Georgia Student Finance Commission

Financial Aid 101

Georgia’s HOPE Scholarship Program

• Largest Non-Need Based Program in the Nation

• Students must meet:– Academic Requirement of a 3.0 GPA in academic

core classes*

– Citizenship

– Residency

– Enroll in a HOPE eligible school in Georgia

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2011 HOPE Scholarship Award

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• At a Georgia public college, university or technical college:– Award will cover portion of standard tuition

• At a Georgia private college:– Award will be $3,600 per academic year for full-time study

*Award amount will vary by year depending on receipts from lottery commission and expenditures of HOPE dollars

Zell Miller Scholarship Program• New Scholarship Program for 2011

• Must meet HOPE Scholarship requirements, plus:

– Minimum 3.7 GPA in academic core classes, and– 1,200 combined critical reading and math on SAT, or– 26 composite ACT

– Graduate from an eligible high school as the valedictorian or salutatorian

*Test requirements must be met in single test administration.

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2011 Zell Miller Scholarship Award

• At a Georgia public college, university or technical college:– Award will cover full standard tuition

• At a Georgia private college:– Award will be $4,000 per academic year for full-time

study

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Maintaining the HOPE/Zell Scholarship

• A student must maintain a 3.0 grade point average in college to maintain the HOPE Scholarship.

• A student must maintain a 3.3 grade point average in college to maintain the Zell Miller Scholar program.

• If a student loses eligibility for either the HOPE or Zell Miller Scholar program for any reason, they may regain that eligibility one time. They remain eligible for the HOPE Scholarship provided the student’s GPA is still a 3.0 or above.

• If a student did not or does not graduate from high school Academically Eligible for Zell Miller, then the student can never earn Zell Miller.

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Maintaining the HOPE/Zell Scholarship

• HOPE Eligibility Checkpoints– At the end of every Spring Semester– 30 Attempted Semester Hours– 60 Attempted Semester Hours– 90 Attempted Semester Hours

– Students have a maximum of 127 attempted semester hours (190 quarter hours) to be awarded HOPE Scholarship funds.

– Students graduating 2011 and beyond have a maximum of 7 years to utilize the HOPE Scholarship before their eligibility expires

• Exceptions for military service

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HOPE Grant Program

• For students enrolling in a certificate or a diploma program

• Need a 3.0 GPA at 30 attempted semester hours to continue receiving grant

• Covers portion of tuition• Covers up to 63 semester

hours or 95 quarter hours

Need New

Picture

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View HOPE GPA on GAcollege411• Select “Your HOPE

GPA” under “Shortcuts”

• Log in to your GAcollege411 Account

• Enter Last Name, Date of Birth, and Social Security Number

• Finally, select high school from list

• Grady seniors should visit this “shortcut” in late February, 2012

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What is Financial Aid?

• Financial Aid is funding intended to help students pay educational expenses

• Sources of Financial Aid– Federal government

– State government

– Colleges and universities

– Community groups (religious organizations, civic organizations, corporations, professional organizations, etc.)

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How Much Does College Cost?

• Costs of Attendance– Tuition and mandatory fees– Room and board– Books and supplies– Transportation– Personal expenses (clothing, laundry, entertainment,

medicine and healthcare, cell phone etc.)

Financial Aid Comes in Packages

• Gift Aid– Money not paid back

• Grants• Scholarships

• Self-Help– Money using student initiative

• Student Loans- (can help students begin to establish credit)• Work Study

Expected Family Contribution(EFC)

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What is an EFC?

• The FAFSA will determine the Expected Family Contribution (EFC).

• The EFC estimates the family’s ability to contribute toward educational costs.

• The EFC formula includes financial information collected on the FAFSA, family size and number of dependents.

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What Does the FAFSA Do?

College Cost of Attendance (Determined by the School)

Minus the Expected Family Contribution

Equals the Amount of Need Based Aid for which the student may qualify

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Pell Grant

• Maximum Pell Grant Amount $5,550• $2,775 per semester• Full time student (12 or more hrs.)• Based on $0 EFC

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Direct Loan Program

• Subsidized Direct Loans– Interest is paid by the

government while enrolled (at least half-time)

• Unsubsidized Stafford Loans – Student is responsible for

paying the interest on the loan

• Repayment begins six (6) months after graduation or ceasing to be enrolled half-time

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Student Loan Limits 2010 – 2011 Academic Year

Dependent Students whose Parents are

Eligible for aPLUS Loan Base

Additional Unsubsidized

Annual Maximum Amount

Freshmen $3,500 $2,000 $5,500

Sophomore $4,500 $2,000 $6,500

Junior/Senior $5,500 $2,000 $7,500

Independent Students and Dependent Students whose

Parents were Denied a PLUS Loan Base

Additional Unsubsidized

Annual Maximum Amount

Freshmen $3,500 $6,000 $9,500

Sophomore $4,500 $6,000 $10,500

Junior/Senior $5,500 $7,000 $12,500

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It is the GATEWAY to accessing money to pay for college

Apply for the FAFSA by visiting GAcollege411.orgAn updated FAFSA is also required each school year

ALL students should file a FAFSA after

January 1, 2012!

Federal Application for Student Aid

ASSIGNMENT FOR SENIORS:visit: www.pin.ed.gov and request a FAFSA PIN

Every student applying Federal Student Aid must request a Federal Student Aid PIN BEFORE you can electronically submit the 2012 FAFSA application!

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What Does the FAFSA Require?

• To complete the FAFSA, you will need:– Completed Tax Returns– Information on untaxed

income, such as child support

– Household Information

• To Receive a Paper FAFSA:– Call 1-800-4-FED-AID– Download the paper

application at FederalStudentAid.ed.gov

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FAFSA.gov

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Contact Us

• Students and Parents support– By browsing online

help– Contact the Federal

Student Aid Information Center

– Live help, phone, or E-mail.

FAFSA on the Web Worksheet

These questions will determine whether the student is a dependent or independent student. These are

the only questions that the Government uses in making this

determination.

Who is the “parent” for federal aid?

• “Parent” refers to the biological or adoptive parent.

• In case of divorce or separation give information about the parent you lived with most during the last 12 months.

• If your divorced or widowed parent has remarried, also provide information about your stepparent.

Parent section

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IRS Data Retrieval• The applicant will

be validated• The applicant will

have the option to “Transfer” the tax information to the FAFSA

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Special Circumstances

• Cannot report on FAFSA• Send explanation to financial aid office at each

college• College will review special circumstances:

– Request additional documentation– Decisions are final and cannot be

appealed to U.S. Department of Education

Examples of Special Circumstances:• Change in employment status

• Medical expenses not covered by insurance• Change in parent marital status

• Unusual dependent care expenses• Student cannot obtain parent information

Sign and Submit

• 3 Signature Options– Sign Electronically

w/PIN– Print Signature

Page– Submit without

signatures

Confirmation Page• Confirmation Number• Data Release Number

(DRN)• EFC estimate• Pell Grant and Direct

Loan estimates• Option for parents to

transfer info to an application for a sibling

FAFSA Processing Results

• Institutional Student Information Record (ISIR) sent to colleges listed on FAFSA approximately 10 to 14 days after FAFSA submitted

• College reviews Institutional Student Information Record (ISIR) – May request additional documentation, such as

copies of federal tax returns

Sample Award Letter

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Questions? Contact Us

• Call GSFC at 1-800-505-4732 or visit your school counselor

• www.GAcollege411.org, click on Financial Aid Planning Page

• Email: clientservices@gsfc.org

Darryl WatsonGeorgia Student Finance Commission

darrylw@gsfc.org

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