1. Financial Aid Financial Aid
PRESENTER
USC Lancaster
Kenneth T. Cole
Director of Financial Aid

2. What will we cover? What is Financial Aid Sources of Financial Aid
When to Apply
How to Apply
Scholarships
Filing the FAFSA
What does the FAFSA tell us
Special Circumstances

3. What is Financial Aid?
It is assistance in paying your Tuition, Fees, Room, Board and other college expenses
It most likely will not pay your entire bill

4. Sources of Financial Aid
Federal Government (Grants & Loans)
State (Grants & Scholarships)
Institution (Grants, Scholarships & Loans)
Private Agencies (Grants, Scholarships & Loans)

5. When to apply Starting October No later than December
After that, limited funds may be gone
Some applications have later deadlines

6. How do you apply? Institutional Scholarships: Private Agencies:
Contact the admissions office
Contact the financial aid office
Contact the department of your major
Private Agencies:
Online
Employers, Organizations, Churches
Check with your High School Guidance Counselor
Federal and State Aid:
FAFSA Free Application for Federal Student Aid
(not .com)
Applying is FREE (there is no fee)

7. Scholarship Applications
Search Engines:
Fastweb.com
goodcall.com
bigfuture.org
On facebook: scscholarships
Common Requirements:
3.0+ GPA
1000+ SAT (Math+Verbal) or 22+ ACT
Applications:
Essay
Letters of Recommendation
Hi-light your extracurricular activities
Explain how your experiences will lead to your educational goals
Types of Scholarships:
Academic Athletic
Talent Tuition Off-Set

8. USC Lancaster Scholarships
Must complete a scholarship application including a short essay
Lancer Scholars: UGS GPA Due Nov 1st
USCL Scholarships: 3.0+ UGS GPA Due Feb 1st
You can apply as a continuing student
Merit Based: Financial need is not a consideration.
Requirements: 3.0 GPA, SAT (M+V)
Awards are made for the regular academic year, fall and spring semesters, and are not available in the summer.
Students must enroll full time in order to receive their awards.
Awards based on funding ($500 to $2500)

9. Filing the FAFSA If you want student loans
Do I need to file the FAFSA?
If you want student loans
Federal loans have no credit check
Loans are in student’s name
If you want need based grants
Incomes <= $50,000 are often eligible
If you want Lottery Tuition Assistance
going to attend a 2 college/tech
are not receiving LIFE Scholarship
Income is not a factor

10. Eligibility Requirements
high school diploma or GED.
working toward a degree or certificate
US citizen or eligible non-citizen.
Social Security Number.
registered with the Selective Service
There are other eligibility criteria, but rarely an issue.

11. 10 Steps in Filing the FAFSA
Get Ready: Taxes, SSNs, Dates of Birth
Log on to
Click on “Start FAFSA”
Create an FSA ID for yourself and Parents
Answer questions about yourself
Choose schools to send FAFSA to
Answer “Dependency Status” questions
Answer questions about your parents
Answer income information (IRS Data-retrieval)
Sign and Submit the FAFSA (print Confirmation)

12. Filing the FAFSA Cont… Your Federal Taxes (2016)
What will I need to file my FAFSA?
Taxes
Your Federal Taxes (2016)
Your Parents’ Federal Taxes (2016)
Current account balances
net worth of investments
You can use the “IRS Data Retrieval”
SSNs and DOBs
Your’s and your parent(s)’
Names and SSNs must match SSN Cards

13. Filing the FAFSA Cont… FSA IDs For electronic signatures You A Parent
Go to
Create an ID and password
Must use a valid address, one per ID
Enter SSN, DOB, Full Correct Name and Address
Can be created within the FAFSA

14. Filing the FAFSA Cont…
FSA IDs

15. FAFSA Demo

16. FAFSA Demo

18. FAFSA Demo

26. Questions about the FAFSA
Am I Independent?:
Over 23 years old?
Veteran or on Active Duty?
Parents Deceased and not adopted?
Married?
Children or other dependents for whom you –the student- provide 50% of their support?
Foster youth, emancipated minor, in legal guardianship, or unaccompanied youth who are homeless.
If “NO” to all of these, student is Dependent
Note: Living on one’s own doesn’t qualify a student as Independent.

27. Questions about the FAFSA
I have a Legal Guardian, do I put my guardian’s information the FAFSA?
No, you would be Independent
Court documentation must specifically site “Legal Guardian”.
I am in Legal Custody, do I put my custodian’s information on the FAFSA?
No, you would need to request a Dependency Override by the school

28. Questions about the FAFSA
What is a Dependency Override?
When a Financial Aid Officer approves of Special Circumstances that allows them to use Professional Judgment to make you Independent.
What qualifies someone for a Dependency Override?
Abusive family situation; Mentally, Physically, Drug
One parent deceased the other cannot be found
Note: Parents’ refusal to file the FAFSA does not allow a Dependency Override. But, student may be able to borrow Unsubsidized Loans.

32. Questions about the FAFSA
My parents live together, but aren’t married, who’s information do I put on the FAFSA?
Both parents’ information, if they live together
My parents are Divorced, whose information do I use?
Custodial Parent and Step-Parent (if remarried)
My grandparents/aunt/uncle/friend raised me but did not adopt me, can I put their information on the FAFSA?
No, you must have your parents info
If you can not reach your parents, put zeroes in their section
Ask for a “Dependency Override” from the school.

35. Note: The IRS pages are the same for the student and parent
Note: The IRS pages are the same for the student and parent. If the parent and/or student are eligible to use the IRS DRT, they will follow the same process outlined in this slide.

36. These fields are pre-filled based on FAFSA responses
Note: The IRS pages are the same for the student and parent. If the parent and/or student are eligible to use the IRS DRT, they will follow the same process outlined in this slide.

37. Note: If the parent and/or student are eligible to use the IRS DRT, they will follow the same process outlined in this slide. This page is dynamic and the information that displays is variable, depending on whether parent data or student data is displayed. The data is also dynamic; the type of tax form that is filed will determine what type of tax information is displayed.

40. This slide displays the top half of the “Parent Finances 3” page
This slide displays the top half of the “Parent Finances 3” page. Note the “Transferred from the IRS” labels for the data was transferred from the IRS. The bottom half of the “Parent Finances 3” page is continued on the next slide.

42. Check W-2s
If retirement savings are taken out before taxes they have to be reported as untaxed income

43. Some information can be transferred from the IRS

44. Assets:
Parents have an Asset Protection Allowance (about $18,000 for ages 45-48).
After that only 12% are counted as part of available income.

48. Based on the answers to the questions on this page, the system will determine if the user is eligible to use the IRS Data Retrieval Tool. If they are eligible, the system will provide the option to link to the IRS.
Note: The IRS pages are the same for the student and parent. If the parent and/or student are eligible to use the IRS DRT, they will follow the same process outlined in slides

49. Questions about the FAFSA
Does a Dependent Student need to File Taxes?
Yes, if…
His total income is more than $6300
His unearned income more than $1050
Can the student work and still be eligible for Financial Aid?
Yes, up to $6420 a year is ignored
Anything over that reduces your eligibility

51. This slide shows the messaging that displays when a user indicates they “Will File” their taxes.
In addition, the income estimator is also displayed on this page.
If the parents claim the student on their taxes, the student can’t claim himself.

53. Only the student is asked this question.

54. The student may have these starting his 2nd year of college

55. Assets:
Students do NOT have an Asset Protection Allowance. 20% are counted as part of available income

58. FAFSA Demo Be sure to hit the “Submit My FAFSA Now”
follow ALL instructions.

59. The confirmation page includes links to transfer parental data into a new FAFSA for another student.
In addition, some states allow users to transfer FAFSA information into their state’s aid application. The link is included on the confirmation page. The states that allow this transfer are:
New York
New Jersey
Pennsylvania
Vermont
California
Iowa
Mississippi
Minnesota
Indiana

60. 801
The confirmation page includes links to transfer parental data into a new FAFSA for another student.
In addition, some states allow users to transfer FAFSA information into their state’s aid application. The link is included on the confirmation page. The states that allow this transfer are:
New York
New Jersey
Pennsylvania
Vermont
California
Iowa
Mississippi
Minnesota
Indiana

61. The confirmation page includes links to transfer parental data into a new FAFSA for another student.
In addition, some states allow users to transfer FAFSA information into their state’s aid application. The link is included on the confirmation page. The states that allow this transfer are:
New York
New Jersey
Pennsylvania
Vermont
California
Iowa
Mississippi
Minnesota
Indiana

62. Questions about the FAFSA
What does the FAFSA tell me?
Expected Family Contribution (EFC)
Eligibility for Federal and State Grants
replaces a credit check for Federal Student Loans
What is the EFC?
What your family could contribute towards the total cost of living and paying for college
What is the “Cost of Attendance”?
Estimate of ALL costs
9 months living expenses
How do you calculate the “Need”?
COA-EFC = NEED
limits “need based aid”
Grants
Subsidized Loans

63. What Next? The FAFSA will be sent to the colleges you listed
They will receive an electronic copy within 3 days
Many schools are not able to download applications until January or later.
Check with the college 2 weeks later
You may be selected for Verification
You will receive a Student Aid Report
By (secure link) or by mail (paper form)
You may be selected for “Verification”

64. Verification Some Colleges may not notify students before December.
What is Verification?
A review and correction
randomly selected (1 in 3)
schools will notify you
Each school will need to verify
What will you need to do?
Complete, sign and return the “Verification Worksheet”;
Complete IRS data-retrieval (student and parent)
OR provide a Federal IRS Tax Return Transcript
The college may be require you to send copies of other forms: W-2s,1099-R, 1099-G, tax schedules, etc…
You must do this promptly
You may order a TAX RETURN TRANSCRIPT from the Internal Revenue Service online at or by phone at

65. Special Circumstances
Any circumstance that could change your eligibility for financial aid
Change in income
Change in living expenses/housing
Change in dependency status
Each college has their own policies
Contact the Financial Aid Counselor
provide evidence
No college is required to approve a request

66. Questions? Thank you for your attention! Contact Us! USC Lancaster
Kenneth Cole
BY MAIL: PO Box 889
Lancaster, SC 29721
BY PHONE: (803)
Visit Us: 127 Starr Hall, Hubbard Drive
BY WEB:
A presentation like this is available at the USC Lancaster Financial Aid Office Website