1. PRESENTER
USC
LANCASTER
USC Lancaster
Kenneth T. Cole
Director of Financial Aid

2. What is Financial Aid
 Sources and Types of Financial Aid
 Scholarships
 Federal Grants
 Work Study
 State Scholarships
 State Grants
 Student Loans


3. 
It is assistance in paying your Tuition, Fees,
Room, Board and other college expenses

It most likely will not pay your entire bill

4. 
Scholarships (free money, earned)

Grants (free money, usually need based)

Loans (borrowed money, has to be paid back)

Work Study (money you earn while at school)

5. 
Federal Government (Grants & Loans)

State (Grants & Scholarships)

Institution (Grants, Scholarships & Loans)

Private Agencies (Grants, Scholarships & Loans)

6. 
Common Minimum
Requirements:
◦ 3.0+ GPA
◦ 1000+ SAT
(Math+Verbal) or 22+
ACT
◦ Application, Essay, Letters of
Recommendation

Search Engines:
◦ Fastweb.com
◦ Schoolsoup.com

Types of Scholarships:
◦ Academic
◦ Athletic
◦ Talent
◦ Tuition Off-Set
◦
Amounts
◦ Based on each award
◦ No true limit
◦ May cause some need-based
aid to be reduced:
 Grants
 Work Study
 Student Subsidized Loans
 Some state Scholarships

7. 
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Must complete a scholarship application including a
short essay by February 1 of each year. (You can
apply as a continuing student)
Merit Based: Financial need is not a consideration.
Requirements: 3.0 GPA, 1000+ SAT (M+V)
Awards are made for the regular academic year, fall
and spring semesters, and are not available in the
summer.
Students must enroll full time in order to receive
their awards.
Awards based on funding ($500 to $2000)

8. EFC

PELL
◦
◦
◦
◦
◦
Grant Based on EFC
Guarantee if eligible
Based on FAFSA
$602 to $5730
½ per full-time semester
 301 to 2775
 No more than 2 Full-time semesters per year
◦ Maximum of 12 semesters
◦ Adjusted for enrollment status

SEOG
◦
◦
◦
◦
◦
Need based grant
Usually awarded to 0 EFC students
Not guaranteed
$100 to $4000
Each school awards it from limited funds
PELL
4996
$0
4995
$602
4000
$1600
3000
$2600
2000
$3600
1000
$4600
500
$5100
0
$5550

9. 
Perkins Loans
◦
◦
◦
◦
◦

Need based loan
No credit check
5% interest rate
Up to $5500 annually
Each school awards it from limited funds
Direct Loans
◦ No Credit Check, just file FAFSA
◦ Further detail on later slide

Work Study
◦
◦
◦
◦
Does not apply to the bill, has to be earned
Awarded based on need
Job is supposed to work around school schedule
Minimum wage $7.25/ hour; maximum 20 hours/week

10. 
Palmetto Fellows Scholarship

LIFE Scholarship

HOPE Scholarship

Lottery Tuition Assistance

Need Based Grant or Tuition Grant

11. 



$6700 limit a year
◦ ($3350 per semester)
Must file an Application during Sr. Year
Can only be used at 4 Year colleges in South Carolina
Eligibility Requirements:
 SC resident
 Meet these 3 requirements:
 Top 6% of Class in sophomore, junior or senior
year
 3.5 GPA on the SC UGS scale
 SAT 1200 (not including Writing) or 27 ACT
 OR meet these 2 requirements
 4.00 GPA on the SC UGS scale
 SAT 1400 or 32 ACT
 no felony or drug/alcohol convictions in prior academic year
 must enroll as a full-time degree-seeking undergraduate student

12. Renewal Rules

The “Palmetto Fellows” Clock
◦ Awarded for 8 Terms only


◦ all at a 4 year college
◦ Must be consecutive years
Renewal requirements:
◦ Earn 30 Credit Hours, 3.0 GPA
◦ If you lose eligibility you can not regain it, but can get
LIFE
Science and Math Majors:
◦ Earn 14 hours of Science/Math courses in 1st year
◦ Get a bonus of $2500 each year after (at 4 year colleges only)

13. 


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$5000 per year
◦ ($2500 per semester; max= T&F+$300)
No application required.
Can only be used in South Carolina
Eligibility Requirements:
 SC resident
 4 year College: Meet two of these three requirements
 3.0 GPA on the SC UGS scale
 SAT 1100 or 24 ACT (writing sub-section not
counted)
 Top 30% of Graduating Class
 2 Year College:
 Meet only the 3.0 GPA requirement
 No SAT/ACT or class rank requirement
 no felony or drug/alcohol convictions in prior academic year
 must enroll as a full-time degree-seeking undergraduate student

14. Renewal Rules



The “LIFE Clock”:
◦ Awarded for 8 Terms only
◦ Consecutive years only
◦ If you don’t attend in a term they still don’t exclude that term
◦ 2 Year Colleges: only eligible during first 2 years.
◦ 4 Year Colleges: eligible for all 4 years.
Renewal requirements:
◦ Earn 30 Credit Hours with 3.0 GPA
◦ College credits earned in High School count towards the 30 hours.
◦ You can EARN the LIFE after your 1st year
◦ If you lose eligibility, you can regain it after 1 year.
Science and Math Majors:
◦ Earn 14 hours of Science/Math courses in 1st year
◦ Get a bonus of $2500 each year after (at 4 year colleges only)

15. 
$2800 per year
◦ ($1400 per semester; max t&f +$300 books).

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No application required.
Eligibility Requirements:
 SC resident
 3.0 GPA on SC UGS
 no felony or drug/alcohol convictions in prior academic
year
 must enroll as a full-time degree-seeking undergraduate
student
Awarded for 2 Terms only of Freshman year only
Not renewable (try to earn LIFE scholarship)
Funded by the State of South Carolina (can be defunded)

16. 
Current per credit hour rate
◦ $95.00 (maximum $1140.00 per semester)*
Cannot exceed tuition and fees minus Federal/State grant aid
(Tuition+Fees) – (Federal & State Grants & Scholarships)= Limit
Example :
Tuition + Fees
$3200
$2775 Pell + $225 SEOG
-$3000
Lottery Limit
$200



South Carolina 2 year colleges only
Some general eligibility requirements include:
◦ Completed FAFSA on file with school
◦ Enroll in at least 6 credit hours as a degree-seeking student
◦ Be a SC resident
◦ Must Not be receiving a LIFE Scholarship
Renewal Requirements:
◦ 2.0 GPA after first 24 hours
◦ Can regain eligibility after 1 year
◦ Cannot receive again for 5 years after first degree
*Amount for Spring 2013, subject to change
dependent upon sufficient proceeds from the S.C.
Education Lottery

17. 
Max award $2500 per year ($1250 per semester)
◦ Institutions may award less
◦ Amount determined after all other Grants and Scholarships have been
applied

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South Carolina Public Colleges Only
Awarded to neediest students first (limited funds)
Some general eligibility requirements include:
◦ Completed FAFSA on file with school
◦ Enroll in at least 6 credit hours
◦ degree-seeking student
◦ Be a SC resident
Life Time Limits:
◦ $10,000 for 1st Bachelor’s Degree,
◦ $5,000 for first Associates Degree.
Awarded for up to 8 Terms only (4 at a 2 year school)
Renewal Requirements:
◦ 2.0 GPA
◦ 24 credit hours (12 credit hours if half-time)

18. 
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Max Award of $2800 per year ($1400 per semester)
South Carolina Private Colleges Only
FAFSA must be on file by June 30th
Awarded to neediest students first (limited funds)
Eligibility Requirements:
◦
◦
◦
◦
Need
Enroll in at least 6 credit hours
degree-seeking student
Be a SC resident
◦ The student must meet one of these academic requirements:
 Top 75% of graduating High School Class OR
 900+ on SAT (M&V only) / 19+ on ACT OR
 2.0 High School GPA on the SC UGS



Awarded for 8 Terms only (4 at a 2 year school)
Life Time Limits :
◦ 4 year limit
Renewal Requirements:
◦ 2.0 GPA
◦ 24 credit hours (12 credit hours if half-time)

19. After all of this available aid, will you need to
borrow a student loan?
Example of a fairly inexpensive school
Tuition + Fees + Books + Supplies
$6000 + $500 + $1200 + $120
Scholarships
Only
Need Grants
Only
Actual Costs
Need Grants
and
Scholarships
$7,820
$7,820
$7,820
LIFE
-
$5,000
$5,000
$0
Pell
-
$5,550
$0
$5,550
Lottery
-
$0
$0
$950
Unmet Costs
$0
$2,820
$1,320

20. 
Direct Loans:
◦ Federal Government is the Lender

Fees:
◦ 1%, out of each disbursement (up to 1.5%)

Eligibility:
◦
◦
◦
◦

Must file FAFSA
No Credit Check
Must sign Promissory Note
Entrance Counseling
Payments?
◦ None required while in college at least ½ time
◦ Payments start 6 months after stop attending college

Sub or Unsub?
◦ Subsidized: No interest while in school, based on need
◦ Unsubsidized: Interest always accrues, not need based

21. 
Interest Rate: 6.8% (subsidized=no interest in school)

Annual Stafford Loan Limits:
◦ Freshmen
$5500 ($3500 Subsidized Limit)
◦ Sophomore $6500 ($4500 Subsidized Limit)
◦ Junior
$7500 ($5500 Subsidized Limit)
◦ Senior
$7500 ($5500 Subsidized Limit)
Actual Subsidized Loan Portion is based on need.
Can borrow another $4000-$5000 unsub if parent loan denied.

Aggregate (Total) Loan Limits:
◦ Dependent student: $31,000 ($23,000 Sub limit)

Repayment:
◦ Approx. $125/month per $10,000 borrowed.
◦ About $450/month for 10 years if borrow $31,000

22. 
Parent Loans (PLUS)
◦ 8.50 % interest, up to 3% in fees
◦ Credit Check Required
◦ Goes into repayment immediately

South Carolina Teacher’s Loans
◦ Apply early (available in February)
◦ Paid off when you teach in a high need area and/or high need program
◦ 8.80 % interest rate if goes into repayment

TEACH Grant
Federal Grant available at some 4 year colleges
Must be admitted to education program
Grants up to $4000
Must agree to teach in a high-need field at a low-income elementary or
secondary school for at least 4 years within 8 years of completing degree.
◦ If fail to meet this requirement, grant reverts to an unsubsidized loan with
back interest.
◦
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
Alternative Loans
◦ Variable interest, often higher than Stafford Loans
◦ Credit Check Required and Cosigner

23. Thank you for your
attention!
Contact Us!
USC Lancaster
Kenneth 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