A guide to student financial aid in Georgia for the 2006-2007 school year [Nov. 2005]

A Guide to
IStudent FinancialAid
in Georgia
I for the 2006-2007 school year

GAco-7JLege41i
Helping-dents Plan, Apply, and Pay@r CON-

Get the :411on how to ,Payfor College at GAcollege4ll.prg.

What is GAcoIlege4ll.org7
GAcotlege41l.arg is an online resource provided by the Georgia Student Finance Commission, the Office of the Governor and numerous other partners from the higher education community that will help you plan, apply and pay for college!
This Guide to Student Financial Aid in Georgia will answer some basic questions about the real costs of higher education and what kinds of grants and scholarships are available t o you. It will direct you to the appropriate places on GAcollege4ll.org where you can determine the grants and scholarships for which you qualify. Italso provides information about affordable student loans and what you need t o do to take advantage of these resources.
what do educationatcosts indude?
The total educational costs of attending a college include: (1)tuition and fees; (2) books and supplies; (3) housing; (4) board (meals); (5) transportation; and (6) personal expenses such as clothes, taundry, recreation, medicine and health care.
How much is my family expected to pay?
You and your family have the primary responsibility for financing your education. Yourfamily is expected to make a maximum effort to help with college expenses, and you have a responsibility to contribute from your savings and any part-time or summer job you have.
Colleges, government agencies, and organizations that award financial aid determine how much a family is expected to pay toward attendance costs by using a process called need analysis. You and your parents provide the need analysis information by completing the Free Application for FederalStudent Aid (FAFSA), which asks about income, expenses, and assets. The FAFSA is
available online in the Applications and Tmnscriptstab
of GAcollege4ll.org.
The need analysis process uses a formula to determine the expectedfamily contribution (EFC), considering the family's total income and assets and providing certain allowances

for a standard cost of living, the number of household members, future retirement needs, and other factors. You can get a preliminary EFC by using the PAlS calculator in the Tools and Calculators section under the Paying for College tab on GAtollege4ll.erg.
At some colleges you must also complete a supplemental need analysis form; checkwith the college financial aid office to see i f this is a requirement.
What is financia1aid?
Financial aid is money awarded t o a student to help pay educational costs in the form of:
Scholarships or grants - "gift aid" that does not require
repayment.
Loans - borrowed money that must be repaid with interest. Employment - a job on campus (work-study, provided through the college) or off campus (a job you have found on your own).
The Federal government, the State government, and colleges provide financial aid to students. Also, financial aid is available from private sources such a5 civic groups,
clubs, religious organizations, and businesses, generally in the form of a limited number of scholarships or loans.
(continued on back cover)

I f Georgia Student Finance Commission Programs
Informationon all programs is available at GAcollege4il.org.

wTATE AND FEDERAFLINANCIAAILDPROGRAM2S006-2007

Maximum awards shown are s u b m to change based on the
number of students eligible and changes in State appropriations.

Program
Scholarships and Grants

Objective

graduation requirements.
T&prOvjdescholamhips.and grants to recent hlgh

Application Procedures

technical colleges, and career colleges in Georgia

Comments
approved Georg~acollege, earning dual credit for ellgible college coursework. Funded by the Georgia Lottery for Education.

To assist students selected as hlgh school valedictorians and STAR Students.

Eligible collqes and
.unlkrsitiesIn Georgia

Federal Pell Grant

education expenses.
le funds ta students f o ~

financial atd adminfstrator.

and career colleges

UnsubsidizedDirect Loan with in-school interest payrnen

Federal Direct Loans: Stafford Loan and PLUS Loan
" FedemL %rkinwLoari.
!I.
I _ Georgia First Education Lo:
- = * I j R Q ~ l s ~ - ~ ?Sa~chholea'~mhip I Loan atld HOPETeacher
Schohship Loan jf Georgia Service Cancelabl~
Loans
@EFLpaFa NMOhAkG W SFrvld
Cancelable Educational Lobn

To provide low-interest repayable funds to students and parents for eduwtinn expenses.
"Cs pmvfde l w l n t e r d W E $ S a b l e ~ ~ 8 ' & b
students for educational expenses.

- - -
UI~

Provides funds to meet education needs not covered by traditional student loans.

UIG

No

Togssid stiddents majoringin educauon. G r a e t d

No

teii~&l t k i e dmud bhceritratk in a e f t i d shoyt-

age teaching field,

G

Yes

To asslst students enrolted In critical fields of study UIC

Yes

(e.g., Nursing, PhysicalTherapy, Pharmacy, etc.).

Visit GAcollege4ll.org for a complete listing.

To assist Georgia Nationar Guard rnernbem

F+=

Yes

puisulnghigher educatiob.

Georgia Military Scholarshir

To assist Georgia students seeking a military
career enrolled at Georgia Military College or North Georgja College 8 State University.

U

Yes

f Scholarship for Engineering

To provide sewice cancelable loansto engineering

U

Yes

Education (SEE)

students;

Social Work Service ~ o a nrllot

To provide service cancelaole roans ro stuaenrs

U

Program (new - Fall 2005)

enrolled in the critical field of social wok.

Other Georgia Student Finance

Avariety of programsthat serve smaller numbers

UIG

Commission scholarship,grant,

of studentsby providingfinancial assistancefor

and loan programs

~ucatlonexpenses.

E:QQ*6T&@-*&e

$jRrY&l&Wr.

Aid {FAFSA) at G A c ~ l f e g e 4.lel rg.

Apply for a Georgia FIrstEducationLoan online at GAcolfege4ll.org or call 1-800416-51 77.

~fies $1,000 to $25,d(

Participating Direct Loan
, colleges, universities, technical colleges, and career colleges

I

m &
N!A

None

No

Complt3e qItfi9r dle PROMISE(undergra$uete)'

'$3-:080'for *~B$I,-

W$ib!~wtl

No

of YQFE (grauwte]Tegcher ScholarshipLoan

uag study;gr&du$te

unjvmlks

Apgliwtion.cntineat GAcollegd7l.arg. I

level awards MV

Complete the FreeApplication for Federal Student

$2,000-$4,500

GSFGapproved

No

Aid (FAFSA) and the Federal Stafford Master

colleges, universities,

Promissory Note (MPM) at GAcollege4lf.org.

and techniwl colleges

CompletefheG w g i aNationalGuard S q i c e

W e e ' - ' " Eligible'mlIagQ,universitim,

No

#kcelable EdueafianalLoan Applicationand

(Provides tuition only)

and technical colleges

promissorynoteonlineafGAcollega411 .9rgg.

in Georgia

Complete the college's Military Scholarship

An amount that covers

GeorgIa Military College

No

Application online at GAmllegdlT.org. The

the cost of tuition, fees, or North Georgia College &

student must also be nominated by a Georgia

roomlboard, books,

State University

state legislator.

~ppllesa, nd uniforms.

Cdmpletet h S~cholarshipfor EngineeringEdu.
cation (SEE)Application at GAcoliege4ll.org,

$d,$Ou

Mercer University

No

Complete the FreeApplimtion for Federd Student Aid (FAFSA) and the Federal Stafford Master Promissory Note (MPN) at GAcollege4li.

*'D,oo?

Georgia State University

No

Visit GAcoIlege4ll.org for a complete lie1 JI financial aid programs, detailed inforrnatio~ td
appllcatlons.

Varies

Ellglble colleges and

No

universities

Unsubsidized Direct Loan with in-school interest payments.
1 5% interestrate. Contact the college financial aid adminlslmttii&&-i.
the loan amount.
Credit-based loan program, but borrowers wlthout a credit history may use, up to two co-borrowers-parent, other relative, or friend40 apply.
Contact your collegefinandal aid administmioror the Gwrgia Studer,,
FinanceAuthority h Metro Atlanta at (770) 724-9000 or toil-free in Georgk at 1-800-5(15&SFC (4732). Funded by the Georgia Lottery for Education.
Vlsit GAcollege4ll .org regarding program requirements,application procedures, loan amounts, and service repayment obligations. You may also mntact the college financial aid administrator for information.
Contact the Georgia Student FinanceAuiharity at (770) 724-QD00;Georgla Alr NationalGuard EducationalServlcesOfficeat (770) 9f84766; or Georgia Army NationalGuard EducationalServicesOfice at (404) 675-53i'I.
Recipients are obligated to serve in the Georgia National Guard after graduation. Contact Georgia Military College or North Georgia College & State Univet-sity for more information.
Redpients areobti~atedto ,work in Georgia i n an englnmring field for one year for e a ~ $h8,000award,&. Fbndedby h e Gbrgia Lottery fo.noirtacuEd
Recipients must be juniors or seniors seeking a bachelor's degree in social work and are obligatedto work as a caseworkerfor the Georgia Department of Family and Children Services for one year for each $2,500 awarded.
Includes Robert C. Byrd Scholarship,Charles UcDanielTeacher Scholarship, Georgia HERO Scholarship, Intellectual Capital Partnership Program (ICAPP) Loans, and more.

On what basis is financial aid awarded?
Most financial aid is awarded on the basis of financial need; these programs are generally referred to as needbased programs. Your need is determined by subtracting the expected family contribution from the totat educational costs to attend the college you have selected. Financial aid, usually in the form of scholarships, is also awarded based on other factors such as achievement in academics, sporks, or music. These are called merit-based or non-need-based aid programs. Citizenship and residency also may impact eligibility for aid. All Federal and State of Georgia student financial aid programs have special requirements regarding U.S. citizenship, and many State programs have Georgia residency requirements.
How much financial aid can I receive, and when should Iapply?
Simply put, the total financial aid awarded to a student cannot exceed the college's cost of attendance. You will have the best chance of receiving aid by applying early. Checkwith the college financial aid office to see what the deadline is for scholarship consideration.
FinancialAid Application Checklist
The key to receivingfinancial aid is planning. GAcollege411,orgis a valuable tool for success. In
addition to pmvidinga vast amount of information, the
site enables you to create a "My411" account to track your
progressthrough your college and financial aid search and application process.
Use this checklist to help organize the application process.
71 If the coltege's application materials did not include a
financial aid application, contact the college's financial aid office and ask for an application. Complete the application and return i t to the financial aid office promptly.
3 Keep a copy of every application you submit, along
with any correspondence you receive with regard to it.
3 Investigate private aid sources such as civic groups,
clubs, religious organizations, and businesses.
3 Complete the Free Application for FederalStudent Aid
(FAFSA) as soon as possible after January 1. fip: You can complete the FAFSA online at GAcollege411.org.) After four to six weeks you will receive the Student Aid
Report (SAR). The SAR has several parts; review all of them for accuracy. Follow the instructions to make

any corrections. Then, if the school(s) to which you are applylng require you to submit the SAR, sign the appropriate section and send it to the college's financial aid office.
3 Ifyour college's Rnancial aid office requires a
supplemental need anaysis form, such as the PROFILE, complete i t promptly.
3 If the college's financial aid office has determined that
you will need a loan, fotlow their appiication procedures For the Federal Stafford loan and the Federal PLUS toan. The Georgia Student Finance Commission (GSFC) is a lender at all colleges that do not partlcipate in the Federal Direct Loan Program. Simply apply electronically for a Srafford or PLUS loan at GAcollege4ll.org.
3 Investigate service cancelable loans, which allow
you to repay your college loan by working in certain critical fields in Georpia. The Paying for College tab of GAcollege41l.arg provides information on the Georgia Student Finance Commission service cancelabte loan programs and lists the eligible fields.
3 Alternative loans are another financing option. Visit
GA~ollege411.orgor call 1-800-416-5177 to apply for a Georgia First Education Loan, which can be used t o pay for aU college-related expenses at competitive interest rates.
3 If the college's financial aid office asked you to
submit additional documents in connection with your application, confirm that those have been received.
Georgia Student Finance Commission
Loans Scholarships Grants
Giviteg Students Financial Choices since 1965
GAcollege411is a service of the State of Georgia provided by the Georgia Student Finance Commission, the M c e of the Governor, and many other partners.