Finding Money for College

1. Finding Money for College Financial Aid Information West Stokes High School Sandra Bowen, School Counselor October 2, 2017

2. 3Ways to Pay for College • Savings-529 plan, regular savings account • Financial Aid-grants, scholarships, work study, special low-interest loans • Borrowed money-regular bank loans

3. 3 Types of Financial Aid • Grants & Scholarships-money you don’t have to pay back • Loans-money you do have to pay back; Federal loans usually have a lower interest rate than traditional bank loans • Work Study-money you earn by working on the college campus; qualify via the FAFSA

4. Scholarships • Local scholarships Check our guidance webpage • College specific funds Check with your College Financial Aid office • National scholarships Internet resources, also on the guidance webpage

5. RDSResidency Determination Service • Establishes NC residency for tuition purposes • Needed on all NC college applications • Documents needed:social security numbers (parent and student) tax return information vehicle registration driver’s license voter registration other information about NC residency BE ACCURATE! DON’T GUESS! Mistakes cause BIG problems!

6. What is the FAFSA? • FAFSA stands for FREE Application for Federal Student Aid. • Determines student eligibility for Pell Grant. • Also used by many other sources of aid for student eligibility. • Will determine the family’s EFC-Expected Family Contribution. • Current Minimum Pell Grant is $606; maximum is $5920. • Usually increases slightly every year.

7. 2016 HHS Poverty Guidelines • Persons in Family • 1 $11,880 • 2 $16,020 • 3 $20,160 • 4 $24,300 • 5 $28,440 • 6 $32,580 • 7 $36,730 • 8 $40,890 • For each additional person, add $4,160 • SOURCE: Federal Register, January 25, 2016

8. 10 Things You Need To Know About the FAFSA • What is the FAFSA? • Is this all I need to do to get financial aid? • When do I fill out the FAFSA? • Is there a deadline for filing a FAFSA? • Will the Pell Grant pay for all my college costs? • My family owns our own business. We couldn’t qualify for aid, could we?

9. 10 Things You Need To Know About the FAFSA, continued 7. Does it matter which tax form I file my taxes on? 8. Does the FAFSA tell me how much money I’ll get for college? 9. What do I need to get ready to file the FAFSA? 10.What do I do after I file the FAFSA?

10. PELL GRANT • Up to $5,920.00 per academic year for 2017-2018 award year. The award is divided evenly between semesters and is pro-rated from full-time to part-time attendance. • Yearly increases are usually pegged to the Consumer Price Index. • FAFSA can now receive your tax information electronically from the IRS, once you’ve filed.

11. Get your FSA ID now! • Go to www.fafsa.gov and click on the FSA ID link to apply. • Parents and students must have separate FSA ID’s • Serves as your electronic signature in signing the FAFSA

12. www.fafsa.ed.gov

13. What’s the PROFILE? • Some colleges require in addition to the FAFSA • May qualify you for monies from their funds, even if you didn’t qualify for the Pell Grant • Apply at www.collegeboard.org • $25 application fee + 1 college. Each additional college is $16 per report.

14. NC Institutions Requiring the Profile • Davidson College • Duke University • Elon University • University of North Carolina-Chapel Hill • Wake Forest University

15. North Carolina Education Lottery Scholarship (ELS) Based on financial need. Award amounts: $100 to $3,000 annually, renewable. Eligible Applicant must: • Be a North Carolina resident for tuition purposes & enrolled at least 6 credit hours in a curriculum program. • Undergraduate student with no prior Bachelor’s degree • Be enrolled at a North Carolina public institution (UNC campuses and Community College Campuses) • Meet the Satisfactory Academic Progress requirements • Qualify by filling out the FAFSA Maximum time frame-8 semesters (FT) or equivalent

16. NC Community College Grant Eligibility requirements: • NC resident enrolled at least 6 credit hours per semester in a curriculum program • Meet Satisfactory Academic Progress • Completed FAFSA • Grant is $100-$1,500 • Designed to supplement, not replace federal aid Application Procedure • Complete the FAFSA and list a NC community college

17. The University of North Carolina Need-Based Grant Eligibility: • NC resident enrolled at least half-time • Undergraduate with no prior bachelor’s degree • Documented need determined by program formula Value: • Maximum for 2015-16 was $4,200/minimum of $500(avg. award-$1,890) • Awards for part-time enrollment are pro-rated Application Procedure: • Complete the FAFSA and list a UNC institution • Apply by standard UNC priority deadline, March 1 Funding may be available for later applicants but early application of encouraged. Income eligibility limit of $70,000

18. UNC Public Universities • Appalachian State University • East Carolina University • Elizabeth City State University • Fayetteville State University • NC A&T State University • NC Central University • NC School of the Arts • NC State University • UNC Asheville • UNC Chapel Hill • UNC Charlotte • UNC Greensboro • UNC Pembroke • UNC Wilmington • Western Carolina University • Winston-Salem State University

19. NC Need-Based Scholarship (NBS) Begun in 2012-13 to provide need based funding for students attending eligible private institutions. • Private colleges & • Mid-Atlantic Christian University • The College at Southeastern • Carolina College of Health Sciences • Cabarrus College of Health Sciences • Mercy School of Nursing • Watts School of Nursing Eligibility: • Must be enrolled at least 9 hours • Must meet requirements of Pell Grant except an EFC < $15,000 • NC resident making Satisfactory Academic Progress

20. NC Forgivable Education Loans for Service (FELS) • Merit-based program for students who commit to working in NC in identified critical employment shortage professions: nursing, medicine, allied health, and teaching • Priority given to upperclassmen already admitted to area of study over freshmen and sophomores in 4 year programs Eligibility requirements: • Legal NC resident for tuition purposes • Register with Selective Service, if required • Must not be in default, or owe a refund to any federal or state loan or grant program • Maintain Satisfactory Academic Progress • Must be willing to work in NC in a designated critical employment profession

21. FELS-continued • Cumulative GPA of no less that the following at the time of application: -3.00 for graduating high school students (weighted) -2.80 for undergraduate students pursuing an associate or bachelor’s degree -3.20 for students pursuing a graduate or professional degree • Must sign a promissory note • Generally, 1year of loans are forgiven for 1 year of work in a designated field • Interest is 8% per year from date of disbursement • Max. 10 year repayment-may be less if small amount borrowed

22. Golden LEAF Scholars Program 4 year colleges • Available to public and private college students • Must reside in 1 of 78 qualifying counties (Stokes qualifies) • Freshmen & community college transfers • Emphasis on leadership development • Up to $12,000 scholarship for 4 years ($3,000/yr) • Application of CFNC.org in late December • Transcripts can be sent electronically or by mail to SEAA Do not send to Golden LEAF Foundation! • Administered by NCSEAA

23. Golden LEAF Scholars Program 2 year colleges • Scholarships available for students attending NC community colleges • Must reside in 1 of 78 qualifying counties (Stokes qualifies) • Must demonstrate financial need • Curriculum students will be selected based on financial need. Degree seeking students must be FT to receive maximum scholarship award • Less than full-time will be pro-rated

24. Golden LEAF-2 year Colleges continued Maximum Awards -Curriculum students-$750/semester -Occupational Education Students-$250/semester Funds may be used for tuition, fees, books, supplies, and with special provisions, childcare and transportation expenses. Application procedure -Contact the college’s financial aid office for more information on how to apply and deadlines

25. NC ReachChild Welfare Postsecondary Support Program • Funding for students who: -have aged out of NC public foster care OR -were adopted from foster care after age 12 • Eligibility requirements: -Age 18-25 and meet the criteria above -Enroll at least ½ time in NC community college or UNC campus, seeking undergraduate degree, diploma, or certificate -Registered with Selective Service, if required -Not in default nor owe refund to any federal or state loan or grant programs • Maximum value: Coast of Attendance minus other aid • Applications and additional information www.ncreach.org

26. NC Promise • Reduced tuition of $500 per semester at the following NC public universities Western Carolina UNC-Pembroke Elizabeth City State University Does not reduce fees, room and board. www.ncpromise.com

27. Full Scholarship Programs • UNCG Guarantee • Appalachian ACCESS • Carolina Covenant Using a combination of grants, scholarships and work study allows students with financial need to graduate debt free. Students qualify with FAFSA EFC=“0” Must be an admitted student to the university. Financial Aid office at each university determines who qualifies; each program has different requirements.

28. sandra.bowen@stokes.k12.nc.us 336-983-2099 ext. 2210