Admissions

Frequently Asked Questions

 

 

How do I contact the Financial Aid Office?
What is the Free Application for Federal Student Aid (FAFSA)?
I probably don't qualify for aid. Should I apply anyway?
Why am I being charged to complete the FAFSA?
What is an EFC?
Do I have to reapply for financial aid every year?
What are the Satisfactory Academic Progress requirements?
When will I receive my award package?
Am I eligible for Federal work study?
What is the difference between a subsidized and an unsubsidized Stafford Loan?
What is the interest rate of my student loan?
When do I have to start payments on my student loan?
I owe a balance of $4000 for the semester.  I will not borrow any money.  What options do I have for paying it?
What do my Scholarships cover?  Can I get a refund?
 
 

 How do I contact the Financial Aid Office?

  • Our Office hours are Monday- Friday 8:00 am - 4:30 pm.
  • You may call us at 803-321-5127 or 1-800-845-4955 ext. 5127
  • The Financial Aid fax number is 803-321-5632.
  • You may e-mail us at financialaid@newberry.edu

What is the Free Application for Federal Student Aid (FAFSA)?

  • The FAFSA is used to apply for federal student aid such as grants, work-study, and loans. You may also use the FAFSA to apply for most state and some private aid.  You should complete the FAFSA each year in order to apply for Financial Aid.  The website is:  http://www.fafsa.ed.gov.

I probably don't qualify for aid. Should I apply anyway?

  • Yes. Many families mistakenly think they don't qualify for aid and prevent themselves from receiving financial aid by failing to apply for it. In addition, there are a few sources of aid such as unsubsidized Stafford and PLUS loans that are available regardless of need.

Why am I being charged to complete the FAFSA?

  • If you are being asked to pay to complete the FAFSA you are on the wrong website. You will need to go to www.fafsa.ed.gov .
  • If you are ever in doubt, remember this:  FAFSA stands for FREE Application for Federal Student Aid.

What is an EFC?

  • The EFC stands for "Estimated Family Contribution". It is calculated by the Federal Government when you file the Free Application for Federal Student Aid. It takes into account such items as your tax information, your spouse's or parents' tax information (if applicable), your (and your family's) assets, the number of people in your household, and the number of family members in college.  The EFC is not the amount that you will have to pay. We use this amount to determine if you are eligible to receive Federal grants, work-study, and loans.

 Do I have to reapply for financial aid every year?

  • Yes. If your financial circumstances change, you may get more or less aid. Note that your eligibility for financial aid may change significantly, especially if you have a different number of family members in college. Renewal of your financial aid package also depends on your making satisfactory academic progress toward a degree.

 What are the Satisfactory Academic Progress requirements?

  • Students enrolled in a degree program at Newberry College must meet Satisfactory Academic Progress (SAP) standards in order to be eligible for any type of financial aid. The following are the minimum standards for Federal financial aid eligibility (including grants and loans). Many State and Institutional scholarships will have higher eligibility requirements than those set forth by these standards.
    In order to meet Satisfactory Academic Progress, a student will be evaluated on three criteria:  Quality (i.e., cumulative grade point average or GPA), Quantity (hours attempted and earned), and Maximum Time Frame.   A student must meet all three criteria in order to be in compliance with SAP.
  • Qualitative Evaluation

    A student must earn a minimum cumulative GPA as follows, depending on the number of credit hours attempted in college coursework:
    Credit Hours Attempted                                   Cumulative GPA
    0-23……………………………………………..           1.50
    24-55 …………………………………………… 1.75
    56 or more ……………………………………… 2.00
  • Furthermore, a student must be enrolled in twelve (12) semester hours during an academic semester (fall or spring) to be considered a full-time student. Students enrolled in eleven (11) or fewer credit hours during a semester are not eligible for Newberry College Grants, Newberry College Scholarships or the State Grants and Scholarships.
  • Quantitative Evaluation

    Students must earn college credit in a minimum of 75% of the classes in which they enroll. This percentage is calculated by dividing the number of credit hours earned by the number of credit hours attempted. Attempted hours include those for degree-related courses, remedial courses, withdrawals, repeated course, and failed courses. All transfer hours accepted by Newberry College will be counted in calculations for both earned and attempted hours. Courses that are dropped within the regular ADD/DROP period (as published in the College’s catalog and course schedule) are not included on a student’s transcript and will not be counted in the hours attempted.
  • Time Frame Evaluation

    The time frame evaluation limits the length of time that a student can receive federal student aid. A student will not be permitted to receive Federal aid after exceeding 150% of the average length of his or her degree program.  For example, here is a calculation for “time frame evaluation” on a standard undergraduate degree program that requires 126 credit hours to complete:
    126 credit hours times (x) 150% = 189 attempted hours
    A student who exceeds the maximum time frame for his or her degree program will not be eligible for federal aid. This standard applies to all undergraduate candidates including second-degree students. A student who changes his or her academic major (or program) will not have credit hours related to the original major counted in the base of credit hours for this calculation.   A student will be allowed one “reset” based on a change of academic major.  The maximum time frame may be adjusted by the College upon receipt of a student’s appeal.
  • Review of SAPThe academic records of all students receiving financial aid will be reviewed for SAP at the end of each academic term (fall, spring and summer). Students will be notified at the end of the each term whether or not they meet SAP; those not meeting SAP will be given a financial aid warning. During the warning period a student will continue to receive financial aid. If a student fails to meet SAP by the end of the warning period, he or she will not be allowed to receive financial aid until all SAP criteria have been met.    Students with unusual circumstances (e.g., death in the family, illness, or other circumstances beyond their control) may appeal to reinstate their Financial Aid. Students may appeal the reduction or cancellation of their Financial Aid by completing and submitting the Financial Aid Appeal form and supporting documentation to the Director of Financial Aid.
  • In additional, scholarships may have specific renewal requirements.

When will I received my award package?

  • For new students, we will begin placing award packages online in March.  For returning students, we will begin placing award packages online in May, after we receive your grades.

 Am I eligible for Federal work study?

  • You must complete the FAFSA, have financial need and have at least a 2.0 GPA to participate in the Federal work study program. You will receive an e-mail when we are ready to begin the work-study program.

What is the difference between a subsidized and an unsubsidized Stafford Loan?

  • A Subsidized Federal Stafford Loan is a loan in which the interest due on the loan is paid by the Federal Government while you are in school, during your 6-month grace period following cessation of at least half-time enrollment, and for any periods of authorized deferment after you begin repayment.
  • An Unsubsidized Federal Stafford Loan has all the same terms as the subsidized Federal Stafford loan including deferments, interest rates and loan limits. However, you are responsible for the interest payments while you are in school, during periods of authorized deferments and during your grace and repayment periods

What is the interest rate of my student loan?

  • Federal Direct Stafford Loans
    The 2010-11 rate is fixed at 3.4% for Unsubsidized loans and 6.8% for Subsidized Loans.
  • PLUS Loans
    The rate is fixed at 7.9% for PLUS loans.

When do I have to start payments on my student loan?

  • Stafford loan borrowers begin repayment after a 6-month grace period. Students enter their grace period after dropping below at least half-time enrollment status from the school they are attending.

I owe a balance of $4000 for the semester.  I will not borrow any money.  What options do I have for paying it?

  • Answer.  You can pay by cash or check, by credit card, a payment plan, or by any combination of the three.  The installment program is through the Tuition Management System, which offers an interest-free monthly installment payment plan at a total cost to you of $75.  For more on TMS, go to http://www.afford.com.

 

I owe a balance of $6000 for the semester, but I must borrow all of it.  What are my options for payment?

 Answer.  First, we recommend you apply for a low interest student loan.  If your parents are willing to help, we suggest you start with the Parent PLUS loan. 

 Some parents don’t apply for a PLUS loan because they know the loan will be denied.  This denial works to the student’s advantage, however.  If the parent is denied, the student automatically gets an additional $4000 (freshmen and sophomores) or $5000(juniors or seniors) in an unsubsidized Stafford loan

 A second alternative is a Private Educational Loan.  The student is the principal borrower here, but must have a person with good credit co-sign the loan. 

 To find out more information on these loans or to select a lender, please visit our student loan page.

What do my scholarships cover?  Can I get a refund?

Answer.  Your scholarships and grants (federal, state, and institutional) may cover up to your direct costs (tuition, fees, standard room, board.)  Federal, state, and outside aid are always applied first.  You may not receive a refund from your institutional scholarships.

You may use educational loans to cover your indirect costs (transportation, personal expenses, off campus housing, etc) and may receive a refund those funds.