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FINANCIAL AID What You Should Know
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How to Get Financial Aid
Free Application for Federal Student Aid (FAFSA) Must be completed every year, using the previous year’s tax information Example: academic year began in August 2014 and ends in July 2015 Aid for this academic year is determined using 2013 tax information Must have FAFSA on file to be considered for Federal Student Aid PELL Grant Direct Loans
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Financial Aid Priority Deadlines
Fall semester: June 1st Spring semester: October 1st Summer semester: March 1st Students whose Financial Aid file is not complete and ready to award by the Priority Deadlines may be required to pay ALL educational expenses incurred out-of-pocket until applications are processed, eligibility is determined, and Aid is awarded.
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Types of Aid Available PELL Grant HOPE Scholarship Direct Loans
Subsidized Unsubsidized EGSC Scholarships Correll Scholars Program (Swainsboro Only) EGSC Foundation Scholarships (All EGSC Campuses)
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PELL GRANT - $2,888 Fall - $2,887 Spring Federally Funded Income Based
Pro-Rated 100% at 12 or more hours 75% at 9-11 hours 50% at 6-8 hours 25% at 1-5 hours - Annual Maximum: $5,775 Paid in two disbursements: - $2,888 Fall - $2,887 Spring
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PELL GRANT Qualifications U.S. Citizen High School Graduate
EFC (Expected Family Contribution) Between 0 and $5,198 ($5,775/$313) Do not owe a Federal Grant overpayment Not in “Loan Default” status Have not exceeded the PELL Lifetime Limit
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PELL GRANT Minimum number of hours to be considered a Full-Time Student and receive maximum PELL eligibility award is – 12 hours
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HOPE SCHOLARSHIP HOPE Scholarship State Funded
Grade Point Average (GPA) Based Pro-rated, Up To a Maximum of 15 Credit Hours Qualifications Graduate from an eligible high school Meet U.S. Citizenship requirements Meet Georgia Resident requirements Maintain a minimum GPA of 3.0 Do not owe a Federal Grant overpayment Not in “Loan Default” status
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HOPE SCHOLARSHIP Annual Maximum: $2,400 Paid in two disbursements:
$1,200 Fall $1,200 Spring EGSC does not determine initial HOPE eligibility. Your high school submits your information to the Georgia Student Finance Commission (GSFC), who determines HOPE eligibility.
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Zell Miller Scholarships
State Funded Part of the HOPE Scholarship Program Qualifications Meet all HOPE Scholarship Requirements Graduate as Valedictorian or Salutatorian Graduate with a minimum 3.7 Grade Point Average and Minimum score of 1200 on Math and Reading portions of SAT; or Minimum composite score of 26 on the ACT
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PLEASE NOTE If you plan to attend Summer semesters, please make sure to set aside funds to cover Summer expenses or request that your Aid be paid in three disbursements; request must be made by the first day of Fall Semester classes.
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Maintaining Eligibility – HOPE and Zell Miller
Minimum Required Grade Point Average (to maintain recipient status) HOPE – 3.0 Zell Miller – 3.3 Check Points 30 Attempted Hours 60 Attempted Hours 90 Attempted Hours Every Spring Semester (cannot gain at this checkpoint)
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Maintaining Eligibility – HOPE and Zell Miller
What Happens Students not making the required minimum GPA at any of the check points will lose their eligibility Eligibility can be regained ONLY at the 30, 60, 90 attempted hour check points Eligibility CANNOT be regained during the Spring semester check point Once eligibility has been lost twice, it is permanently lost and cannot be regained Transfer Students Students who are transferring to EGSC from another college must complete the HOPE/Zell Miller Request Form if they wish to be evaluated for HOPE eligibility at East Georgia State College
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Loan Information – Direct Loans
Types of Loans Subsidized Based on income level No interest accrued while enrolled for at least 6 credit hours Repayment begins when student is not enrolled for six months Unsubsidized Interest begins to accrue as soon as loan is made Parent PLUS Loan Based on credit worthiness Repayment begins immediately PLUS Loan Denial Students whose parents were denied a PLUS loan are eligible for an additional Unsubsidized loan
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Direct Loans Annual Maximum: $5,500 Subsidized : $3500
Paid in two disbursements: $1,750 FA/$1,750 SP Unsubsidized : $2,000 Paid in two disbursements: $1,000 FA/$1,000 SP
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Keeping Financial Aid Eligibility
Satisfactory Academic Progress (SAP) Two-Part Process Qualitative (GPA) Must maintain a minimum cumulative GPA of at least 2.0 A 2.0 GPA is a “C” average Quantitative (Completion Rate) Must complete a minimum of 67% of all hours attempted Completion rate is calculated by dividing the number of hours earned by the number of hours attempted. Example: Student registered for 12 hours and successfully completed 9 hours 9 divided by 12 is 0.75 Completion rate is 75% Must satisfy both Qualitative and Quantitative requirements to remain in good Financial Aid standing
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Losing Financial Aid Eligibility
Failure to maintain one or both requirements of SAP can result in the loss of Financial Aid eligibility. The following notifications will be sent to the student’s CatMail: First Semester SAP is not met – Financial Aid Warning If SAP is not met by the end of the Second Semester – Financial Aid Suspension
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Financial Aid Suspension
Students who are placed on Financial Aid Suspension have the right to appeal to have aid reinstated. Complete the Letter of Appeal Form Submit the Letter of Appeal Form with supporting documentation If Appeal is approved: Student Aid is reinstated under the Academic Plan Student remains on Academic Plan until SAP levels are reached If conditions of the Academic Plan are not met, Aid is lost If Student Aid is lost while on the Academic Plan, there is no appeal.
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Until Your Aid is Awarded
Completing the FAFSA is only the first step in the Financial Aid process. Additional documentation may be required, especially if you are selected for Verification. Reasons for Verification: Random selection Discrepancy resolution Options for providing commonly requested documents and information: IRS Data Retrieval Tool (in FAFSA; satisfies Tax Transcript requirement) Next-Gen Forms (electronic forms found on the EGSC Financial Aid website)
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Until Your Aid is Awarded
Please allow three days for received documentation to appear in BANNER Web. If additional documentation is required, all documents must be received and complete before they can be processed and aid can be awarded. Until aid is awarded, students are responsible for all tuition, fees, and charges incurred. Please note: Students must be registered for at least six hours in order to be eligible for loans during any given semester.
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DISBURSEMENT Tuition, fees, and any authorized charges are deducted from your Award amount. What is left is known as “Excess Aid” and will be disbursed to your Higher One account. Disbursements begin on the third Thursday of each semester and continue until all Excess Aid is paid* *Due to processing time, funds will not be available for immediate disbursement. For example, Aid that is cleared on Tuesday of this week will not be disbursed until Thursday of next week.
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DISBURSEMENT Disbursement of LOAN FUNDS to FIRST-TIME BORROWERS:
Students who are first-time federal loan recipients must be enrolled and attending classes for at least 30 days before Excess Aid from loan funds can be disbursed; therefore, those funds will be disbursed the week after the thirty-day mark is reached. Students are responsible for paying the balance of all tuition, fees, and charges if aid is not sufficient to cover the total amount owed.
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Reminders The Office of Financial Aid will communicate with students via East Georgia State College , known as “Cat-Mail.” Financial Aid Status can also be checked on the EGSC website: Select the “Financial Aid” tab and then Select the “Check Your Financial Aid Status” link Aid cannot be processed or awarded until Student Aid files are complete Not just the FAFSA Includes Student Aid Report Corrections Verification Documentation Students are responsible for all educational expenses incurred until Student Aid file is complete and Aid is awarded
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QUESTIONS???? If you have questions or need assistance with financial aid, please do not hesitate to contact the Financial Aid office or visit the website ( for more information.
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