Common cents a guide to Financial Aid & Scholarships

1. Kali Brown, Director of Financial Aid Vance-Granville Community College October 24, 2013 Common centsa guide to Financial Aid & Scholarships

2. Average Cost of Tuition per SemesterBased on Full-Time Status (12 Hours) • NC Private Universities = $15,600 • NC Public Universities = $3,300 • Vance-Granville Community College = $913 • Affordable and Local

3. VGCC Financial Aid & Scholarships • $14.5 Million • Awarded in Federal, State and Institutional aid to our students in 2011 - 2012 • 80% of student population

4. What is Financial Aid? • Financial Aid is funds provided to students and families to help pay for postsecondary educational expenses. • Financial aid includes grants, loans, work-study, and scholarships.

5. Who is eligible? • Federal/State Aid • U.S. citizen or permanent resident • State aid: North Carolina resident • High school graduate/GED holder • Valid Social Security number • Males registered for Selective Service • Eligible degree/certificate program • Standards of academic progress • Scholarships • Will vary by scholarship

6. Applying for Financial Aid • FREE Application for Federal Student Aid (FAFSA) • Single standard form • IRS Data Retrieval • Must complete annually • Apply at: www.fafsa.gov • March 15th, Priority application deadline at VGCC • Other Colleges/Universities may have different deadlines! • Application for 2014 – 2015 will be available on January 1st

7. Applying for Financial Aid (cont.) • PIN Number • Allows students and parents to electronically sign the FAFSA as well as a Master Promissory Note, if applying for student loans • Website: www.pin.ed.gov

8. Applying for Financial Aid (cont.) • Once the FAFSA is submitted, watch for an email response from: FederalStudentAidFAFSA@cpsemail.ed.gov • After the FAFSA is sent to school(s), watch for emails or letters • Submit any additional paperwork requested by school(s) • Each school will notify students how much aid they are eligible for at that institution. • Keep in touch with the Financial Aid Office at school of choice.

9. Expected Family Contribution (EFC) • Amount of money the student and/or parent is expected to contribute to the student’s education. • Determined by: • Parent’s Income: Earnings from Work, Child Support Received or Paid, Business Income • Student’s Income: Earnings from Work, Child Support Received or Paid, Business Income • Number in Family and College • Assets

10. How much Federal Student Aid can I receive? • In general, it depends on financial need. • Financial need is determined by the Expected Family Contribution and college’s Cost of Attendance (COA) • EFC determined from the FAFSA • COA is tuition, fees, books, personal, room and board, transportation, etc. • Formula: COA – EFC = Financial Need

11. Types of Financial Aid • Federal: • Pell Grant • FSEOG – Federal Supplemental Education Opportunity Grant • Federal Work Study Program – Part-time Jobs on Campus • William D. Ford Federal Direct Loan Program • State: • NC Community College Grant (for NC Community Colleges) • NC Education Lottery Scholarship (for NC community colleges and all 16 UNC campuses) • UNC Need-Based Grant (for all 16 UNC campuses) • NC Need-Based Scholarship (for NC independent non-profit campuses)

12. Types of Financial Aid (cont.) • Program Specific for North Carolina: • College Foundation of North Carolina website • Forgivable Education Loans for Service (FELS) • http://www.cfnc.org/FELS • Areas include: Allied Health, Nursing, Education, and Medical Programs • Scholarships • VGCC Scholarships • Outside Scholarships • Veterans Educational Assistance • VGCC Department Grants & Day Care Assistance

13. Types of Financial Aid (cont.) • Student Loans • This type of Financial Aid must be REPAID plus interest!! • William D. Ford Federal Direct Loan Program • Alternative Loans

14. VGCC Scholarship Programs • Top 20% Scholarship Program • Awarded to Top 20% of High School Seniors • $750 scholarship (academic year) • Guaranteed to the first 30 students who respond • Return the scholarship acceptance to VGCC by March 1, 2014. • How can you help? • Send the names and addresses of your Top 20% to us. • Send to: Endowment Office Vance-Granville Community College P O Box 917 Henderson, NC 27536 FAX: (252) 738-3696

15. VGCC Scholarship Programs (cont.) • Merit-Based Scholarship Program • Open to New and Returning Students • $500 - $1,250 scholarship (academic year) • First Priority Deadline: March 15, 2014 • How can you help? • VGCC will mail merit-based scholarship applications to high school counselors in the spring. Please distribute to your Senior class. Note: Students who receive a Top 20% Scholarship are not eligible for an additional merit-based scholarship.

16. Example of Federal Student Aid Award Package • Example: first-year dependent student, living off campus, in 2013 – 2014 at VGCC • COA at VGCC is $9,730 for Fall and Spring Semesters • Student’s EFC is $0 • Award package: • Federal Pell Grant: $5,645 • Federal Supplemental Educational Opportunity Grant: $400 • Federal Work-Study: $2,900 • VGCC Top 20% Scholarship: $750

17. Financial Aid Resources • For an early estimate: • Use FAFSA4caster: www.fafsa4caster.ed.gov • Enter some financial information & receive an estimate • 2013 – 2014 Counselors and Mentors Handbook on Federal Student Aid: http://www.fsa4counselors.ed.gov/clcf/counselorsHandbook.html • FSA Pubs - Free Publications and Mailing List: http://www.fsapubs.gov/ • 1-800-4-FED-AID • Information about aid programs and help with the FAFSA

18. Financial Aid Resources (cont.) • Web resources: • VGCC Financial Aid Office - www .vgcc.edu/FinancialAidOffice/ • College Foundation of NC for information on all types of aid for NC residents - www.cfnc.org • 7 Easy Steps to the FAFSA online tutorial: http://www.finaid.ucsb.edu/FAFSASimplification/index.html • Federal Student Aid, including information about aid programs, free scholarship search and free college search: www.studentaid.ed.gov • General financial aid information and national scholarship search - www.finaid.org • General scholarship search - www.fastweb.com

19. Standards of Academic Progress • Each student is expected to maintain SAP toward completing requirements of a degree, diploma, or certificate. • Student receiving Financial Aid at VGCC must: • 2.0 GPA – Maintain a minimum cumulative Grade Point Average of 2.0 • 67% Passing Rate – Successfully complete at least 67% of courses attempted • 150% Maximum Time Frame – Complete the program of study in a time frame not to exceed 150% of the published length of the program

20. Final Thoughts… • Apply for aid each year. • Pell Grant Eligibility Limit: A student’s Lifetime Pell Eligibility is 12 full-time semesters or the equivalent. • Aggregate limits for the Direct Loan Program: Dependent students may only receive $31,000 in student loan funds as an undergraduate student. • Summer Eligibility: dependent on what a student received during Fall & Spring semesters • If full-time in both fall & spring semesters, there will be no remaining eligibility for summer.

21. VGCC FAFSA DAY • Saturday, February 22, 2014 • VGCC ‘s Main Campus • 9:00 AM – 12:00 PM • Open to all high school students and their parents • Website: www.CFNC.org/FAFSAday

22. VGCC FINANCIAL AID OFFICE • Visit one of our offices! • Main – Building 8 • Franklin – Building 1 • South – Room G111 • Warren – W102 in Building 1 • Phone Number: (252)738 – 3280

23. QUESTIONS?