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Welcome to Financial Aid an Introduction. This presentation will introduce you to some basic concepts of financial aid, how to apply, what types of aid are available, and more. We hope this video will be helpful in starting your college journey.
The financial aid process can be confusing however understanding the basics will go a long way in making you an informed recipient of financial aid. We will touch on a few topics such as what is financial aid, what are some of the sources of financial aid, and common terms you will encounter along the way such as COA, SAI, and financial need.
Financial aid is any funding provided to students and families to help pay for postsecondary educational expenses. This may include many areas of expenses such as direct college costs such as tuition and fees and other expenses like books and supplies. Financial aid cannot be used for non-education related expenses. We like to joke that spring break down in Florida, while stress relieving, would not be considered an educational expense.
The various categories of Education expenses include tuition and fees, housing and food, books and supplies, transportation costs, and other miscellaneous and personal items. This is known as as the cost of attendance or COA. The cost of attendance is the estimated amount of funding suggested to meet your educational expenses for the academic year. It is important to note that you will see this amount included in your financial aid information but this is not a bill only an estimate of costs. Not all students will incur the same costs. At the start of each semester you will have an invoice from the school for charges directly assessed by the University. For most this will be tuition and fees however some students may have additional costs associated with housing and meal plans if they live on campus.
We will discuss the application process in an upcoming slide but when you apply for financial aid through the Free Application for Federal Student Aid or FAFSA you will receive a student aid index number or SAI number. This number is used by the financial aid offices to determine your eligibility for various funding sources. The calculation of the SAI is based upon the students income and assets and the parents income and assets if the student is considered dependent.
The last concept we will discuss is known as Financial need. Financial need is the difference between the cost of attendance and the student aid index. Basically this is the remaining amount of need-based funding the the student may require to cover all estimated expenses for the academic year. This is where financial aid will be able to assist students. While financial aid does not guarantee funding to fully cover this amount we will be able to advise students on their current aid offer and areas of additional assistance that may be available.
Financial aid can come from many sources. Federal and state governments are by far the largest providers of financial aid however other areas to consider include employers, private sources of grants and scholarships, even your college or university
The first step of the financial aid process is to complete an application. There are two applications that students may complete to receive financial aid. First is the Free Application for Federal Student Aid or more commonly known as the FAFSA. This application may be completed on studentaid.gov which is the primary website for federal student aid. This application requires the income information mentioned before to calculate the student aid index number. The FAFSA uses tax information from two years prior. Since tax information is used to calculate the SAI the FAFSA must be completed each year. The second application is the Georgia Student Finance Application or GSFAPP. This application is available on GAfutures.org which is the state of Georgia's financial aid website. Since this application is only used to determine your eligibility for state aid such as the HOPE Scholarship, it does not require tax information and only takes a few minutes to complete. This application is good for 10 years and therefore does not need to be completed each year.
As mentioned before the federal government is the largest source of financial aid. The aid provided is primarily based on financial need. The application must be completed each Academic Year you are applying for financial assistance. In addition, other eligibility requirements must also be met. These requirements include determination of US citizenship or legal permanent resident status, not be in default on previously received federal student loans, and submission of supporting documentation if requested by the Department of Education through a process known as verification. Your financial aid office will assist you through any of these processes if needed.
To complete the FAFSA on studentaid.gov simply click the "start new form" button as shown. The first time completing the FAFSA may be daunting, however financial aid is here to offer assistance if you run into any issues. It usually takes 15 to 30 minutes to complete the FAFSA. The next step is for the financial aid office to receive your application and begin processing the financial aid offer. Watch your University email for updates and if any additional information is required.
There are several funding options available through the FAFSA if you qualify. The Federal Pell Grant is a grant for low-income households and since it is a grant is not required to be repaid. Other grant options include the Federal Supplemental Educational Opportunity Grant, available to maximum Pell recipients, and the TEACH Grant for students who are preparing for a career in the teaching profession. Federal Work Study funding may be available to students who are interested in working an on-campus job through the university, but at a minimum every student should be eligible for student loan assistance, however remember loans are required to be paid back and should only be used if necessary to meet your academic goals.
State aid is available to Georgia residents and some qualifying veterans. The two largest sources of funding from the state is the HOPE and Zell Miller scholarship programs. These are merit-based scholarships, in that the student qualifies based upon their academic performance, however there are other state funded programs that may have a need component and therefore will also require the FAFSA to determine eligibility. As mentioned previously you can find the application known as the GSFAPP used for state-based funding on the GAfutures.org website. The HOPE and Zell Miller Scholarships are used at Georgia universities while the HOPE and Zell Miller Grant is for the Georgia Technical College system. The Dual Enrollment program is available for high school students to earn college credits. Also, the state offers various other programs for students currently in the National Guard or planning to join the military in the future with the Georgia Military Scholarship available at UNG. You can meet with your financial aid counselor to discuss State programs in which you may qualify.
To qualify for the HOPE Scholarship in your first semester of college, students must have an overall high school GPA of 3.0 as calculated by the state and have earned a minimum of four full rigor credits. If you are unsure if you are meeting these requirements please speak to your high school counselor to make sure you are in the appropriate courses. Each year the state legislature sets the percentage HOPE will pay toward your tuition costs. Historically it has been around the 90% level, however, currently the HOPE Scholarship pays 100% of the standard tuition rate.
The Zell Miller Scholarship requires students to have an overall high school GPA of 3.7 as calculated by the state and have earned a minimum of four full rigor credits. In addition they must also have a qualifying test score on either the SAT or the ACT. The SAT requires a combined score of 1200 or better and if students take the ACT, their composite score will need to be 25 or better. Zell Miller Scholarship also pays 100% of the standard tuition rate. How does this differ from HOPE? The Zell Miller rate is guaranteed regardless if the state legislature changes the HOPE payment amount. If next year the state determines HOPE to pay 90% of the standard tuition rate, Zell Miller recipients will still receive the 100% benefit.
In addition to the SAT/ACT requirement for Zell Miller scholarship, both HOPE and Zell Miller male students are required to register for Selective Service in order to receive their eligible funding.
When it comes to scholarships there are many organizations that may provide benefits. Not only UNG but private foundations, civic and charitable organizations, even employers may have programs to pursue. Deadlines and applications vary so be wary not to miss out. A good rule of thumb is to apply early and often; the search for scholarships does not end when college begins. A successful scholarship hunt continues all all the way through to graduation.
When applying for scholarships with the university you will want to contact the financial aid office to discuss how the process works at their institution. Here at UNG we have one application that new students may complete and they'll be reviewed for all eligible scholarships we offer.
Outside of UNG there are several free search engines that can aid in your research. A couple of things to note however; never pay for any scholarship list or application fee. A legitimate scholarship will not charge you to consider giving you free funding. Also private search engines such as fastweb.com, while a good source of information, will require you to set up an account to use their service. You may receive advertisements and promotions sent to you as a byproduct in using their service.
It is important to know your school's priority processing deadline for the FAFSA. Some aid sources are on a first come first serve basis such as Work Study or the Supplemental Education Grant. You will also be one of the first to receive your financial aid offer when universities begin their process. This is only a priority deadline meaning you can still complete a financial aid application after this date and receive your eligible Aid. Note that Pell Grant, Student loans, HOPE and Zell Miller are not on a first come first served basis and you will still receive this funding if eligible; even if submitting an application after the priority processing deadline.
Since the FAFSA uses tax information from two years previous, some students may have a current financial situation that is significantly different than two years ago. After you've submitted your FAFSA and your financial aid office has received it you should speak to your financial aid office to see if your situation warrants what is known as a special circumstances review. Generally this will include instances of a parent losing employment, medical expenses, or other situations that were beyond your control. If completing an application for a review, it is usually necessary to provide supporting documentation. If your evaluation is approved your financial aid offer will be adjusted to reflect your current financial situation.
Once your academic career begins it is important to remember that students must maintain Satisfactory Academic Progress toward earning their degree. This means for federal aid, a student must maintain an overall GPA of 2.0 or better and earn credits in 67% of their attempted coursework. Students are reviewed after final grades are posted each semester. If you're receiving HOPE or Zell Miller scholarship an overall GPA of 3.0 or 3.3 respectively is required to remain eligible. For HOPE and Zell Miller students checkpoints are not necessarily after each semester. If you're uncertain when your next checkpoint will be you should consult your financial aid office for more information.
Each year what can you expect as an estimated timeline for the financial aid process? On October 1st each year the FAFSA becomes available for the next academic year that begins the following Fall semester. Typically financial aid offices will begin loading in completed applications in early February and financial aid offers will begin going out in March. Keep in mind that this is an estimated offer as changes could be made, if in April and June, the Georgia state government changes tuition and fees or the HOPE payment structure for the upcoming academic year. If there are any changes to your financial aid offer you will be notified by the financial aid office via student email so remember to regularly check your email for updates.
This concludes our presentation on the basics of financial aid. As always our financial aid office is here to help you through this process and answer any questions you may have. There are several ways to contact us; email and calling may be the best way for quick questions but if you would like to meet with your counselor for a longer discussion they will be happy to meet with you in the office or even schedule a zoom meeting if that works better. Thank you for watching this presentation and we look forward to seeing you on campus.
The financial aid process can be confusing however understanding the basics will go a long way in making you an informed recipient of financial aid. We will touch on a few topics such as what is financial aid, what are some of the sources of financial aid, and common terms you will encounter along the way such as COA, SAI, and financial need.
Financial aid is any funding provided to students and families to help pay for postsecondary educational expenses. This may include many areas of expenses such as direct college costs such as tuition and fees and other expenses like books and supplies. Financial aid cannot be used for non-education related expenses. We like to joke that spring break down in Florida, while stress relieving, would not be considered an educational expense.
The various categories of Education expenses include tuition and fees, housing and food, books and supplies, transportation costs, and other miscellaneous and personal items. This is known as as the cost of attendance or COA. The cost of attendance is the estimated amount of funding suggested to meet your educational expenses for the academic year. It is important to note that you will see this amount included in your financial aid information but this is not a bill only an estimate of costs. Not all students will incur the same costs. At the start of each semester you will have an invoice from the school for charges directly assessed by the University. For most this will be tuition and fees however some students may have additional costs associated with housing and meal plans if they live on campus.
We will discuss the application process in an upcoming slide but when you apply for financial aid through the Free Application for Federal Student Aid or FAFSA you will receive a student aid index number or SAI number. This number is used by the financial aid offices to determine your eligibility for various funding sources. The calculation of the SAI is based upon the students income and assets and the parents income and assets if the student is considered dependent.
The last concept we will discuss is known as Financial need. Financial need is the difference between the cost of attendance and the student aid index. Basically this is the remaining amount of need-based funding the the student may require to cover all estimated expenses for the academic year. This is where financial aid will be able to assist students. While financial aid does not guarantee funding to fully cover this amount we will be able to advise students on their current aid offer and areas of additional assistance that may be available.
Financial aid can come from many sources. Federal and state governments are by far the largest providers of financial aid however other areas to consider include employers, private sources of grants and scholarships, even your college or university
The first step of the financial aid process is to complete an application. There are two applications that students may complete to receive financial aid. First is the Free Application for Federal Student Aid or more commonly known as the FAFSA. This application may be completed on studentaid.gov which is the primary website for federal student aid. This application requires the income information mentioned before to calculate the student aid index number. The FAFSA uses tax information from two years prior. Since tax information is used to calculate the SAI the FAFSA must be completed each year. The second application is the Georgia Student Finance Application or GSFAPP. This application is available on GAfutures.org which is the state of Georgia's financial aid website. Since this application is only used to determine your eligibility for state aid such as the HOPE Scholarship, it does not require tax information and only takes a few minutes to complete. This application is good for 10 years and therefore does not need to be completed each year.
As mentioned before the federal government is the largest source of financial aid. The aid provided is primarily based on financial need. The application must be completed each Academic Year you are applying for financial assistance. In addition, other eligibility requirements must also be met. These requirements include determination of US citizenship or legal permanent resident status, not be in default on previously received federal student loans, and submission of supporting documentation if requested by the Department of Education through a process known as verification. Your financial aid office will assist you through any of these processes if needed.
To complete the FAFSA on studentaid.gov simply click the "start new form" button as shown. The first time completing the FAFSA may be daunting, however financial aid is here to offer assistance if you run into any issues. It usually takes 15 to 30 minutes to complete the FAFSA. The next step is for the financial aid office to receive your application and begin processing the financial aid offer. Watch your University email for updates and if any additional information is required.
There are several funding options available through the FAFSA if you qualify. The Federal Pell Grant is a grant for low-income households and since it is a grant is not required to be repaid. Other grant options include the Federal Supplemental Educational Opportunity Grant, available to maximum Pell recipients, and the TEACH Grant for students who are preparing for a career in the teaching profession. Federal Work Study funding may be available to students who are interested in working an on-campus job through the university, but at a minimum every student should be eligible for student loan assistance, however remember loans are required to be paid back and should only be used if necessary to meet your academic goals.
State aid is available to Georgia residents and some qualifying veterans. The two largest sources of funding from the state is the HOPE and Zell Miller scholarship programs. These are merit-based scholarships, in that the student qualifies based upon their academic performance, however there are other state funded programs that may have a need component and therefore will also require the FAFSA to determine eligibility. As mentioned previously you can find the application known as the GSFAPP used for state-based funding on the GAfutures.org website. The HOPE and Zell Miller Scholarships are used at Georgia universities while the HOPE and Zell Miller Grant is for the Georgia Technical College system. The Dual Enrollment program is available for high school students to earn college credits. Also, the state offers various other programs for students currently in the National Guard or planning to join the military in the future with the Georgia Military Scholarship available at UNG. You can meet with your financial aid counselor to discuss State programs in which you may qualify.
To qualify for the HOPE Scholarship in your first semester of college, students must have an overall high school GPA of 3.0 as calculated by the state and have earned a minimum of four full rigor credits. If you are unsure if you are meeting these requirements please speak to your high school counselor to make sure you are in the appropriate courses. Each year the state legislature sets the percentage HOPE will pay toward your tuition costs. Historically it has been around the 90% level, however, currently the HOPE Scholarship pays 100% of the standard tuition rate.
The Zell Miller Scholarship requires students to have an overall high school GPA of 3.7 as calculated by the state and have earned a minimum of four full rigor credits. In addition they must also have a qualifying test score on either the SAT or the ACT. The SAT requires a combined score of 1200 or better and if students take the ACT, their composite score will need to be 25 or better. Zell Miller Scholarship also pays 100% of the standard tuition rate. How does this differ from HOPE? The Zell Miller rate is guaranteed regardless if the state legislature changes the HOPE payment amount. If next year the state determines HOPE to pay 90% of the standard tuition rate, Zell Miller recipients will still receive the 100% benefit.
In addition to the SAT/ACT requirement for Zell Miller scholarship, both HOPE and Zell Miller male students are required to register for Selective Service in order to receive their eligible funding.
When it comes to scholarships there are many organizations that may provide benefits. Not only UNG but private foundations, civic and charitable organizations, even employers may have programs to pursue. Deadlines and applications vary so be wary not to miss out. A good rule of thumb is to apply early and often; the search for scholarships does not end when college begins. A successful scholarship hunt continues all all the way through to graduation.
When applying for scholarships with the university you will want to contact the financial aid office to discuss how the process works at their institution. Here at UNG we have one application that new students may complete and they'll be reviewed for all eligible scholarships we offer.
Outside of UNG there are several free search engines that can aid in your research. A couple of things to note however; never pay for any scholarship list or application fee. A legitimate scholarship will not charge you to consider giving you free funding. Also private search engines such as fastweb.com, while a good source of information, will require you to set up an account to use their service. You may receive advertisements and promotions sent to you as a byproduct in using their service.
It is important to know your school's priority processing deadline for the FAFSA. Some aid sources are on a first come first serve basis such as Work Study or the Supplemental Education Grant. You will also be one of the first to receive your financial aid offer when universities begin their process. This is only a priority deadline meaning you can still complete a financial aid application after this date and receive your eligible Aid. Note that Pell Grant, Student loans, HOPE and Zell Miller are not on a first come first served basis and you will still receive this funding if eligible; even if submitting an application after the priority processing deadline.
Since the FAFSA uses tax information from two years previous, some students may have a current financial situation that is significantly different than two years ago. After you've submitted your FAFSA and your financial aid office has received it you should speak to your financial aid office to see if your situation warrants what is known as a special circumstances review. Generally this will include instances of a parent losing employment, medical expenses, or other situations that were beyond your control. If completing an application for a review, it is usually necessary to provide supporting documentation. If your evaluation is approved your financial aid offer will be adjusted to reflect your current financial situation.
Once your academic career begins it is important to remember that students must maintain Satisfactory Academic Progress toward earning their degree. This means for federal aid, a student must maintain an overall GPA of 2.0 or better and earn credits in 67% of their attempted coursework. Students are reviewed after final grades are posted each semester. If you're receiving HOPE or Zell Miller scholarship an overall GPA of 3.0 or 3.3 respectively is required to remain eligible. For HOPE and Zell Miller students checkpoints are not necessarily after each semester. If you're uncertain when your next checkpoint will be you should consult your financial aid office for more information.
Each year what can you expect as an estimated timeline for the financial aid process? On October 1st each year the FAFSA becomes available for the next academic year that begins the following Fall semester. Typically financial aid offices will begin loading in completed applications in early February and financial aid offers will begin going out in March. Keep in mind that this is an estimated offer as changes could be made, if in April and June, the Georgia state government changes tuition and fees or the HOPE payment structure for the upcoming academic year. If there are any changes to your financial aid offer you will be notified by the financial aid office via student email so remember to regularly check your email for updates.
This concludes our presentation on the basics of financial aid. As always our financial aid office is here to help you through this process and answer any questions you may have. There are several ways to contact us; email and calling may be the best way for quick questions but if you would like to meet with your counselor for a longer discussion they will be happy to meet with you in the office or even schedule a zoom meeting if that works better. Thank you for watching this presentation and we look forward to seeing you on campus.