Financial Aid 101 Presented by the Office of Financial Aid.

Financial Financial Aid 101Aid 101

Presented by the Office of Financial Aid

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.

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

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).

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.

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

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

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

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

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

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

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

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

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

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

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!

Loans Loans (continued)(continued)

PLAN & BORROW RESPONSIBLY!!!

(**Especially if Attending Summer Semester**)

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)

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.

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

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)

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.

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

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

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

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.

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.

Financial Financial Aid Q & AAid Q & A

Presented by the Office of Financial Aid