Financial Aid Presentation

Financial Aid

Presentation

Enrollment Services

• Our office encompasses the following

areas:

– Recruitment

– Admissions

– Financial Aid

– Student Accounts

StudentFinance.Southern.Edu

Financing College

• Can I afford it?

The Power of Education

Source: Bureau of the Census; Bureau of Labor Statistics (2006).

Type of Financial Aid

There are two basic types of financial aid

Grants

Scholarships

Work-Study

Loans

These funds may be merit-based,

need-based, or non need-based.

Gift Aid

Self-help aid

Sources of Financial Aid

Financial aid comes from a variety of sources.

• Federal Government

• State Government

• Outside/Private Sources

• University (Institutional Aid)

U.S. Department of Education

Federal Financial Aid Programs

• Federal Pell Grant* - $5,550

• Federal Supplemental Education

Opportunity (FSEOG)* - $3,000

• Federal Work Study* - $2,500

Federal Loan Programs

• Types

– Federal Perkins Loan – 5% fixed, 9 month grace period – Federal Stafford Loan – 4.5% fixed, 6 month grace period – Federal PLUS loan – 7.9% fixed, with deferment options

• Consider

– Subsidized vs. Unsubsidized – Interest rate

– Grace Period

• Know

– Borrowers Rights & Responsibilities – Loan Repayment

– Deferment & Forbearance – Entrance & Exit Counseling

Institutional Aid & Private Sources

• University

– Financial Aid Office

– Web site

– Academic Department

• Outside/Private

– Local, state and national agencies, associations and

organizations

– Employers

• Trusted sources of information

– Mapping Your Future – www.mapping-your-future.org

– U.S. Department of Education – www.ed.gov

– FAFSA on the web – www.fafsa.ed.gov

Merit-based Aid

• Freshman Academic Scholarship

– Based on GPA & ACT – $2,000 to Full Tuition

• STAR Scholarship

– Based on cumulative college GPA – $1,500 to $2,500

• Performance Scholarships

– GymMasters

Other Freshman Scholarships

• Florida/Georgia State Scholarship

Replacement

– Must be a student from FL or GA

– Must qualify for state scholarship assistance

– $3000 for Freshman year

Other Freshman Scholarships

• Lightbearer Scholarship

– Designed to give those that attended at

non-SDA Academy a opportunity to experience a

Christian education

– $2,000 for Freshman year

How to Apply for Financial Aid

Submit All Forms Required by Southern

• FAFSA

– Free Application for Federal Student Aid – www.fafsa.ed.gov – The FAFSA information is

used to calculate the Expected Family Contribution (EFC) and determine the student’s eligibility for most federal and state assistance

How to Apply for Financial Aid

Other Things to Know About the Process

• Apply early

(Southern’s priority deadline March 1)

• Information reported on the FAFSA is

confidential and is used ONLY to determine

financial aid eligibility

• You may be asked to submit documentation to

the financial aid office for verification purposes

• Keep track of DEADLINES!!!

• Keep a copy of everything you submit.

Dependency Status

INDEPENDENT students fit into at least one of the categories

listed below:

– At least 24 years old by December 31st of the award year covered by the FAFSA

– Graduate or professional student – Married

– Has legal dependents other than a spouse – Orphan or ward of the court

– Veteran of the U.S. Armed Forces

Note: If the student is DEPENDENT, report student and parent

income and assets on the FAFSA. Not living with parents

What are the costs?

Tuition and fees

Room and board

Books and supplies

Transportation allowance

+ Misc. personal expenses

Cost of Attendance (COA)

To Determine Financial Need

COA

EFC

Financial 

Need

To Determine Financial Need

Examples

$30,000 $5,000 $25,000

$20,000 $5,000 $15,000

COA EFC Need

School

A

School

B

Financial Aid Awards

Your Student Finance Counselor will package all

available financial aid options and send them to

you for consideration.

• A few points to take into account before you

commit to a school:

– Type of institution

– Available financial aid

Other Financing Options

• Year-in-Advance

– 5% or 3% discount

– Year’s cost less financial aid

• Monthly

– 4 payments per semester

• PLUS Loan or Alternative Loans

Avoid Scholarship Scams

• While most scholarships services are legitimate, others

may be fraudulent and charge a lot of money for little

information

• Please view with caution any service that requires you to

pay more than a nominal fee

• For information about financial aid scams and tips to avoid

being scammed check:

– Federal Trade Commission’s web site at:

www.ftc.gov/scholarshipscams

Remember…

• Plan ahead

• Apply early

• Read CAREFULLY

• Meet deadline

• Keep copies

Contact Information

Christian Patino (A-C) [email protected] Paula Walters (D-H) [email protected] Lilly Loza (I-M) [email protected] Kristin Welch-Murphy (N-R) [email protected] Tina Nelson (S-Z) [email protected] Fred McClanahan New Awards [email protected]

Jason Merryman - Director [email protected]

1.800.SOUTHERN Enrollment Services

P.O. Box 370