PRESENTER

USC LancasterKenneth T. Cole

Director of Financial AidUSC

LANCASTER

What is Financial Aid Sources of Financial Aid When to Apply How to Apply Scholarships Filing the FAFSA (FAFSA Walk-thru) What does the FAFSA tell us After the FAFSA Verification The Financial Aid Office Special Circumstances CSS Profile Important Dates

It is assistance in paying your Tuition, Fees, Room, Board and other college expenses

It most likely will not pay your entire bill

Federal Government (Grants & Loans)

State (Grants & Scholarships)

Institution (Grants, Scholarships & Loans)

Private Agencies (Grants, Scholarships & Loans)

Scholarships: October 2013

Federal Aid: Before March 2014

After that, limited funds may be gone

Institutional Scholarships: ◦ Contact the admissions office◦ Contact the financial aid office◦ Contact the department of your major

Private Agencies: ◦ Contact them directly ◦ Check with your High School Guidance Counselor◦ Search on-line: fastweb.com schoolsoup.com

Federal and State Aid: ◦ FAFSA Free Application for Federal Student Aid◦ www.fafsa.gov (not .com)◦ Applying is FREE (there is no fee)

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 Search Engines:

◦ Fastweb.com◦ Schoolsoup.com

When to apply?◦ Start: October-January of your Senior Year

When should I file?◦Starting January 1st

◦You can estimate your tax information (don’t have to wait)

◦Before the end of March

Must have a high school diploma or GED. Must be enrolled or accepted for enrollment as

a regular student working toward a degree or certificate in an eligible program.

Must be a US citizen or eligibile non-citizen. Must have a valid Social Security Number. Must be registered with the Selective Service,

if required. There are other eligibility criteria, but rarely an

issue.

What will I need to file my FAFSA?◦ Your Federal Taxes (2013) – Or an estimate

◦ Your Parents’ Federal Taxes (2013) – Or an estimate

◦ Order Tax Return Transcripts from www.IRS.gov

◦ You can use the “IRS Data Retrieval” to download the tax information. To do so, the student and/or parent must wait at least 3 weeks after filing taxes.(starting Late February)

◦ Your PIN. (Personal Identification Number)

A 4 digit number chosen by you. Done within the FAFSA You will need your SSN, DOB, Full Correct Name and Address Must match the SSN Card.

◦ Your parents’ PIN.

1. Get Ready: Taxes, SSNs, Dates of Birth2. Log on to www.fafsa.gov 3. Click on “Start 2014-2015 FAFSA”4. Create a PIN for yourself5. Answer questions about yourself6. Choose schools to send FAFSA to7. Answer “Dependency Status” questions8. Answer questions about your parents9. Answer income information10. Create a PIN for your parents’ and sign11. Submit the FAFSA, and print Confirmation12. 3 weeks after taxes, IRS Data Retrieval

You can use estimated tax information Order a “Tax Return Transcript” from IRS.gov The FAFSA is filed by the Student (not parent). Make sure you have the correct SSN. Use the IRS data-retrieval 2 weeks after filing Make sure you sign it with a PIN Make sure your parents sign it with a PIN Check with the school 2 weeks later After you have submitted the application, you

can go back and make changes so long as you have your PIN.

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.

◦ Note: Living on your own doesn’t qualify you as Independent (you will need your parents’ taxes)

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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. I am in Legal Custody, do I put my

Custodian’s information here?◦ No, you should be Independent.

My parents are Divorced, whose information do I use?◦ Custodial Parent and Step-Parent (if remarried)

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Do my parents’ need to File Taxes? Most likely “Yes”, if…◦ A single person’s income is more than $10,000◦ A married couple’s income is more than $20,000◦ their taxable unearned income more than $950◦ they’re untaxed Self employed income is more

than $400

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If you don’t know what it is, you probably don’t have it!

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If you don’t know what it is, you probably don’t have it!

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If you don’t know what it is, you probably don’t have it!

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Do I need to File Taxes? Yes, if…◦ your total income is more than $5700◦ your unearned income more than $950◦ you’re Self employed earning more than $400

Can I, the student, work and still be eligible for Financial Aid?◦ Yes, up to $3750 a year is ignored◦ Anything over that reduces your eligibility

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If your parents claim you on their taxes, do not claim yourself.

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If you don’t know what it is, you probably don’t have it!

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You may have these starting your 2nd year of college

Only the student is asked this question.

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

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What does the FAFSA tell me?◦ It determines the Expected Family Contribution

(EFC)◦ It determines eligibility for Federal and State Grants◦ It 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 to attend college◦ Usually based on 9 months living expenses◦ Tuition, Fees, Books, Supplies, Room, Board, Transportation◦ Other miscellaneous expenses

How do you calculate the “Need”?◦ Need Formula: COA-EFC = NEED◦ Need limits “need based aid”

Grants Subsidized Loans

Update your Tax Info◦ Do the “IRS Data Match” as soon as possible ◦ If you Amend your taxes, update your FAFSA◦ You can’t use the IRS Data Match if you amended

taxes The FAFSA will be sent to the colleges you

listed◦ They will receive an electronic copy◦ Check with the college 2 weeks later◦ You may be selected for Verification

You will receive a Student Aid Report◦ By e-mail (secure link) or by mail (paper form)

You may be selected for “Verification”

What is Verification?◦ A review and correction of your application information◦ Applications are randomly selected◦ The schools will notify you◦ Each school will need to verify you

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 www.irs.gov or by phone at 1-800-908-9946.

The FAFSA is available to the college in 2-3 business days.

It may take 2 weeks for the Financial Aid Office to process the application.

They will notify you if you need to provide more information (ie verification)

Once your application is complete with the college, they can award you financial aid.

Every college has their own process, learn it! You may be required to set up an online

account to access your information. If you have a “Special Circumstance” contact a

Financial Aid Counselor at the college.

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 and procedures

Contact the Financial Aid Counselor at your college

Be prepared to provide evidence No college is required to approve such a request

A supplemental Financial Aid Application Not required for Federal or State Aid Used by many private colleges For Institutional Scholarships and Grants. Application fee of $9, plus $16 per college Some fee waivers are granted Administered by the College Board The Financial Aid Office will inform you if

they want you to complete this.

October: Apply for Scholarships November: Schools begin admitting January: Scholarships awarded January 1 FAFSA available February 22nd College Goal SC -USCL March Have FAFSA filed April Schools begin awarding April 15th Tax Filing Deadline June 30th SC Tuition Grant Deadline June Award Letters sent August 1st After this date, FAFSA is late August Bills due, School begins

You must reapply for financial aid each year by renewing your FAFSA

If you change schools:◦ Add the School Code on the FAFSA◦ Contact their Financial Aid Office to get it started◦ You will lose out on “First Come, First Serve

awards”◦ You will keep Pell, Loans and private scholarships

(in most cases)

There are many other sources of Aid. ◦ Search for scholarships in your community.◦ Search the Web◦ Don’t pay for a scholarship or grant application

USC LancasterKenneth Cole BY MAIL: PO Box 889

Lancaster, SC 29721 BY PHONE: (803) 313-7068 Visit Us: 127 Starr Hall, Hubbard Drive BY WEB: http://usclancaster.sc.edu/

A presentation like this is available at the USC Lancaster Financial Aid Office Website

Thank you for your attention!

Contact Us!