Financial Aid Guide

Paying Your Way A Guide to Financial Aid at Davidson County Community College

AT DAVIDSON COUNTY COMMUNITY COLLEGE, we take pride in offering high quality, future-focused education at a fraction of the price you will find at most colleges or universities. When it comes to value, our affordable tuition is one of the best investments you can make in yourself.

However, some students still need help paying for college.

Many students planning to apply for financial aid don’t know where to start. If you are one of those students, don’t worry!

We are here to help.

Spend some time with this booklet to get familiar with the basics, then contact us or attend one of our helpful Financial Aid events for assistance if you have any questions.

The college hosts FAFSA Fridays every Friday from 9 a.m. to 11 a.m. on the Davidson Campus for anyone needing help completing the FAFSA.

THE DCCC DIFFERENCE A great education and college experience don’t have to be expensive or result in large amounts of debt.

Over 75% of DCCC students receive some form of financial aid. Luckily, remarkably low tuition at DCCC translates into much lower enrollment costs for students who are less likely to go into debt because their financial aid stretches further here.

TIP: Start the financial aid process early.

$70,236

PUBLIC AND PRIVATE FOURYEAR SCHOOLS IN NC Average cost for two years based on 2018–2019

$14,768

$17,820

$18,116

NC State University

$14,500

UNC Chapel Hill

academic year and based on in-state students.

High Point University

Appalachian State University

UNC Greensboro

Davidson County Community College

$5,173

TYPES OF FINANCIAL AID Understanding financial aid starts with understanding your options. The cost of tuition, fees, books, and supplies can add up.

That’s where financial aid comes in.

The four most common types of financial assistance are: GRANTS Money to help you attend college, awarded based on eligibility. You don’t have to repay grants as long as you pass your classes.

SCHOLARSHIPS Money you don’t have to repay, often based on financial need but also awarded for academic merit or through community sponsorship.

FEDERAL WORK-STUDY Money earned from an on-campus job provided through the Financial Aid Office to eligible students.

LOANS Money you borrow for college and repay with interest.

(See page 11 for an explanation of loan types.)

The DCCC Foundation also provides scholarships to students in need. Students are encouraged to research and apply for scholarship opportunities. More information is available at dcccfoundation.org

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ARE YOU ELIGIBLE? To determine whether you qualify for financial aid, you must first apply to DCCC. Then you’ll apply for financial aid, and renew annually. Let’s go through the process step-by-step.

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DETERMINE YOUR DEPENDENCY STATUS Dependent: Students age 24 or younger who do not meet the independent student criteria. Dependent students must provide their own and their parent/s’ information on the aid application.

Independent: Students must be over age 24, or if you are 24 or younger, you are considered to be independent if you are married or have your own children you support. Other exceptions may apply depending on individual circumstances. Independent students provide their own information (and their spouse’s, if married) on the aid application.

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GATHER YOUR INFO You will need the following for you and your family as determined by your dependency information above. In addition to your own information, you will need your spouse’s if you are married, or your parents if you are a dependent: • Social Security numbers and birthdates • Federal income tax returns from two years prior (for example, the 2018–19 application requires 2016 Federal Income Tax information) • W-2 forms or other income statements • Any other records of income, resources and assets

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GET YOUR FSA ID Your Federal Student Aid (FSA) ID allows you sign your FAFSA electronically and to view and/or make corrections later. You and at least one of your parents (if you are a dependent student) will each need your own FSA ID from fsaid.ed.gov. Save your FSA ID as you will need it to reapply and access your Student Aid Report (SAR) each year for renewal purposes.

COMPLETE THE FAFSA — FAFSA.GOV You can apply for financial aid before you have been admitted to DCCC, starting October 1 of your senior year of high school for the following academic year you plan to attend. Go to fafsa.gov to apply online for free. If you need assistance or have questions call the Federal Student Aid Information Center at 1-800-4-FED-AID (433-3243).

TIP: When filling out your FAFSA, use the IRS Data Retrieval Tool, which provides you and your parent/s access to necessary IRS tax return information in a simple and accurate way.

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REVIEW YOUR STUDENT AID REPORT & COMPLETE FOLLOW UP ACTIONS You must review your Student Aid Report (SAR) carefully in case additional data or corrections are needed. Your SAR will be sent to you a few days after you complete your FAFSA. It is a summary of your FAFSA information and estimation of your Expected Family Contribution (EFC), money you or your family are expected to pay. The EFC is used to determine your federal and state student aid eligibility.

TIP: Follow up on any request for additional actions or documentation needed to complete your financial aid application process. These messages will come to your assigned email account that you access through your DCCC StormTrac (see page 10). This account is created when you apply for admission.

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COMPLETE THE VERIFICATION PROCESS You may be selected for a process called verification. This does not mean you are not eligible for financial aid. It means you will need to provide additional documentation (see page 11).

RECEIVE YOUR FINANCIAL AID OPTIONS Once you have completed the FAFSA and reviewed your Student Aid Report, DCCC will notify you about your eligibility status and indicate the financial aid programs for which you may qualify. This process determines your financial aid package/award (see page 10).

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MANAGING YOUR FINANCIAL AID Once you have completed the financial aid process you need to be aware of how to monitor and plan based on your available resources.

Use your DCCC StormTrac self-service account to monitor: • Financial aid application status each year • Your Satisfactory Academic Progress (SAP) each term • Your registration and enrollment levels including adjustments for your financial aid • Your billing and charges for each term to see if you have a remaining balance to pay or may anticipate a possible refund of aid

VETERANS’ EDUCATIONAL SERVICES Students seeking Veterans’ Educational Services should contact Financial Aid (336-249-8186 ext. 6393). New students using Veterans’ Educational Services benefits for the first time will need to fill out a DCCC Veterans Contract and meet with a VA School Certifying Official to ensure all needed information is on file for certification of eligibility.

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GLOSSARY OF FINANCIAL AID TERMS DCCC StormTrac: Your individual self-service portal to view and manage your enrollment, including course planning and registration, financial aid application status and awards, student billing, and account information Expected Family Contribution (EFC): A measure of a family’s financial strength ability to contribute to the cost of a student’s enrollment expenses. It is used to determine eligibility for need-based student financial aid.

FAFSA: The free application for federal student aid Federal Work-Study: A federal student aid program that provides part-time employment while you are enrolled in school to help pay your education expenses Financial Aid Award/Package: Offered financial aid funds from one or more sources to help the student pay for college estimated based on full-time enrollment. Awards and amounts are described in the electronic financial aid award letter on StormTrac.

Financial Need: The difference between the cost of attendance (COA) at DCCC and your Expected Family Contribution (EFC) Interest: A loan expense charged for the use of borrowed money. Interest is paid by the borrower to the lender Principal: The total sum of money borrowed plus any interest that has been capitalized 10

Refund: Money issued to a student if the total amount of financial aid awarded for the semester is greater than the charges on one’s student account Satisfactory Academic Progress (SAP): The minimum academic standards required to maintain eligibility for financial aid. This includes both the quality of final grades earned for classes and the successful completion rate for your attempted classes. SAP is reviewed on your full academic record at the end of each term and information is available on your DCCC StormTrac account.

Student Aid Report (SAR): Summary of financial need information based on completed FAFSA application Subsidized Loan: A loan for which the U.S. Department of Education pays the interest while you’re in school at least half-time, for the first six months after you leave school, and during a period of deferment Tuition: An amount of money charged by a school per term, per course or per credit, in exchange for instruction. Tuition does not include the cost of textbooks and other fees Unsubsidized Loan: A loan that does not require a demonstration of financial need. You are responsible for paying the interest on the loan during all periods Verification: A required comparison of FAFSA-reported information with independent documentation of the information, such as IRS tax transcripts and W-2 and household information. Approximately one half of FAFSAs each year are selected for verification.

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Financial Aid Office B.E. Mendenhall Building finaid@DavidsonCCC.edu 336.249.8186 Davidson County Community College does not discriminate on the basis of race, color, national origin, religion, sex, age, disability, pregnancy, political affiliation, veteran status, sexual orientation or gender identity in any of its programs, activities or services.

DavidsonCCC.edu

THOMASVILLE | LEXINGTON | MOCKSVILLE | BERMUDA RUN 336.249.8186 | 297 DCC Road, Thomasville, NC 27360