1. Refunds and Withdrawals
Good morning! We’re here today to talk about refunds and withdrawals. Several of you may have just received a refund check from Greenville Tech. It may be a few hundred dollars or a great deal more than that. We need to talk about some options you have now that you have received your refund. Before we do that, though, let’s break down some financial aid basics so that we’re all on the same page.

2. Financial Aid Basics
Financial aid is money provided by the federal and state government, and by some colleges and universities to help students pay for college.
Financial aid can come in the form of a grant, a work-study job, loan or a scholarship.
There is a difference between grants and loans.
**Click on the last bullet for a link to a video

3. Your Responsibilities as a Student
Stay enrolled, attend your classes and make good grades.
If you are falling behind in your classes, talk with your instructor/advisor and consider tutoring to help improve your grades before withdrawing.
Once classes begin and you have received your refund from GTC, if you withdraw from your classes prior to the 60% point in the term, you will owe a repayment based on Federal regulations.
As the video just stated, you have the responsibility to stay enrolled in your classes and get good grades. Those two things will require you to attend your classes regularly, study and complete projects. Some of you may be thinking that once you get your refund check, you’re withdrawing however, there are consequences to that decision. Once you receive your refund check, if you withdrawal out of classes, it will result in you owing the College for the money we had to return to the federal and state government. Withdrawing from classes can also affect whether you will receive financial aid in the future.

4. Options: Save, Spend or Return
SAVE IT
Pros:
Help pay for summer term classes after you have already used Pell
Special fund for emergencies (car repair, replacement of computer, etc)
Cons:
Will have to repay your loan
Let’s talk about some options for you once you’ve received your refund check. Some of you have already spent the check in your head before you even receive it. You have some decisions to make. You can either save it, spend it or return it to the lender. Here are the pros and cons to each option.

5. Options: Save, Spend or Return
SPEND IT
Pros:
Smart spending—child care costs, transportation, buying/replacing a computer
Cons:
Will have to repay your loans
Blowing your refund on temporary “needs”—new wardrobe, rims, parties, etc
Sometimes you may need your refund check to help pay for educational expenses. Examples of this can include: child care costs, transportation, buying or replacing a computer. These are examples of things that are necessary for you to get your education. Some of you are thinking of all the things you “need” (new rims for the car, new clothes, throwing a great party, giving money to relatives), but there’s a HUGE difference between “needs” and “wants”. Do you really want to take out $10,000 on temporary things only to pay back $14,000+ in loans? Don’t live for now—live for your future. In the future, you may have a spouse and/or kids to support, rent or mortgage payment, utility bills, car payments, etc. You don’t have to graduate college in DEBT!

6. Options: Save, Spend or Return
RETURN IT
Pros:
Won’t have to repay loans because you’ve returned the money to the lender
You won’t graduate college in DEBT!!
Cons:
NONE
The last option would be to return it. This is the wisest decision you could make. Returning your refund to the lender is very easy to do. If that is what you want to do, feel free to drop by our financial office.

7. “I don’t have to repay my loans…”
YOU are responsible (not your parents) for repaying your student loans even if you do not graduate, have trouble finding a job, or just didn’t like your school.

8. Consequences of Defaulting
Can be sued by the federal government
Wages can be garnished
Federal/state income tax refunds can be garnished
Social Security benefit payments can be withheld
Will appear on your credit history, making it difficult to get a car, credit cards or get a job
May be prohibited from enlisting in the Armed Forces
Here are some of the consequences for not repaying your loans.

9. Things to Remember….
You WILL have to repay your loans. There are NO EXCEPTIONS.
Live with the future in mind—don’t graduate college drowning in debt
Stay enrolled and get good grades. Graduate with your degree!
Remember that loans MUST be repayed whether you are employed or not. The government will hold your accountable. They will get their money from you. Don’t graduate college in debt! Remember that your life will change in the future. You will have other things that will require your money—rent/mortgage, spouse/children, bills. Do you really want a loan repayment to take money from your paycheck?

10. FAFSA 2013-2014 FAFSA Fridays February 15th-April 19th (not April 5th)
Will need to make an appointment with Financial Aid
Need to complete your 2012 taxes before attending
Start early and avoiding the waiting in the Fall.