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Sponsored by: CBHS Guidance Department
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ApplicationsFree Application For Federal Student Aid
(FAFSA)Used by all schools; deadlines vary but the
earlier your submission the better.
Institutional Scholarship ApplicationRequired by some schools; check with schools
you have applied for admissions with to find out if they have a separate application and what the deadline is.
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Financial Aid TermsCost of Attendance (COA) – The estimated cost of
tuition, fees, room, board, books, transportation and personal expenses at each school; includes indirect costs
Expected Family Contribution (EFC) – A number generated by the FAFSA based on the family’s size, income and assets that is used to determine eligibility
Financial Need – The difference between the school’s COA and your EFC
Caution: o Your EFC is not the amount you will pay. o Financial aid may not cover your financial need.
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Financial NeedIf your Expected Family Contribution (EFC)
is 20,000, your need will be different at each school.
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School A School B School C
Cost of Attendance
$45,000 $25,000 $15,000
Expected Family Contribution
20,000 20,000 20,000
Financial Need
$25,000 $5,000 $0
Types of Financial AidScholarships – Merit-based aid based on
academics or performance that generally requires a 3.0 GPA or higher for renewal
Grants – Need-based aid based on income/assets that generally requires a 2.0 GPA for renewal
Loans – Self-help aid that must be repaid.
Employment – Self-help aid that is paid based on hours worked
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ScholarshipsUniversity Scholarships
Donor Scholarships
Palmetto Fellows Scholarship* LIFE Scholarship* Hope Scholarship*
*Students can receive only one type of state scholarship
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Palmetto Fellows Scholarship$6,700Rank in top 6% of high school class (sophomore,
junior or senior year)Score 1200 on math/critical reading SAT (27 ACT
composite)Earn 3.5 GPA on uniform grading scale (UGS)Student applies through guidance counselorTo retain:
Earn 30 credit hours EACH yearEarn 3.0 GPA at home institutionAP/IB classes do not count in credit hours for renewal
Students who lose the Palmetto Fellows Scholarship may still be eligible for the LIFE Scholarship
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Palmetto Fellows ScholarshipAlternate CriteriaStudents who do not meet the 6% requirement
may still be designated a Palmetto Fellow if they:
Score 1400 on math/critical reading SAT (32 ACT composite) and
Earn 4.0 GPA on uniform grading scale (UGS)
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LIFE Scholarship for Four-Year Colleges$5,000Two out of three:
Graduate in top 30% of high school classScore a minimum 1100 on math/critical
reading SAT (24 ACT composite)Graduate with a minimum 3.0 GPA on uniform
grading scale (UGS)No application process; awarded by collegeTo retain or regain:
Earn AVERAGE of 30 credit hours/yearEarn all-college 3.0 GPA AP/IB classes count in credit hours for renewal 9
LIFE Scholarship for Two-Year Colleges$5,000 OR up to tuition/fees and $300
towards booksGraduate with a minimum 3.0 GPA on
uniform grading scale (UGS)No application process; awarded by collegeTo retain:
Earn AVERAGE of 30 credit hours/yearEarn all-college 3.0 GPA AP/IB classes count in credit hours for renewalNot renewable for students enrolled in
certificate or diploma programs10
Math and Science EnhancementApplies to certain math and science majors at
four-year collegesApplies to second, third and fourth yearsLIFE increases from $5,000 to $7,500Palmetto Fellows increases from $6,700 to
$10,000Student must complete 14 hours of math, science
or combination in the first yearAP/IB classes count towards the Enhancement
requirements (but not the renewal requirements for Palmetto Fellows)
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Hope Scholarship$2,800 Four-year institutions onlyGraduate with a minimum 3.0 GPA on
uniform grading scale (UGS)No application process; awarded by collegeNon-renewableTo gain LIFE Scholarship in second year:
Earn AVERAGE of 30 credit hours/yearEarn all-college 3.0 GPA
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GrantsAll require submission of FAFSAFederal Pell Grant (Need-based)Federal Supplemental Educational
Opportunity Grant (Need-based)South Carolina Tuition Grant (SCTG) – For
private/independent schoolsSouth Carolina State Need-Based Grant
(SNBG) – For public/state schools South Carolina Lottery Tuition Assistance
Program (LTAP) – For two-year schools; not need based
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Federal GrantsPell Grant $5,645 maximum for 2013-14
Supplemental Educational Opportunity Grant (SEOG)
Supplement to the Pell Grant Limited funding; based on deadline Amounts will vary by school
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State GrantsLottery Tuition Assistance (LTAP)For two-year institutions onlyRequires FAFSA or a FAFSA waiver, but not
need-basedCurrently ($95 per credit hour for part time)Must be enrolled at least half time (six hours)Must be enrolled in a certificate, diploma, or
degree program
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State GrantsSC Tuition Grant (SCTG) For private/independent institutions only Eligibility based on FAFSA by June 30 Maximum for 2013-14 is $2,800 Freshman must:
Rank in top 75% of high school class OR Score 900 SAT (math and critical reading) OR Score 19 ACT OR Earn 2.0 GPA on the uniform grading scale
Renewal requires completion of 24 credit hours and satisfactory academic progress
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State GrantsSC State Need-Based Grant (SNBG) For public/state institutions only
Eligibility based on the FAFSA
FAFSA deadline will vary by school
Maximum for 2013-14 is $2500; award will vary by school
Renewal requires completion of 24 credit hours with minimum 2.0 GPA
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LoansFederal Direct Loan
Federal Direct PLUS Loan
Federal Perkins Loan
Private Educational Loans
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Federal Direct LoanStudent is borrowerMaximum freshman loan is $5,500Interest rates vary but are usually between
6% & 8%Student must submit FAFSA, complete
Entrance Counseling and sign a Master Promissory Note
Six-month grace period before repayment
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Federal Direct PLUS LoanParent is borrowerMaximum loan is up to the remaining annual
cost of attendanceInterest rate for 2013-14 loans were 7.9%Approval is based on absence of adverse
creditCan be deferred (with or without interest-
only payments)Parent must sign promissory noteFAFSA is required, but not need-based aid
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EmploymentFederal Work-Study
Requires FAFSA; based on needNot paid in lump sum; based on hours worked
Institutional EmploymentDoes not require FAFSADepends on the workforce needs of the school
Cooperative EducationStudent alternates semesters of coursework
with semesters of full-time employment in a field related to major
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Programs for Future Teachers Programs include:
South Carolina Teacher Loan South Carolina Teaching Fellow Federal TEACH Grant
Awards are $2,500 to $6,000 per year Recipients must fulfill teaching obligation Teaching obligation may be restricted to certain locations,
subjects, types of schools, and timeframe Must be repaid with back interest if teaching obligation is
not fulfilled All programs are not offered at all colleges Teachers may also be eligible for federal loan forgiveness
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Completing the FAFSAComplete online at www.fafsa.gov
(Do Not Be Tricked into using fafsa.com—this site charges and may use your information for other purposes.)
Apply early and meet all deadlinesIf parents are divorced, use parent with
whom the student lives mostStep-parent must be includedIf student thinks he/she can answer “yes” to a
dependency status question, check with financial aid administrator
FAFSA must be completed annually 23
Completing the FAFSAIf tax returns are filed electronically, use IRS
data retrieval tool when filing the FAFSAIRS data retrieval tool is available
approximately 10 days after e-filingNot available if filing MARRIED FILING
SEPARATELYNot available if marital status has changedUsing IRS data retrieval tool will reduce
chances of being selected for Verification (audit)
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Common Mistakes to AvoidLeaving questions blank instead of listing
zeros Listing parent’s information in student’s
sectionUsing the incorrect Social Security NumberUsing a nickname or middle name Not using IRS data retrieval tool if possibleForgetting to include PIN for both student
and parent when filing the first time or making corrections later
Using www.fafsa.com (requires fee) 25
VerificationOne third of FAFSAs are selected for
Verification by the US Department of Education.The school may ask for federal income tax
transcripts (not photocopies of IRS Form 1040) and other documents such as proof of identity, proof of child support, and proof of food stamps.
The federal income tax transcript is available from the IRS at www.irs.gov or 1-800-908-9946.
Financial aid awards cannot be finalized until Verification is complete.
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Timeline to College (May vary depending on school; does not apply to early decision process) August-October Apply for admission; learn deadlines for housing, financial aid,
orientation, etc.; start system for good record keeping
November Complete FREE online scholarship searches; research local scholarships
December Use NET PRICE CALCULATOR on schools’ websites
January Gather financial records; plan to complete taxes early
February Submit Free Application for Federal Student Aid (FAFSA);
March If estimated income was used, update FAFSA after filing taxes by using the IRS data retrieval tool; respond promptly to all requests from schools (tax transcripts, etc.)
April Analyze and compare award letters
By May 1 Commit to school of choice
May Complete loan Entrance Counseling and sign Master Promissory Note at www.studentloans.gov
June Assess remaining out-of-pocket expenses; apply for PLUS or private loan if needed
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Forms Guidance Dept. Needs to Recognize You During Senior Class Day/Night
College Acceptance Letters (We need a copy of your letters to recognize you for the Colleges you have been accepted to during the program.)
Financial Aid Award Letters (We need a copy of the Financial Aid Award Letters from ALL colleges or scholarship programs that you receive an award from. A common mistake is to only submit the award letter from the college you plan to attend. We want to recognize you for all of the offers that are extended to you, so please bring in any letter/offer that you receive.) 28
Honor Cords for GraduationAs Graduation approaches you will be asked to
order Honor Cords for any Honor Societies and some Clubs that you have been a member of.
*It is your responsibility to get with your club sponsor to find out if you are eligible to purchase a cord. If so, you must submit your order and payment with Mrs. Linnen by the deadline of April 24, 2014.*
Each cord you purchase is $8.00.
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Resourceswww.studentloans.gov Entrance Loan Counseling
andMaster Promissory Note
www.studentaid.ed.gov US Department of Educationwww.che.sc.gov SC scholarships and grantswww.sctuitiongrants.com SC Tuition Grantwww.cerra.org SC Teaching Fellowswww.scstudentloan.org SC Teacher Loanwww.fastweb.com Free scholarship searchwww.finaid.org Financial aid tools and calculators
Your guidance counselor
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