Transcript Financial Aid Awareness - Savannah State University

Financial Aid
101
Presented by the Office of 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.
Where to start?
Complete the Free Application for Federal
Student Aid (FAFSA) at
www.fafsa.ed.gov
YOU MUST APPLY EACH YEAR!!!
Savannah State’s
School Code: 001590
What will I need to fill out the
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).
Who has access to my
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.
Selective Service
All male U.S. citizens and male aliens who are18
and not yet 26 years old must register.
Incarcerated, hospitalized, or institutionalized
for medical reasons must register within 30 days
of 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
What Financial Aid Programs am I
applying for on the FAFSA?
• Federal Grants
• State Grants & Scholarships
• Employment
• Loans
Federal Grants
Federal Pell Grant
o Designated 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
eligible
o Priority given to those with the lowest EFC
State Scholarship
Georgia Hope Scholarship
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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
Employment
Federal Work Study
o Part-time employment
o Awarded to undergraduates and
graduates
o Paid bi-weekly
o Must have a financial need
o Maximum 20 hours worked per week
o Student Employment is separate from
Federal Work Study
Loans
Federal Direct Loans
Funds are borrowed directly from the U.S.
Department of Education.
o
o
o
o
o
Awarded to undergraduates and graduates
Must enroll with at least 6 credit hours
Loan fee deducted (5%)
Must be repaid
Complete Master Promissory Note (MPN) &
Entrance Counseling at www.StudentLoans.gov
Loans (continued)
Subsidized – Interest is paid by the U.S. DOE
while you are in school. Need based. Interest
rate – 3.4%
Annual Loan Limits
Freshmen - $3,500
Sophomores - $4,500
Juniors & Seniors - $5,500
Loans (continued)
Unsubsidized – Interest accrues, you may pay
interest while you are in school or have it
deferred. Not need-based.
Interest rate fixed – 6.8%
Annual Loan Limits
Dependent - $2,000 (all classifications)
Independent – Freshmen/Sophomores Add. $4,000
Juniors & Seniors Add. $5,000
Loans (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
disbursement
o Student enrolled at least half-time
(6 or more credit hours)
o Complete Master Promissory Note (MPN) at
www.StudentLoans.gov
Loans (continued)
• Federal Perkins Loans
o Need based
o Awarded by Savannah State
University
o Repaid to Savannah State University
o Interest rate is fixed at 5.0%
o Interest is deferred while in school
Loans (continued)
Alternative Loans
Funds are provided by private lenders, such as
banks, credit unions, etc.
• Apply online at lender’s website
• Interest rate is higher than direct loans
• Endorser required
Students are encouraged to exhaust ALL federal aid
first!
Loans (continued)
PLAN & BORROW
RESPONSIBLY!!!
(**Especially if Attending
Summer Semester**)
What forms do I
submit to the school?
For the verification process (if you are selected):
o Dependent/Independent
Verification Worksheet
o Tax Return Transcript from the IRS
o Proof of any untaxed income
o LES (military personnel and
dependents)
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.
How do I keep my aid?
(continued)
Qualitative (GPA)
Must maintain the minimum cumulative grade
point average.
Attempted Hours
1-30
31-60
61-90
91+
Graduate 1-54
% Earned
Hours
25%
40%
55%
67%
70%
Minimum Cumulative
GPA
1.50
1.79
2.00
2.00
3.00
How do I keep my aid?
(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)
How do I keep my aid?
(continued)
Failure to meet or exceed the SAP standards will
result in suspension of financial aid eligibility.
Students may appeal the suspension by
submitting a typed appeal with supporting
documentation.
How Do I
Estimate My Cost?
(Example of GA Resident
Dependent Student Award)
Annual
Amount
Amount Per
Semester
Pell Grant (If Full
Amount)
$5550
$2775
Subsidized Loan
$3500
$1742*
Unsubsidized Loan
$2000
$996*
Additional Unsubsidized
(if Parent PLUS Denied)
$4000
$1990*
$15050
$7503
Total
*Loan Processing
Fees Included
How Do I
Estimate My Cost?
(Example of On-Campus
Student Expenses)
Amount Per
Semester
Housing New Freshman
Residence Hall
$2600
Meals
$1796
Tuition & Fees for 15+ hrs.
(GA Resident)
$3104
Postal & Laundry
Total
$38
$7538
Student 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
Student 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.
Scholarships
Visit the Office of Financial Aid’s webpage
www.savannahstate.edu/
Click on “Current Students”  “Financial Aid”
 “Scholarships”
&
Search the internet and contact local civic
and social organizations.
Financial Aid
Q&A
Presented by the Office of Financial Aid