Financial Aid 101 Presented by the Office of Financial Aid.
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Transcript of Financial Aid 101 Presented by the Office of Financial Aid.
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Financial Financial Aid 101Aid 101
Presented by the Office of Financial Aid
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What is Financial Aid?What is Financial Aid?
It is financial assistance to help you and your family bridge the gap between what you can afford to pay for college. It is not intended to cover your expenses in full.
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Where to start?Where to start?Complete the Free Application for FederalStudent Aid (FAFSA) at
www.fafsa.ed.govYOU MUST APPLY EACH YEAR!!!
Savannah State’sSchool Code: 001590
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What will I need to fill out the What will I need to fill out the
FAFSA?FAFSA?• Federal tax return transcripts (student
and parent’s)• Sources of untaxed income (TANF, Social
Security benefits, child support received and paid)
• Alien Registration Card (if not a U.S. citizen).
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Who has access to my Who has access to my information?information?
NO ONE!Savannah State University ensures the confidentiality of student records in accordance with the Family Education Rights and Privacy Act (FERPA) of 1974.To authorize release of information, the Release of Information Form is required listing all persons to whom the OFA may disclose your information.
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Selective ServiceSelective ServiceAll male U.S. citizens and male aliens who are18and not yet 26 years old must register.
Incarcerated, hospitalized, or institutionalized for medical reasons must register within 30 daysof release, if not yet 26.
Early Submission: It is now possible for a man to
submit registration information early, as long he is at least 17 years and 3 months old.
www.sss.gov
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What Financial Aid Programs What Financial Aid Programs
am I applying for on the am I applying for on the
FAFSA?FAFSA?
• Federal Grants
• State Grants & Scholarships
• Employment
• Loans
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Federal GrantsFederal GrantsFederal Pell Grant
oDesignated for undergraduates who has not earned a bachelor’s degree
o Award determined by Expected Family Contribution (EFC) – result from the FAFSA
Federal Supplemental Educational Opportunity Grant (FSEOG)o Awarded to undergraduates who are Pell
eligibleo Priority given to those with the lowest EFC
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State ScholarshipState ScholarshipGeorgia Hope Scholarship
• Georgia resident• Covers a percentage of tuition only • Current rate is $128.22 per credit
hour• Will not pay for learning support
classes• Undergraduate • 3.0 GPA
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EmploymentEmploymentFederal Work Study
oPart-time employmentoAwarded to undergraduates and
graduatesoPaid bi-weeklyoMust have a financial needoMaximum 20 hours worked per weeko Student Employment is separate
from Federal Work Study
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LoansLoansFederal Direct Loans
Funds are borrowed directly from the U.S.Department of Education.
o Awarded to undergraduates and graduateso Must enroll with at least 6 credit hours o Loan fee deducted (5%)o Must be repaido Complete Master Promissory Note (MPN) &
Entrance Counseling at www.StudentLoans.gov
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Loans Loans (continued)(continued)Subsidized – Interest is paid by the U.S. DOEwhile you are in school. Need based. Interest rate – 3.4%
Annual Loan LimitsFreshmen - $3,500Sophomores - $4,500Juniors & Seniors - $5,500
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Loans Loans (continued)(continued)Unsubsidized – Interest accrues, you may payinterest while you are in school or have it deferred. Not need-based.Interest rate fixed – 6.8%Annual Loan LimitsDependent - $2,000 (all classifications)Independent – Freshmen/Sophomores Add. $4,000
Juniors & Seniors Add. $5,000
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Loans Loans (continued)(continued)Federal Parent Loan (PLUS)
For parents of dependent students. Has a fixed interest rate of 7.9% & 4% loan fee. Credit history is checked.o Parent begins repayment 60 days after the 1st
disbursemento Student enrolled at least half-time
(6 or more credit hours)oComplete Master Promissory Note (MPN) at
www.StudentLoans.gov
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Loans Loans (continued)(continued)• Federal Perkins Loans
oNeed basedoAwarded by Savannah State
UniversityoRepaid to Savannah State
Universityo Interest rate is fixed at 5.0%o Interest is deferred while in school
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Loans Loans (continued)(continued)Alternative LoansFunds are provided by private lenders, such asbanks, credit unions, etc.
• Apply online at lender’s website• Interest rate is higher than direct loans• Endorser requiredStudents are encouraged to exhaust ALL
federal aid first!
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Loans Loans (continued)(continued)
PLAN & BORROW RESPONSIBLY!!!
(**Especially if Attending Summer Semester**)
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What forms do I What forms do I
submit to the school?submit to the school?
For the verification process (if you are selected):o Dependent/Independent
Verification Worksheeto Tax Return Transcript from the IRSo Proof of any untaxed incomeo LES (military personnel and
dependents)
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How do I keep my aid?How do I keep my aid?Satisfactory Academic Progress (SAP)
Schools are required by the U.S. Department of Education to establish minimum standards to measure students’ progress, both in quality and quantity.
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How do I keep my aid? How do I keep my aid? (continued)(continued)
Qualitative (GPA)Must maintain the minimum cumulative gradepoint average.
Attempted Hours % Earned Minimum Cumulative
Hours GPA 1-30 25% 1.5031-60 40% 1.7961-90 55% 2.0091+ 67% 2.00
Graduate 1-54 70% 3.00
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How do I keep my aid? How do I keep my aid? (continued)(continued)
Quantitative (Time Frame)
Transferred hours are included, as well as IP,W,
F, U, WF. Students have a maximum number of credit hours in which to complete their degree program, 150%.
If a program requires 131 credit hours, a student is allowed 196 hours to receive financial aid.
(131 x 150% = 196)
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How do I keep my aid? How do I keep my aid? (continued)(continued)
Failure to meet or exceed the SAP standards willresult in suspension of financial aid eligibility.
Students may appeal the suspension bysubmitting a typed appeal with supportingdocumentation.
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How Do I How Do I Estimate My Cost?Estimate My Cost?
(Example of GA Resident Dependent Student Award)
Annual Amount
Amount Per Semester
*Loan Processing
Fees Included
Pell Grant (If Full Amount) $5550 $2775
Subsidized Loan $3500 $1742*
Unsubsidized Loan $2000 $996*Additional Unsubsidized (if Parent PLUS Denied) $4000 $1990*
Total
$15050 $7503
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How Do I How Do I Estimate My Cost? Estimate My Cost?
(Example of On-Campus Student Expenses)
Amount Per Semester
Housing New Freshman Residence Hall $2600
Meals $1796Tuition & Fees for 15+ hrs.(GA Resident) $3104
Postal & Laundry $38
Total $7538
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Student ResourcesStudent Resources• SSU’s Office of Financial Aid
www.savannahstate.edu/ Click on “Current Students” “Financial Aid”
U.S. Department of Education Website www.fafsa.ed.gov
• Georgia HOPE scholarship www.GAcollege411.org
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Student ResourcesStudent Resources• Direct Loan Counseling – StudentLoans.gov • Federal Direct Student Loans -
www.StudentLoans.gov
Students can manage their federal student loans, complete their Master Promissory Note (MPN), find out more about entrance and exit counseling, consolidation and repayment options.
• National Student Loan Data System (NSLDS)https://www.nslds.ed.gov/
NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.
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ScholarshipsScholarshipsVisit the Office of Financial Aid’s
webpagewww.savannahstate.edu/
Click on “Current Students” “Financial Aid”
“Scholarships”&
Search the internet and contact local civic
and social organizations.
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Financial Financial Aid Q & AAid Q & A
Presented by the Office of Financial Aid