Financial Aid Literacy 101

FAFSA

What does FAFSA stand for? Free Application for Federal

Student Aid

Who should complete the FAFSA?

Anyone interested in attending college

Where can I complete this? www.fafsa.ed.gov

Dependent or Independent?

If I no longer live with my parents, can I complete the FAFSA without their information? NO

Until you turn 24 years old – you are considered a Dependent student by the federal Government and you must use parental biographical and financial information on the FAFSA unless one of these apply:

You can prove you were in a legal guardianship You can prove that you were homeless You are a Veteran You are legally married You have a child, that lives with you, and you

completely support. (If you reside with your parents and they claim you and/or your child – You CANNOT claim this. If you pay child support to someone else for your child – you CANNOT claim this).

S A P

What is SAP?

Satisfactory Academic Progress

SAP is based on:

1. GPA must be 2.0 or higher 2. Withdrawals 3. This is based on the semester GPA at Kilgore College

.

G P AWhat is a GPA? Grade Point AverageWhat is the difference : 1. Semester GPA - which is the grade point average for the semester only. 2. Cumulative GPA - is the grade point average for all the semester at the college that you are currently enrolled in. To be successful your GPA should always be at least a 2.0

LoansStudent Loans are financial aid that MUST be

repaid. There are 2 types: Subsidized Loans – This is need-based and the

federal government pays the interest on the loan while you are attending school. There is a new Federal regulation which limits this loan eligibility to 3 years at a 2 year college. Be Aware that there is a new limit on subsidized loans , which is 3 years or 6 semesters for students beginning college in 13-14.

Unsubsidized Loans – Interest starts accruing as soon as the college receives the money on your behalf.

Scholarships The Kilgore College Scholarship deadline is April 1st We do encourage students to

complete and submit the application after the deadline, however applications turned in by the deadline have first priority. When completing the scholarship, enter “any that apply” when asked what scholarship you are applying for, so that you will not need to complete multiple applications for different scholarships.

There are different types of scholarships:1. Institutional – Presidential, General, 2. Departmental – Band, Choir, Corrosion, Athletic, Cheerleading, etc.3. Private – your home church, Rotary Club, Zonta, etc. These private scholarships

often require that the student enroll in classes and then submit a copy of the student’s class schedule to the organization prior to payment being made. These organizations normally send the scholarship payment directly to the school, however in some instances they will make payment directly to the student.

SCHOLARSHIP REQUIREMENTS:1. Must be enrolled in and complete at least 12 – 15 credit hours.2. The semester GPA must be at least a 2.5 – 3.3 depending on scholarship.

Where Can I Find Information About My

Financial Aid?

Financial Aid Print your schedule Add/drop classes Unofficial transcripts Degree audits Change name/address Review/Pay account balance Vehicle registration

All information concerning your student account can be found on Campus Connect:

Campus Connect

1.Log in with your student id # or SS# and2. Your Pin # which is the month and day of your birth. (ex: 0420)

Located on the home page atwww.kilgore.edu

Navigating Campus Connectto determine what is required

1. Click on “Student Information” & scroll down to click on “Review Financial Aid”

2. Next you will get this screen, be sure to select the correct year from the drop down box

3. Once it opens you will get a screen that looks like this. It contains the Electronic forms that you may be required to complete and return. Everything listed in green has been received, everything listed in red will be documents that are required before your aid can be awarded.

Navigating Campus Connect to View/Accept Your Award Letter

1. Click on “Student Information”, scroll down & click on “Accept/Decline”

2. Make sure you choose the correct year from the drop down box

3. Accept or Decline the aid by placing a check mark in the correct box. Then carefully read place a check in the bullets below which acknowledges that you read & understand each of them.

Acknowledgement

Please read the following Terms and Conditions of Agreement carefully. You are strongly advised to print a copy of these Terms and Conditions for your records:

• I understand that eligibility for Title IV funds is based on completion of a high school program. If the Registrar's Office determines I did not complete the equivalent of a high school education, the federal and state funds I have received will be cancelled and I will owe KC for this amount.

• When my file is complete, I authorize Kilgore College Business Office to credit the proceeds of my award to my account and collect any balance due from the funds listed above.

• All awards and disbursements are subject to changes in enrollment and attendance prior to the official reporting date. Aid will automatically adjust and disburse based on enrollment through the Official Reporting date.

• I understand that if I wish to receive federal student loans at Kilgore College, I must enroll and complete 6 hours per semester, complete the entrance counseling, Master Promissory Note, and any additional requirements set forth in the program.I certify that I am the person requesting loan funds from the William D. Ford Federal Direct Loan program. I understand that KC will certify my loan for the amount requested or the amount that I am eligible to receive, whichever is less. I understand that if I am a first time borrower for loan funds, I will not receive a disbursement to cover charges or a credit balance until 30 days following the first class day per federal regulations. Any credit balance will be disbursed 14 days later. I also understand that Loan funds are subject to eligibility and may be reduced based on other financial aid awarded. I understand that it is my responsibility to accept my Federal Student Loan awards.

• I understand that all payment of federal, state, and institutional awards is conditional upon my maintaining satisfactory academic progress and the minimum hours of enrollment as required by the Satisfactory Academic Progress Policy which governs my grant, loan or scholarship.

• I agree that I cannot accept federal funds from any other college or university while I am attending and receiving federal funds at Kilgore College.• I understand that all Pell Grant and SEOG Grant awards will be automatically accepted once they are awarded. I also understand that I am required to

accept Student Loans through Campus Connect on the Electronic Award Letter. I understand that it is my responsibility to notify the Kilgore College Financial Aid Office if I want to cancel my financial aid if I decide not to attend. I also understand that it is my responsibility to withdraw from classes prior to the first class day if I decide that I am not attending Kilgore College.

• Be aware that some classes have a state clock hour reporting requirement for Licensure. Federal Fund disbursements for these programs will be based on what the student earned by the clock hour completion.

• Students enrolling in Flex, Mini, Full Throttle, or Quest classes may have multiple refund dates for financial aid disbursements. • Federal Student Loans are subject to profile codes which determine the disbursement dates and amounts. In some cases students will receive one,

two, or three refunds instead of receiving it all in one refund per semester. • I understand that to receive Federal Student Loans I must enroll and attend at least 6 credit hours per semester. I will not receive a disbursement to

cover charges or a credit balance – if a am a first time borrower -until 30 days following the first class day per federal regulations. Any credit balance will be disbursed 14 days later. I also understand that Loan funds are subject to eligibility and may be reduced based on other financial aid awarded.

Acknowledgement part 2

For students who withdraw from all classes:• Before first class day: all financial aid returned to original sources, and student will owe Kilgore College a processing fee.• Before twelfth class day: all financial aid returned to original sources and student will owe Kilgore college 30% of tuition and fees.• Before the 60% point in the semester: according to federal regulations known as the Return to Title IV Policy, a calculation will• determine the amount of aid earned by the student based on days attended, and the amount owed back to Kilgore College and/or the• Department of Education.• For students who fail to withdraw, and do not attend classes: if financial aid funds pay tuition, fees and books, and you do not attend• classes, and do not officially withdraw, your student aid will be removed from your account and you will owe a percentage of your• tuition and fees to the Kilgore College Business Office. You will also be responsible for all costs of collection and/or attorney fees• on any amount owed to the Business Office.• • I understand that the above issues may result in a financial aid hold on my record, which will prevent me from registering for classes, receiving or sending a KC

transcript, and receiving future financial aid funds. If the financial hold is sent to collections, I also agree that I will be responsible for all cost of collection, including attorney and collection agency fees.

• Authorization/Certification• At Kilgore College, a student creates an account with a completed and approved Admissions application. Any financial aid award (grants, loans, scholarships, etc.)

for which the student is eligible is entered as a credit. In most cases, students are allowed to charge tuition, fees, books, room and board up to the amount of their credit. Kilgore College receives funds by Electronic Fund Transfer (EFT), and your authorization is needed to transfer the funds and pay any charges. By signing this form, I authorize Kilgore College to transfer my financial aid funds received by EFT to my student account. I also authorize Kilgore College to deposit all my financial aid funds received to my student account and pay all outstanding charges. I understand that I will receive any remaining balance due me on the designated date set for institutional refunds. I certify that I am not in default on any loan or do not owe a refund on any grant made under Title IV of the Higher Education Act of 1965, as amended at my institution.

• I understand that my social security number will be used to verify my identity, certify school attendance, determine program eligibility, and be disclosed to state, federal, or private agencies for eligibility purposes upon request. I have reviewed and understand the statement of disclosure printed on the reverse side of this form and realize the use of my SSN is mandatory for participation in federal and state aid programs. I understand that the federal funds I receive will be subject to the Kilgore College Financial Aid Satisfactory Academic Progress Policy that includes a requirement that I complete the minimum hours of the course load for which I am paid with a minimum semester GPA of 2.0. I also understand that semester grades which consist of all F’s or W’s or a combination of both will result in automatic suspension. I understand that Financial Aid Suspension status means that no federal, state, or institutional funds will be credited to my account until I have met the academic progress criteria required by my specific grant, loan, or scholarship. That policy also includes a timeframe rule that limits the number of credit hours for which I may receive aid. I certify that all of the information on this KC Student Financial Aid Application is true and complete to the best of my knowledge. I understand that if I receive Federal student aid of any kind based on false or misleading information. I understand that if I wish to receive federal student loans at Kilgore College, I must enroll and complete 6 hours per semester, complete the entrance counseling, Master Promissory Note, and any additional requirements set forth in the program.I certify that I am the person requesting loan funds from the William D. Ford Federal Direct Loan program. I understand that KC will certify my loan for the amount requested or the amount that I am eligible to receive, whichever is less. I understand that if I am a first time borrower for loan funds, I will not receive a disbursement to cover charges or a credit balance until 30 days following the first class day per federal regulations. Any credit balance will be disbursed 14 days later. I also understand that Loan funds are subject to eligibility and may be reduced based on other financial aid awarded. I understand that it is my responsibility to accept my Federal Student Loan awards.

E-Award

You will need to Accept/Decline Student Loans online in your Campus Connect account. This can be accessed at www.kilgore.edu and click on the Campus Connect link.NOTE: All other aid will be automatically accepted on your behalf once it is awarded This includes Pell, SEOG, TPEG, and Scholarships.

After you log on to Campus Connect:

Click on the “Student Information” tab Scroll down and click on “Accept/Decline” Make sure you choose the correct award year from the drop down box (12-13 or 13-14) Review financial aid package Place a check mark in Accept or Decline Read and carefully check the bulleted boxes Click on the “Terms & Conditions” link Once you have read it all click on “SUBMIT”

An E-Award is an Electronic Award Letter

What in the World is a Ranger Card?

Student ID card

Debit/MasterCard for Financial Aid refunds

Need to access the KC Fitness Center

Access to eat in the cafeteria if you purchased a food plan.

REQUIREMENT THAT ALL STUDENTS & EMPLOYEES WEAR ID AT ALL TIMES !

What Affects My Award Amounts & Refund?

Students are awarded Pell grants based on Fulltime enrollment – 12 or more credit hours. IfYou withdraw or you are reported/dropped by an Instructor for non - attendance from classes prior to the Official Reporting Date for the classes, your Pell will be automatically reduced or cancelled.

Students MUST be enrolled & attending at least6 credit hours to receive loans. If a student withdraws or is reported/dropped from classes prior to the published refund date, the loans will be completely removed from their student account, as they are not eligible to receive them;and therefore the college must return them. The student will then owe a balance to the College for all charges.

Fulltime: 12 credit hours or more – entire amount awarded

3/4 time: 9-11 credit hours – ¾ of Pell amount awarded

½ time: 6-8 credit hours – ½ of Pell amount awarded

¼ time: 1-5 credit hours – ¼ of Pell amount awarded

Items that Financial Aid cover or affect your

refund amounts….• Tuition and fees• Housing and Meal plans• Book and Supply charges made in the Book store.• Adjustments/Credits• Increases/decreases in Financial Aid;

increase/decrease in grants, scholarships, loans added at a later date, and exemptions.

Financial Aid Warning

Why am I on Warning?o Withdrew from too many classeso Semester GPA is below 2.0

What Does this mean?o You will still receive aid, however there are consequences.o The next semester that you enroll, you must

complete it with a 2.0 GPA or face suspension.o You must be careful about the number of

classes you withdraw from or get dropped from by an Instructor.

Financial Aid Suspension

• No longer eligible for Pell/Grants

• No longer eligible for Loans

• No longer eligible for Scholarships

• You must complete 12 hours with a 2.0 GPA and pay for those hours yourself to regain financial aid eligibility

Complete Withdrawal of Classes

1. You will be placed on Suspension automatically at the end of semester – there is no probation!

2. You may possibly owe money to the college, depending on the withdrawal date.

Who Do I Need to Contact?

If something happens due to: Illness Accidents Medical problems Issues with children Child Care issues Transportation issues Death in the familyWho should I contact to discuss my academic options? Your Instructor(s)

Please note that none of these issues will prevent you from jeopardizing or losing your financial aid.

If I need:a name or address changeOfficial TranscriptsOther academic recordsApply for GraduationThe Registrar

Thank You

We sincerely appreciate you choosing Kilgore College for pursuing your academic goals.

We hope that this Financial Aid 101 presentation has helped answer any questions that you may have and enlightened you on several of the acronyms, federal rules/regulations, and school policies that apply to Financial Aid. If we can assist you with any additional questions or concerns, please contact the Financial Aid Office at 903-983-8211.