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Financial Aid Tips

Financial Aid Tips. For Future College Freshman Ansley Booker 9/18/2018. Agenda. FAFSA Scholarships and Grants Financial Aid Award Letters Loans Checking Emails Unusual Enrollment History Satisfactory Academic Progress Additional Resources. FAFSA. https://fafsa.ed.gov/.

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Financial Aid Tips

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  1. Financial Aid Tips For Future College Freshman Ansley Booker 9/18/2018

  2. Agenda • FAFSA • Scholarships and Grants • Financial Aid Award Letters • Loans • Checking Emails • Unusual Enrollment History • Satisfactory Academic Progress • Additional Resources

  3. FAFSA https://fafsa.ed.gov/

  4. Your Financial Aid What types of financial aid have you received? • Grants • Work-study • Scholarships • Student Loans

  5. Your Financial Aid History Understanding Availability • Pell Grant (600% Lifetime Limit) = 1 Year of Fulltime Enrollment 100% • Federal Work-Study (No Lifetime Limit) Need based • Scholarships (Academic, Need, Athletic, Volunteer, Renewable/Non-renewable) • Federal Student Loans • $57,500 Undergraduate Lifetime Limit • $31,000 Dependent Lifetime Limit • $138,500 Graduate Lifetime Limit (includes Undergraduate Usage)

  6. Scholarships and Grants

  7. Scholarships and Grants State Scholarships and Grants • Students may contact the Georgia Student Finance Commission for further information about these programs at 1-800-505-GSFC(4732). You may also visit their web site at Gafutures.org. Award amounts and eligibility requirements are subject to change each year by the Georgia Legislature. • Students must complete the Free Application for Federal Financial Aid (FAFSA). • Georgia Tuition Equalization Grant (GTEG) • The Georgia Tuition Equalization Grant is a $950 grant from the State of Georgia for undergraduate Georgia residents attending private colleges in Georgia. For Georgia Grant purposes, summer 2017 begins the 2017-2018 year. Students may only receive this grant for a total of 127 semester hours. The Georgia Tuition Equalization Grant is not based on need and will reduce other full tuition awards you receive.

  8. GA HOPEand Zell Miller Scholarship • For undergraduate Georgia residents only. Qualified students receive $4,056 per academic year for HOPE or $4,480 for Zell. Georgia high school graduates who are named HOPE Scholars by the Georgia Student Finance Authority may receive only one of these scholarships. • HOPE Scholarship recipients at private colleges and universities can attend half-time (at least 6 to 11 semester hours) and receive a HOPE Scholarship of $2,028 per academic year ($1,014 per semester). Zell Miller recipients attending 6 to 11 hours can receive a half-time Zell Miller Award of $2,240 per academic year ($1,120 per semester). • Students' HOPE GPA will be evaluated at the end of every spring semester, regardless of the student's number of attempted hours. Students earning less than a 3.0 cumulative HOPE GPA after spring semester may lose eligibility for the HOPE scholarship until the next entry point (30, 60, or 90 semester hours) in which their HOPE GPA is at least 3.0. Zell Miller requires a 3.3 HOPE GPA. Upon the next entry point (30, 60, or 90 semester hours), a student must have a cumulative HOPE GPA of at least 3.0 for HOPE or 3.3 for Zell Miller in order to regain eligibility. A student can regain eligibility ONE time after losing HOPE or Zell Miller.

  9. GA HOPE and Zell Miller scholarship • A student who does not have sophomore, junior, or senior status due to withdrawing from classes will still be evaluated based on the number of total classes he/she has attempted. For example, a student may receive a "W" or "F" in a course, not earn credit for the course, but the course will still be counted as attempted hours for HOPE and Zell Miller. A student may receive HOPE or Zell Miller for a maximum of 127 semester hours. • A student who has not received HOPE or Zell Miller scholarship payment prior to the summer 2011 semester, and meets all other eligibility requirements, is eligible to receive the HOPE or Zell Miller scholarship until seven years after his/her high school graduation date. A student that serves on active duty in the military during the seven year period after his or her high school graduation will have that active duty period of military service added to the seven year limit.

  10. HOPE Eligibility Requirements: • ALL qualified students must be enrolled full-time and maintain full-time enrollment status for the entire semester to keep these funds. • Independent students (not claimed on parent’s tax return & demonstrates 100% support) must meet one of the following criteria: • Must be a Georgia resident for at least 12 months prior to the first day of the semester IF the student graduated from a Georgia high school, • Must be a Georgia resident for at least 24 months prior to the first day of the semester IF the student does not meet the residency requirements at the time of high school graduation. • Dependent students & parent(s) of dependent students (under the age of 24 and parent(s) claimed the student on their federal tax return) must meet one of the following criteria: • Parent must be a Georgia resident for at least 12 months prior to the first day of the semester AND the student graduated from a Georgia high school. NOTE: No student shall have gained or acquired Georgia residency, for purposes of State Programs, while attending any postsecondary institution located in the State of Georgia without clear evidence of having established Domicile in the State of Georgia for purposes other than attending a postsecondary institution in Georgia.

  11. Federal Supplemental Educational Opportunity Grant (SEOG) The Federal Supplemental Educational Opportunity Grant is a need-based grant awarded to qualified undergraduate students pursuing their first baccalaureate degree only. Eligibility is based on the availability of funds and the federal methodology using information you and your parent(s) provided on the FAFSA. Priority is given to students who have a Pell-eligible EFC of 0 and who meet priority filing deadlines. The Teacher Education Assistance for College and Higher Education Grant Program (TEACH) The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides grants of up to $4000 per year to student who intend to teach in a high-need field at a public or private elementary or secondary school that serves students from low-income families. In exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students. As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant. IMPORTANT: If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Loan. You must then repay this loan to the U.S. Department of Education (ED). You will be charged interest from the day the grant was disbursed.

  12. Federal Pell Grant Federal Pell Grant The Federal Pell grant is a need-based grant awarded to undergraduate students pursuing their first baccalaureate degree only. Eligibility is based on federal methodology and Pell lifetime eligibility usage limits. The award amounts for the 2017-2018 academic year range from $606 to $5,920.

  13. Loans

  14. Federal Loans (Dependent Students) Federal Direct Loan amounts are based on the cost of attendance at a particular school and the student's grade level. • Dependent students may borrow the following amounts: • $3,500/year for 1st-year undergraduates subsidized and $2,000/year unsubsidized. • $4,500/year for 2nd-year undergraduates subsidized and $2,000/year unsubsidized. • $5,500/year for 3rd or 4th-year undergraduates subsidized and $2,000/year unsubsidized. • The aggregate loan limit that an undergraduate dependent student can borrow is $31,000.

  15. Federal Loans (Independent Students) • Independent students may borrow the following amounts: • $9,500/year for 1st-year undergraduates (at least $6,000 must be unsubsidized). • $10,500/year for 2nd-year undergraduates (at least $6,000 must be unsubsidized). • $12,500/year for 3rd or 4th-year undergraduates (at least $5,000 must be unsubsidized). • $20,500/year for graduate students (unsubsidized only). • The aggregate loan limit that an undergraduate independent student can borrow is $57,500. • The amounts listed above are maximums. Remember, a student may not borrow more than their program's Total Cost of Attendance minus other financial aid and/or scholarships.

  16. Georgia Student Access Loan (SAL) Program • The Georgia Student Finance Authority (GSFA) is now accepting applications for the new Student Access Loan (SAL) Program. The SAL program is a low interest rate (1%) loan program designed as a last resort funding resource for undergraduate college students who have unmet financial need. Students must be Georgia residents and U.S. citizens or eligible non-citizens who have graduated from an eligible Georgia high school with a 2.5 minimum GPA. • Applicants must have completed a FAFSA for the current academic year and be enrolled at least half-time in order to apply for the SAL program, and must be able to demonstrate that they and their parents have applied for all available educational loans, except private loans; this includes all Direct Loans for Students and Parents. Since funds are limited, GSFA will randomly select recipients from the applicant pool. • Application windows vary and are posted online and additional information/applications are available on-line at www.gafutures.org.

  17. How to keep your Financial Aid

  18. SAP Satisfactory Academic Progress • Satisfactory Academic Progress standard is used to determine if an enrolled student is making satisfactory academic progress in his or her educational program, regardless of whether or not he or she is receiving Title IV aid. The SAP policy provides a consistent application of standards to all students, ensuring both the quality of academic work and the completion of a student’s program within the maximum time frame.

  19. Additional Resources: FASTWEB. COM (Scholarships) Gafutures.org Scholarships.com High school counselor Houston County Website Local Civic Organizations Gates Millennium Scholarship Mercer University EOC

  20. Contact • Ansley Booker • Interim Director, Mercer University EOC • 640 Plum Street, Suite 240 • Macon, GA 31207 • 478-301-2383 • Booker_aa@mercer.edu

  21. QUESTIONS?

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