1. Financial Aid Night November 12 th, 2015

2. Welcome & Agenda Welcome and Introductions Sherrie Beaver Director of School Counseling, Wando High School 6:30 Financial Aid 101 & FAFSA Lt. Col. Henry Fuller, Jr. Director of Financial Aid & Scholarships, The Citadel 6:40 SC State Scholarships & Grants Elizabeth Caulder South Carolina Commission on Higher Education 7:05 Questions and Answer Panel Discussion 7:30

3. Quick Tips www.WandoHigh.com Community Scholarships Scholarship Deadlines Resources for Financial Aid www.Naviance.com Community Scholarships Nationwide scholarships Includes dates, deadlines, application criteria

4. Reminders for your students! Senior IGPS -completed Junior IGPs are In-Progress Check your student email!

5. Upcoming Events December 17 th : Scholarship Day January 5 th: PSAT Interpretation Night February 22 nd : Junior Night

6. National Association of Student Financial Aid Administrators Presents … © 2015 NASFAA What You Need to Know About Financial Aid

7. © 2015 NASFAA Slide 7 Topics We Will Discuss Tonight What is financial aid? Cost of attendance (COA) Expected family contribution (EFC) Financial need Categories, types, and sources of financial aid Free Application for Federal Student Aid (FAFSA) Special circumstances

8. © 2015 NASFAA Slide 8 What is Financial Aid? Financial aid consists of funds provided to students and families to help pay for postsecondary educational expenses

9. © 2015 NASFAA Slide 9 What is Cost of Attendance (COA)? Direct costs Indirect costs Direct and indirect costs combined into cost of attendance Varies widely from college to college

10. © 2015 NASFAA Slide 10 What is Expected Family Contribution (EFC)? Amount family can reasonably be expected to contribute Stays the same regardless of college Two components – Parent contribution – Student contribution Calculated using data from a federal application form and a federal formula

11. © 2015 NASFAA Slide 11 What is Financial Need? Cost of Attendance – Expected Family Contribution = Financial Need

12. © 2015 NASFAA Slide 12 Categories of Financial Aid Need-based aid Non-need-based aid

13. © 2015 NASFAA Slide 13 Types of Financial Aid Scholarships Grants Loans Employment Gift Aid Self-Help Aid

14. © 2015 NASFAA Slide 14 Gift Aid: Scholarships Money that does not have to be paid back Awarded on the basis of merit, skill, or unique characteristic

15. © 2015 NASFAA Slide 15 Gift Aid: Grants Money that does not have to be paid back Usually awarded on the basis of financial need

16. © 2015 NASFAA Slide 16 Self-Help Aid: Loans Money students and parents borrow to help pay college expenses Repayment usually begins after education is finished Only borrow what is really needed Look at loans as an investment in the future

17. © 2015 NASFAA Slide 17 Self-Help Aid: Work-Study Employment Allows student to earn money to help pay educational costs – A paycheck; or – Nonmonetary compensation, such as room and board Student may opt whether or not to work or number of hours to work

18. © 2015 NASFAA Slide 18 Sources of Financial Aid Federal government States Colleges and universities Private sources Civic organizations and churches Employers

19. © 2015 NASFAA Slide 19 Federal Government Largest source of financial aid Aid awarded primarily on the basis of financial need Must apply each year using the FAFSA

20. © 2015 NASFAA Slide 20 Federal Student Aid Programs Federal Pell Grant Iraq and Afghanistan Service Grant (IASG) Teacher Education Assistance for College and Higher Education (TEACH) Grant Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Work-Study (FWS) Subsidized and Unsubsidized Federal Direct Student Loans (Direct Loans) PLUS Loans

21. © 2015 NASFAA Slide 21 States Residency requirements usually apply Award aid on the basis of both merit and need Use information from the FAFSA and/or state aid applications Deadlines vary by state – Check paper FAFSA or FAFSA on the Web website

22. © 2015 NASFAA Slide 22 Colleges and Universities Award aid on the basis of both merit and need Aid may be gift aid or self-help aid Use information from the FAFSA and/or institutional applications Deadlines and application requirements vary by institution – Check with each college or university

23. © 2015 NASFAA Slide 23 Private Sources Foundations, businesses, charitable organizations Deadlines and application procedures vary widely Begin researching private aid sources early

24. © 2015 NASFAA Slide 24 Civic Organizations and Churches Research what is available in community To what organizations and churches do student and family belong? Application process usually occurs during spring of senior year Small scholarships add up!

25. © 2015 NASFAA Slide 25 Employers Companies may have scholarships available to the children of employees Companies may have educational benefits for their employees

26. © 2015 NASFAA Slide 26 Free Application for Federal Student Aid (FAFSA) A standard form that collects demographic and financial information about the student and family May be filed electronically or using paper form – Available in English and Spanish

27. © 2015 NASFAA Slide 27 FAFSA Information used to calculate the expected family contribution (EFC) – Amount of money a student and his or her family may reasonably be expected to contribute towards the cost of the student’s education for an academic year Colleges use EFC to award financial aid

28. © 2015 NASFAA Slide 28 FAFSA May be filed at any time during an academic year, but no earlier than the January 1 st prior to the academic year for which the student requests aid For the 2016–17 academic year, the FAFSA may be filed beginning January 1, 2016 Most colleges set FAFSA filing deadlines

29. © 2015 NASFAA Slide 29 FAFSA on the Web (FOTW) Website: www.fafsa.govwww.fafsa.gov 2016–17 FAFSA on the Web available on January 1, 2016 FAFSA on the Web Worksheet: – Used as “pre-application” worksheet – Questions follow order of FAFSA on the Web

30. © 2015 NASFAA Slide 30 FAFSA on the Web Good reasons to file electronically: Built-in edits to prevent costly errors Skip-logic allows student and/or parent to skip unnecessary questions Option to use Internal Revenue Service (IRS) Data Retrieval Tool to import tax data

31. © 2015 NASFAA Slide 31 FAFSA on the Web Good reasons to file electronically: More timely submission of original application and any necessary corrections More detailed instructions and “help” for common questions Ability to check application status online Simplified application process in the future

32. © 2015 NASFAA Slide 32 IRS Data Retrieval Tool While completing FOTW, applicant may submit real-time request to IRS for tax data IRS will authenticate taxpayer’s identity If match found, IRS sends real-time results to applicant in new browser window Applicant chooses whether or not to transfer data to FOTW

33. © 2015 NASFAA Slide 33 IRS Data Retrieval Tool Available early February 2016 for 2016–17 processing cycle Participation is voluntary Reduces documents requested by financial aid office

34. © 2015 NASFAA Slide 34 IRS Data Retrieval Tool Some will be unable to use IRS DRT Examples include: – Filed an amended tax return – No Social Security Number (SSN) was entered – Student or parent married but filed separately

35. © 2015 NASFAA Slide 35 FSA ID https://fsaid.ed.gov/npas/ind exhtm https://fsaid.ed.gov/npas/ind exhtm Sign FAFSA electronically Not required, but speeds processing May be used by students and parents throughout aid process, including subsequent school year Only the owner should create a FSA ID

36. © 2015 NASFAA Slide 36 FAFSA on the Web Worksheet FAFSA on the Web Worksheet contains: Instructions Questions that gather basic information on student and parent, if applicable

37. © 2015 NASFAA Slide 37 General Student Information Social Security Number Citizenship status Marital status Drug convictions Selective Service registration Level of parents’ school completion

38. © 2015 NASFAA Slide 38 Student Dependency Status FAFSA asks questions to determine dependency status for federal student aid (not IRS) purposes: If all “No” responses, student is dependent If “Yes” to any question, student is independent

39. © 2015 NASFAA Slide 39 Information About Parents of Dependent Students Tax, income, and other financial information Dislocated worker status Receipt of federal means-tested benefits Assets Untaxed income

40. © 2015 NASFAA Slide 40 Information About Student (and Spouse) Tax, income, and other financial information Dislocated worker status Receipt of federal means-tested benefits Assets Untaxed income

41. © 2015 NASFAA Slide 41 Additional Information College and housing information FAFSA preparer information Certification of Statement of Educational Purpose

42. © 2015 NASFAA Slide 42 Signatures Required – Student – One parent (dependent students) Format for submitting signatures – Electronic using FSA ID – Signature page – Paper FAFSA

43. © 2015 NASFAA Slide 43 Frequent FAFSA Errors Social Security Numbers Divorced/remarried parental information Income earned by parents/stepparents Untaxed income U.S. income taxes paid Household size Number of household members in college Real estate and investment net worth

44. © 2015 NASFAA Slide 44 FAFSA Processing Results Central Processing System (CPS) notifies student of FAFSA processing results by: Paper Student Aid Report (SAR) if paper FAFSA was filed and student’s email address was not provided SAR Acknowledgement if filed FAFSA on the Web and student’s email address was not provided

45. © 2015 NASFAA Slide 45 FAFSA Processing Results CPS notifies student of FAFSA processing results by: – Email notification containing a direct link to student’s online SAR if student’s email was provided on paper or electronic FAFSA Student with FSA PIN may view SAR online at www.fafsa.gov www.fafsa.gov

46. © 2015 NASFAA Slide 46 FAFSA Processing Results Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA is submitted College reviews ISIR – May request additional documentation

47. © 2015 NASFAA Slide 47 Student Aid Report Review data for accuracy and correct any errors Update estimated tax information when actual figures become available

48. © 2015 NASFAA Slide 48 Making Corrections If necessary, corrections to FAFSA data may be made by: Using FAFSA on the Web (www.fafsa.gov) if student has a FSA ID;www.fafsa.gov Updating paper SAR (SAR Information Acknowledgement cannot be used to make corrections); or Submitting documentation to college’s financial aid office

49. © 2015 NASFAA Slide 49 Special Circumstances Cannot be documented using FAFSA Send written explanation and documentation to financial aid office at each college College will review and request additional information if necessary Decisions are final and cannot be appealed to U.S. Department of Education

50. © 2015 NASFAA Slide 50 Special Circumstances Change in employment status Unusual medical expenses not covered by insurance Change in parent marital status Unusual dependent care expenses Student cannot obtain parental information

51. © 2015 NASFAA Slide 51

52. South Carolina Commission On Higher Education Financial Aid Night

53. State Scholarship and Grant Programs SC Need-based Grant Lottery Tuition Assistance SC HOPE Scholarship LIFE Scholarship Palmetto Fellows Scholarship

54. General Eligibility Requirements SC HOPE, LIFE & Palmetto Fellows Scholarship SC Need-based Grant Lottery Tuition Assistance US Citizen/Legal Permanent Resident* SC Resident* No felony convictions No second or subsequent alcohol/drug misdemeanors Not in default of any state or federal loans Enroll in a degree-seeking program at an eligible SC institution *This must be determined at the time of high school graduation.

55. SC Need-based Grant Must complete the FAFSA application each year and be determined “needy” based on Title IV Can be used at any 2-year or 4-year public institution. Must be considered a degree seeking student. Up to $2,500 for full-time or $1,250 for part- time.

56. SC Need-based Grant Additional Programs Foster Care Youth Up to the maximum $2,500 SC NBG award/year, plus up to an additional $2,000 *Student needs to work with the Financial Aid office, DSS, and CHE College Transition Program Programs at 5 eligible SC institutions for intellectually disabled students. *Student needs to be determined needy by Title IV guidelines

57. Lottery Tuition Assistance $100/Credit hour up to $1,200 for full time Complete the FAFSA application Enrolled as a degree seeking student at one of the: 16 technical schools, 2-year USC satellite campuses, or Spartanburg Methodist College

58. State Scholarships & Residency: Basic Breakdown Students must have their immigration status verified through a federal process as either a US Citizen or legal permanent resident before they can be awarded any State scholarship. Students must be verified by the institution as a SC resident before they can be awarded any State scholarship. A student who is NOT verified as a US Citizen or legal permanent resident AND who is not verified as a SC resident at the time of their high school graduation cannot receive State scholarships at the time of initial enrollment or at any point in the future.

59. SC HOPE Scholarship Eligibility: 3.0 Cumulative GPA (based on the SC UGP) upon high school graduation No application Process. Institution reviews final high school transcript. Must attend an eligible SC 4-year institution Up to $2,800 For the 1st academic year only (2 terms)

60. Meet 2 of the following 3 requirements: Earn a cumulative 3.0 SC UGP GPA* (*only requirement for 2- year) Earn an 1100/SAT or 24/ACT Rank in the top 30% of graduating class LIFE Scholarship Initial Eligibility Up to 4 consecutive semesters at a 2-year institution Up to 8 consecutive semesters at a 4-year institution Up to $5,000/year to include a $300 book allowance (Not to exceed the COA) LIFE Scholarship Terms of Eligibility & Award

61. “Facts of LIFE” Scholarship NO application process Not required to begin college immediately after high school Can earn LIFE Scholarship after 1 st, 2 nd, or 3 rd academic year Student has until the end of an academic year to earn the GPA/Credit hours

62. Dual Enrollment and college enrollment while in high school and/or prior to enrolling in college Grades and credit hours earned at colleges and universities (in-state, out-of state, abroad) Includes “F” and “D” Grades Grades and credit hours earned while enrolled in college (including summer school) LIFE GPA

63. A “Walk Through Life” End of 1 st Academic Year Earn a 3.0 Cum LIFE GPA Earn at least 30 credit hours End of 2 nd Academic Year Earn a 3.0 Cum LIFE GPA Earn at least 60 credit hours End of 3 rd Academic Year Earn a 3.0 Cum LIFE GPA Earn at least 90 credit hours

64. Palmetto Fellows Scholarship (PFS): Application Periods Any eligible student will need to be a part of the Early or Late Award application process during their year of graduation TWO opportunities to apply: Early Award: Mid-October- December 15 th Late Award: Mid-April-June 15 th Should the deadline fall on a Saturday, Sunday, or holiday the deadline is the preceding Friday. *a student cannot use Early Award documentation for the Late Award* **a student cannot apply or earn the PFS once they have graduated high school** Counselor driven application process The application and application materials must be submitted via the high school/home school association and in the Commission office by the established deadlines (listed above)

65. Palmetto Fellows Scholarship Eligibility Requirements For schools that have an official policy on rank that has been reviewed by the Commission for compliance with the established Regulations: Rank in the top 6% at the end of the 10 th, or the 11 th, or the 12 th grade academic year Earn a 1200 on the SAT/27 on the ACT (through the June test administration of the graduating year) Earn a 3.5 cumulative GPA (based on the SC UGP) OR Alternate Criteria (without regard to rank) Earn a 1400 on the SAT/32 on the ACT (through the June test administration of the graduating year) Earn a 4.0 Cumulative GPA (based on the SC UGP)

66. Palmetto Fellows Scholarship Award Breakdown 1 st Year Up to $6,700 2nd, 3 rd, and 4 th Years Up to $7,500

67. How do I keep the Palmetto Fellows Scholarship? 3.0 cumulative institutional GPA (Cannot transfer grades from other colleges) Earn 30 credit hours each academic year Does NOT include AP, IB, Dual Enrollment, CLEP or exempted credit hours

68. Important Palmetto Fellows Scholarship Points The student MUST attend an eligible 4-year institution the fall semester immediately following high school graduation Enrolling in a 2-year institution during a fall or spring semester forfeits the student’s PFS eligibility Not enrolling the fall semester upon high school graduation forfeits the student’s PFS eligibility A student who attends an out-of-state institution can use any remaining terms of the PFS should they transfer to an eligible SC institution and meet the PFS renewal requirements In order for the student to receive scholarship funds they MUST complete the DESIGNATION FORM This is the SOLE responsibility of the student The student is provided this form via email to the email listed on the electronic application

69. LIFE & PFS Enhancements Up to an additional $2,500 Must Earn 14 credit hours of math and/or science by the end of the 1 st academic year (AP, IB, Dual Enrollment, CLEP & Exempted courses) Must be enrolled in an eligible major at their home institution Starts the student’s 2 nd academic year (6 semesters) at a 4-year institution only

70. Early Graduates Early Graduate: Student graduates mid-year For scholarship eligibility the student can ONLY use SC UGP GPA CANNOT use rank SC HOPE/LIFE Scholarship Complete Early Graduate application at planned institution of attendance Palmetto Fellows Scholarship Only ONE opportunity to apply the Early Award application period of their senior year Can receive LIFE Scholarship only for the 1 st semester*. Will receive the PFS the following terms of remaining eligibility. *Student must attend and eligible 4-year institution only for the spring term Graduating Early: Student graduates academic year(s)early SC HOPE/LIFE Scholarship Eligibility is based on the end of the academic year with their “new” graduating class Palmetto Fellows Scholarship Can apply during the Early or Late Award application period Early Award Application period can only use end of the 10 th grade GPA and rank Late Award application period can use the end of the 10 th or 12 th grade rank, must use end of the 12 th grade GPA

71. The Infamous “Gap Year” There is NO GAP YEAR There is NO DEFERMENT OPTION Palmetto Fellows Scholarship (PFS): A PFS recipient must enroll at an eligible 4-year institution the fall semester immediately following high school graduation Can enroll at an eligible in-state or out-of-state institution Must be a 4-year institution Not enrolling the fall semester upon high school graduation forfeits the student’s PFS eligibility Enrollment at a 2-year institution for a fall/spring term forfeits a PFS recipient’s eligibility (may be eligible for LIFE) Cannot start a 2-year and transfer to a 4-year and earn the PFS later SC HOPE/LIFE Scholarship: Not required to immediately enroll “Clock” starts based on the initial term of enrollment once a student is no longer considered a high school student

72. Attending an Out-of State Institution No State Scholarships or grants may be used at an out-of-state institution at any time Academic Common Market Allows for South Carolina residents who are enrolled in specific programs at out-of-state institutions to be charged only the applicable in-State tuition by the institution in which the student is enrolled Eligible programs are those programs, which are at least 50 percent different in curricular content than programs offered in South Carolina. Participating states are Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia (Florida and Texas participate only at the graduate level). Contact: Ms. Saundra Carr 803-737-2274 or scarr@che.sc.govscarr@che.sc.gov http://www.che.sc.gov/Students,FamiliesMilitary/LearningAboutCollege/AcademicCommo nMarketInformation.aspx http://www.che.sc.gov/Students,FamiliesMilitary/LearningAboutCollege/AcademicCommo nMarketInformation.aspx

73. Year Round Scholarships Eligible SC HOPE, LIFE, and Palmetto Fellows recipients Earn continued eligibility by the end of the Spring term Eligible to use funds for a Summer term *Enrolled full- time *Uses a term of eligibility *Eligible for Fall if eligible at the end of Spring

74. SAT Redesign * Students will sit for the re-designed SAT beginning March 2016 * The College Board provided information regarding the new scoring and/or language that will be provided to all institutions and shared nationally * Concordance table will be available at the earliest May 2016 * “…The current and redesigned assessments vary in design and content tested. We ask that colleges consider the implications of comparing and combining scores from two different tests as they design their score use policies…” * CHE is monitoring and will provide additional details relating to South Carolina scholarships.

75. Commission on Higher Education Contact Information Dr. Karen Woodfaulk, Director of Student Affairs 803-737-2244 or kwoodfaulk@che.sc.govkwoodfaulk@che.sc.gov Elizabeth Caulder, Associate Director of Student Financial Support Palmetto Fellows, LIFE, SC HOPE, SC Need-based Grant & LTAP 803-737-2262 or ecaulder@che.sc.govecaulder@che.sc.gov Leslie Williams, Program Assistant, Student Financial Support 803-737-2290 or lwilliams@che.sc.govlwilliams@che.sc.gov Gerrick Hampton, Associate Director, Pre-College Youth 803-734-7397 or ghampton@che.sc.govghampton@che.sc.gov