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Financial Aid 101 Presented by the Office of Financial Aid.

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Presentation on theme: "Financial Aid 101 Presented by the Office of Financial Aid."— Presentation transcript:

1 Financial Aid 101 Presented by the Office of Financial Aid

2 What is Financial Aid? It is financial assistance to help you and your family bridge the gap between what you can afford to pay for college. It is not intended to cover your expenses in full.

3 Where to start? Complete the Free Application for Federal Student Aid (FAFSA) at YOU MUST APPLY EACH YEAR!!! Savannah State’s School Code: 001590

4 What will I need to fill out the FAFSA? Federal tax return transcripts (student and parent’s) Sources of untaxed income (TANF, Social Security benefits, child support received and paid) Alien Registration Card (if not a U.S. citizen).

5 Who has access to my information? NO ONE! Savannah State University ensures the confidentiality of student records in accordance with the Family Education Rights and Privacy Act (FERPA) of 1974. To authorize release of information, the Release of Information Form is required listing all persons to whom the OFA may disclose your information.

6 Selective Service All male U.S. citizens and male aliens who are18 and not yet 26 years old must register. Incarcerated, hospitalized, or institutionalized for medical reasons must register within 30 days of release, if not yet 26. Early Submission: It is now possible for a man to submit registration information early, as long he is at least 17 years and 3 months old.

7 What Financial Aid Programs am I applying for on the FAFSA? Federal Grants State Grants & Scholarships Employment Loans

8 Federal Grants Federal Pell Grant o Designated for undergraduates who has not earned a bachelor’s degree o Award determined by Expected Family Contribution (EFC) – result from the FAFSA Federal Supplemental Educational Opportunity Grant (FSEOG) o Awarded to undergraduates who are Pell eligible o Priority given to those with the lowest EFC

9 State Scholarship Georgia Hope Scholarship Georgia resident Covers a percentage of tuition only Current rate is $128.22 per credit hour Will not pay for learning support classes Undergraduate 3.0 GPA

10 Employment Federal Work Study o Part-time employment o Awarded to undergraduates and graduates o Paid bi-weekly o Must have a financial need o Maximum 20 hours worked per week o Student Employment is separate from Federal Work Study

11 Loans Federal Direct Loans Funds are borrowed directly from the U.S. Department of Education. o Awarded to undergraduates and graduates o Must enroll with at least 6 credit hours o Loan fee deducted (5%) o Must be repaid o Complete Master Promissory Note (MPN) & Entrance Counseling at

12 Loans (continued) Subsidized – Interest is paid by the U.S. DOE while you are in school. Need based. Interest rate – 3.4% Annual Loan Limits Freshmen - $3,500 Sophomores - $4,500 Juniors & Seniors - $5,500

13 Loans (continued) Unsubsidized – Interest accrues, you may pay interest while you are in school or have it deferred. Not need-based. Interest rate fixed – 6.8% Annual Loan Limits Dependent - $2,000 (all classifications) Independent – Freshmen/Sophomores Add. $4,000 Juniors & Seniors Add. $5,000

14 Loans (continued) Federal Parent Loan (PLUS) For parents of dependent students. Has a fixed interest rate of 7.9% & 4% loan fee. Credit history is checked. o Parent begins repayment 60 days after the 1 st disbursement o Student enrolled at least half-time (6 or more credit hours) o Complete Master Promissory Note (MPN) at

15 Loans (continued) Federal Perkins Loans o Need based o Awarded by Savannah State University o Repaid to Savannah State University o Interest rate is fixed at 5.0% o Interest is deferred while in school

16 Loans (continued) Alternative Loans Funds are provided by private lenders, such as banks, credit unions, etc. Apply online at lender’s website Interest rate is higher than direct loans Endorser required Students are encouraged to exhaust ALL federal aid first!

17 Loans (continued) PLAN & BORROW RESPONSIBLY!!! (**Especially if Attending Summer Semester**)

18 What forms do I submit to the school? For the verification process (if you are selected) : o Dependent/Independent Verification Worksheet o Tax Return Transcript from the IRS o Proof of any untaxed income o LES (military personnel and dependents)

19 How do I keep my aid? Satisfactory Academic Progress (SAP) Schools are required by the U.S. Department of Education to establish minimum standards to measure students’ progress, both in quality and quantity.

20 How do I keep my aid? (continued) Qualitative (GPA) Must maintain the minimum cumulative grade point average. Attempted Hours % Earned Minimum Cumulative Hours GPA 1-30 25% 1.50 31-60 40% 1.79 61-90 55% 2.00 91+ 67% 2.00 Graduate 1-54 70% 3.00

21 How do I keep my aid? (continued) Quantitative (Time Frame) Transferred hours are included, as well as IP,W, F, U, WF. Students have a maximum number of credit hours in which to complete their degree program, 150%. If a program requires 131 credit hours, a student is allowed 196 hours to receive financial aid. (131 x 150% = 196)

22 How do I keep my aid? (continued) Failure to meet or exceed the SAP standards will result in suspension of financial aid eligibility. Students may appeal the suspension by submitting a typed appeal with supporting documentation.

23 How Do I Estimate My Cost? (Example of GA Resident Dependent Student Award) Annual Amount Amount Per Semester *Loan Processing Fees Included Pell Grant (If Full Amount) $5550$2775 Subsidized Loan $3500$1742* Unsubsidized Loan $2000$996* Additional Unsubsidized (if Parent PLUS Denied) $4000$1990* Total $15050$7503

24 How Do I Estimate My Cost? (Example of On-Campus Student Expenses) Amount Per Semester Housing New Freshman Residence Hall $2600 Meals $1796 Tuition & Fees for 15+ hrs. (GA Resident) $3104 Postal & Laundry $38 Total $7538

25 Student Resources SSU’s Office of Financial Aid Click on “Current Students”  “Financial Aid” U.S. Department of Education Website Georgia HOPE scholarship

26 Student Resources Direct Loan Counseling – Federal Direct Student Loans - Students can manage their federal student loans, complete their Master Promissory Note (MPN), find out more about entrance and exit counseling, consolidation and repayment options. National Student Loan Data System (NSLDS) NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.

27 Scholarships Visit the Office of Financial Aid’s webpage Click on “Current Students”  “Financial Aid”  “Scholarships” & Search the internet and contact local civic and social organizations.

28 Financial Aid Q & A Presented by the Office of Financial Aid

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