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Lord Fairfax Community College

Lord Fairfax Community College. Financial Aid. Financial Aid Process . What is Financial Aid ? . Financial aid is funding provided to students and families to help pay for postsecondary educational expenses. When to Apply .

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Lord Fairfax Community College

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  1. Lord Fairfax Community College Financial Aid finaid@lfcc.edu / 540-868-7130 / www.lfcc.edu/finaid

  2. Financial Aid Process 800-906-LFCC / www.lfcc.edu

  3. What is Financial Aid? • Financial aid is funding provided to students and families to help pay for postsecondary educational expenses. 800-906-LFCC / www.lfcc.edu

  4. When to Apply • Complete ASAP using the 2012-13 FAFSA with your 2011 tax return 800-906-LFCC / www.lfcc.edu

  5. How To Apply Complete the Free Application for Federal Student Aid (FAFSA) form • www.pin.ed.gov • Student • Parent • www.fafsa.gov Complete application online and submit online. 800-906-LFCC / www.lfcc.edu

  6. 800-906-LFCC / www.lfcc.edu

  7. 800-906-LFCC / www.lfcc.edu

  8. What Is Needed • Social security card and driver’s license • W-2’s from the previous tax year • Completed 2011 tax return • Self • Spouse • Parent(s) LFCC’s School Code: 008659 800-906-LFCC / www.lfcc.edu

  9. What Is Needed • Untaxed income (child support, combat pay) • Veteran’s, military or clergy benefits/allowances • Business or farm records • Investments and checking/savings account balances • Alien registration number if not a U.S. citizen LFCC’s School Code: 008659 800-906-LFCC / www.lfcc.edu

  10. 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 window • Applicant chooses whether or not to transfer data to FOTW 800-906-LFCC / www.lfcc.edu

  11. Financial Aid Programs _________________________________________________ FEDERAL • Pell Grant • Federal Supplemental Education Opportunity Grant (FSEOG) • Federal Work-study Program 800-906-LFCC / www.lfcc.edu

  12. Financial Aid Programs _________________________________________________ FEDERAL • Pell Grant • Actual award amount is based on the number of credits in which you are enrolled. 800-906-LFCC / www.lfcc.edu

  13. Financial Aid Programs _________________________________________________ FEDERAL • Federal Supplemental Education Opportunity Grant (FSEOG) • Out of state students only • Must be enrolled in at least 6 credits • Federal Work-study Program • Employment on campus with most positions average 10-15 hours a week. 800-906-LFCC / www.lfcc.edu

  14. Financial Aid Programs _________________________________________________ *STATE • Commonwealth Award (COMA) • Part-time Tuition Assistance Program (PTAP) • Virginia Guaranteed Assistance Program (VGAP) • *All state programs have limited funding – it is best to apply early to get the maximum award for which you are eligible. 800-906-LFCC / www.lfcc.edu

  15. Financial Aid Programs *STATE • Commonwealth Award (COMA) • Only for legal residents of VA • Must be enrolled in at least 6 credits • *All state programs have limited funding – it is best to apply early to get the maximum award for which you are eligible. 800-906-LFCC / www.lfcc.edu

  16. Financial Aid Programs • *STATE • Part-time Tuition Assistance Program (PTAP) • Only for legal residents of VA • Must be enrolled in 1-8 credits • *All state programs have limited funding – it is best to apply early to get the maximum award for which you are eligible. 800-906-LFCC / www.lfcc.edu

  17. Financial Aid Programs *STATE • Virginia Guaranteed Assistance Program (VGAP) • Provides funds to graduating high school seniors • Dependent only students • Must be enrolled full-time (12 credits) • Minimum GPA: 2.5 • *All state programs have limited funding – it is best to apply early to get the maximum award for which you are eligible. 800-906-LFCC / www.lfcc.edu

  18. Other Financial Assistance VETERANS • Department of Veterans Affairs benefits • Virginia Military Survivors and Dependents Education Program Veterans Affairs Coordinator: Kelsey Byard (kbyard@lfcc.edu) 800-906-LFCC / www.lfcc.edu

  19. Other Financial Assistance TUITION PAYMENT PLAN • Requires a down payment and an enrollment fee • Not a loan – no interest is charged • The earlier you sign up, the longer the payment period • www.lfcc.edu – select F.A.C.T.S. from the Quick Links menu 800-906-LFCC / www.lfcc.edu

  20. 800-906-LFCC / www.lfcc.edu

  21. 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 800-906-LFCC / www.lfcc.edu

  22. What types of loans are offered? • Subsidized Stafford Loan • Unsubsidized Stafford Loans • Parent PLUS Loan 800-906-LFCC / www.lfcc.edu

  23. Subsidized Stafford Loans • For students with demonstrated financial need, as determined by federal regulations. • Interest is charged while a student is in school at least half-time (6 credits), during the grace period, and during approved deferment periods. 800-906-LFCC / www.lfcc.edu

  24. Unsubsidized Stafford Loans • Not based on financial need • Interest is charged during all periods, even during the time a student is in school and during grace and deferment periods. 800-906-LFCC / www.lfcc.edu

  25. Parent PLUS Loan • Unsubsidized loans for the parents of dependent students. • Help pay for education expenses up to the cost of attendance minus all other financial assistance. • Interest is charged during all periods. 800-906-LFCC / www.lfcc.edu

  26. Parent PLUS Loan • Parents may defer payments until 6 months after the student graduates or leaves school (must request this option) • This loan is the parent’s responsibility – it cannot be transferred to the student. • Credit check required; cannot have adverse credit history 800-906-LFCC / www.lfcc.edu

  27. Scholarships • www.lfcc.edu/scholarships • Apply once each year • Jan – March application awards for upcoming fall and spring • All award notifications are sent to your LFCC student e-mail address. • Must have the 2013-14 FAFSA completed as you will need to provide the EFC # on the scholarship app. 800-906-LFCC / www.lfcc.edu

  28. Scholarships • Awards based on: • Essay ratings – be sure to spell check! • Current GPA (college or high school) • Must submit high school transcript if you have never attended LFCC 800-906-LFCC / www.lfcc.edu

  29. Scholarships • Requirements for scholarships: • Program of study; locality; single parent; first-generation college student; etc. • Not all are merit based, some are based on financial need • Do not have to be full-time or have a high GPA* *Unless required by scholarship donor. Minimum GPA to maintain award is a 2.0 800-906-LFCC / www.lfcc.edu

  30. Satisfactory Academic Progress ______________________________________________________________ Federal regulations require students receiving financial aid to meet Satisfactory Academic Progress (SAP) standards: • GPA • Completion Rate (must be at least 67%) • 150% of program maximum Take the classes you need. Pass the classes you take. • Utilize the drop and withdrawal dates in the academic calendar • Audited classes are not eligible for financial aid • If you stop attending classes, you may owe money back to LFCC 800-906-LFCC / www.lfcc.edu

  31. Satisfactory Academic Progress • GPA Requirement: Must maintain a certain GPA depending on the number of credits attempted • 67% Completion Rate: Calculated by dividing the number of completed credits by the total number of credits attempted. • Must be or exceed 67% • 150% credit maximum: Cannot exceed attempting 150% of credits required for your degree program (including transfer credits) 800-906-LFCC / www.lfcc.edu

  32. Satisfactory Academic Progress • If not meeting one or more of the SAP Standards, you will be notified via your LFCC student e-mail account. • If you do not submit a valid appeal letter by the due date all financial aid for the upcoming semester will be cancelled. 800-906-LFCC / www.lfcc.edu

  33. Bookstore & Other Information Bookstore • Spring bookstore accounts open through Feb. 11 (reminder for 2nd 8 week courses) • Loan only students have through Jan. 25 • Copy of your schedule, student ID number and a photo ID are required • Limited to $1,000 per semester • Online ordering through Textbook rental is also offered • www.lfcc.edu/bookstore 800-906-LFCC / www.lfcc.edu

  34. Other Information Other Information • Accounts will show pending or past due until after the Financial Aid Office and the Business Office reconcile all accounts • Remainder checks are sent approximately half-way through the semester to your address on file 800-906-LFCC / www.lfcc.edu

  35. Questions ? 800-906-LFCC / www.lfcc.edu

  36. 800-906-LFCC / www.lfcc.edu

  37. Lord Fairfax Community College Your Future. Our Focus. 800-906-LFCC / www.lfcc.edu

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