SENIOR PARENT NIGHT

1. Financial Aid Basics SENIOR PARENT NIGHT Seniors 2020

2. What is Financial Aid Financial Aid • Money used to help pay college expenses • Grants, work-study, student loans, scholarships • Almost every student is eligible for some type of financial aid • Students must apply every year

3. FAFSA.GOV • FAFSA • Free Application for Federal Student Aid • Complete as soon as possible after October 1 • One application for most types of federal and state financial aid

4. FAFSA.GOV • Always use FAFSA.gov • Never pay to file the FAFSA • Use FAFSA4casterto estimate eligibility

5. Free Application For Federal Student Aid(FAFSA) • Used by all schools; deadlines vary • Generates an Expected Family Contribution (EFC) • Cost of School – EFC = Your Financial Need • EFC ≠ The amount you may have to pay out of pocket • Your Financial Need ≠ Your Financial Aid

6. Scholarships – merit-based aid. Based on academics or performance and generally require a 3.0 GPR or higher for renewal. • Grants – need-based aid. Based on income/assets and generally require a 2.0 GPR for renewal. • Loans – self-help aid. Must be repaid. • Employment – self-help aid. Earnings from work used for future charges and/or spending money.

7. School • State • Federal • Donors (local & national) • Military • Other Agencies http://www.bcsdschools.net/Domain/17

8. University Scholarships – Application required • Donor Scholarships – Application required • Palmetto Fellows Scholarship – Application required • LIFE Scholarship • Processed through the college/universities financial aid office. Based on final transcript that are submitted. • Hope Scholarship • Processed through the college/universities financial aid office. Based on final transcript that are submitted.

9. Student applies through guidance counselor • To retain: • Earn 30 credit hours EACH year • Earn 3.0 GPR at home institution • AP/IB/DC classes DO NOT count in credit hours for renewal.

10. LIFE Scholarship for 4 – Year Colleges • No application process; awarded by college • To retain: • Earn AVERAGE of 30 credit hours/year • Earn all-college 3.0 GPR • AP/IB classes DO count in credit hours for renewal

11. LIFE Scholarship for 2 – Year Colleges • No application process; awarded by college • To retain: • Earn AVERAGE of 30 credit hours/year • Earn all-college 3.0 GPR • AP/IB classes count in credit hours for renewal

12. MATH AND SCIENCE ENHANCEMENT • Applies to certain math and science majors • Applies to second, third and fourth years • LIFE increases from $5,000 to $7,500 • Palmetto Fellows increases from $6,700/$7,500 to $10,000 • Student must complete 14 hours of math, science or combination in the first year • AP/IB classes count towards the Enhancement requirements (but not the renewal requirements for Palmetto Fellows)

13. HOPE SCHOLARSHIP • No application process; awarded by college • Non-renewable • To gain LIFE Scholarship in second year: • Earn AVERAGE of 30 credit hours/year • Earn all-college 3.0 GPR

14. GRANTS • All require submission of FAFSA • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant (SEOG) • South Carolina Tuition Grant (private schools) • South Carolina State Need-Based Grant (public schools) • Lottery Tuition Assistance Program (two-year schools) – not need based

15. FEDERAL GRANTS Pell Grant • Currently $5,550 maximum at any school Supplemental Educational Opportunity Grant (SEOG) • Supplement to the Pell Grant • Limited funding; based on deadline • Amounts will vary by school

16. STATE GRANTS SC Need-Based Grant (public schools) • Eligibility based on the FAFSA • FAFSA deadline will vary by school • Projected maximum for 2018 - 19 is $2500 for Full Time and $1250 for part time; award will vary by school • Final high school transcript and State Affidavit required • Renewal requires completion of 24 credit hours with minimum 2.0 GPR

17. STATE GRANTS Lottery Tuition Assistance (LTAP) • For two-year institutions only • Requires FAFSA or an alternate application, but not need-based aid • Currently $1140 per term ($95 per credit hour for part time) • Must be enrolled at least half time (six hours) • Must be enrolled in a certificate, diploma, or degree program • Final high school transcript and State Affidavit required

18. LOANS • Federal Direct Stafford Loan (see separate slides) • Federal Direct PLUS Loan (see separate slide) • Federal Perkins Loan • Private Educational Loans • Loans for future teachers: • South Carolina Teacher Loan • South Carolina Teaching Fellow* • Federal TEACH Grant* • *Converts to loan if teaching requirement is not fulfilled; • not offered at all schools

19. Standard Types of Self Help Aid • Loans • Direct Student Loans (Subsidized/Unsubsidized) • Direct Parent PLUS Loan • Federal Perkins/Nursing Loans • Alternative loans from private lenders • Student Employment • Federal Work-Study • Institutional Campus Employment

20. Direct Student Loans(Subsidized and unsubsidized) • Annual loan limits • $5,500 (Freshman, 0-29 credits) • $6,500 (Sophomore, 30-59 credits) • $7,500 (Junior and Senior, 60+ credits) • $31,000 – Undergraduate aggregate loan limit • Subsidized • Must demonstrate “need”; awarded to those who qualify • Federal government pays interest while in school • Unsubsidized • Interest accrues from first disbursement • Need is not a consideration; available to everyone

21. Direct Student Loans • Guaranteed approval to qualified students • Repayment begins after 6-month grace period • Standard repayment period is 10 years • Variety of other loan repayment options available • Loan forgiveness programs for teachers, nurses, and other public service employment • Deferment and cancellation provisions available

22. Direct Parent PLUS Loans • One parent must apply and be approved for the loan and the amount requested • Appeal option • Endorser (co-signer) option • Can borrow up to the cost of attendance • COA– all other aid = maximum PLUS eligibility • May request in-school deferment • Unsubsidized • Apply online at www.StudentLoans.gov

23. Costs of Borrowing Direct Loans • Fixed Interest Rates • Direct Subsidized & Unsubsidized Loans have fixed interest rates of 4.53%for 2019-20 aid year • Direct Parent PLUS has fixed interest rate of 7.08%for 2019-20 aid year • Origination Fees for Direct Loans • For 2017-18, Student = 1.059% and PLUS = 4.236% • Student example: you borrow $2,750, we receive $2,721

24. Student Employment • Federal Work-Study - Awarded to those who qualify - Typically cannot be directly applied towards tuition • Institutional Campus Employment • Check for availability with Office of Financial Aid • Off-Campus

25. Other Financing Options • Individual Development Account (IDA) • VIDA is a 3:1 match • Monthly payment plans through the school • Use 529 plans • Tuition reimbursement • AmeriCorps • Military service • G.I. Bill, Yellow Ribbon, ROTC, etc.

26. https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidizedhttps://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized

27. Sound Advice From One Parent Sound Advice from one Parent Make FRIENDS with one person from the Financial aid office Only talk with that person Make them get to know you and your student!!!! They know their stuff!!!

28. Resources • www.studentloans.govEntrance Loan Counseling and Master Promissory Note • www.studentaid.ed.govUS Department of Education • www.che.sc.govSC scholarships and grants • www.sctuitiongrants.comSC Tuition Grant • www.cerra.orgSC Teaching Fellows • www.scstudentloan.orgSC Teacher Loan • www.fastweb.comFree scholarship search • www.finaid.orgFinancial aid tools and calculators • Your guidance counselor

29. Senior Night Survey • https://www.surveymonkey.com/r/GGMMRNF • REMIND LINK • MOBILE PHONE • WEBSITE