GUIDE TO FINANCIAL AID 2015-2016
WHAT’S THE NET COST?
$32,180*
tuition, room and board**
–- $22,072 Average first-time, full-time freshman financial aid package
$10,108
NET COST*** * ** ***
The costs for 2015-16 will be available in November 2014. Estimate is for double-occupancy rate in a traditional residence hall. Individual financial aid packages, which include loans, depend on a family’s FAFSA results and resources.
What’s your net tuition cost?
4NET COST CALCULATOR at usiouxfalls.edu/netcost
401
of first-time, full-time freshmen receive financial aid.
$23 MILLION IN FINANCIAL AID awarded annually. 4More than 5OO STUDENTS receive academic scholarships annually. 4More than 38O STUDENTS receive performance scholarships annually. 4More than 4OO STUDENTS receive endowed scholarships annually. 4More than 135 CAMPUS WORK-STUDY JOBS available annually. 4More than
402
5oo
More than
Freshman Scholarships SCHOLARSHIPS
AMOUNT
Salsbury Academic Scholarship
ACT*
$64,000 34 1510
($16,000 anually)
Board of Trustees Academic Scholarship $60,000
SAT
($15,000 anually)
30
1320
GPA* 3.9 3.8
President’s Academic Scholarship
$52,000 27 1210
3.7
Provost’s Academic Scholarship
$44,000 25 1130
3.5
$36,000 21 980
3.0
$28,000 20 940
2.8
($13,000 anually)
USF Achievement Scholarship
USF Recognition Scholarship
($11,000 anually) ($9,000 anually) ($7,000 anually)
Sullivan Youth Ministry Scholarship** $20,000
2.75
Lillibridge Entrepreneurial Scholarship** $10,000
24
3.0
South Dakota Opportunity Scholarship** $5,000
24
3.0
Dakota Corps Scholarship**
27
2.8
($5,000 anually)
($2,500 anually)
($1,000 per year for first 3 years, $2,000 for 4th year)
Full Tuition
1090
1090
* Academic scholarships are determined by considering both ACT score and High School GPA. The figures listed above are the average award criteria for each scholarship. * * This scholarship is offered to students who meet qualification criteria. For more information, visit usiouxfalls.edu/finaid.
Performance Scholarships SCHOLARSHIPS Music Theatre Art Athletics
AMOUNT $500-$4000 $500-$4000 $1,000-$2,000 Amounts Vary
CRITERIA
Audition or evaluation with USF Music Dept. Evaluation by USF Theatre Dept. Complete an art portfolio/Art Dept. evaluation Determined by coaches
Transfer Scholarships SCHOLARSHIPS AMOUNT CUMULATIVE TRANSFER GPA Transfer Academic Scholarship—Level 1* $40,000
3.5-4.0
Transfer Academic Scholarship—Level 2* $32,000
3.0-3.4
403
USF Transitions Scholarship*
($10,000 anually) ($8,000 anually)
$24,000 2.5-2.9
($6,000 anually)
*New full-time undergraduate transfer students who have completed 12 credit hours or more after high school will be considered for transfer scholarships.
students receive academic scholarships annually.
Are you eligible for a scholarship?
4SCHOLARSHIP CALCULATOR
Federal Financial Aid
at usiouxfalls.edu/scholarshipcalculator
To be eligible for federal aid, file the FAFSA (USF school code 003469) by March 1.
STUDENT EMPLOYMENT PROGRAM
AMOUNT
Federal Work-Study $1,200
GRANT PROGRAMS Cougar Need-Based Grant
(Minimum pay $8)
AMOUNT Amounts Vary
Federal Pell Grant $600-$5,730
*Amounts may change pending congressional budgeting process for 2015-16.
Federal Supplemental Educational $400-$1,000 Opportunity Grant Federal Teacher Education $1,000-$4,000 Assistance for College and Higher *Amounts may change pending Education (TEACH) Grant congressional budgeting process
LOAN PROGRAMS Federal Subsidized and Unsubsidized Stafford Loans
for 2015-16.
AMOUNT Maximum loan levels: 0-27 credits: $5,500 28-59 credits: $6,500 60+ credits: $7,500
Federal Perkins Loan
Loan amounts vary from: $500-$5,500 per year
Federal Parent Plus Loan
Maximum is the total cost of education at USF less all other financial aid.
Alternative Private Education Loans
Maximum is the total cost of education at USF less all other financial aid.
38o More than
students receive performance scholarships annually.
404
EXAMPLE STUDENT A Out-of-Pocket
Loans Gift Work
Alan is an only child in a single-parent household. After calculating his potential financial aid package, his total annual cost at USF is $2,050. Single mom’s annual income Alan’s annual income Family assets Expected Family Contribution (EFC) (results of federal financial aid application form)
$25,000 $3,000 $0 $0
USF 2014-2015 tuition, fees, room and board Expected Family Contribution (EFC) Equals Family Financial Need
$32,180* -$0 $32,180
Alan’s ACT Score Alan’s high school GPA
$23 More than
million awarded in financial aid annually.
405
24 3.10
Alan’s potential financial aid package Federal Pell Grant Federal Supplemental Educational Opportunity Grant Provost’s Academic Scholarship USF Cougar Grant Federal Work-Study Federal Perkins Loan Federal Stafford Loans
Total financial aid package
$5,730 $800 $11,000 $4,400 $1,200 $1,500 $5,500
$30,130
Alan still has the opportunity to apply for outside scholarships and can pay his final balance of $2,050 in a monthly payment plan, through a federal parent loan or with private alternative loans. *The costs for 2015-16 will be available in November 2014.
EXAMPLE STUDENT B
Loans
EXAMPLE STUDENT C
Gift
Out-of-Pocket Out-of-Pocket
Gift
Cassie comes from a family of five and is one of two children enrolled in college. After calculating her potential financial aid package, her total annual cost at USF is $9,180. Dad’s annual income Mom’s annual income Cassie’s annual income Parents’ net worth of investments Expected Family Contribution (EFC)
(results of federal financial aid application form)
USF 2014-2015 tuition, fees, room and board Expected Family Contribution (EFC) Equals Family Financial Need Cassie’s ACT Score Cassie’s high school GPA
$46,500 $49,300 $5,000 $42,000 $9,103 $32,180* -$9,103 $23,077 28 3.75
Cassie’s potential financial aid package President’s Academic Scholarship $13,000 USF Cougar Grant $1,800 Federal Work -Study $1,200 Federal Perkins Loan $1,500 Federal Stafford Loans $5,500
Total financial aid package
Loans
Work
$23,000
Matthew is the first child in his family of four to go to college. After calculating his potential financial aid package, his total annual cost at USF is $17,680. Dad’s annual income Mom’s annual income Matthew’s annual income Parents’ net worth of investments Expected Family Contribution (EFC)
$91,500 $29,500 $3,200 $250,000 $39,843
USF 2014-2015 tuition, fees, room and board Expected Family Contribution (EFC) Equals Family Financial Need
$32,180* -$39,843 $0
(results of federal financial aid application form)
Matthew’s ACT Score 20 Matthew’s high school GPA 2.9 Matthew’s potential financial aid package USF Achievement Scholarship $9,000 Federal Stafford Loans $5,500
Total financial aid package
$14,500
Matthew still has the opportunity to apply for outside scholarships and can pay his final balance of $17,680 in a monthly payment plan, through a federal parent loan or with private alternative loans.
Cassie still has the opportunity to apply for outside scholarships and can pay her final balance of $9,180 in a monthly payment plan, through a federal parent loan or with private alternative loans.
406
WHERE TO START 1
APPLY FOR ADMISSION to USF online at usiouxfalls.edu/admissions. Financial aid offers cannot be made until you are accepted. This serves as your application for most USF scholarships as well. For those requiring a separate application, continue to Step 2.
2 3
APPLY FOR A PIN. You and at least one parent or guardian should apply for a Department of Education PIN (personal identification number) at pin.ed.gov. Your PIN will serve as your electronic signature online.
4 5
COMPLETE THE FAFSA (Free Application for Federal Student Aid) at fafsa.ed.gov as soon as possible after January 1. Include the USF school code (003469). It is important to remember that USF has a priority filing date of March 1 for the FAFSA.
COMPLETE VERIFICATION PROCESS. Of students, 30% are selected by the Department of Education for Verification. This process requires that we check your FAFSA for accuracy and completeness. If you are selected, we will notify you by mail about the documents you will need to provide our office. Submit the required documents as soon as possible to keep from delaying your Financial Aid Package.
6 407
COMPLETE SCHOLARSHIP APPLICATIONS as soon as you’re accepted for admission. Check out the complete list of scholarships, criteria, applications and deadlines at usiouxfalls.edu/scholarships.
RECEIVE FINANCIAL AID PACKAGE. Starting in early March, once you’ve completed the above steps, a Financial Aid Package will be sent to your home. Then, you can investigate outside sources for scholarships and assistance from your community, high school or church.
FINANCIAL AID TERMS YOU NEED TO KNOW: GRANT: A grant is free money! Grants are gifts awarded to qualifying students who demonstrate financial need. Grants do not require repayment. SCHOLARSHIP: A scholarship is free money! Scholarships are gifts awarded to students based on qualifying factors. Students can apply for USF scholarships, as well as outside scholarships, to help cover the costs of college. Scholarships do not require repayment. FEDERAL WORK-STUDY: On-campus work opportunities are made available to students who demonstrate financial need. Students can use paychecks to help cover expenses. LOANS: A variety of low-interest federal and private loans are available to students and families, and repayment is required. However, payments are not required during college. FINANCIAL AID ELIGIBILITY: The amount of aid students qualify for is based on their families’ financial need and their Expected Family Contribution (EFC). This takes into account income, assets, number of dependents and other financial information. FINANCIAL AID PACKAGE: Students’ financial aid packages consist of a combination of scholarships, grants, loans and work-study in which they qualify from the federal government, USF and other outside programs. INSTITUTIONAL FINANCIAL AID: Funding in the form of scholarships and grants, offered exclusively through USF to full-time students, constitutes institutional financial aid. Students pursuing athletic scholarships should contact coaches directly. Students who qualify for athletic scholarships are not eligible for additional USF aid except academic scholarships, if applicable.
408
Alysha Marty ‘14 Elementary Teacher Sioux Falls School District
Brittany Berger ‘14 Elementary Teacher Sioux Falls School District
97% of USF grads find employment in their majors or chosen fields within six months of graduation.
409
Receiving your FINANCIAL AID PACKAGE After March 1, an official Financial Aid Package will be mailed to you when all of the items listed below are completed: • You are accepted for admission to USF. • The results of your FAFSA have been received electronically by the USF Financial Aid Office. • You have submitted all requested documents to the USF Financial Aid Office.
USF, A SMART INVESTMENT
DID YOU KNOW college graduates make an average of 70% more annually than high school graduates? (U.S. Bureau of Labor Statistics, Employment Projections, March 24, 2014)
Renewing your Financial Aid
FACT: The average debt for bachelor’s degree recipients at independent colleges and universities is $19,500 – less than the price of a modest car.*
* The Council of Independent Colleges Any USF scholarships you receive upon enrollment – except for performance scholarships such as music, theatre and athletics – are renewable each year until you achieve your first baccalaureate degree and as long as you remain eligible to receive them. Participation scholarships require an annual review and renewal process.
Any federally-funded financial aid is based on your annual FAFSA results and meeting the March 1 priority deadline for filing the FAFSA. You MUST submit a new FAFSA each year by March 1. Your eligibility may change from year to year. Any outside scholarship funds should be verified for renewability options.
410
WHERE TO START: 1. APPLY FOR ADMISSION to USF online at usiouxfalls.edu/admissions.
2. COMPLETE SCHOLARSHIP APPLICATIONS
at usiouxfalls.edu/scholarships.
3. APPLY FOR A PIN at pin.ed.gov. 4. COMPLETE THE FAFSA at fafsa.ed.gov. 5. COMPLETE VERIFICATION PROCESS if you
are selected.
6. RECEIVE FINANCIAL AID PACKAGE from USF. For complete descriptions of each step, refer to page 7.
USF FINANCIAL AID Web: usiouxfalls.edu/finaid || Email: finaid@usiouxfalls.edu || Phone: 800-888-1047 or 605-331-6623