FAFSA Night 2015
Presented by the
USC Aiken
Office of Financial Aid
USC Aiken Office of Financial Aid
2
Scope of this Workshop
What is financial aid?
• Financial Aid Timeline
• Free Application for Federal Student Aid (FAFSA)
• Cost of Attendance (COA)
• Expected Family Contribution (EFC)
• What is financial need?
Types of financial aid
• Federal Programs
• State Programs
USC Aiken Office of Financial Aid
3
Financial Aid Timeline
 January/February
• Complete the FAFSA
 February/March
• Complete verification of information for campuses
• Respond to any questions from the campus aid office
 March/April
• Receive financial aid notification
• Reply to offers of aid
 May 1
• Confirm admission decision
• Complete all steps necessary to secure offered aid you intend to accept
• Notify campus of outside scholarships
USC Aiken Office of Financial Aid
4
What is Financial Aid?
Financial Aid is money intended to
help students pay for their
educational expenses.
Typically, aid comes in one of the
following forms:
• Scholarships
• Grants (Federal and State)
• Federal Work Study
• Loans
USC Aiken Office of Financial Aid
Types of Financial Aid
5
USC Aiken Office of Financial Aid
Sources of Financial Aid
 Federal Government- the largest source of aid
that offers several different aid programs.
 State- South Carolina has several different aid
programs based on financial need, academic
merit, talents, or career choices (some
programs require students to complete a
specific employment obligation after
graduation).
 Institutional- colleges and universities offer
numerous scholarships, grants, and loans to
students.
 Outside agencies- come from many different
civic organizations, associations, clubs,
foundations, churches, and businesses.
6
USC Aiken Office of Financial Aid
Start here for all aid options:
www.fafsa.gov
 2015-16 available 1/1/2015
 Initial FAFSA Entry
 Renewal Application Entry
 FAFSA Corrections
 Providing Signatures
 Continuing a Saved FAFSA
 Viewing Transaction History
 “Start A New FAFSA” (for new users)
and
 “Login” (for returning users)
Spanish https://fafsa.ed.gov/es_ES/index.htm
7
USC Aiken Office of Financial Aid
8
Applying for Federal Financial Aid
Free Application for Federal Student Aid (FAFSA)
• A standard form that collects demographic and financial information
about the student and family
• Required for all types of federal aid
• Download the FAFSA on the Web Worksheet at www.fafsa.gov to prepare
your form
• 99% of forms are filed online!
• Sign the FAFSA with a Personal Identification Number (PIN)
• May be filed at any time during an academic year, but no earlier than
January 1st of the year you are going to college
USC Aiken Office of Financial Aid
9
Apply for Financial Aid Cont’d
• For the 2015-2016 academic year, the FAFSA may be filed
beginning January 1, 2015
• Information from FAFSA is used to calculate the Expected Family
Contribution (EFC)
• Colleges use the EFC to award financial aid
• Colleges may set priority FAFSA filing deadlines’
• Example: March 1st is USC Aiken’s priority deadline
• Never pay to complete the FAFSA!
USC Aiken Office of Financial Aid
Frequent FAFSA Errors
•Incorrect SSN
•Divorced/remarried parental information
•Income earned by parents/stepparents
•Untaxed income
•U. S. income taxes paid
•Household size
•Number of household members in college
•Real estate and investment net worth
10
USC Aiken Office of Financial Aid
11
Who Are Considered Parents
on the FAFSA?
• Parents living and married to each other
• Parents living together and not married
• Parent widowed or single
• Parents divorced or separated—answer questions for parent with
whom student lived more during past 12 months
– If student lived with each parent exactly the same amount of
time, answer for the parent who provided more financial
support during the past 12 months or during the most recent
year that the student actually received support from a parent
• If parent remarried, answer about that parent and the person
whom parent married (stepparent)
USC Aiken Office of Financial Aid
12
Who Are Considered Parents
on the FAFSA? (continued)
• Student’s biological or adoptive parents(s) or person that the state
has determined to be the parent. For example, a person listed on
the birth certificate.
• Philosophy- the family should help pay the educational
expenses of their student
• Help to ensure limited taxpayer resources are directed to
students with the most need, regardless of the parents’ marital
status, when those parents are living together
USC Aiken Office of Financial Aid
13
Who Are Not Considered Parents
on the FAFSA?
• Foster parents
• Legal guardians who have not adopted the student
• Relatives, such as grandparents, who have not adopted the
student
• Stepparents who have not adopted the student and the natural
parent in the household is deceased. Must use remaining
biological/adoptive parent, if any.
NOTE: Students are typically dependent on parents for the FAFSA process until
age 24 (exceptions do occur).
USC Aiken Office of Financial Aid
Federal Student Aid Personal
Identification Number (FSA PIN)
• Website: www.pin.ed.gov
• Issued to an individual and is the
signature for Federal Student Aid
purposes (FAFSA, Master
Promissory Note, and National
Student Loan Data System website)
• Faster than using paper signature
• Parent’s PIN may be used for
multiple children
• Each student must have their own
PIN to sign the FAFSA electronically
• May be used by students and
parents throughout aid process,
including subsequent school years
14
USC Aiken Office of Financial Aid
15
FAFSA PIN Changes
FSA is adopting the best practice of using a username and password instead
of personal information:
• The FSA ID Requires users to enter less info (2 fields instead of 4)
• Provides more secure access to user’s information
• Links to PIN information during registration
• Offers self – service capability (name change)
• The FSA ID (username and password) will replace PIN for students,
parents and borrowers accessing FSA systems starting on April 25, 2015
USC Aiken Office of Financial Aid
16
IRS Data Retrieval Tool
• Available February 2015


Within several days for electronic tax filers (1040, 1040A or 1040EZ)
Within several weeks for paper tax filers
•
Applies to
 Those who have filed tax returns
 Those making corrections online after filing tax returns
•
Does Not apply to

Married but are filing separately

Filing status is Head of Household

Marital status changed after 12/31/14

Those filing amended or foreign tax returns
USC Aiken Office of Financial Aid
17
IRS Data Retrieval Tool
•
To use the Tool, must have:
 A valid Social Security Number and
 Filed a 2014 federal tax return and
 Same marital status as 12/31/2014
•
Filtering question helps applicant know whether to use Tool
•
IRS Data Retrieval Process meets verification requirements
 Secure and FAST option
•
Students (and parents) not using the “Tool” and selected for
verification:
 In most cases, must submit an IRS Tax Return Transcript rather than a
copy of the Tax Return
USC Aiken Office of Financial Aid
18
Life after the FAFSA……What’s Next?
Central Processing System (CPS) notifies students of FAFSA
processing results by:
• Paper Student Aid Report (SAR) if paper FAFSA was filed and
student’s e-mail address was not provided
• SAR Acknowledgement if filed FAFSA on the Web and student’s e-
mail address was not provided
• Email notification containing a direct link to student’s online SAR
if student’s email was provided on paper or electronic FAFSA
• Student with PIN may view SAR online at www.fafsfa.gov
USC Aiken Office of Financial Aid
19
FAFSA Processing Results
• Institutional Student Information Record (ISIR) sent
to colleges listed on FAFSA approximately 10 to 14
days after FAFSA is submitted
• Most schools will not begin processing aid for
2015-2016 until late March or April
• College reviews ISIR
• May request additional documentation
• Watch for emails or letters from the schools
listed on the FAFSA
USC Aiken Office of Financial Aid
20
FAFSA Processing Results
•
Additional documentation may be required… for
VERIFICATION of information regarding:
• Adjusted Gross Income (AGI)
• U.S. income tax paid
• Untaxed Income – only if reportable on the 2015-2016
FAFSA
• Untaxed IRA distributions
• Untaxed pensions
• Education credits
• IRA deductions
• Tax exempt interest
USC Aiken Office of Financial Aid
21
What is Cost of Attendance (COA)?
Tuition and Fees
Fixed Costs
Room and Board
Books & Supplies
Transportation
+
Estimated Costs
Miscellaneous Living Expenses
= Cost of Attendance (COA)
DO NOT confuse this with your bill – “Cost of Attendance” exceeds costs billed by
the university and is meant as a “ceiling” to the amount of aid a student can
receive.
USC Aiken Office of Financial Aid
22
What is the Expected Family Contribution
(EFC)?
• The amount of money a student and his or her family may
reasonably be expected to contribute towards the cost of the
student’s education for an academic year
• EFC is the same regardless of which college the student
attends
• Federal Methodology established by U. S. Congress is
determined by filing the FAFSA
USC Aiken Office of Financial Aid
Expected Family Contribution (EFC)?
Two Components:
• Parent contribution
• Student contribution
Factors that determine the EFC
• Income
• Assets
• Family Size
• Number in College
• Age of Older Parent
23
USC Aiken Office of Financial Aid
24
What is Financial Need?
Cost of Attendance (COA)
–
Expected Family Contribution (EFC)
= Eligibility for Need-Based Aid
USC Aiken Office of Financial Aid
25
Need Comparison Chart
The Estimated Family Contribution (EFC) stays the
same at each institution.
USC Aiken Office of Financial Aid
26
Federal Funding Options Presented By
Mrs. Alicia Hugee
Loan Coordinator
USC Aiken Office of Financial Aid
27
Common Federal Aid Programs
•
Federal Pell Grant
•
Federal Supplemental Educational Opportunity Grant
(SEOG)
•
Federal Work-Study
•
Federal Direct Loans
•
Federal TEACH Grant (loan)
•
Federal PLUS Loans
USC Aiken Office of Financial Aid
Federal Grants
• Federal Pell Grant up to $5775
• Supplemental Educational
Opportunity Grant (SEOG) up to
$4000
• Teacher Education Assistance for
College and Higher Education
(TEACH) Grant up to $4000
28
USC Aiken Office of Financial Aid
Federal Work Study (FWS)
• An opportunity for you to work
• Earn money to cover your college expenses
• Jobs you might find:
 Library aide
 Campus childcare center teacher
 Residence hall front desk clerk
 Food service worker
29
USC Aiken Office of Financial Aid
30
Federal Student Loans
Name of Loan
Maximum
Amount
Interest
Rate for
2014-2015
Who covers the
interest while in
college
Grace period
Subsidized
Stafford
$3,500*
4.66%
Government
6 Months
Unsubsidized
Stafford
$5,500* (max
for both
Stafford Loan)
4.66%
Student
6 months
PLUS Loan
Up to COA
minus any other
aid
7.21%
Parent
n/a
*Amounts are based on first-year undergraduate students.
Interest rates are valid for 2014-2015 aid year.
USC Aiken Office of Financial Aid
31
Federal Parent Plus Loan
• Loans borrowed by parents
• PLUS loans have an interest rate of 7.21% for the
2014-2015 aid year
• Payment can be delayed until after the student leaves
college
• Can borrow up to the cost of attendance minus any
other financial aid received
USC Aiken Office of Financial Aid
32
State Funding Options Presented by
Mrs. Kathy Long
Scholarship Coordinator
SC HOPE Scholarship Program
• Awarded to incoming college freshmen that graduate
from high school with a cumulative 3.0 GPA on the SC
Uniform Grading Policy.
• SC residency required.
• HOPE is a freshman year only award and is available at
South Carolina 4-year institutions.
Award Amount:
• Maximum of $2,800 for the academic year
SC LIFE Scholarship Program
• Awarded to incoming freshmen at a 4-year institution who
meet two of the three following requirements:
 Graduate from high school with a 3.0 cumulative GPA on the
SC Uniform Grading Policy
 Score an 1100 on the SAT or a 24 on the ACT
 Rank in top 30% of graduating class
• Freshmen entering a 2-year institution must have a 3.0 high
school GPA on the SC Uniform Grading Policy.
• Continuing college students must:
 Earn an average of 30 credit hours per academic year
 Maintain a 3.0 collegiate GPA
• SC residency is required.
SC LIFE Scholarship Award Amounts
 $5,000 per academic year
 $7,500 per academic year for 2nd, 3rd and 4th year
LIFE recipients majoring in an approved math or
science who meet all eligibility requirements for the
Enhancement.
 A lesser amount may be awarded if a student’s cost
of attendance is exceeded.
Palmetto Fellows Scholarship Program
**Application is made directly to the SC Commission on Higher Education with the
assistance of the high school guidance counselor. There are 2 application deadlines
each year - in December and June.** SC residency is required.
Initial Eligibility
 3.5 high school GPA on the SC Uniform Grading Policy
 Score a 1200 on the SAT or a 27 on the ACT
 Rank in top 6% of graduating class
Alternative Eligibility Criteria:
 4.0 GPA on the SC Uniform Grading Policy
 1400 on the SAT or a 32 on the ACT
Continued Eligibility
 Earn a cumulative 3.0 GPA on a 4.0 scale for graduation purposes by the end of each
academic year.
 Earn a minimum of 30 credit hours by the end of each academic year.
Palmetto Fellows Scholarship Award Amounts
Award Amounts:
 $6,700 per academic year for first year Palmetto Fellows.
 $7,500 per academic year for 2nd, 3rd and 4th year students not
eligible for the Palmetto Fellows Enhancement.
 $10,000 per academic year for 2nd, 3rd and 4th year Palmetto
Fellows majoring in an approved math or science who meet all
eligibility requirements for the Enhancement.
 A lesser amount may be awarded if a student’s cost of attendance
is exceeded.
Students are strongly advised to be aware of and to understand the award
information and eligibility requirements provided by the
SC Commission on Higher Education.
LIFE and Palmetto Fellows Enhancement
• Maximum award amounts are increased for 2nd, 3rd and 4th year
scholarship recipients who are majoring in approved math and
science disciplines.
• Must earn 14 hours of math and science credits (any
combination) by end of first year of college enrollment.
 14 hours can include exempted credit hours, CLEP credits, dual
enrollment, summer courses prior to student’s initial college
enrollment, Pass/Fail courses with a grade of "Pass", and IB and AP
credits.
• Must have declared a math or science major determined to be
eligible by the SC Commission on Higher Education.
South Carolina Need Based Grant
• Awarded to South Carolina residents demonstrating
financial need.
• Must be an undergraduate student in a SC public
institution who does not yet have first bachelor’s
degree. At USC Aiken, must be enrolled full-time.
• Complete the FAFSA and meet regulatory
requirements regarding criminal convictions.
• Funds are limited and awarded on a first-come, first-
served basis.
SC Tuition Grants Program
 Need-based grant for SC residents that plan to attend one of






SC’s 21 participating independent colleges
To apply, complete the FAFSA and list the independent
college of choice
The 2015-2016 deadline is June 30, 2015
Freshman must graduate in top 75% of high school class or
score 900 or above on SAT or 19 or above on ACT or
graduate from a SC high school with a final GPA of 2.0 or
higher on the SC Uniform Grading Policy
Full-time college student must earn 24 credit hours each
year and maintain satisfactory academic progress
Average award amount for recent years has been $2600
Web address: https://sctuitiongrants.org/
SC Lottery Tuition Assistance Program
To be eligible at a SC Technical School, you must:
 Qualify for in-state tuition rates and be a legal SC resident for a minimum of one
year
 Complete the Free Application for Federal Student Aid (FAFSA)
 Be admitted to one of SC’s 16 technical colleges and enroll in at least six credit hours
each term
 Make reasonable progress toward completion of the requirements of your program
 Not be the recipient of a LIFE Scholarship
At USC 2-year campuses and Spartanburg Methodist College, eligibility requirements
vary slightly. Students who plan to attend one of these institutions should contact the
Financial Aid Office at the school or refer to the website of the SC Commission on
Higher Education at www.che.sc.gov.
Award Amount:
The actual amount of tuition assistance available to each student will be adjusted each
semester based on lottery revenue. The maximum amount of tuition assistance
available for recent terms has been approximately $900 for a full-time student and
$75 per credit hour for a part-time student.
SC Teaching Fellows Program
• Scholarship program for high-achieving SC high school students
who plan to teach in SC public schools
• Funded by the state of SC and administered by the Center for
Educator Recruitment, Retention and Advancement
• USC Aiken is one of twelve Teaching Fellows Institutions in SC
• Provides a $24,000 scholarship/ loan over 4 years
 Up to $6,000 per year
 Required to teach one year in SC public school for every year funds are
received
 Must be repaid as a loan if program is not completed
• Participate in professional development opportunities:
 Seminars, workshops, conferences, action research, service-learning, and
leadership training
SC Teaching Fellows Program - Cont’d
• Application made online at http://cerra.org/teachingfellows/
by December 1st of high school senior year
• Requirements to apply:
 U.S. citizen or legal permanent resident
 Legal resident of SC
 High school senior
• Requirements to remain eligible:
 Complete 30 credit hours per year
 Maintain 2.75 institutional GPA
 Full-time enrollment
 Attend all required activities and programs
• May be combined with Palmetto Fellows, LIFE or HOPE
Scholarship and SC Teachers Loan
SC Teachers Loan Program
Long-term loan: teaching cancelable.
 Cancelable at 20% or $3000, whichever is greater, for each year of full time
teaching in a critical subject or critical geographic area in SC or at 33 1/3% or
$5000, whichever is greater, for each year of full time teaching in both critical
subject and critical geographic area.
 Critical subject areas at time of application will be honored for cancellation
when you begin teaching. Critical geographic areas are deemed by the SC
Department of Education at the time of employment.
 If you decide not to teach, the interest rate for loans made on or after July 1,
2000, shall be the rate on the Federal Direct Loan plus 2%. The rate will not
exceed 10.25%.
 Repayment begins 6 months after student graduates or drops below half-time
enrollment.
SC Teachers Loan Cont’d
• Loan Limits:
 First and Second year undergraduate,
 Third and Fourth year undergraduate,
 Graduate (per year),
$2,500
$5,000
$5,000
• Eligibility requirements:
 SC resident
 Plan to be certified as a teacher in SC public school system
(critical need geographic or subject area)
 Graduate top 40% in high school class
 SAT or ACT score equal to or greater than the SC Average for
the year of high school graduation
 Enrolled at least ½ time
Financial Aid Web Links
State Programs - South Carolina
www.che.sc.gov
sctuitiongrants.org
www.sctechsystem.com
cerra.org/teachingfellows
sccango.org
Federal Programs
www.finaid.org
www.studentaid.ed.gov
www.studentloans.gov
FAFSA on the Web
www.fafsa.gov
www.pin.ed.gov
USC Aiken Office of Financial Aid
Office of Financial Aid
471 University Parkway
Penland Suite 102
Aiken, South Carolina 29801
Phone: 803-641-3476 Fax: 803-643-6840
Email: stuaid@usca.edu
OFFICE HOURS: Monday - Friday
8:30 am - 5:00 pm
47