WHAT IS FINANCIAL AID?
Financial Aid is any form of money for your college education that comes from resources outside your family.
- Scholarships can be awarded by the College or an outside donor, such as civic clubs, churches or businesses.
- Grants are based on financial need and do not have to be repaid.
- Self-help aid, including loans and work-study employment, are also considered financial aid, even though you have to pay back the loan or work for your work-study stipend.
WHAT ARE MY CHANCES FOR RECEIVING A SCHOLARSHIP?
Entering freshmen are evaluated for academic scholarships on the basis of the admissions application. The chances of receiving an academic scholarship depend on the size and quality of the applicant pool. Academic Scholarships awarded to freshmen remain the same amount and are renewable for three additional years provided that the minimum standards are maintained. There is a separate application required to be considered for the
Presidential, Solomon and Wylie Scholarship. Applications are due by November 1.
WILL I QUALIFY FOR A FEDERAL GRANT?
Students with significant need may be eligible for the Federal Pell Grant and The Federal Supplemental Educational Opportunity Grant (SEOG). These grants are awarded to students whose families have very little resources for college according to the results of their FAFSA. Eligibility varies depending on a family’s adjusted gross income, family size, number of children in college, assets and the student’s income. Students who are eligible for the Pell grant may also be eligible for the Academic Competitiveness Grant if they have completed a rigorous course of study in high school as outlined by the Department of Education www.ed.gov/students.
Students cannot exceed direct costs (tuition, room, board and required fees) in scholarships and grants. If students exceed direct costs adjustments to their financial aid package may be necessary.
WILL I HAVE TO OBTAIN A LOAN?
Most students borrow funds to finance part of their education. Subsidized or low interest federal loans are a desirable resource for meeting college costs. Students with financial need may be eligible for the Federal Subsidized Stafford Loan and the Federal Perkins Loan. For parents who need assistance with the remainder of college costs, the Federal Plus Loan is available. Almost all applicants are eligible for some type of loan assistance regardless of income level or creditworthiness.
CAN I WORK TO PAY PART OF MY COSTS?
The Federal Work-Study program provides jobs for students who establish eligibility through the submission of the FAFSA. Students are paid monthly and should try to obtain jobs that match their academic major and personal interests whenever possible. Work-Study students typically work 5 hours per week. Students who do not qualify for Federal Work-Study may still obtain employment on campus through the Erskine Work-Study program if jobs are available.
HOW WILL ERSKINE KNOW THAT I HAVE FINANCIAL NEED?
To help us determine your financial need, you must complete the FAFSA and list Erskine College (Federal School Code 003432) as one of your college choices. The FAFSA can be submitted to the federal processor electronically at www.fafsa.ed.gov. A federal formula will calculate your financial situation. If you demonstrate financial need based on the federal formula you will be eligible for federal financial aid. Even if you do not have need according to this federal formula, you can still receive an unsubsidized student loan on which interest accrues while you are enrolled. Erskine does not guarantee that every student’s full need will be met. We try to put the best possible financial aid package together to make it possible for a student to afford Erskine. Our combination of academic and need based scholarship programs can greatly reduce the net price and many times, make it as affordable as what you would pay at a state college or university.
WHEN SHOULD I APPLY?
Entering freshmen are considered for Academic Scholarships when the admissions process is completed by:
November 1, 2008 Early Action Admissions
November 15, 2008 Notification of Admissions
December 15, 2008 Notification of Financial Aid
February 15, 2009 Regular Decision Admissions
March 15, 2009 Notification of Admissions
April 1, 2009 Notification of Financial Aid
May 1, 2009 Deposit Deadline
You should submit the FAFSA as soon as possible after January 1 each year. In order to be considered for the South Carolina Tuition Grant, the federal processor must receive your completed FAFSA by June 30th. The priority deadline for the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), Federal Perkins Loan, Federal Work-Study and the Federal Stafford Loan is May 1st. You do not have to be accepted for admission first to apply for financial aid. If you need an estimate of what Federal financial aid you may be eligible for you can fill out the FAFSA forecaster at www.FAFSA4caster.ed.gov and submit the information to the financial aid office.
WHEN WILL I HEAR ABOUT MY FINANCIAL AID PACKAGE?
Entering freshmen are awarded Academic Scholarships on the deadlines listed above. You may apply for financial aid at anytime but remember that some programs such as the South Carolina Tuition Grant have deadlines (June 30th). For upperclassmen, renewable academic scholarships are awarded in July. When you receive a scholarship, grant or work-study award, you will receive an Erskine College award letter. When Erskine certifies a Federal Stafford Loan for you we will notify you that your loan has been processed. Before you receive Federal Stafford Loan funds you must choose a lender and sign a master promissory note as well as complete entrance counseling online at www.erskine/admissions/financialaid.edu. Be careful to read and follow the instructions on any form that you receive regarding financial aid.
HOW MUCH DOES ERSKINE COST?
Tuition and fees are approximately $23,000 for the academic year (fall and spring semesters). Your room and board costs are approximately $8,000 per academic year. Book costs are approximately $1000 per academic year. You must also take into account personal and transportation costs when budgeting for college. You will receive a bill in July for the fall semester and another in December for the spring semester.
WHAT ARE MY PAYMENT OPTIONS?
Students may pay fees yearly, by semester or via the 10 month payment plan. Erskine also accepts payment through MasterCard, Visa, American Express and Discover. Families who pay all or part of their tuition with loans or with their own resources may qualify for federal tax credits which reduce the amount of federal income tax due the following year.
I HAVE MORE QUESTIONS, WHERE CAN I FIND HELP?
You may call the financial aid office at 864-379-8832 or visit us in Belk Hall when you are on campus. For your convenience our Web site provides more detailed information about federal, state and college programs. The Web site also provides useful links to the US Department of Education and several free scholarship search sites.
ANY OTHER ADVICE?
With all the forms, deadlines and acronyms that are involved, financial aid can seem very confusing. Your best strategy is to apply early, read and follow all instructions, keep copies of documents and respond promptly to follow-up requests. Please call on us if you have concerns at 864-379-8832 or toll free at 1-800-241-8721.
