Financial Aid Presentation

1. Financial AidPresentation

2. StudentFinance.Southern.Edu 1 2

3. Enrollment Services • Our office encompasses the following areas: • Recruitment • Admissions • Financial Aid • Student Accounts

4. Financing College • Can I afford it? • How much will it cost? • What is financial aid? • FAFSA, when to apply? • Where can I get it? • Who can help?

5. The Power of Education Min. wage in TN: $ 7.25hr = $290 week = $1,160 month = $13,920 year Source: Bureau of the Census; Bureau of Labor Statistics (2006).

6. Ways to Pay for College • Financial Aid Programs • Employer Tuition Reimbursement Plan • Tuition Benefits • Tuition Payment plans Start Early

7. Type of Financial Aid There are two basic types of financial aid Grants Scholarships Work-Study Loans These funds may be merit-based, need-based, or non need-based. Gift Aid Self-help aid

8. Sources of Financial Aid Financial aid comes from a variety of sources. • Federal Government • State Government • Outside/Private Sources • University (Institutional Aid)

9. U.S. Department of EducationFederal Financial Aid Programs • Federal Pell Grant* - $5,350 • Federal Supplemental Education Opportunity (FSEOG)* - $3,000 • Federal Academic Competitiveness Grant (ACG)* -$750 1st year, $1,300 2nd year • Federal Science & Mathematics Access to Retain Talent (SMART) Grant* - $4,000 *FAFSA Required

10. U.S. Department of EducationACG • Federal Pell Grant recipient • Enrolled full-time in a 2 or 4 year degree • Grant may be used for any educational expenses, such as tuition and fees, room and board, and living expenses • Completed a rigorous program of study • 4 years of English, 3 years of Math, Science, & Social Studies, 1 year of Foreign Language

11. U.S. Department of EducationSMART • Federal Pell Grant recipient • Enrolled full-time at the third and fourth year academic level pursing a major in mathematics, science (including physical, life and computer sciences) technology, engineering or critical foreign language • Must maintain a 3.0 GPA for coursework required for the major

12. Federal Work-Study • Need-based employment program • Provides jobs on- and off-campus • Students earn at least current minimum wage • Students are permitted to work a flexible schedule

13. Federal Loan Programs • Types • Federal Perkins Loan – 5% fixed, 9 month grace period • Federal Stafford Loan – 5.6% fixed, 6 month grace period • Federal PLUS loan – 8.5% fixed, with deferment options • Consider • Subsidized vs. Unsubsidized • Interest rate • Grace Period • Know • Borrowers Rights & Responsibilities • Loan Repayment • Deferment & Forbearance • Entrance & Exit Counseling

14. Institutional Aid & Private Sources • University • Financial Aid Office • Web site • Academic Department • Outside/Private • Local, state and national agencies, associations and organizations • Employers • Trusted sources of information • Mapping Your Future – www.mapping-your-future.org • U.S. Department of Education – www.ed.gov • FAFSA on the web – www.fafsa.ed.gov

15. Merit-based Aid • Freshman Academic Scholarship • Based on GPA & ACT • $2,000 to Full Tuition • STAR Scholarship • Based on cumulative college GPA • $1,500 to $2,500 • Performance Scholarships • GymMasters • Choir, Symphony/Orchestra • Awarded by organization, usually with audition

16. Other Freshman Scholarships • Florida/Georgia State Scholarship Replacement • Must be a student from FL or GA • Must qualify for state scholarship assistance • $3000 for Freshman year • For non-subsidy students

17. Other Freshman Scholarships • Lightbearer Scholarship • Designed to give those that attended at non-SDA Academy a opportunity to experience a Christian education • $2,000 for Freshman year

18. How to Apply for Financial Aid • Don’t underestimate your options. • Never assume you’re too poor to attend college or too rich to receive some type of financial aid • Don’t become overwhelmed by the price of attending college, it may not be what it seems

19. How to Apply for Financial AidSubmit All Forms Required by Southern • FAFSA • Free Application for Federal Student Aid • www.fafsa.ed.gov • The FAFSA information is used to calculate the Expected Family Contribution (EFC) and determine the student’s eligibility for most federal and state assistance

20. How to Apply for Financial AidOther Things to Know About the Process • Apply early (Southern’s priority deadline March 1) • Information reported on the FAFSA is confidential and is used ONLY to determine financial aid eligibility • You may be asked to submit documentation to the financial aid office for verification purposes • Keep track of DEADLINES!!! • Keep a copy of everything you submit.

21. Dependency Status INDEPENDENT students fit into at least one of the categories listed below: • At least 24 years old by December 31st of the award year covered by the FAFSA • Graduate or professional student • Married • Has legal dependents other than a spouse • Orphan or ward of the court • Veteran of the U.S. Armed Forces Note: If the student is DEPENDENT, report student and parent income and assets on the FAFSA. Not living with parents DOES NOT make a student independent.

22. Philosophy of Financial Aid • To the extent they are able, parents have the primary responsibility to pay for their dependent children’s education • Students also have a responsibility to contribute to their educational costs • Families should be evaluated in their present financial condition • A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect their ability to pay

23. Determining Financial Need • Help students pay for college by: • Evaluating families ability to pay • Distributing limited resources equally • Providing a balance of financial aid

24. What are the costs? Tuition and fees Room and board Books and supplies Transportation allowance + Misc. personal expenses Cost of Attendance (COA)

25. To Determine Financial Need

26. To Determine Financial NeedExamples Need EFC COA School A School B School C

27. Financial Aid Awards Your Student Finance Counselor will package all available financial aid options and send them to you for consideration. • A few points to take into account before you commit to a school: • Type of institution • Available financial aid • Cost of Education vs. Earning Potential • Academic Program Ranking • Residential vs. Commuter

28. Other Financing Options • Year-in-Advance • 5% or 3% discount • Year’s cost less financial aid • Monthly • 4 payments per semester • PLUS Loan or Alternative Loans

29. Avoid Scholarship Scams • While most scholarships services are legitimate, others may be fraudulent and charge a lot of money for little information • Please view with caution any service that requires you to pay more than a nominal fee • For information about financial aid scams and tips to avoid being scammed check: • Federal Trade Commission’s web site at: www.ftc.gov/scholarshipscams

30. Remember… • Plan ahead • Apply early • Read CAREFULLY • Meet deadline • Keep copies

31. Contact Information Brenda Seifert (A-C) bseifert@southern.edu Paula Walters (D-H) pkwalters@southern.edu Lilly Loza (I-M) lillyl@southern.edu Kristin Welch-Murphy (N-R) kjwelch@southern.edu Tina Nelson (S-Z) trnelson@southern.edu Fred McClanahan Alternate fred@southern.edu Jason Merryman - Director Jasonmerryman@southern.edu 1.800.SOUTHERN Enrollment Services P.O. Box 370 Fax: 423.236.1894 Collegedale, TN 37315