FINANCIAL AID

1. FINANCIAL AID

2. What is Financial Aid? It is assistance in paying your Tuition, Fees, Room, Board and other college expenses It most likely will not pay your entire bill

3. Sources of Financial Aid Federal Government (Grants & Loans) State (Grants & Scholarships) Institution (Grants, Scholarships & Loans) Private Agencies (Grants, Scholarships & Loans)

4. When to apply Scholarships: October 2007 Federal Aid: Before March 2008 After that, limited funds may be gone

5. How do you apply? Institutional Scholarships: Contact the admissions/financial aid office at the school. Private Agencies: Contact them or your High School Guidance Counselor Federal and Sate Aid: FAFSA www.fafsa.ed.gov (not .com) Applying is FREE (there is no fee)

6. USC Lancaster Scholarships Must complete a scholarship application including a short essay by February 1 of each year. (You can apply as a continuing student) Merit Based: Financial need is not a consideration. Requirements: 3.0 GPA, 1000+ SAT (M+V) Awards are made for the regular academic year, fall and spring semesters, and are not available in the summer. Students must enroll full time in order to receive their awards. Awards based on funding ($500 to $750)

7. Eligibility Requirements Must have a high school diploma or GED. Must be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program. Must be a US citizen. Must have a valid Social Security Number. Must be registered with the Selective Service, if required. There are other eligibility criteria, but rarely an issue.

8. Filing the FAFSA Cont� When should I file? Now As soon as you have completed your 2007 Taxes Before the end of March

9. Filing the FAFSA Cont� What will I need to file my FAFSA? Your Taxes for 2007 Your Parents� Taxes for 2007 Your PIN (Personal Identification Number) A PIN For your parents

10. Filing the FAFSA Cont� Steps in Filing the FAFSA: Complete your Taxes File for a PIN (for you and your parents) Fill out the Web Worksheet Log on to FAFSA on the Web and �File a New FAFSA� for �2008-2009� This is completed from the Student�s perspective Be sure you are using the correct SSN

11. Steps in Filing the FAFSA Cont� Be sure to enter our School Code: USC Lancaster: 003453 USC Columbia: 003448 York Technical College: 003996 Make sure you sign it with a PIN to speed up the process If you don�t have a PIN, create one, or print the signature page, sign it and mail it. Check with the school 2 weeks later After you have submitted the application, you can go back and make changes so long as you have your PIN.

12. Filing the FAFSA Cont� You can check on the status of your application using your PIN. If you file the paper application: it can take 1 month before the school receives it there are no automated systems to catch mistakes. You will be sent a Student Aid Report by e-mail if you provided an e-mail address by mail if you didn�t give an e-mail address This will be Yellow The School will be sent your application electronically.

15. Questions about the FAFSA Am I Independent?: 24 years old? Veteran or on Active Duty? Parents Deceased and not adopted? Married? Children or other dependents for whom you �the student- provide 50% of their support? Living on your own doesn�t qualify you as Independent (you will need your parents� taxes) My grandparents/aunt/uncle/friend raised me but did not adopt me, can I put their information on the FAFSA? No, you must have your parents info If you can not reach your parents, put zeroes in their section Ask for a �Dependency Override� from the school.

16. Questions about the FAFSA My parents are Divorced, whose information do I use? Custodial Parent Step-Parent Am I working on a Master�s Degree? If you have not attended college before, then you are not working on a Master�s or Doctorate degree (yet) Do I need to File Taxes? If you make more than $5350 you need to Can I work and still be eligible for Financial Aid? Yes, but any amount the student earns over $3750 will reduce the student�s eligibility.

17. Questions about the FAFSA What are some common mistakes? Leaving one parent�s income out of the AGI Reporting total incomes from W-2s and not the Tax Form as AGI Taxes Paid should NOT equal AGI Reporting Withholdings on W-2s as Taxes Paid, you must report actual paid taxes (which would be minus the refund you received) If you have a business of 100 or more employees, you must report a business value, even if it is $0

18. Questions about the FAFSA Wow these worksheets are complex, what do I put here? On the ABC Worksheets, if you don�t know what something is you probably don�t have it Social Security Benefits should be reported on Worksheet A Child Support RECEIVED is included on Worksheet B Child Support PAID is included on Worksheet C (and reduces total income considered) Be sure to put a �0� if you don�t receive this

19. Questions about the FAFSA What does the FAFSA tell me? It determines the Expected Family Contribution (EFC) It determines eligibility for Federal and State Grants It replaces a credit check for Federal Student Loans What is the EFC? What your family could contribute towards the total cost of living and paying for college How does the School use it? Determine Need (limits need based awards) Cost of Attendance (limits all awards) Need Formula: COA-EFC = NEED

20. Verification What is Verification? A review and correction of your application information Applications are randomly selected The schools will notify you Each school will need to verify you What will you need to do? You must complete, sign and return the �Verification Worksheet�; and You must send signed copies of you (and your parents�) Federal Tax Returns (not State); and You must send copies of your (and your parents�) W-2s; and You must do this promptly

21. What types of Aid are available? Scholarships (free money, earned) Grants (free money, usually need based) Loans (borrowed money, has to be paid back) Work Study (money you earn while at school)

22. Federal Aid PELL Grant Based on EFC $4800.00 annual limit Each school awards it based on FAFSA Academic Competitiveness Grant Must be Pell eligible Must be U.S. Citizen Must meet High School requirements (see later slide) $750 annual limit SMART Grant For continuing students (3rd & 4th year) Requires Science, Mathematics or other areas of study. SEOG Need based grant Each school awards it from limited funds

23. Federal Aid, cont� Perkins Loans Need based loan 5% interest rate Each school awards it from limited funds Stafford Loans No Credit Check, just file FAFSA Further detail on later slide Work Study Does not apply to the bill, has to be earned Awarded based on need Job is supposed to work around school schedule

24. Academic Competitiveness Grant Must be PELL Grant Eligible Be a U.S. Citizen (there are no �eligible non-citizens� for this program; unlike Pell); Be enrolled full-time, in a degree seeking program at a 2 or 4 year institution; Must be in first year of college; Complete a �Rigorous High School Program� (any 1 of these 5): Courses similar to �State Scholars Initiative� Advanced Placement Courses (3+ on tests) Dual Enrollment Courses (6 hours in specific areas) College Preparatory Course Prerequisite Requirements SC Academic Achievement Honors Award High Schools That Work Award of Educational Achievement Students should always notify the school if they believe they are eligible Continued Eligibility Requirements: 30 weeks of courses and 30 credit hours with a 3.0 GPA. $1300/year in Second Year

25. State Aid Palmetto Fellows Scholarship LIFE Scholarship HOPE Scholarship Lottery Tuition Assistance Need Based Grant or Tuition Grant

26. Palmetto Fellows Scholarship Funded by the State of South Carolina Maximum of $6700 limit a year No application required. Students are automatically considered Eligibility Requirements: SC resident Meet these 3 requirements: 3.5 GPA on a 4.0 scale SAT 1200 (not including Writing) or 27 ACT Top 6% of Class in one of the last 3 years of HS no felony or drug/alcohol convictions in prior academic year must enroll as a full-time degree-seeking undergraduate student (not available at 2 year schools) Awarded for 8 Terms only Renewal requirements: 30 Credit Hours, 3.0 GPA Science and Math Majors: Earn 14 hours of Science/Math courses in 1st year and get a bonus of $2500 each year after.

27. LIFE Scholarship Funded by the State of South Carolina Award amount equals cost of tuition and fees + $150 book allowance per semester ($5000 limit) No application required. Students are automatically considered Eligibility Requirements: SC resident Meet 2 of these 3 requirements: 3.0 GPA on a 4.0 scale SAT 1100 or 24 ACT Top 30% of Graduating Class no felony or drug/alcohol convictions in prior academic year NO SAT requirement for two year schools must enroll as a full-time degree-seeking undergraduate student Awarded for 8 Terms only (4 terms at a 2 year school) Renewal requirements: 30 Credit Hours, 3.0 GPA College credits earned in High School count towards the 30 hours. Science and Math Majors: Earn 14 hours of Science/Math courses in 1st year and get a bonus of $2500 for each year after.

28. HOPE Scholarship Funded by the State of South Carolina Award amount equals the cost of Tuition and Fees plus $150 book allowance (Max of $2500 per semester). No application required. Students are automatically considered Eligibility Requirements: SC resident 3.0 GPA on a 4.0 scale no felony or drug/alcohol convictions in prior academic year must enroll as a full-time degree-seeking undergraduate student Awarded for 2 Terms only

29. Lottery Tuition Assistance 2 year schools only (USCL, York Tech, etc�) Award Amount is dependent upon sufficient proceeds from the S.C. Education Lottery Award amount cannot exceed tuition minus Federal/State grant aid Current per credit hour rate = $76.00 (maximum $912.00)* Some general eligibility requirements include: Completed FAFSA on file with school Enroll in at least 6 credit hours as a degree-seeking student Be a SC resident Must Not be receiving a LIFE Scholarship Renewal Requirements: 2.0 GPA after first 24 hours *subject to change

30. SC Need Based Grant (Public) Awarded to neediest students first Maximum award of $2500 Amount determined after all other Grants and Scholarships have been applied Some general eligibility requirements include: Completed FAFSA on file with school Enroll in at least 6 credit hours as a degree-seeking student Be a SC resident Awarded for 8 Terms only (4 at a 2 year school) Life Time Limits: $10,000 for 1st Bachelor�s Degree, $5,000 for first Associates Degree. Renewal Requirements: 24 credit hours, 2.0 GPA If half-time, 12 credit hours

31. SC Tuition Grant (Private) FAFSA must be on file by June 30th Maximum award of $2500 Awarded to neediest students first, but academic requirements Eligibility Requirements: Enroll in at least 6 credit hours as a degree-seeking student Be a SC resident The student must meet one of these academic requirements: Top 75% of graduating High School Class OR 900+ on SAT/ 19+ on ACT OR 2.0 High School GPA Awarded for 8 Terms only (4 at a 2 year school) Life Time Limits: $10,000 for 1st Bachelor�s Degree, $5,000 for first Associates Degree. Renewal Requirements: 24 credit hours, 2.0 GPA If half-time, 12 credit hours

32. Will I need to borrow Loans? Probably Example of a fairly inexpensive school $12000 COA (T+F, R+B, B+S, etc..) -$4800 PELL - $750 ACG -$5000 LIFE $1450 ? You will probably need to borrow loans

33. Stafford Loans Programs (the school chooses) Direct Loans: Federal Government is the Lender Federal Family Education Loan Program: Private Lending agencies managing Federally Guaranteed Loans Lenders (the student chooses) The student always has the right to choose his lender (unless DL) Schools may offer a preferred or recommended list, which they may have an electronic process setup to speed up processing. Lenders provide different benefits and repayment options Eligibility: Must file FAFSA No Credit Check Must sign Promissory Note Entrance Counseling Sub or Unsub? Subsidized: No interest while in school, based on need Unsubsidized: Interest always accrues, not need based

34. Stafford Loans, cont� Interest Rate: 6.80% Unsub. / 6.0% Sub. Annual Stafford Loan Limits: $3500 Freshmen borrower ($1750/semester) $4000 Sophomore borrower $5500 Junior borrower $5500 Senior borrower Aggregate (Total) Loan Limits: Dependent student: $23,000 Repayment: $125/month per $10,000 borrowed.

35. Other Loans Available Parent Loans (PLUS) 8.50 % interest Credit Check Required Goes into repayment immediately Teacher�s Loans Apply early (available in February) Paid off when you teach in a high need area and/or high need program in SC 8.80 % interest rate if goes into repayment Limit $2500 for Freshmen Alternative Loans Variable interest, often higher than Stafford Loans Credit Check Required and Cosigner

36. Leroy Springs Student Loan NO Interest Loan Requirements: FAFSA on file SAT (820 on Verbal and Math) or comparable ACT Top 50% of graduating class and/or HS GPA of 2.5 Application, Letter of Recommendation, Interview Preference given to applicants who are residents of Lancaster County, Fort Mill Township (Fort Mill School HS District) and Chester Township (Chester HS, Great Falls HS, Lewisville HS districts) or whose parents or guardians work full-time in one of these areas. Applications available April 1 and must be completed and returned to the Springs Close Foundation by May 1. You must apply each year, and must maintain a 2.5 GPA as a Full-Time student (12 hours/semester) Pays Tuition, fees, Room, Board and books (up to $3,500)

37. Satisfactory Academic Progress This is a Federal Requirement Minimum required academics to receive aid Required for almost all awards Two Measurements: Qualitative: GPA (Grade Point Average) Usually a 2.00 cumulative GPA Quantitative: Hours attempted vs. Hours Earned Limit is 1 � the time it should take to complete the degree Checked at end of Spring or Summer You can appeal

38. Important Dates November: USCL begins admitting January 1st FAFSA available February 1st USCL Scholarship Apps Due February 23rd College Goal Sunday - USCL March 31st Have FAFSA filed April 1st Leroy Springs Loan App Available April 15th USCL Priority Deadline for Fin Aid May 1st Leroy Springs Loan App Due June 30th Deadline for SC Tuition Grant July 1st USCL Award Letters Sent August 19th USCL Bills due August 21st USCL Classes begin

39. Remember! You must reapply for financial aid each year by renewing your FAFSA If you change schools, your aid does not necessarily transfer with you. Add the School Code on the FAFSA Contact their Financial Aid Office to get it started There are many other sources of Aid. Search for scholarships in your community. Search the Web Don�t pay for a scholarship or grant application

40. Questions? Kenneth Cole Director of Financial Aid BY MAIL: PO Box 889 Lancaster, SC 29721 BY PHONE: (803) 313-7068 Visit Us: 126 Starr Hall, Hubbard Drive BY WEB: http://usclancaster.sc.edu/