1. Financial Assistance and Resource Presentation
Anderson University
Financial Aid Planning Office

2. Why Go to College? Your parents want you to go
Your desired career requires a college degree
To increase your earning potential
It’s fun!!

3. What College Do I Choose?
Student Culture
Institution Size
Location
Learning Environment
Cost

4. How Can I Get Information?
Website
Admissions Department
College Visit
Specific department visits

5. What Will the College Need?
Application (online or hard copy)
Recommendations (letters from a teacher, guidance counselor, high school administrator, or pastor)
Transcript*
SAT/ACT scores*
FAFSA
* Admission requirements for GPAs and Test Scores.

6. Let’s Talk about Financial Aid

7. What is…Financial Aid?
Financial aid provides funds to students and families to help pay for college expenses
Financial Aid ensures a consistent and equitable evaluation of a family’s financial circumstances.

8. What is…Financial Need?
Financial need is the difference between educational expenses and the amount the student and family are expected to pay.
Cost of Attendance (COA).
Expected Family Contribution (EFC).
NOTE: The cost of attendance is different at each school, but the EFC remains the same.

9. What Is Included In the Cost of Attendance (COA)?
Tuition and Fees
Books and Supplies
Room and Board
Miscellaneous Expenses
(Transportation, Personal, etc.)

10. The Equation For Determining Financial Need Is:
COA – EFC = FINANCIAL NEED
Sample College/University
COA
EFC
Financial Need
Technical
$ 5,000 -
5,000 =
$ -
Public
10,000
Private
15,000

11. Financial Aid Includes
Gift Aid
Merit Based
Scholarships
Grants
Need Based
Self-help
Employment
Loans

12. Please Remember Scholarships Grants Free money! Free Money!
Usually based on merit
Does NOT need to be repaid.
Grants
Free Money!
Usually based on need

13. Institutional Financial Aid and Outside Scholarships

14. Merit Based Aid – Institutional
Early Decision Scholarship Programs
Academic Scholarships
Qualifications vary.
Determined by, but not limited to:
• High School GPA • ACT Scores
• SAT Scores • Interviews
Athletic Scholarships
Determined by coaches
Talent Scholarships
Drama, music, etc.
Determined by audition
Note: Institutional aid is determined individually by each college or university.

15. Outside Scholarships
For scholarship information contact your high school, local companies, and civic organizations.
Some good Internet websites:
Check with your local Chamber of Commerce

16. State Scholarships and Grants

17. Need Based Aid – State (Public)
SC Need Based Grant
Must attend a SC public college/university
Must file the FAFSA which determines eligibility
Determination of the amount is made by the college/university up to $2,500 per year, if full-time, $1,250 if part time
Awarded on a first come, first served basis.
SC Lottery Tuition Assistance Program
May receive up to the cost of tuition (Spartanburg Methodist College-amount is limited to the highest in-state tuition rate at a two-year public institution)
Must be awarded federal grants and Need-based Grants before determining eligibility.

18. Need Based Aid – State (Private)
SC Tuition Grant
Must attend a SC private college/university
Must file the FAFSA by June 30 which determines eligibility
Must meet one of three criteria:
900 SAT/19 ACT
Top 75% of high school class
2.0 high school GPA
Amount for freshmen for is $2,600
(actual amount depends on the budget approved by the SC General Assembly)

19. Merit Based Aid – State Hope Scholarship
Award is $2,800
Awarded for the Freshman year ONLY.
Students must meet the following criteria:
Graduate high school with a 3.0 GPA using the Uniform Grading Scale.
Cannot be L.I.F.E. eligible.
Non-renewable
Student can receive the L.I.F.E. Scholarship for subsequent years providing the student maintains a 3.0 cumulative GPA and completes 30 credit hours per year.

20. Merit Based Aid – State L.I.F.E. Scholarship
Award is $5,000 per year
Students must meet two (2) of the following three (3) criteria:
Score at least 1100 SAT/24 ACT
Graduate high school with a 3.0 GPA or higher using the Uniform Grading Scale
Graduate in the top 30% of high school class
Renewal requires:
Complete 30 credit hours per year
Maintain a cumulative 3.0 GPA.

21. Merit Based Aid – State Palmetto Fellows
Award is $6,700 for freshmen; $7,500 sophomore through senior
Students have two (2) opportunities to earn the Palmetto Fellows:
Score at least 1200 SAT / 27 ACT, earn a minimum 3.5 cumulative GPA, and graduate in the top 6% of the high school graduating class
Students must score 1400 or higher on the SAT/32 ACT and earn a 4.0 high school grade point average.
Renewal requires:
Complete 30 credit hours per year
Maintain a cumulative 3.0 GPA.

22. South Carolina Palmetto Fellows Enhancement and L.I.F.E. Enhancement

23. South Carolina Palmetto Fellows Enhancement
Enhanced Award = $2,500 per year for sophomore through senior. (Current Palmetto Fellows Award = $6,700 for Freshman ; $7,500 Sophomore through Senior)
Eligible majors
Science/Science Education
Math/Math Education
Computer/IT
Engineering
Health Care (Medicine, Dentistry, Nursing, etc.)
To qualify beginning the Sophomore year:
Students must have had at least 14 hours of math or science courses during their Freshman year (including AP courses taken during high school).
Be a Palmetto Fellows majoring in one of the majors above.

24. South Carolina L.I.F.E. Recipients
Enhanced Award = $2,500 per year for Sophomore through Senior. (Current L.I.F.E. Award = $5,000 per year for Freshman through Senior)
Eligible majors
Science/Science Education
Math/Math Education
Computer/IT
Engineering
Health Care (Medicine, Dentistry, Nursing, etc.)
To qualify beginning the Sophomore year:
Students must have had at least 14 hours of math or science courses during their Freshman year (including AP courses taken during high school).

25. SC Scholarships and/or Grants
Please remember: All initial and renewal criteria must
be met before scholarships/grants can be awarded
SC HOPE
SC LIFE
SC LIFE Enhancement
SC Palmetto Fellows
SC Palmetto Fellows Enhancement
SC Tuition Grant
Freshman
$2,800
$5,000 No
$6,700
$100-$2,600
Sophomore
$2,500
$7,500
Junior
Senior

26. Federal Grants

27. Federal Grants Pell Grant
For , the EFC limit was 5,273
Amount ranged from $550 - $5,550
Federal Supplemental Education Opportunity Grant (FSEOG)
Amount is no more than$4000 year
Schools have limited funding
Federal TEACH Grant
Strict criteria

28. TEACH Grant Provides up to $4,000 a year
Must sign an agreement to serve for at least four (4) years as full-time “highly qualified” teacher
Must teach in “high-need field”
Bilingual education, English language acquisition, Foreign Language, Mathematics, Reading Specialist, Science, Special Education, or another field documented as high-need by the Federal and/or State Government or Local Education Agency.
Must meet with a financial aid counselor

29. Federal Grant Programs Based on Need for Financial Aid
Amount
Criteria
Renewal
Pell Grant
$550 to $5,550*
Must file FAFSA, have need for Pell Grant
SEOG
$500 to $4,000*
Must file FAFSA, Pell Eligible, Funds are limited
Must file FAFSA, Pell Eligible, Funds are limited,
Federal TEACH Grant
Up to $4,000 per year
Must have need, complete ATS, eligible major, counseling with FA
* Annual Amounts

30. Self-Help Aid and Federal Loans

31. Federal Work Study FAFSA must be completed Must have “need”
Part-time jobs on campus
Part-time jobs off campus
America Reads/America Counts
Community Service

32. Direct Student Loans Two types of Direct loans
Subsidized (government pays the interest while student is in school)
Unsubsidized (student is responsible for interest while in school)
Low interest Federal loan program
FAFSA must be completed
Current interest rate
Repayment begins 6 months after graduation
Up to 10 years to repay

33. PLUS Loans (Parent Loan for Undergraduate Student)
Low interest Federal loan
Credit based
If not approved, may allow the student to borrow an additional Unsubsidized loan for up to $4000 for the year
Payments begin 60 days from the first loan disbursement or you can request deferment
Up to 10 years to repay

34. Federal Financial Aid Loans
Program
Amount
Per Year
Criteria
Renewal
Federal Direct Subsidized Loans
FR - $3,500
SO - $4,500
JR/SR - $5,500
Must file FAFSA,
Subsidized (Need-Based)
Federal Direct Unsubsidized Loan
$2,000
Must file FAFSA Unsubsidized (No Need)
Must file FAFSA
Federal Perkins Loan
$4,000 max per year
Must file FAFSA, Must have unmet need
Federal PLUS Loan
(Parent Loan for Undergraduate Students)
Up to Cost of Attendance minus Financial Aid
Based on credit history

35. FAFSA

36. How Do You Apply For Financial Aid?
Complete and file the Free Application for Federal Student Aid (FAFSA) and any additional forms required by the school(s) you are considering.
List each school you are considering on the FAFSA and meet their financial aid application deadline.
Complete the FAFSA as soon as possible after January 1st of the year you are going to attend school.

37. CAUTION!
Avoid being charged a fee to file the Free Application for Federal Student Aid
Completion and processing of the FAFSA are FREE
If filing via FAFSA on the Web, be sure to go directly to
Contact financial aid office for help completing the FAFSA or call FED-AID for assistance

38. Completing the FAFSA Apply, even if you think you will not qualify.
Read all instructions carefully and ask questions.
Keep copies of everything.
Follow up with the school after completion.

39. FAFSA on the Web
The student and one (1) parent can apply for a PIN number at which allows you to sign the FAFSA electronically.
The FAFSA can be filed at

40. FAFSA on the Web What you need to file the FAFSA
Student’s Social Security and driver’s license numbers
Parent’s and student’s completed Federal 1040 Income Tax Form. (You do not have to file the tax return before completing the FAFSA.)
Parent’s and student’s asset information.
Federal Student Aid Information Center
FED-AID ( )

41. ERRORS can be COSTLY!
Errors on the FAFSA or supplemental forms may DELAY application processing and result in the LOSS of financial aid funds.
Read the instructions and complete all forms carefully!

42. Frequent FAFSA Errors Parent and student Social Security Numbers
Divorced/remarried parental information
Income earned by parents/stepparents
U.S. income taxes paid
Household size
Number of household members in college
Real estate and investment net worth

43. FAFSA

44. FAFSA

45. FAFSA

46. FAFSA

47. FAFSA

48. Where Can I Get More Information On Student Aid?
Financial Aid Office at the school you plan to attend
Federal Student Aid Information Center
FED-AID ( )
Your high school counselor’s office
Your local library’s reference section
Foundations, religious organizations, community organizations, civic groups, and parent’s employers or unions

49. Finished!
Questions?
Thank you!