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• Subsidized Loans are awarded on the basis of financial need. You will not be charged any interest while the loan is in deferment status, such as while you are enrolled, as the federal government subsidizes or pays the interest.
• Unsubsidized Loans charge interest from the time the money is first disbursed until it is paid in full. The interest is capitalized, meaning that you pay interest on any interest that has already accrued. One way to minimize how much interest accrues is to pay the interest as it accumulates.
Only undergraduates with demonstrated financial need are eligible for Subsidized Loans. Direct Unsubsidized Loans are available to undergraduate students; there is no requirement to demonstrate financial need. The student financial aid office uses federal regulations to determine the amounts each student may borrow by considering the cost of attendance and other financial aid.
To find out more about the differences between Federal Direct Subsidized and Unsubsidized Loans, visit (https://studentaid.gov/)
For financial aid purposes, you are considered a "dependent" if you are an undergraduate and meet the following criteria:
• You are under the age of 24 (born before a certain date)
• You are not married
• You are not supporting dependents of your own
• You are not a veteran or currently serving in the military on active duty
• You are not an orphan or ward of the court
• You are not in legal guardianship granted by a court
• You are not homeless
• You were not emancipated by a court as a minor
o New Students are automatically awarded, if eligible.
o Returning students must submit a request to their financial aid counselor to determine eligibility
• The HOPE Scholarship is a merit based scholarship that provides assistance towards the cost of tuition at eligible public and private Georgia postsecondary institutions. A student must graduate from an eligible high school with a minimum 3.0 HOPE GPA (as calculated by GSFC) and meet specific rigor course requirements.
• The Zell Miller Scholarship is a merit based scholarship that provides full tuition at a public postsecondary institution and tuition assistance at an eligible private postsecondary institution. A student must graduate from an eligible high school as valedictorian or salutatorian (meeting the requirements of the HOPE Scholarship) or graduate with a minimum 3.7 Zell Miller GPA (as calculated by GSFC) along with a minimum combined score of 1200 on the math and reading portions of a national administration of the SAT or a minimum composite score of 26 on a single national or state/district administration of the ACT and meet specific rigor course requirements.
Make sure that your FAFSA data gets released to your new school. You may do this by adding the new school's school code to your FAFSA. If you are going to a new school, contact them to get that school's code.
In order to continue receiving the Zell Miller Scholarship, a student must maintain a minimum cumulative 3.3 postsecondary GPA at designated checkpoints. The cumulative 3.3 postsecondary GPA does not include Dual Enrollment coursework taken prior to high school graduation or home study completion. Those checkpoints are: end-of-spring and 30/60/90 attempted semester hours or 45/90/135 quarter hours. A student will lose the Zell Miller Scholarship if their GPA is below the minimum requirement at one of the checkpoints and may only regain the scholarship one time. A student is ineligible to receive Zell Miller Scholarship funds once the student has reached the 127 hour limit.
• Seven full years have elapsed following high school graduation/home study completion, or
• Reach 127 semester or quarter limit, or
• Upon receiving a baccalaureate degree.
• U.S. citizenship or eligible non-citizen;
• Legal resident of Georgia;
• Registered with the Selective Service (if applicable);
• Maintain satisfactory academic progress; • In compliance with the Georgia Drug-Free Postsecondary Education Act of 1990; and
• Do not owe a refund or be in default on a student financial aid program.
For additional information: https://www.spelman.edu/docs/financial-aid/satisfactory_academic_progres...
Q:What Is a Student Aid Report (SAR)?" icon="fa fa-plus"] The Student Aid Report (SAR) is a document sent out to students after they’ve submitted the FAFSA. An SAR includes your Expected Family Contribution (EFC). Students should review the information on their SAR to ensure it is correct. Follow the instructions on the form if you need to make any changes. Otherwise, keep it for your records. Meanwhile, the schools you listed on your FAFSA will use this information to determine your eligibility for student aid.
Depending on how you submit your FAFSA, you could receive your SAR in just a few days or after several weeks. If you provide a valid email address on your FAFSA, you will receive your SAR electronically – all others will receive their SARs via postal mail.
Q:How can I Become an Independent Student?" icon="fa fa-plus"] Most students are dependent, which means that their parents’ incomes and information will be considered when determining their financial aid. The Department of Education is very strict when it comes to determining dependency status. In order to qualify as independent, you need to meet certain criteria, such as being a veteran of the U.S. military or having a child that you support. You may have to provide documentation in order to prove that you are an independent student. If this is approved, then your parents’ financial information will not be considered when determining your financial need.
• Log into your account at FAFSA.gov and submit your new information.
• Write in the corrections on your Student Aid Report (SAR), sign it and mail it to the provided address.
• Call your financial aid advisor and ask if they can help you make the changes electronically.
• Big Future by The College Board
• UNCF (United Negro College Fund)
• Appeal for more financial aid by submitting a written letter to your financial aid advisor.
• Apply for scholarships, particularly those that are need and merit-based.
• Look into your options for private student loans.
• Consider scholarships with private companies, your church, community organizations and check with high school counselor
PLUS loans can help pay for education expenses not covered by other financial aid.
• The U.S. Department of Education is your lender.
• You must not have an adverse credit history. A credit check will be conducted. If you have an adverse credit history, you may still be able to receive a PLUS loan if you meet additional requirements.
• The maximum PLUS loan amount you can receive is the cost of attendance (determined by the school) minus any other financial aid received. You can apply for a PLUS loan at www.studentaid.gov.
A: All checks should be taken to the Spelman College Post Office and request that it be put into Campus Box 771