citizen or eligible non-citizen Demonstrate financial need Demonstrate financial need Must have a minimum 2.0 GPA Must have a minimum 2.0 GPA Be enrolled at least half-time Be enrolled at least half-time Cannot have a two or four year degree Cannot have a two or four year degree Complete an affidavit verifying that they meet certain criteria established by the state. Complete an affidavit verifying that they meet certain criteria established by the state. A student is eligible to receive the grant up to four full-time semesters. A student is eligible to receive the grant up to four full-time semesters.

28 South Carolina Need-Based Grant (SCNBG) To continue eligibility for SCNBG, the student must: To continue eligibility for SCNBG, the student must: Maintain satisfactory academic progress Maintain satisfactory academic progress Complete 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 year Complete 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 year Maintain a cumulative GPA of 2.0 Maintain a cumulative GPA of 2.0

29 LIFE Scholarship Initial Eligibility Must graduate from a South Carolina high school with a minimum 3.0 GPA on the Uniform Grading Scale Must graduate from a South Carolina high school with a minimum 3.0 GPA on the Uniform Grading Scale Must have an official high school transcript on file Must have an official high school transcript on file Must be enrolling in college for the first time Must be enrolling in college for the first time Must enroll in a minimum of 12 non-remedial credit hours Must enroll in a minimum of 12 non-remedial credit hours

30 LIFE Scholarship Continued Eligibility: Student must earn at least 30 non-remedial credit hours and minimum 3.0 GPA in the prior academic year Student must earn at least 30 non-remedial credit hours and minimum 3.0 GPA in the prior academic year Students enrolling mid-year need a minimum of 15 non-remedial credit hours and a minimum 3.0 GPA Students enrolling mid-year need a minimum of 15 non-remedial credit hours and a minimum 3.0 GPA

31 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 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. Students who receive LIFE Scholarship are not eligible to receive Lottery Tuition Assistance. LIFE Scholarship is not awarded in the summer session. LIFE Scholarship is not awarded in the summer session. LIFE Scholarship covers the cost of tuition and provides a $300 per year book allowance. LIFE Scholarship covers the cost of tuition and provides a $300 per year book allowance.

32 Lottery Tuition Assistance Must complete a FAFSA Must complete a FAFSA Must be a South Carolina resident Must be a South Carolina resident Must enroll in at least 6 credit hours Must enroll in at least 6 credit hours Must maintain a cumulative GPA of 2.0 once 24 credit hours have been attempted Must maintain a cumulative GPA of 2.0 once 24 credit hours have been attempted

33 Lottery Tuition Assistance General Information Amount of award is determined by the state legislature Amount of award is determined by the state legislature Award not based on need Award not based on need Lottery can only be used to pay the cost of tuition Lottery can only be used to pay the cost of tuition

34 Understanding Student Financial Resources at York Technical College

35 Foundation Scholarships Provided through York Technical College Foundation as well as industries, businesses, professional organizations, civic clubs and individuals. Provided through York Technical College Foundation as well as industries, businesses, professional organizations, civic clubs and individuals. Awarded on the following: Awarded on the following: 1. Academic excellence 2. Achievement 3. Leadership qualities 4. Need 5. Other criteria specified by donor

36 Financial Resources Satisfactory Academic Progress (SAP) Students must make satisfactory academic progress to be eligible for financial aid. Students must make satisfactory academic progress to be eligible for financial aid. Students must meet guidelines which comply with federal regulation. Students must meet guidelines which comply with federal regulation. 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.

37 Satisfactory Academic Progress Three criteria that determine progress: Maximum length of time for which the student may receive financial aid (150%) Maximum length of time for which the student may receive financial aid (150%) Percentage of attempted credit hours the student must earn (70%) Percentage of attempted credit hours the student must earn (70%) Minimum GPA the student must maintain (GPA) Minimum GPA the student must maintain (GPA)

38 Maximum Time Frame (MTF) Maximum time frame for completion of program is 150% of published hours Maximum time frame for completion of program is 150% of published hours Assessment of hours is cumulative and includes previous hours attempted; transfer credits, repeat classes, incomplete grades and withdrawals. Assessment 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. Previous credits included even if financial assistance was not received.

39 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 hours Explanation: Nikisha is no longer eligible for financial assistance for this program once attempted hours equal 67.5

40 150% MTF Scenario 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 hours 20 credit hours required for Environmental Tech - 30 credit hours attempted =10 hours excess 67.5 MTF for Teleproduction - 10 excess hours =57.5 New MTF for Teleproduction

41 150% MTF Explanation: 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 1 st program will affect the MTF remaining.

42 70% Completion Students must complete 70% of all hours attempted each semester. Students 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 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. Attempted hours are all courses in which a student is enrolled at the census date.

43 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.

44 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.

45 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.

46 Grade Point Average Students must maintain a 2.0 grade point average (GPA). Students must maintain a 2.0 grade point average (GPA). GPA is cumulative and includes all semesters for which a student has been enrolled. GPA is cumulative and includes all semesters for which a student has been enrolled.

47 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.

48 Financial Aid Probation Students who receive financial aid but fail to maintain Satisfactory Academic Progress will be placed on 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. 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.

49 Financial Aid Suspension Financial Aid Suspension will result from failure to: Complete the minimum required number of credits required during a probationary semester. 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. 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. Graduate prior to exceeding the maximum number of credits allowed for the student’s published program length.

50 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. 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.

51 Appeals Process Students must provide written documentation of extenuating circumstances. Students must provide written documentation of extenuating circumstances. Submission of an appeal does not guarantee reinstatement of financial aid. 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 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. Students whose appeals are denied will not receive financial aid until they are once again making satisfactory academic progress.

52 Changes in Enrollment If you drop before classes begin or before the census date, 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.

53 Example of Potential Award Adjustment Based on Enrollment Fulltime¾ Time½ TimeLess than ½ time 12 hours9-11 hours6-8 hours5 or less hours A student eligible to receive a full Pell would be awarded accordingly: $2,775Full Time Enrollment $2,082¾ Time Enrollment $1,388½ Time Enrollment $694Less than ½ Time Enrollment

54 Return to Title IV Complete 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.

55 Myths About Financial Aid MYTH: “You must be enrolled in 12 credit hours per term to receive 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 based on enrollment. Therefore you can be enrolled in as little as 1 credit hour to receive financial assistance.

56 MYTHS….. MYTH: “You or your parents can’t get any financial aid because your family income is too high.” 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.

57 For more information: Stop by the Financial Resources Office in the Student Services Building Stop by the Financial Resources Office in the Student Services Building Call Call


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