Welcome to the Financial Aid Office at the University of South Carolina Beaufort
IMPORTANT FINANCIAL AID NEWS
Apply For Financial Aid For The 2013-2014 Academic Year
Students wishing to apply for aid for the 2013-2014 academic year, which starts in the Fall Semester of 2013, must complete the Free Application for Federal Student Aid (FAFSA). Financial aid is awarded based on when the FAFSA is received and a student's file is completed. USCB's priority deadline for filing the 2013-2014 FAFSA is March 1st. More information is available.
To reduce possible mistakes and streamline the financial aid application process here are some FAFSA Tips.
Significant Changes Affecting Financial Aid
The Verification Process:
The United States Department of Education (DOE) has made a significant change to the documentation requirements for applications selected for verification. Verification is a process to confirm the information provided on an applicant's Free Application for Federal Student Aid (FAFSA).
Since most applicants can quickly and easily access IRS data through the Data Retrieval process during FAFSA filing, the government no longer considers it reasonable for an institution to accept anything less reliable than direct IRS supplied evidence for verification of income data. Therefore, if an applicant selected for verification has not successfully transferred information from the IRS, or one who did transfer the information but then changed it, DOE expects the institution to require the applicant/parent, to provide an official 2012 IRS Tax Transcript (schools can no longer accept personal copies of tax returns)
USCB highly recommends the use of the IRS Data Retrieval option during the initial filing or when subsequent corrections are made to your 2013-2014 FAFSA. Read more...IRS Data Retrieval Option
The Pell Grant Program:
Effective Fall 2012, the following changes have be made to the Pell Grant Program:
Pell Grant Duration of Eligibility
A student’s eligibility to receive a Pell Grant has been reduced from 18 full-time semesters or its equivalent to 12 full-time semesters or its equivalent. This provision applies to all Pell Grant eligible students and includes all years of receipt of Pell Grant funding. Thus, the calculation of this total will include previous semesters/quarters at USCB or at any other school, including community colleges, where a Pell Grant was paid.
Auto-Zero EFC Income Threshold
The income threshold for calculating the automatic zero Expected Family Contribution (EFC) will decrease from $30,000 to $23,000 for the 2012-2013 award year.
Maximum Expected Family Contribution (EFC)
The maximum Expected Family Contribution (EFC) for which a student is eligible to receive a Pell Grant will decrease from 5273 to 4995. Students with an EFC of 4996 or higher will not be eligible for a Pell Grant for the 2012-13 academic year.
The Federal Student Loan Program:
Effective July 1, 2012, the following changes have been made to the Student Loan Program:
- For all students, Direct Loan Repayment Incentives were eliminated. These incentives provided a means to make loans affordable on the front end and while in repayment. Rebates were provided to reduce the origination fee, meaning the student receives more loan money to use for educational purposes due to fewer upfront fees deducted prior to disbursement. In repayment, students previously qualified for reductions to their interest rate making the overall cost of the loan less expensive.
- Grace Period Interest Subsidy eliminated on subsidized loans during the six month grace period.
- Federal Subsidized Direct Loans for undergraduate students will increase from the current fixed rate of 3.4 percent to a new fixed rate of 6.8 percent for all new loans taken on or after July 1, 2013.
ACTION REQUIRED TO RECEIVE DIRECT LOANS
- COMPLETE LOAN ENTRANCE COUNSELING
New loan borrowers must complete Entrance Counseling before receiving Direct Loan funds. Visit the StudentLoans.gov Web site immediately to complete Direct Loan Entrance Counseling and avoid delays in receiving your loan funds! If you have received a student loan before, you DO NOT need to do the Entrance Counseling.
- COMPLETE MASTER PROMISSORY NOTE
Visit the StudentLoans.gov Web site immediately to complete a Direct Loan MPN electronically and avoid delays in receiving your loan funds!
- ACCEPT OR DECLINE LOAN(S) ON VIP
If you have been awarded a Federal Direct Loan, subsidized or unsubsidized, and you can view them on VIP, you must decide if you wish to either accept or decline the loans that are offered.
If you want the loans that you were awarded, you must click on the button to fully ACCEPT or fully DECLINE your loans. This button is found at the bottom of the page “Show Me My Financial Aid Awards.” If you do not accept your loans they will not be available for you to use to pay your fees.
Historic Beaufort Campus: Room 117, Sandstone Building
Hilton Head Gateway Campus: Student Services Office, Hargray Building
Mailing Address is: 801 Carteret Street, Beaufort, SC 29902
To reach us by e-mail: email@example.com
Office Hours at both Campuses: Monday-Friday, 8:30 AM – 5:00 PM
The school code for USC Beaufort is 003450.