USF Guide to Financial Aid Brochure 2016-17

GUIDE TO FINANCIAL AID 2016-2017

WHAT’S THE NET COST?

$33,140*

tuition, room and board**

–- $23,660 Average first-time, full-time freshman financial aid package

$9,480

NET COST*** * ** ***

The costs for 2016-17 will be available in November 2015.

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.

of first-time, full-time freshmen receive financial aid.

$24 MILLION IN FINANCIAL AID awarded annually.

4More than 680 STUDENTS receive academic scholarships annually.

4More than 320 STUDENTS receive performance scholarships annually.

4More than 370 STUDENTS receive endowed scholarships annually.

4More than 135 CAMPUS WORK-STUDY JOBS available annually.

4More than

What’s your net tuition cost?

4NET PRICE CALCULATOR at usiouxfalls.edu/netcost

401

402

68o

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

$52,000 27 1210

3.7

Provost’s Academic Scholarship

$44,000 25 1130

3.5

$38,000 21 980

3.0

$32,000 20 940

2.8

($13,000 anually)

USF Achievement Scholarship

USF Recognition Scholarship

($11,000 anually) ($9,500 anually)

STUDENT EMPLOYMENT PROGRAM

Lillibridge Entrepreneurial Scholarship** $10,000

24

3.0

GRANT PROGRAMS

South Dakota Opportunity Scholarship** $6,500

24

3.0

Cougar Need-Based Grant

Dakota Corps Scholarship**

26

2.8

($5,000 anually)

($1,300 per year for first 3 years, $2,600 for 4th year)

Full Tuition

1090

Performance Scholarships Music Theatre Art Athletics

AMOUNT Amounts Vary

*Amounts may change pending congressional budgeting process for 2016-17.

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

AMOUNT $500-$4000 $500-$4000 $1,000-$2,000 Amounts Vary

Audition or evaluation with USF Music Dept.

Evaluation by USF Theatre Dept.

Complete an art portfolio/Art Dept. evaluation Determined by coaches

SCHOLARSHIPS AMOUNT CUMULATIVE

TRANSFER GPA Transfer Academic Scholarship—Level 1* $42,000

3.5-4.0

Transfer Academic Scholarship—Level 2* $34,000

3.0-3.4

USF Transitions Scholarship*

($10,500 anually) ($8,500 anually)

for 2016-17.

CRITERIA

Transfer Scholarships

(Minimum pay $8.50)

Federal Pell Grant $600-$5,775 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.

SCHOLARSHIPS

AMOUNT

Federal Work-Study $1,200

2.75

($2,500 anually)

at usiouxfalls.edu/scholarshipcalculator

To be eligible for federal aid, file the FAFSA (USF school code 003469) by March 1.

($8,000 anually)

4SCHOLARSHIP CALCULATOR

Federal Financial Aid

Sullivan Youth Ministry Scholarship** $20,000

403

Are you eligible for a scholarship?

3.8

President’s Academic Scholarship

students receive academic scholarships annually.

$26,000 2.5-2.9

($6,500 anually)

*New full-time undergraduate transfer students who have completed 12 credit hours or more after high school will be considered for transfer scholarships.

LOAN PROGRAMS Federal Subsidized and Unsubsidized Direct Loans

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.

32o More than

students receive performance scholarships annually.

404

EXAMPLE STUDENT A

EXAMPLE STUDENT B

EXAMPLE STUDENT C

Out-of-Pocket

Loans

Loans

Gift

Out-of-Pocket

Gift

Out-of-Pocket 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 $2,365.

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 2015-2016 tuition, fees, room and board Expected Family Contribution (EFC) Equals Family Financial Need

$33,140* -$0 $33,140

Alan’s ACT Score Alan’s high school GPA

$24 More than

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

$5,775 $800 $11,000 $5,000 $1,200 $1,500 $5,500

$30,775

Alan still has the opportunity to apply for outside scholarships and can pay his final balance of $2,365 in a monthly payment plan, through a federal parent loan or with private alternative loans. *The costs for 2016-17 will be available in November 2015.

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 $8,690.

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 2015-2016 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 $33,140* -$9,103 $24,037 28 3.75

Cassie’s potential financial aid package President’s Academic Scholarship $13,000 USF Cougar Grant $3,250 Federal Work -Study $1,200 Federal Perkins Loan** $1,500 Federal Stafford Loans $5,500

Total financial aid package

Loans

Work

$24,450

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 $18,140.

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 2015-2016 tuition, fees, room and board Expected Family Contribution (EFC) Equals Family Financial Need

$33,140* -$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 $9,500 Federal Stafford Loans $5,500

Total financial aid package

$15,000

Matthew still has the opportunity to apply for outside scholarships and can pay his final balance of $18,140 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 $8,690 in a monthly payment plan, through a federal parent loan or with private alternative loans.

**Perkins Loans are set to expire September 30, 2015, pending congressional action.

million awarded in financial aid annually.

405

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 FSA ID. You and at least one parent or guardian should

apply for a Federal Student Aid ID at fsaid.ed.gov. Your FSA ID 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.

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.

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.

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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.

FINANCIAL AID TERMS YOU NEED TO KNOW:

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.

408

Alysha Marty ‘14 Elementary Teacher Sioux Falls School District

Brittany Berger ‘14 Elementary Teacher Sioux Falls School District

USF, A SMART INVESTMENT

DID YOU KNOW college graduates make an average of 65% more annually than high school graduates?

(U.S. Bureau of Labor Statistics, Employment Projections, April 2, 2015)

97% of USF grads find employment in their majors or chosen fields within six months of graduation.

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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.

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.

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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 FSA ID at fsaid.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