Integrating Faith in Learning, Leading and Serving www.CharlestonSouthern.edu

Making “Cents” Of It All Integrating Faith in Learning, Leading and Serving Making “Cents” Of It All Definition of Financial Aid How to Apply for Financial Aid 2018 2019 FAFSA Changes How We Establish Your Financial Need Types of Aid Available Awarding Financial Aid The Renewal Process www.CharlestonSouthern.edu

Definition of Financial Aid Integrating Faith in Learning, Leading and Serving Definition of Financial Aid Financial Aid is assistance to help offset the cost of higher education. Federal Aid State Aid Institutional Aid Private Aid www.CharlestonSouthern.edu

Create Your FSA ID Create your FSA ID and Password Integrating Faith in Learning, Leading and Serving Create Your FSA ID Create your FSA ID and Password https://fsaid.ed.gov/npas/index.htm Parent and student are required to have their own FSA ID and password FSA ID FAQ’s: https://fsaid.ed.gov/npas/pub/faq.htm www.CharlestonSouthern.edu

HOW TO APPLY... Free Application for Federal Student Aid (FAFSA) Integrating Faith in Learning, Leading and Serving HOW TO APPLY... Free Application for Federal Student Aid (FAFSA) The FAFSA can be completed online at: www.fafsa.ed.gov www.CharlestonSouthern.edu

FAFSA Now Available October 1 Integrating Faith in Learning, Leading and Serving FAFSA Now Available October 1 www.CharlestonSouthern.edu

FAFSA Application Dates Changes Integrating Faith in Learning, Leading and Serving FAFSA Application Dates Changes College School Year When FAFSA can be submitted Tax Income Year Used July 1, 2018–June 30, 2019 October 1, 2017–June 30, 2019 2016 July 1, 2019-June 30, 2020 October 1, 2018-June 30, 2020 2017 **By using prior, prior year taxes, all parents and students would have already filed and most will be eligible to use the IRS Data Retrieval. www.CharlestonSouthern.edu

Why Dept. of Education Made Changes Integrating Faith in Learning, Leading and Serving Why Dept. of Education Made Changes alignment— the financial aid application process may be more aligned with the college admission process, certainty—applicants will not need to estimate income or taxes paid, and less pressure—more time for students and parents to explore and understand financial aid options and apply for aid before state deadlines. www.CharlestonSouthern.edu

What to Expect with New FAFSA Dates Integrating Faith in Learning, Leading and Serving What to Expect with New FAFSA Dates You may or may not see earlier award letters.. State funding has not been finalized Federal funding has not been finalized Schools may not have established costs Financial Aid System Updates Some schools may go out with many estimated awards on award letters due to uncertainty of funding. www.CharlestonSouthern.edu

How Does the Data Retrieval Help? Integrating Faith in Learning, Leading and Serving How Does the Data Retrieval Help? Accurate filing information Make sure no changes are made when using You will not have to provide tax documents when IRS Data Retrieval Tool is used (only W2’s and worksheet) Once information exports into FAFSA, you will not be able to review/change this information www.CharlestonSouthern.edu

(if not using IRS Data Retrieval Tool – for 2019/2020) Integrating Faith in Learning, Leading and Serving Items Needed for FAFSA Social Security numbers of student and parents Student driver’s license number if you have one 2017 Federal Tax information, W-2 Forms (if not using IRS Data Retrieval Tool – for 2019/2020) www.CharlestonSouthern.edu

IRS Data Retrieval Tool... Integrating Faith in Learning, Leading and Serving IRS Data Retrieval Tool... Makes filing FAFSA simple Benefits of using retrieval tool Additional information: http://www.finaid.org/fafsa/irsdataretrievaltool.phtml www.CharlestonSouthern.edu

How Your Financial Need is Calculated... Integrating Faith in Learning, Leading and Serving How Your Financial Need is Calculated... Cost of attendance - Expected Family Contribution (EFC) = Financial Need EFC stands for Expected Family Contribution. This is determined when your FAFSA is processed. www.CharlestonSouthern.edu

Need Varies Based on Cost Integrating Faith in Learning, Leading and Serving Need Varies Based on Cost www.CharlestonSouthern.edu

What factors in with my EFC? Integrating Faith in Learning, Leading and Serving What factors in with my EFC? The EFC calculation used in the federal methodology looks at many factors when being calculated. Income (taxed and untaxed income – such as pensions, military clergy allowance) Allowances against student income (income taxes paid, social security) Contribution from assets (savings, checking, business worth, investments) Number in household and number of students in college (excluding parents) EFC is calculated based on 9 months and used in conjunction with cost of attendance (which varies from school to school) EFC is also calculated on enrollment status (example are you full-time, part-time, etc…) www.CharlestonSouthern.edu

TYPES OF AID Federal State Institutional Private Integrating Faith in Learning, Leading and Serving TYPES OF AID Federal State Institutional Private www.CharlestonSouthern.edu

Federal Aid Pell Grant - $6,095/yr (based on 2018-19) Integrating Faith in Learning, Leading and Serving Federal Aid Pell Grant - $6,095/yr (based on 2018-19) Supplemental Educational Opportunity Grant (SEOG) Post 911 GI Bill (CSU is a Yellow Ribbon School) www.CharlestonSouthern.edu

Federal Loan Programs Stafford Loan - $3,500/yr for Freshmen Integrating Faith in Learning, Leading and Serving Federal Loan Programs Stafford Loan - $3,500/yr for Freshmen Unsubsidized Stafford - $2000/yr Federal Work Study/Student Employment -$2,000/yr PLUS Loan Teach Grant/Loan www.CharlestonSouthern.edu

State Aid SC Tuition Assistance/Need Based Grant Lottery Funding Integrating Faith in Learning, Leading and Serving State Aid SC Tuition Assistance/Need Based Grant Lottery Funding S.C. Tuition Grant - $ 3,300 (based on 2018-19) S.C. Hope Scholarship - $2,800 S.C. LIFE Scholarship - $5,000 S.C. Palmetto Fellows - $6,700 S.C. Palmetto and LIFE Enhancement - $2,500 S.C. Teaching Fellows - $5,700 www.CharlestonSouthern.edu

Institutional Aid Academic Scholarships/Grants Integrating Faith in Learning, Leading and Serving Institutional Aid Academic Scholarships/Grants $3,000/year to $15,000/year Academic, Athletic, Music and Endowed/Funded (amounts vary) www.CharlestonSouthern.edu

Private Aid Parents employer Parents Civic Organizations Integrating Faith in Learning, Leading and Serving Private Aid Parents employer Parents Civic Organizations Students Civic Organizations Heritage Based Scholarships Church Scholarship Search Engines www.CharlestonSouthern.edu

Personal Contributions Integrating Faith in Learning, Leading and Serving Personal Contributions 529 Plans SC Future Scholars http://www.savingforcollege.com/intro_to_529s/what-is-a-529-plan.php Payment Plans (handled by our Student Accounts Office) www.CharlestonSouthern.edu

Integrating Faith in Learning, Leading and Serving The Awarding Process The financial aid office receives your information electronically from the Department of Education’s processing center. Some schools award first-come first-serve. A financial aid package is created for you based on your FAFSA information. An award letter is mailed out with additional information that may be needed. www.CharlestonSouthern.edu

Review Your Awards Review all awards Integrating Faith in Learning, Leading and Serving Review Your Awards Review all awards Make sure you understand any terms included with awards (i.e. loans or scholarship renewal requirements) If necessary, officially accept awards or decline any you do not wish to receive. Check for additional information needed www.CharlestonSouthern.edu

Additional Information Integrating Faith in Learning, Leading and Serving Additional Information Verification... If you are chosen, you must submit the following: Federal tax returns (unless you use IRS Data Retrieval Tool) W-2 Forms Verification Worksheet Any additional forms requested by school www.CharlestonSouthern.edu

Integrating Faith in Learning, Leading and Serving State Residency For in-state tuition rates and SC-based scholarships, certification of state residency will be required by colleges and scholarship agencies. www.CharlestonSouthern.edu

Special Circumstances Integrating Faith in Learning, Leading and Serving Special Circumstances If there are any significant changes to your family’s financial status, notify the financial aid office of your school. These changes may affect your aid package. www.CharlestonSouthern.edu

Military and Residency Integrating Faith in Learning, Leading and Serving Military and Residency Members of the military permanently assigned in SC on active duty and their dependents qualify under an exception category. Military members and their dependents may be charged in-state tuition and fees without having to establish a permanent home in South Carolina. SC residents who are members of the military stationed outside of SC and their dependents may receive in-state tuition and fees if they continue to claim SC as their state of legal residency. SC residents who change their state of legal residence lose their SC resident status for tuition and fee purposes. www.CharlestonSouthern.edu

Keeping your Awards Know the renewal requirements for each award Integrating Faith in Learning, Leading and Serving Keeping your Awards Know the renewal requirements for each award Know the Financial Satisfactory Academic Progress requirements Review your progress each semester www.CharlestonSouthern.edu

Renewing Your Financial Aid Integrating Faith in Learning, Leading and Serving Renewing Your Financial Aid Remember the FAFSA has to be completed every year! Renewals can be done by FAFSA on the Web SAP – Satisfactory Academic Progress www.CharlestonSouthern.edu

Integrating Faith in Learning, Leading and Serving FERPA Waiver The Family Educational Rights and Privacy Act is a federal law protecting the confidentiality of student records. Student Information Release Authorization All students are required to have a FERPA Waiver on file to include the student and a third party to receive information about their account www.CharlestonSouthern.edu

Additional Resources www.federalstudentaid.ed.gov 1-800-4-FED-AID Integrating Faith in Learning, Leading and Serving Additional Resources www.federalstudentaid.ed.gov Information about aid programs Free scholarship search Free college search 1-800-4-FED-AID Help with the FAFSA www.CharlestonSouthern.edu

Additional Resources www.che.sc.gov www.cerra.org/fellows Integrating Faith in Learning, Leading and Serving Additional Resources www.che.sc.gov SC State Scholarship and Grant Programs www.cerra.org/fellows SC Teaching Fellows Program www.sctuitiongrants.com SC Tuition Grant for Private Colleges www.CharlestonSouthern.edu

Additional Resources www.studentloans.gov www.charlestonsouthern.edu Integrating Faith in Learning, Leading and Serving Additional Resources www.studentloans.gov Direct Loan Information www.charlestonsouthern.edu - Charleston Southern website www.va.gov - Veterans information www.CharlestonSouthern.edu

Integrating Faith in Learning, Leading and Serving www.CharlestonSouthern.edu