Presentation on theme: "Financial Aid for Faculty. Types of Financial Aid Grants Loans Work study Scholarships Third-Party Sponsorships."— Presentation transcript:
Financial Aid for Faculty
Types of Financial Aid Grants Loans Work study Scholarships Third-Party Sponsorships
Applying for Federal Funding To be considered for federal funding, students must fill out the Free Application for Federal Student Aid (FAFSA) online. Computers and help are available in the Career Resource Center. To avoid delays and problems in processing, this should be done correctly and early in the year. The application is processed by federal government A Student Aid Report (SAR) is sent to the student and listed colleges If the student is flagged for verification by the federal government: Student Financial Services will mail a letter to the student requesting additional documentation All requested documentation must be submitted in a timely manner The FAFSA will be verified/corrected, and a new report generated Student will receive an MCC Aid Award Letter If needed, student loans will be processed
Qualifying for Federal Funding In order to qualify for federal aid, a student must: Demonstrate need (determined by FAFSA) Be a US citizen or eligible non-citizen Have a valid social security number Be working toward an eligible degree or certificate Have a diploma, GED or pass the Ability to Benefit test Not be in default on a federal educational loan Not owe a refund or repayment on a federal grant Be registered with selective service (Males 18 – 25) Maintain satisfactory academic progress
Need-based Federal Grants Pell Grant The Pell grant is offered Fall and Winter semester, but can also be used during the Spring and Summer terms, if monies are still available. It is awarded based on the results of the student's FAFSA and the number of credit hours they are enrolled each semester. Awards range from $488 - $5,350. Supplemental Educational Opportunity Grant (SEOG) The SEOG is awarded on a first come, first served basis to Pell-eligible students with exceptional financial need. Students must be enrolled at least six (6) credit hours in order to receive this grant. Awards range from $100 - $4,000. Academic Competitiveness Grant (ACG) The ACG is available to first-year students who graduated after January 1, 2006, and second-year students who graduated after January 1, To be eligible, a student must: be a Pell Grant recipient, be enrolled at least half-time in a degree program, have completed a rigorous secondary school program of study; and have at least a cumulative 3.0 GPA at the end of the first. Awards are $750 for the first year of study and $1,300 for the second year.
Other types of aid Loans Federal Stafford Student Loans Amount and disbursement schedule may vary between students. Can be Subsidized (Federal government will pay the interest incurred while enrolled) or Unsubsidized (Student is responsible to pay the interest incurred from the time of disbursement) Three steps to the process – all must be completed before the loan will be processed: Loan Information Request Electronic Loan Application or Master Promissory Note (MPN) Entrance Loan Counseling Plus Loan (for Parents of dependent students) Work-study* Part-time, on-campus government subsidized employment for students with financial need. The funds can only be used if the student is hired. Interested students must: Elect to receive work study funds on their FAFSA Attend an orientation Complete all the required paperwork in the Student Employment Center Be enrolled for at least half-time. Student employees may work up to their awarded eligibility, up to 25 hours/week. Rate of pay is $7.40/hour with a max award of $2960 for Fall and Winter. *Work study awards may reduce or eliminate a student's need for a student loan
State Funding Tuition Incentive Program (TIP) Students must be identified by the Department of Human Services (DHS) prior to graduation Awards are restricted to tuition and mandatory fees. Michigan Competitive Scholarship Awards are restricted to tuition and mandatory fees (max award established annually). Open to students demonstrating financial need and merit, based on ACT scores. Eligible applicants must file the FAFSA, be a legal Michigan resident, and be enrolled at least half-time. Michigan Indian Tuition Waiver Waives all tuition costs for North American Native Americans that are no less than ¼ (25%) Tuition is waived; therefore, there will be no monies applied to the account, and all additional fees are the responsibility of the student. Students must be certifiable by their tribe or the Bureau of Indian Affairs, and have resided in Michigan for no less than 12 consecutive months Michigan Education & Training Voucher (ETV) Program Available to youth who were in foster care on or after their 14th birthday and youth who were adopted from foster care on or after their 16th birthday. Eligible students can receive ETV once each fiscal year until their 23rd birthday. Michigan Promise Eliminated as of 10/2009
Other Types of Aid Scholarships Apply via STARS through the Mott website The deadline is July 1 for Fall and December 1 for Winter Can be awarded based on need, merit, performance or a combination of these and other factors. Many require additional documentation, which may include letters of recommendation from faculty members. External scholarships: Can be identified by checking with local businesses, churches, schools, and scholarship websites. Many universities offer transfer scholarships to students with high academic achievement in their first two years of study. Third-Party Sponsorships No Worker Left Behind, Michigan Rehabilitation Services (MRS), Commission for the Blind, various employer plans, etc.
Student Responsibilities Attend classes Awards can be recalculated if attendance guidelines are not met. This cannot be appealed. Maintain Satisfactory Academic Progress (SAP): Cumulative GPA of at least 2.0 Complete at least 67% of the credits attempted with satisfactory grades Only grades greater than 2.0 or S Withdrawals, Incompletes, U, NS, and grades <1.5 will all have a negative impact on the completion rate Limited to 93 credit hours attempted, whether financial aid was used for all 93 credits or not. Be aware of the census date See a financial aid representative prior to following through with any registration activity after this date, as it may impact award eligibility. Understanding enrollment level Full-time is equivalent to 12 credits in the Fall/Winter and 6 credits in the Spring/Summer. Dropping below this point can reduce awarded amounts and may impact non-financial aid matters, such as health insurance.
Faculty Responsibilities Report absences honestly and every week Absence reporting is NOT punitive! In some cases, it is a good thing to be reported absent. Explain your role as a faculty member Refer all questions about financial aid to Student Financial Services. Encourage students to contact the Call Center or search MCCAnswer for general financial aid information. Do not give financial aid advice – regulations and procedures change! Be aware of the census date Any registration activity after this date has the potential to negatively impact a student’s awards. Late registration into classes may not be covered by financial aid Withdrawing may result in a return of a previously granted awards, leaving the student with an outstanding balance.
Important Points to Remember Registration dates (first and last day to…) The 7/11 Rule: 7 days for full refund/11 days for half refund Census date Importance of accurate absence reporting Where to direct students with questions Call Center Website Financial Aid Federal guidelines cannot be appealed