York Technical College

1
York Technical College

• Financial Resources Office

2
What is Financial Resources?

• Grants
• Employment
• Scholarships
• VA Benefits
• Tuition Assistance
• Student Loans

3
General Requirements for All Students

• You must demonstrate financial need
• Be enrolled in an eligible program of study
• Have a high school diploma or GED or meet the
  Ability to Benefit test criteria
• Be a U.S. Citizen or an eligible non-citizen
• Be registered with the Selective Service (if
  male)
• Not be in default on a Title IV Loan
• Not owe a repayment to a Title IV program
• Maintain satisfactory academic progress
• Provide a valid social security number

4
Application For Financial Aid

• F - Free
• A - Application
• F - for Federal
• S - Student
• A - Aid

5
How Do I Apply?

• Electronically
• FAFSA on the Web (www.fafsa.gov)

6
Priority Deadlines

• Fall Semester
• June 1
• Spring Semester
• November 1
• Summer Session
• March 1

7
Expected Family Contribution

• The FAFSA data will be used to determine your
  expected family contribution (EFC). The EFC is
  the amount that a students family is expected to
  contribute toward the students cost of
  attendance.
• The Financial Resources Counselor subtracts the
  EFC from the schools costs to determine your
  financial need.

8
EDUCATIONAL COSTS

• The cost of attendance is the total amount it
  will cost you to go to college. Each college is
  responsible for determining the annual average
  cost of attendance for students using a standard
  definition established by the U.S. Congress.
  This figure is used to calculate your financial
  aid eligibility. Cost of attendance includes
  tuition, fees, books, supplies, room board,
  transportation and miscellaneous expenses.

9
Example of a 9-month Student Budget

• The Financial Resources Office utilizes budgets
  to give students a projection of the cost of
  attending York Technical College and in
  determining a students yearly financial aid
  package.
• The following example is for a full-time,
  incounty, independent student living away from
  home for one academic year
• Tuition and Fees 3352
• Books and Supplies 1200
• Transportation 2500
• Personal/Miscellaneous 2250
• Room and Board 7200
• Total 16,502

10
Definition of Need

• Cost of Attendance (COA)
• - Expected Family Contribution (EFC)
• Financial Need

11

• The Central Processing System (CPS) notifies the
  student of the FAFSAs processing results
• Paper Student Aid Report (SAR) if the students
  e-mail address was not provided
• E-mail notification sent containing a direct link
  to students Student Aid Report (SAR) online if
  students e-mail address provided

12
Missing Information Letters

• Missing information letters are sent to students
  if additional information is required.
• Most common request is for verification of FAFSA
  information.
• Students receive a letter in the mail after the
  receipt of the FAFSA results and an email
  reminder 30 days later.

13
Verification Process

• Each year, the U.S. Department of Education
  selects a group of FAFSAs for verification, a
  process used to make sure that the information
  students report is accurate. Verification
  prevents ineligible students from receiving aid
  by reporting false information, and ensures that
  eligible students receive all of the aid for
  which they are qualified for. Some applications
  are selected because of inconsistent information
  others are chosen at random. Colleges can also
  choose applications to be verified. Students
  whose applications are selected must give their
  Financial Resources Office certain documentation
  to show the information on the FAFSA is correct.

14
Corrections to your FAFSA

• If a correction to an applicants data is needed,
  the correction may be made by either of the
  following
• On the paper Student Aid Report (SAR)
• On the Web if the student has a PIN number
• By the school (This method is preferred if
  information has already been transmitted to the
  school)

15
Financial Aid Information

• Missing information and award letters are mailed
  to students and this information can also be
  viewed on WebAdvisor.
• Log in to the York Tech website www.yorktech.com
• Click on WebAdvisor
• Log in
• Click on Students
• See options for Financial Aid on the screen

16
Financial Resources Assistance

• Federal and state financial aid is a resource to
  assist families with the cost of attendance.
• There are three categories of federal student
  aid Grants, Work-Study and Loans.
• South Carolina State assistance is available in
  the following programs South Carolina
  Need-Based Grant, South Carolina Legislative
  Incentive for Future Excellence Scholarship
  (LIFE) and South Carolina Lottery Tuition
  Assistance.
• York Technical College Foundation Scholarships
  are also available.

17
Financial Resources

• Federal
• Federal Pell Grant
• Federal Academic Competitiveness Grant (ACG)
• Federal Supplemental Educational Opportunity
  Grant (FSEOG)
• Federal Work-Study (FWS)
• Federal Stafford Loans

18
Federal Pell Grant

• Must complete the FAFSA
• Actual award amount based on Expected Family
  Contribution (EFC) and enrollment status
• Money that does not have to be repaid
• Annual amounts range from 1,176 to 5,550

19
Federal Academic Competitiveness Grant (ACG)

• Must be at least a part-time undergraduate
  student enrolled in an eligible certificate,
  diploma or associate degree program
• Must be eligible for Pell Grant
• Must be a U.S. citizen or eligible non-citizen

20
Federal Academic Competitiveness Grant (ACG)

• First academic year undergraduate students must
• Be enrolled in an eligible program.
• Have completed a rigorous secondary school
  program of study.
• Not have been previously enrolled as a regular
  student in an undergraduate program.
• Have graduated from high school after Jan. 1,
  2005.
• The award is up to 750 for first academic year
  undergraduate students.

21
Federal Academic Competitiveness Grant (ACG)

• Second academic year undergraduate students must
• Be enrolled in an eligible program.
• Have completed a rigorous secondary school
  program of study.
• Have graduated from high school after Jan. 1,
  2006
• Have at least a 3.0 GPA for the first academic
  year for their eligible program.
• The award is up to 1300 for second academic year
  undergraduate students.

22
Federal Supplemental Educational Opportunity
Grant (FSEOG)

• Must complete the FAFSA
• Must be eligible for Federal Pell Grant
• Money that does not have to be repaid
• Based on hours of enrollment
• Funds depend on availability at school

23
Federal Work-Study (FWS)

• Provides part-time employment while enrolled in
  school.
• Helps pay for educational expenses.
• Available to undergraduate or graduate students
  who are enrolled full-time or part-time.
• Priority to students who show exceptional need
• Students work no more than 20 hours per week.
• FWS jobs are limited to availability of positions
  and funds.

24
America Reads

• In 1997, former President Clinton launched the
  America Reads Challenge to ensure that children
  learn to read on their grade level by the third
  grade. This work-study program provides students
  with employment to help meet their financial
  needs. The students gain work experience as
  reading tutors involved in service activities
  that play key roles in working with individual
  children and supporting classroom activities.

25
Federal Stafford Loan

• Low interest student loans
• Available to students enrolled in at least 6
  credit hours
• Must have at least a 2.0 cumulative GPA
• Must attend a mandatory entrance loan interview
  if first-time student borrower and complete
  online entrance loan counseling

26
State Programs

• South Carolina Need-Based Grant (SCNBG)
• LIFE Scholarship
• Lottery Tuition Assistance Program

27
South Carolina Need-Based Grant (SCNBG)

• Must complete the FAFSA
• Be a legal resident of South Carolina
• Be a U.S. Citizen or eligible non-citizen
• Demonstrate financial need
• Must have a minimum 2.0 GPA
• Be enrolled at least half-time
• Cannot have a two or four year degree
• Complete an affidavit verifying that they meet
  certain criteria established by the state.
• A student is eligible to receive the grant up to
  four full-time semesters.

28
South Carolina Need-Based Grant (SCNBG)

• To continue eligibility for SCNBG, the student
  must
• Maintain satisfactory academic progress
• Complete at least 24 hours for a full-time
  student and minimum of 12 hours for a part-time
  student for fall/spring of the previous academic
  year
• Maintain a cumulative GPA of 2.0

29
LIFE Scholarship

• Initial Eligibility
• Must graduate from a South Carolina high school
  with a minimum 3.0 GPA on the Uniform Grading
  Scale
• Must have an official high school transcript on
  file
• Must be enrolling in college for the first time
• Must enroll in a minimum of 12 non-remedial
  credit hours

30
LIFE Scholarship

• Continued Eligibility
• Student must earn at least 30 non-remedial credit
  hours and minimum 3.0 GPA in the prior academic
  year
• Students enrolling mid-year need a minimum of 15
  non-remedial credit hours and a minimum 3.0 GPA

31
LIFE ScholarshipGeneral Information

• Students are eligible for a maximum of 4
  semesters of LIFE Scholarship at a two-year
  institution depending on the academic program in
  which they are enrolled.
• Students who receive LIFE Scholarship are not
  eligible to receive Lottery Tuition Assistance.
• LIFE Scholarship is not awarded in the summer
  session.
• LIFE Scholarship covers the cost of tuition and
  provides a 300 per year book allowance.

32
Lottery Tuition Assistance

• Must complete a FAFSA
• Must be a South Carolina resident
• Must enroll in at least 6 credit hours
• Must maintain a cumulative GPA of 2.0 once 24
  credit hours have been attempted

33
Lottery Tuition AssistanceGeneral Information

• Amount of award is determined by the state
  legislature
• Award not based on need
• Lottery can only be used to pay the cost of
  tuition

34
Understanding Student Financial Resources at York
Technical College
35
Foundation Scholarships

• Provided through York Technical College
  Foundation as well as industries, businesses,
  professional organizations, civic clubs and
  individuals.
• Awarded on the following
• Academic excellence
• Achievement
• Leadership qualities
• Need
• Other criteria specified by donor

36
Financial Resources Satisfactory Academic
Progress (SAP)

• Students must make satisfactory academic progress
  to be eligible for financial aid.
• Students must meet guidelines which comply with
  federal regulation.

• The financial aid policy is separate from the
  general academic policy.
• Satisfactory Academic Progress must be maintained
  even during semesters when aid is not received.

37
Satisfactory Academic Progress

• Three criteria that determine progress
• Maximum length of time for which the student may
  receive financial aid (150)
• Percentage of attempted credit hours the student
  must earn (70)
• Minimum GPA the student must maintain (GPA)

38
Maximum Time Frame (MTF)

• Maximum time frame for completion of program is
  150 of published hours
• Assessment of hours is cumulative and includes
  previous hours attempted transfer credits,
  repeat classes, incomplete grades and
  withdrawals.
• Previous credits included even if financial
  assistance was not received.

39
Maximum Time Frame 150

• Scenario 1 Nikisha enrolled as a student in the
  Teleproduction program. This program requires 45
  credit hors for completion.
• Calculation 45 credit hours x 150 MTF 67.5
  attempted hours
• Explanation Nikisha is no longer eligible for
  financial assistance for this program once
  attempted hours equal 67.5

40
150 MTF

• Scenario 2
• Kara graduated from Environmental Technology.
  This program requires 20 credit hours of
  completion. Kara attempted 30 credit hours prior
  to graduating from the Environmental Technology
  program. Kara decided to enroll in the
  Teleproduction program the next term of
  enrollment.
• Calculation Maximum Time Frame for the
  Teleproduction program 67.5 attempted hours
• 20 credit hours required for Environmental Tech
• 30 credit hours attempted
• 10 hours excess
• 67.5 MTF for Teleproduction
• 10 excess hours
• 57.5 New MTF for Teleproduction

41
150 MTF

• Explanation
• Kara has 57.5 remaining attempted hours of
  eligibility to complete the Teleproduction
  program due to successful completion of the
  Environmental Technology program. However,
  excess hours from the 1st program will affect the
  MTF remaining.

42
70 Completion

• Students must complete 70 of all hours attempted
  each semester.
• Attempted hours are cumulative and all previous
  semesters are included in the calculation.
• Attempted hours are all courses in which a
  student is enrolled at the census date.

43
70 Completion

• Scenario 1
• Denise attempted 12 credit hours Fall term and
  she earned 6 credit hours.
• Calculation
• 12 credit hours attempted x 70 8.4 attempted
  credit hours.
• Explanation
• Denise is not meeting 70 She needed to earn
  8.4 credit hours to meet the 70 requirement, but
  only earned 6 credit hours. Financial Aid SAP
  status Probation next term of enrollment.

44
70 Completion

• Next term
• Denise enrolled in 9 credit hours Spring term.
  She was eligible to receive financial aid during
  a term of Financial Aid-SAP probation. She
  earned 6 credit hours for the Spring term.
• Calculation
• 21 cumulative credit hours attempted x 70
  14.7 attempted credit hours needed.

45
70 Completion

• Explanation
• Denise cumulatively not meeting 70 Denise
  needed to earn 14.7 credit hours to meet the 70
  requirement, but only earned 12 cumulative credit
  hours. Financial Aid SAP status is suspended
  next term of enrollment.

46
Grade Point Average

• Students must maintain a 2.0 grade point average
  (GPA).
• GPA is cumulative and includes all semesters for
  which a student has been enrolled.

47
Grade Point Average

• Terry must maintain a cumulative GPA of 2.0
• Explanation
• If Terry does not meet 2.0 GPA, Financial Aid
  SAP status will be Probation next term of
  enrollment. If Terry does not raise his GPA
  above a 2.0 the term following probation he will
  be suspended from receiving financial assistance.

48
Financial Aid Probation

• Students who receive financial aid but fail to
  maintain Satisfactory Academic Progress will be
  placed on financial aid probation.
• Exception A probationary period cannot be
  extended to students who have exceeded the
  Maximum Time Frame of 150 of a program of study
  or have attempted 180 credit hours.

49
Financial Aid Suspension

• Financial Aid Suspension will result from failure
  to
• Complete the minimum required number of credits
  required during a probationary semester.
• Maintain a cumulative GPA of at least 2.0 during
  a probationary semester.
• Graduate prior to exceeding the maximum number of
  credits allowed for the students published
  program length.

50
Financial Aid Suspension

• Meet the requirements of an appeal approval. A
  student, who is suspended again after failing to
  meet these requirements, must attend on his/her
  own without financial aid and earn the required
  cumulative GPA and met 70 in order to regain
  eligibility.
• Subsequent appeals may be considered if a
  student has experienced unusual, extenuating
  circumstances that can be documented.

51
Appeals Process

• Students must provide written documentation of
  extenuating circumstances.
• Submission of an appeal does not guarantee
  reinstatement of financial aid.
• Students whose appeals are approved are placed on
  financial aid probation, will continue to receive
  financial aid and must meet the conditions of the
  appeal.
• Students whose appeals are denied will not
  receive financial aid until they are once again
  making satisfactory academic progress.

52
Changes in Enrollment

• If you drop before classes begin or before the
  census date, your financial aid will be adjusted
  based on the hours for which you are enrolled on
  the census date. Also, if you never attend a
  class, your award amount will be adjusted if it
  reduces your enrollment below full-time.

53
Example of Potential Award Adjustment Based on
Enrollment

• Fulltime ¾ Time ½ Time Less than ½ time
• 12 hours 9-11 hours 6-8 hours 5 or less hours
• A student eligible to receive a full Pell would
  be awarded accordingly
• 2,775 Full Time Enrollment
• 2,082 ¾ Time Enrollment
• 1,388 ½ Time Enrollment
• 694 Less than ½ Time Enrollment

54
Return to Title IV

• Complete withdrawal from college As part of
  Section 484B of the Higher Education Act,
  Congress passed new provisions governing what
  must happen to your federal financial assistance
  if you completely terminate enrollment.
• If a student withdraws from York Technical
  College, the college or the student may be
  required to return a portion of the funds.

55
Myths About Financial Aid

• MYTH You must be enrolled in 12 credit hours
  per term to receive financial aid.
• FALSE. Many federal and state programs awards
  are based on enrollment. Therefore you can be
  enrolled in as little as 1 credit hour to receive
  financial assistance.

56
MYTHS..

• MYTH You or your parents cant get any
  financial aid because your family income is too
  high.
• FALSE. Income is only one of the criteria on
  which financial aid is based. If the costs
  exceed your familys means, you will qualify for
  some form of financial aid (grants, work-study,
  or South Carolina state assistance). Also some
  scholarships are based on merit.

57
For more information

• Stop by the Financial Resources Office in the
  Student Services Building
• Call 803-327-8005
• Email financialresources_at_yorktech.com