Essential Guide to Student Financial Aid: Tips and Process for Financial Assistance

1. Student Financial Aid What entering Freshmenneed to know about Student 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. How do you apply? • USCL Scholarships: Financial Aid > Scholarships at USCL http://usclancaster.sc.edu/finaid/scholshp.htm Application & Essay Deadlines: Nov 1st, “Lancer Scholars”; 3.50+ HS GPA Feb 1st, USCL Scholarships; 3.00+ HS GPA • Private Agencies: Online: BigfuturesFastWeb GoodCallFoundation for the Carolinas Facebook: SCScholarships

4. How do you apply? • Federal and State Aid: • FAFSA • www.fafsa.gov (not .com) • Applying is FREE (there is no fee)

5. Filing the FAFSA Cont… • What will I need to file my FAFSA? • Your Taxes (2017) • Your Parents’ Taxes (2017) • FSA IDs (for you and your Parents)

6. 10 Steps in Filing the FAFSA • Get Ready: SSNs, Dates of Birth, Taxes, W-2s, Bank Statements, Investment Values • Log on to www.fafsa.gov ,“Start 2019-2020 FAFSA” • Create an FSA ID for yourself • Answer questions about yourself • Choose schools to send FAFSA to • Answer “Dependency Status” questions • Answer questions about your parents • Answer income information (use IRS Data Retrieval) • Create an FSA ID for your parent(s) and sign • Submit the FAFSA, and print Confirmation

7. The USCL Financial Aid Process • File the FAFSA • by end of March • April 1st : FAFSA Priority Deadline • Complete Additional Requirements • Notifications sent beginning March; first letter by mail. • Notifications sent weekly thereafter by e-mail (to USCL e-mail) • April 15th: Further Information Priority Deadline • Check “Financial Aid Status” and “Eligibility” for details • Read thoroughly • Print, sign and return forms promptly • Provide any other documentation requested • August 1st : Deadline for Fall Semester • You can still get awarded after this date, but you will most likely have to pay your bill before the aid is ready.

8. The USCL Financial Aid Process • Award Notification • First awards are made in June • Notifications are sent by e-mail, check “Award” for details • Follow instructions for each award • Accept , Reduce or Decline Student Loans (Direct Loans) • Decline any other awards you do not want • Print, sign and return forms promptly • Student Loan Requirements: https://www.studentloans.gov • Complete Loan Entrance Counseling • Sign the Master Promissory Note (using your PIN) • Register for classes • Meet with an advisor • Turn advisement form into the Records Office • Sign up for your classes on Self Service Carolina

9. The USCL Financial Aid Process • Pay your Bill • Complete the Title IV Fee Authorization on Self Service Carolina • Sign up for Direct Deposit. • Your Financial Aid will automatically apply towards your bill. • If you require loan funds to buy your books, books can be charged. • Pay remaining charges in Self Service Carolina. • If you have an overage: Scholarships, grants and non-federal loans will be sent 7 days before classes (Aug. 15th). Federal Loans will be sent 30 days after classes start (September 27th) • Buy your books (Keep your receipts) • Changing classes • If you aren’t full time, notify the Financial Aid Office • Talk to Financial Aid before dropping or adding a class • Withdrawing from classes after they start can affect your financial aid eligibility.

10. Self Service Carolina Walk-Thru • Go to my.sc.edu • Sign In with your VIP ID and password

11. Self Service Carolina Walk-Thru • Select “Financial Aid” • For Academic Year, select “2019-2020” • For Campus, select “Lancaster Campus”

12. Self Service Carolina Walk-Thru • Check “Financial Aid Status” FAFSA Application Status General Academic Progress Messages

13. Self Service Carolina Walk-Thru • Check “Eligibility”: Document Requirements Financial Aid Holds Satisfactory Academic Progress

14. Self Service Carolina Walk-Thru • Check “Award”: Current Year Financial Aid Awards Accept or Decline Financial Aid Awards Your Financial Aid Awards History

15. Verification • What is Verification? • We must verify the information on your FAFSA • Why was I selected? • Applications are randomly selected (1 in 3 chosen) • How do I know if I was selected? • We will notify you by e-mail or by mail within 2 weeks • What do I need to do? • You must complete, sign and return the “Verification Worksheet”; and • If you file taxes: You must complete the “IRS Data Retrieval” OR order an IRS Tax Transcript (we cannot accept 1040s). • If you do NOT file taxes, but have income: You must send copies of your (and your parents’) W-2s;

16. Forms • Through Self Service Carolina, or • USCL’s Home Page  Apply  Financial Aid  “Forms and Certifications”, or • https://www.sc.edu/about/system_and_campuses/palmetto_college/internal/current_students/financial_aid/forms/ • click on 2019-2020

17. Satisfactory Academic Progress • Minimum required academics to receive aid • This is a Federal Requirement • Required for almost all awards • Two Measurements: • Qualitative: You must maintain a 2.0+ USC (Institutional) GPA • Quantitative:You must earn at least 67% of all attempted hours • Hours attempted vs. Hours Earned • An Earned Hour is a passing grade (D+) • Withdrawals do count as attempted hours (drop before Ws) • Maximum Attempted Hours Associate’s Degree (AA, AS, ASB, ASCJ): 90 Nursing Degree (ADN): 105 Bachelor’s Degree(BOL/BLS): 180 *Transfer hours accepted are counted in the total • Checked at end of Spring If you lose aid, you lose it starting in summer • You can appeal

18. What does the FAFSA Tell Me? • It determines eligibility for Federal and State Grants • It replaces a credit check for Federal Student Loans • It determines the Expected Family Contribution. • 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

19. Cost of Attendance Tuition & Fees (subject to change) Non-Resident: $18,238Resident: $7,558 Average Cost of Books & Supplies $1,600 Average Cost of Room & Board Off-Campus: $6,840 w/Parents: $4,050 Estimated Personal Expenses Off-Campus: $4,845 w/Parents: $2,243 Estimated Transportation Expenses Off-Campus: $2,070 w/Parents: $2,070 Example: CoA for “Resident w/Parents” $17,521 Example: CoA for “Non-Resident Off-Campus” $33,593

20. Financial Need Cost of Attendance - Expected Family Contribution = Financial Need Cost of Attendance limits all aid Financial Need limits “Need Based” aid

21. What types of Aid are available? • Grants (free money, usually need based) • Scholarships (free money, earned) • Loans (borrowed money, has to be paid back) • Work Study (money you earn while at school) • Other terms: • Merit – Award granted based on academics or talent • Need Based – Requires the student to demonstrate financial need (FAFSA) • Campus-Based Aid – Limited funding for each campus • Tuition Assistance – Pays up to Tuition & Fees • Self-Help Aid – Student works for or borrows the money

22. Federal Grants • PELL • Grant Based on EFC • Guarantee if eligible • Based on FAFSA • $657 to $6195 for 2 semesters • ½ per full-time semester • 329 to 3098 • Fall, Spring • Maximum of 12 full-time semesters • Adjusted for enrollment status • Summer: Can get another full disbursement if… • Meet SAP • Enrolled in at least 6 hours. • SEOG • Need based grant • Only awarded to 0 EFC students • Not guaranteed, awarded by Priority Deadline • $1000 ($500/semester) • Awarded from limited funds

23. Other Federal Aid • Direct Loans • No Credit Check, just file FAFSA • Further detail on later slide • Work Study • You will be notified by mail if you are awarded • Does not apply to the bill, has to be earned • Awarded based on need • Job is supposed to work around school schedule

24. State Aid • LIFE Scholarship • Lottery Tuition Assistance • Need Based Grant

25. LIFE Scholarship • $5000 per year ($2500 per semester) • Final Official High School Transcript is required • No application required. • Complete a “State Affidavit” on Self Service Carolina • Eligibility Requirements: • SC resident • no felony or drug/alcohol convictions in prior academic year • must enroll as a full-time • Must be degree-seeking undergraduate student • Academic Requirements: • USCL (2 year College): • 3.0 GPA on the SC UGP GPA scale • NoSAT/ACT or class rank requirement for 2 year schools

26. LIFE Scholarship • Renewal requirements: • 30 Credit Hours, 3.0 GPA (B average) • College credits earned in High School count towards the 30 hours. • Awarded for 8 Terms only • First 2 years can be awarded at USCL, then must enter a 4 year college • 4 Terms at USCL, then must enter 4 year program to continue • Palmetto College is a 4 year Program but you must be admitted in 3rd year. • Summer Awards • Must have received for Fall and Spring and meet renewal requirements • Must be enrolled full-time in Summer and be accelerating degree completion • This DOES use a Term of eligibility (still 4 at USCL) • Science and Math Majors: • Earn 14 hours of Science/Math courses in 1st year • When they begin at a 4 year college they will get a bonus • $2500 enhancement for each year after the Freshman year • MUST be attending a 4 year college, • MUST be a declared science or math major

27. Lottery Tuition Assistance • 2 year schools only • Current per credit hour rate = $100.00 • Max Per Semester: $1200.00 • Award amount cannot exceed tuition and fees - Federal/State grant aid Example: Fall Tuition & Tech fee=$3779 - $3098 Pell = $681 LTAP • Some general eligibility requirements include: • Completed FAFSA on file with school • Enroll in at least 6 credit hours • Must be a degree-seeking student • Be a SC resident • Must Not be receiving a LIFE Scholarship • Must sign a Lottery Tuition Assistance Certification Online • Renewal Requirements: 2.0 GPA after first 24 hours

28. SC Need Based Grant (Public) • FAFSA Required • Awarded to neediest students first (ie 0 EFC) • Awarded in order of applications received (April 1st is priority deadline) • Awarded up to $1905 per year • Max award $2500 per year ($1250 per semester) • Awards may be less (USCL standard award is $1905 per year) • Amount determined after all other Grants and Scholarships have been applied • Some general eligibility requirements include: • Enroll in at least 6 credit hours as a degree-seeking student • Be a SC resident • Complete a “State Affidavit” on Self Service Carolina

29. SC Need Based Grant (Public) • Life Time Limits: • $10,000 for 1st Bachelor’s Degree, • $5,000 for first Associates Degree. • Awarded for 8 Terms only • 4 at a USC Lancaster • 4 more in Upper Division programs (4 year degrees) • Renewal Requirements: 24 credit hours, 2.0 GPA • If half-time, 12 credit hours

30. Will I need to borrow Loans? After all of this available aid, will you need to borrow a student loan? You may need to borrow loans

31. Stafford Loans • Direct Loans: • Federal Government is the Lender • Fees: • Currently 1.062%, out of each disbursement (up to 1.50%) • 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

32. Stafford Loans, cont… • Interest Rate: Unsubsidized 4.53% ; Subsidized 0% in school, then 4.53% “Simple daily interest” • Annual Stafford Loan Limits: • Freshmen $5500 ($3500 Subsidized Limit; $2750/semester) • Sophomore $6500 ($4500 Subsidized Limit; $3000/semester) • Junior $7500 ($5500 Subsidized Limit; $3750/semester) • Senior $7500 ($5500 Subsidized Limit; $3750/semester) • Aggregate (Total) Loan Limits: • Dependent student: $31,000 ($23,000 Sub limit) • Repayment: $108/month per $10,000 borrowed. • About $333/month for 10 years if borrow $31,000 • Loan repayment Calculator: http://www.finaid.org/calculators/loanpayments.phtml

33. Stafford Loans, cont…Freshman 30 Day Loan Delay • Federal Regulation • Freshman loan borrowers only • Loan funds not available until 30 days after classes start: September 23rd • Loan Funds will “pre-authorize” to pay bill • Books and required supplies can be charged to your student account from the USC Lancaster Bookstore in one of 2 ways: • Carolina Card: Can pre-charge before bill is paid. • Book Voucher: Up to $500 Form can be picked up in Financial Aid Office Aug 19th

34. Other Loans Available • Parent Loans (PLUS) • 7.08% interest, 4.248 % in fees • Loan in Parent’s name. • Credit Check Required • Goes into repayment immediately (can be deferred) • Teacher’s Loans • Freshmen, Sophomores $2500, Juniors & Seniors $5000 • Apply early (Priority Deadline April 30th) • https://www.scstudentloan.org/ • Paid off when you teach in a high need area and/or high need program • Interest Rate= DL Sub Rate +2% (Max 8.25 %) • Alternative Loans • Variable interest, often higher than Stafford Loans • Credit Check Required and Cosigner • Leroy Springs Student Loan (Springs Close Foundation)

35. Leroy Springs Student Loanhttp://www.springsfnd.org/ • Applications are due May 1 for full-year loans. • Due December 1st for Spring Only Loans • NO Interest Loan • Requirements: • FAFSA on file • 1000 on SAT (Verbal and Math) or 21 on ACT • Top 50% of graduating class and/or HS GPA of 2.75 on SC UGS • Application, Letter of Recommendation, Interview • Students must live in, or their parents must be employed in, Lancaster County, Fort Mill Township or Chester Township. • You must apply each year, • Must maintain a 2.75 GPA as a Full-Time student • Pays Tuition, fees, Room, Board (up to $3,000) and books ($500)

36. USC Lancaster Scholarships • Freshmen must apply by February 1st • Continuing students can apply by April 1st . • Must complete a scholarship application including a short essay each year. • Merit Based: Financial need is not a consideration. • Requirements: 3.0+ GPA • 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 $2500) • Renewal Requirements: 30 earned hours and a 3.0+ GPA

37. Important to know • Scholarships: • You must bring scholarships to the Financial Aid Office • Refund Checks: • Any financial aid over your bill will be cut as a Refund Check • Refund checks are mailed no earlier than 10 days before classes begin. • Freshmen student loan funds don’t arrive until September 23rd at the earliest ! • Refund checks can be direct deposited. Be sure to sign up on Self Service Carolina. • Other Aid: • If you receive other types of aid, consult with the Financial Aid Office • ie: Veterans Benefits, Voc. Rehab., WIA/TRA, Prepaid Tuition, etc… • Enrollment Status: • You will initially be awarded based on Full-Time enrollment. • Let us know if you will not be full-time

38. Dropping and Withdrawing • Drop: To remove a class before it counts for a grade. • When you drop a class you get a refund on the Tuition. • Aid is adjusted as if you never took the class. • If you change from full-time to part-time, you may owe aid back. • Withdrawing: To remove a class after it counts for a grade. • When you withdraw early you get a grade of “W” and it doesn’t hurt your GPA. • When you withdraw later you get a “WF” and it is treated as an “F” on your GPA. • Withdrawing from some classes doesn’t affect current aid. • Withdrawing affects your % Completion Rate for Satisfactory Academic Progress. • You must PASS 67% of all classes attempted. • Complete Withdrawal: Dropping or Withdrawing from all classes. • You can only keep aid based on the % of the semester you attended. • At 60% you can keep all aid. • If you Completely withdraw BEFORE 60% of the semester is over, you WILL OWE FINANCIAL AID BACK! • Consult with a Financial Counselor beforeremoving any classes.

39. Important Dates • February 1st : Deadline for Scholarship Applications • March Have FAFSA filed • April 1st USCL FAFSA Priority Deadline • April 15th USCL Processing Priority Deadline • July 17th Bills generated • August 1st Fall Deadline for the FAFSA • August 16th Grants and Scholarships Disburse (Refunds 2-3 business days later) • August 19th-20th Late Advisement/Course Adjustment • August 22ndClasses Begin, Last day to pay Bill • August 25th Fall-1st 8 weeks, Last day to drop/add • August 28th Fall 16 weeks: Last date to drop/add • September 29th Fall-1st 8 weeks, last date to drop with “W” • September 23rd Freshmen Student Loan Funds disburse • October 1st FAFSA available for 2020-2021 • November 6th Fall 16 weeks: Last date to drop with a “W” • October 21st Fall- 2nd 8 weeks Classes Begin • November 1st 1st Date to withdraw from all classes and not owe aid back

40. Remember! • Reapply for Financial Aid each year • The FAFSA becomes available on October 1st • Scholarship applications are due April 1st • If you change schools: • Not all aid will transfer with you • Add the new School Code on the FAFSA • Contact their Financial Aid Office to get started • Your academics affect your financial aid eligibility. • Keep your grades up • Consult with a Financial Aid Counselor if you are having problems • Make use of our Academic Success Center and Counseling Office • Everyone here wants to help you succeed!!!

41. Questions? Contact Us! Kenneth Cole Director of Financial Aid Ashley Barber Financial Aid Counselor, Student Services Tyrie Rowell Financial Aid Counselor, Loan Coordinator • 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/ • By E-mail: usclfa@mailbox.sc.edu This presentation is available at the USC Lancaster Financial Aid Office Website