PRESENTER

USC LancasterKenneth T. Cole

Director of Financial AidUSC

LANCASTER

What is Financial Aid Sources and Types of Financial Aid Scholarships Federal Grants Work Study State Scholarships State Grants Student Loans

It is assistance in paying your Tuition, Fees, Room, Board and other college expenses

It most likely will not pay your entire bill

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)

Federal Government (Grants & Loans)

State (Grants & Scholarships)

Institution (Grants, Scholarships & Loans)

Private Agencies (Grants, Scholarships & Loans)

Common Minimum Requirements:◦ 3.0+ GPA◦ 1000+ SAT

(Math+Verbal) or 22+ ACT

◦ Application, Essay, Letters of Recommendation

Search Engines:◦ Fastweb.com◦ Schoolsoup.com

Types of Scholarships:◦ Academic◦ Athletic◦ Talent◦ Tuition Off-Set

◦ Amounts◦ Based on each award◦ No true limit◦ May cause some need-

based aid to be reduced: Grants Work Study Student Subsidized Loans Some state 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 $2000)

PELL ◦ Grant Based on EFC◦ Guarantee if eligible◦ Based on FAFSA◦ $602 to $5730◦ ½ per full-time semester

301 to 2775 No more than 2 Full-time semesters per year

◦ Maximum of 12 semesters◦ Adjusted for enrollment status

SEOG◦ Need based grant◦ Usually awarded to 0 EFC students◦ Not guaranteed◦ $100 to $4000◦ Each school awards it from limited funds

EFC PELL

4996 $0

4995 $602

4000 $1600

3000 $2600

2000 $3600

1000 $4600

500 $5100

0 $5550

Perkins Loans◦ Need based loan◦ No credit check◦ 5% interest rate◦ Up to $5500 annually◦ Each school awards it from limited funds

Direct 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◦ Minimum wage $7.25/ hour; maximum 20 hours/week

Palmetto Fellows Scholarship

LIFE Scholarship

HOPE Scholarship

Lottery Tuition Assistance

Need Based Grant or Tuition Grant

$6700 limit a year◦ ($3350 per semester)

Must file an Application during Sr. Year Can only be used at 4 Year colleges in South Carolina Eligibility Requirements:

SC resident Meet these 3 requirements:

Top 6% of Class in sophomore, junior or senior year

3.5 GPA on the SC UGS scale SAT 1200 (not including Writing) or 27 ACT

OR meet these 2 requirements 4.00 GPA on the SC UGS scale SAT 1400 or 32 ACT

no felony or drug/alcohol convictions in prior academic year

must enroll as a full-time degree-seeking undergraduate student

Renewal Rules The “Palmetto Fellows” Clock

◦ Awarded for 8 Terms only◦ all at a 4 year college◦ Must be consecutive years

Renewal requirements: ◦Earn 30 Credit Hours, 3.0 GPA◦ If you lose eligibility you can not regain it, but

can get LIFE Science and Math Majors:

◦ Earn 14 hours of Science/Math courses in 1st year ◦ Get a bonus of $2500 each year after (at 4 year colleges

only)

$5000 per year ◦ ($2500 per semester; max= T&F+$300)

No application required. Can only be used in South Carolina Eligibility Requirements:

SC resident 4 year College: Meet two of these three

requirements 3.0 GPA on the SC UGS scale SAT 1100 or 24 ACT (writing sub-section not

counted) Top 30% of Graduating Class

2 Year College: Meet only the 3.0 GPA requirement No SAT/ACT or class rank requirement

no felony or drug/alcohol convictions in prior academic year

must enroll as a full-time degree-seeking undergraduate student

Renewal Rules The “LIFE Clock”:

◦ Awarded for 8 Terms only◦ Consecutive years only◦ If you don’t attend in a term they still don’t exclude that term◦ 2 Year Colleges: only eligible during first 2 years.◦ 4 Year Colleges: eligible for all 4 years.

Renewal requirements: ◦ Earn 30 Credit Hours with 3.0 GPA◦ College credits earned in High School count towards the 30

hours.◦ You can EARN the LIFE after your 1st year◦ If you lose eligibility, you can regain it after 1 year.

Science and Math Majors: ◦ Earn 14 hours of Science/Math courses in 1st year ◦ Get a bonus of $2500 each year after (at 4 year colleges

only)

$2800 per year ◦ ($1400 per semester; max t&f +$300 books).

No application required. Eligibility Requirements:

SC resident 3.0 GPA on SC UGS 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 of Freshman year only Not renewable (try to earn LIFE scholarship) Funded by the State of South Carolina (can be

defunded)

Current per credit hour rate◦ $95.00 (maximum $1140.00 per semester)*

Cannot exceed tuition and fees minus Federal/State grant aid(Tuition+Fees) – (Federal & State Grants & Scholarships)= LimitExample : Tuition + Fees $3200

$2775 Pell + $225 SEOG -$3000 Lottery Limit $200

South Carolina 2 year colleges only 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◦ Can regain eligibility after 1 year◦ Cannot receive again for 5 years after first degree

*Amount for Spring 2013, subject to change dependent upon sufficient proceeds from the S.C. Education Lottery

Max award $2500 per year ($1250 per semester)◦ Institutions may award less◦ Amount determined after all other Grants and Scholarships have

been applied South Carolina Public Colleges Only Awarded to neediest students first (limited funds) Some general eligibility requirements include:

◦ Completed FAFSA on file with school◦ Enroll in at least 6 credit hours ◦ degree-seeking student◦ Be a SC resident

Life Time Limits: ◦ $10,000 for 1st Bachelor’s Degree, ◦ $5,000 for first Associates Degree.

Awarded for up to 8 Terms only (4 at a 2 year school) Renewal Requirements:

◦ 2.0 GPA◦ 24 credit hours (12 credit hours if half-time)

Max Award of $2800 per year ($1400 per semester) South Carolina Private Colleges Only FAFSA must be on file by June 30th

Awarded to neediest students first (limited funds) Eligibility Requirements:

◦ Need◦ Enroll in at least 6 credit hours ◦ 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 (M&V only) / 19+ on ACT OR 2.0 High School GPA on the SC UGS

Awarded for 8 Terms only (4 at a 2 year school) Life Time Limits:

◦ 4 year limit Renewal Requirements:

◦ 2.0 GPA◦ 24 credit hours (12 credit hours if half-time)

After all of this available aid, will you need to borrow a student loan?

Example of a fairly inexpensive schoolTuition + Fees + Books + Supplies

$6000 + $500 + $1200 + $120

Need Grants and Scholarships

Scholarships Only

Need Grants Only

Actual Costs $7,820 $7,820 $7,820

LIFE - $5,000 $5,000 $0

Pell - $5,550 $0 $5,550

Lottery - $0 $0 $950

Unmet Costs $0 $2,820 $1,320

Direct Loans:◦ Federal Government is the Lender

Fees:◦ 1%, out of each disbursement (up to 1.5%)

Eligibility:◦ Must file FAFSA◦ No Credit Check◦ Must sign Promissory Note◦ Entrance Counseling

Payments?◦ None required while in college at least ½ time◦ Payments start 6 months after stop attending

college Sub or Unsub?

◦ Subsidized: No interest while in school, based on need◦ Unsubsidized: Interest always accrues, not need

based

Interest Rate: 6.8% (subsidized=no interest in school) Annual Stafford Loan Limits:

◦ Freshmen $5500 ($3500 Subsidized Limit)

◦ Sophomore $6500 ($4500 Subsidized Limit)

◦ Junior $7500 ($5500 Subsidized Limit)

◦ Senior $7500 ($5500 Subsidized Limit)Actual Subsidized Loan Portion is based on need.Can borrow another $4000-$5000 unsub if parent loan denied.

Aggregate (Total) Loan Limits:◦ Dependent student: $31,000 ($23,000 Sub

limit) Repayment:

◦ Approx. $125/month per $10,000 borrowed.◦ About $450/month for 10 years if borrow $31,000

Parent Loans (PLUS) ◦ 8.50 % interest, up to 3% in fees◦ Credit Check Required◦ Goes into repayment immediately

South Carolina Teacher’s Loans ◦ Apply early (available in February)◦ Paid off when you teach in a high need area and/or high need

program◦ 8.80 % interest rate if goes into repayment

TEACH Grant◦ Federal Grant available at some 4 year colleges◦ Must be admitted to education program◦ Grants up to $4000◦ Must agree to teach in a high-need field at a low-income

elementary or secondary school for at least 4 years within 8 years of completing degree.

◦ If fail to meet this requirement, grant reverts to an unsubsidized loan with back interest.

Alternative Loans◦ Variable interest, often higher than Stafford Loans◦ Credit Check Required and Cosigner

USC LancasterKenneth Cole BY MAIL: PO Box 889

Lancaster, SC 29721 BY PHONE: (803) 313-7068 Visit Us: 127 Starr Hall, Hubbard Drive BY WEB: http://usclancaster.sc.edu/

A presentation like this is available at the USC Lancaster Financial Aid Office Website

Thank you for your attention!

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