Paying For College Who, What, When, Where and How? Unlocking the Door To Higher Education

Determining the Cost of College Attendance Direct costs (tuition, required fees, room and board – on or off campus) Indirect costs (books, transportation, personal/miscellaneous expenses) Varies widely from college to college Net Price Calculator – A tool which enables current and prospective students and their families to determine an estimate of a current or prospective student’s individual net price at a particular institution

Four Ways to Pay for College Grants – Money that is given to you based on financial need in most cases Scholarships – Money that is given to you because of academic achievement, talent, skill or financial need Work – Money you earn Loans – Money you borrow and must repay

Free Application for Federal Student Aid (FAFSA) A form of need analysis Determines the Expected Family Contribution (EFC) Use ALL Prior Year income(taxed and untaxed) Provide both student and parent(s) income Looks at total Household size How many are in college? Total assets are considered in calculation Can send to up to 10 colleges/universities FREE

The Financial Aid Process Obtain a PIN for both the student and one parent ( Complete the FAFSA online ( Respond to any additional requests for information from the college/university Receive award letter and accept awards Complete Master Promissory Note and Loan Entrance Counseling if needed

Whose information is provided on the FAFSA? Student’s income and asset information Parent income and assets Who is a parent? –Biological/adoptive parent(s) –Information from legal guardians is not acceptable –Divorced/separated parents? Information from parent with whom student lives If parent has remarried, step-parent info must be reported

FAFSA Results FAFSA determines the Expected Family Contribution (EFC) Information received electronically by the College’s financial aid office Cost of Attendance (COA) -Expected Family Contribution (EFC) NEED Award Letter mailed, ed, or made available online by the Financial Aid Office

Unusual Circumstances Report All Special Circumstances to the College’s Financial Aid Office –Change in parent’s marital status –Loss of income or significant reduction –Death of a parent –Unusually high medical expenses

FAFSA Help College Goal South Carolina FREE Workshop Hands-on assistance in completing the FAFSA from financial aid professionals THIS SATURDAY, FEBRUARY 21 st See for more details or to registerwww.sccango.org

FAFSA Help SATURDAY, FEBRUARY 21, 2015 Richland County Public Library Assembly Street; Columbia - 9:00 – 12:00 Midlands Tech Airport Campus Lexington Drive; West Columbia - 10:00 – 1:00 Columbia International University Monticello Road; Columbia - 10:00 – 1:00

State Scholarships and Grants Administered by SC Commission on Higher Education  Palmetto Fellows Scholarship  LIFE Scholarship  HOPE Scholarship  Lottery Tuition Assistance  SC Need-Based Grant ___________________________________ Administered by SC Higher Education Tuition Grants Commission  South Carolina Tuition Grants

General Eligibility Criteria for State Programs Be a South Carolina resident (parent(s) of “dependent” students must also be legal South Carolina residents); Be a U.S. citizen or a permanent resident (green card); Be enrolled as a degree-seeking student at an eligible South Carolina public or private institution; (State Scholarship and Grant funds cannot be used at out-of-state colleges);

General Eligibility - Continued Certify that the he/she has never been convicted of any felonies and has not been convicted of any second or subsequent alcohol or other drug-related misdemeanor convictions within the past academic year (required for all but the Lottery Tuition Assistance Program); Verify that he/she does not owe a refund or repayment on any Federal or State financial aid and not be in default on any Federal loans Generally can receive funds from only one program during an academic year. But may receive both a Scholarship and a Grant.

Palmetto Fellows Scholarship Available for attendance at four year institutions in South Carolina Maximum Award –$6,700 during Freshman year –$7,500 per year for Sophomore through Senior years Must apply during Senior year of high school –Deadline for early applications is December 15 –Deadline for final applications is June 15 Guidance Counselors will help with the application process

Palmetto Fellows Scholarship Initial Eligibility criteria: –Top 6% of class, –1200 or higher SAT, 27 or higher ACT, and –3.50 cumulative GPR on Uniform Grading Policy OR –1400 or higher SAT, 32 or higher ACT, and –4.00 cumulative GPR on Uniform Grading Policy Continued Eligibility criteria: –3.0 GPA or greater and earn at least 30 credit hours each academic year.

LIFE Scholarship Available for attendance at a two or four year institutions in South Carolina. Maximum Award – at a Four Year institution: –Up to $5,000 per year Maximum Award – at a Two Year or Technical School: –Up to Cost of tuition + $300 book allowance

LIFE Scholarship Initial Eligibility requirements: Any two of these three: –3.0 or higher cumulative GPA –1100+ SAT or 24+ ACT –Top 30% of high school class Continued Eligibility Requirements: –3.0 GPA or greater and at least an average of 30 credit hours per academic year (dual enrollment grades count). Can earn the LIFE Scholarship while in college –3.0 GPA or greater and at least an average of 30 credit hours per academic year.

Palmetto Fellows and LIFE Scholarship Enhanced Awards Maximum Award: – $2,500 per year beginning in the Sophomore year Eligibility Criteria: –Declare a major in Mathematics or Science* –Have earned at least 14 credit hours of math or science courses* during the Freshman year (including dual enrollment and AP courses taken during High School). * A complete list of eligible majors and courses can be found on the SC Commission on Higher Education’s website,

SC Hope Scholarship Available only for the Freshman year at a SC four-year institution Maximum Award: –Up to $2,800 towards the cost of attendance Eligibility Requirements: –3.0 GPA at time of high school graduation

Lottery Tuition Assistance Available for attendance at two-year public or private colleges Must file FAFSA Maximum Award: - $1140 per semester for full-time students or $95 per credit hour for part-time students ( amounts) Continued Eligibility Requirements: –2.0 GPA or greater and maintain Satisfactory Academic Progress requirements

SC Need-Based Grant Need-Based Grant Program available to eligible SC Residents attending SC public colleges Must file FAFSA Amount varies by college Foster care youth eligible for full $2500 and must self-identify to CHE Continued Eligibility Requirements: –2.0 GPA or greater and maintain Satisfactory Academic Progress requirements

South Carolina Tuition Grants Need-Based Grant Program available to eligible SC residents attending SC independent colleges on a full-time basis Freshman Academic Eligibility Criteria –Top 75% of senior class, OR –SAT score of 900 (math and critical reading) or higher, OR –ACT composite score of 19 or higher, OR –Final High School GPA of 2.0 or higher on SC Uniform Grading Policy

South Carolina Tuition Grants Allen University Anderson University Benedict College Bob Jones University Charleston Southern University Claflin University Coker College Columbia College Columbia International University Converse College Erskine College Furman University Limestone College Morris College Newberry College North Greenville University Presbyterian College Southern Wesleyan University Spartanburg Methodist College Voorhees College Wofford College ELIGIBLE COLLEGES

South Carolina Tuition Grants Students must file FAFSA annually Be sure residency questions are correct Annual Application Deadline – June 30 Maximum award ( ) - $3,000 Tentative Eligibility notifications via (Thank you to SC Student Loan Corporation) – for more informationwww.sctuitiongrants.org

Scholarships Never Pay for a Scholarship or for a Scholarship Search Never buy anything based on the promise of a scholarship Never believe anything that says, “Millions of Dollars of Unused Scholarships”

Scholarship Resources College Board’s Big Future Scholarship Search – welcome.jsphttp://apps.collegeboard.com/cbsearch_ss/ welcome.jsp Fast Web Scholarship Search – College Net’s Scholarship Search –

Other Financial Aid Programs College and University Funded Merit Scholarships and Need-based grants (i.e., Academic, Athletic, Departmental, Church- related programs, etc.) Privately Funded Scholarships and Grants (i.e., Rotary, Elks Club, Faith-based entities, Pageants, etc.) South Carolina Teaching Fellows Program South Carolina Teachers Loan Program Private, Alternative Loan Programs

SC Teachers Loan Program Administered by South Carolina Student Loan SC Residents Only Education Majors FAFSA not required Graduate in top 40% of high school class SAT/ACT score of at least SC Average for year of HS graduation Loan Limits are based on grade level: Freshman $2,500 Loan forgiveness if you teach in critical geographic area and/or subject in South Carolina

Federal Financial Aid Programs Pell Grant Supplemental Educational Opportunity Grant (SEOG) Federal Work Study Perkins Loan Direct Loan Programs Direct Parent PLUS Loan

Federal Pell Grant Must file FAFSA Based on Need Up to $5,775 (for academic year) Award based on enrollment status: Full- Time, Part-Time or Less than half-time

Federal Supplemental Education Opportunity Grant (FSEOG) Must be a Pell Grant recipient Amount varies depending on school Must file FAFSA Based on need Limited funds

Federal Work-Study Must file FAFSA Based on need Limited funds Students work up to 20 hours/week - earn a paycheck Usually on campus

Direct Loan Program Subsidized Loan Must file FAFSA Need-Based Loan Interest paid by government while in school 6 month grace period prior to repayment Unsubsidized Loan Must file FAFSA Not need-based Interest NOT paid but deferred while in school 6 month grace period prior to repayment Loan Limits are based on grade level: Freshman is $5,500 combined between Subsidized and Unsubsidized Loan Made to the Student

Direct Loan program: forgiveness options Public Service Loan Forgiveness PAYE-Pay As You Earn Income Based Repayment Forgiveness for Teachers – Five years of teaching service at a low income school anywhere in United States $5,000 in forgiveness More details: App/students/english/cancelstaff.jsp App/students/english/cancelstaff.jsp

Direct PLUS Loan Loan Made to the Parent of a Student FAFSA is required Approval based on creditworthiness Payments begin 60 days after final disbursement of the loan or 6 months after the student exits school

Contact Information Holly Gilliam Financial Aid Assistant Director University of South Carolina ______________________________________ Katie Harrison Deputy Director SC Higher Education Tuition Grants Commission

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