GUIDE TO FINANCIAL AID2016-2017

WHAT’S THE NET COST?

$33,140tuition, room and board**

–- $23,660Average first-time, full-time freshman

financial aid package

$9,480NET COST***

*

of first-time, full-time freshmen receive financial aid.

* The costs for 2016-17 will be available in November 2015.** Estimate is for double-occupancy rate in a traditional residence hall.*** Individual financial aid packages, which include loans, depend on a family’s FAFSA results and resources.

What’s your net tuition cost?

4NET PRICE CALCULATOR at usiouxfalls.edu/netcost

4More than $24 MILLION IN FINANCIAL AID awarded annually.

4More than 680 STUDENTS receive academic scholarships annually.

4More than 320 STUDENTS receive performance scholarships annually.

4More than 370 STUDENTS receive endowed scholarships annually.

4More than 135 CAMPUS WORK-STUDY JOBS available annually.

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Freshman Scholarships

SCHOLARSHIPS AMOUNT ACT* SAT GPA*

Salsbury Academic Scholarship $64,000 34 1510 3.9 ($16,000 anually)

Board of Trustees Academic Scholarship $60,000 30 1320 3.8 ($15,000 anually)

President’s Academic Scholarship $52,000 27 1210 3.7 ($13,000 anually)

Provost’s Academic Scholarship $44,000 25 1130 3.5 ($11,000 anually)

USF Achievement Scholarship $38,000 21 980 3.0 ($9,500 anually)

USF Recognition Scholarship $32,000 20 940 2.8 ($8,000 anually)

Sullivan Youth Ministry Scholarship** $20,000 2.75 ($5,000 anually)

Lillibridge Entrepreneurial Scholarship** $10,000 24 1090 3.0 ($2,500 anually)

South Dakota Opportunity Scholarship** $6,500 24 3.0 ($1,300 per year for first 3 years, $2,600 for 4th year)

Dakota Corps Scholarship** Full Tuition 26 1090 2.8

* Academic scholarships are determined by considering both ACT score and High School GPA. The figures listed above are the average award criteria for each scholarship. * * This scholarship is offered to students who meet qualification criteria. For more information, visit usiouxfalls.edu/finaid.

SCHOLARSHIPS AMOUNT CRITERIA

Music $500-$4000 Audition or evaluation with USF Music Dept.Theatre $500-$4000 Evaluation by USF Theatre Dept.Art $1,000-$2,000 Complete an art portfolio/Art Dept. evaluationAthletics Amounts Vary Determined by coaches

Performance Scholarships

Transfer Scholarships

SCHOLARSHIPS AMOUNT CUMULATIVE TRANSFER GPATransfer Academic Scholarship—Level 1* $42,000 3.5-4.0 ($10,500 anually)

Transfer Academic Scholarship—Level 2* $34,000 3.0-3.4 ($8,500 anually)

USF Transitions Scholarship* $26,000 2.5-2.9 ($6,500 anually)

Are you eligible for a scholarship?

4SCHOLARSHIP CALCULATOR at usiouxfalls.edu/scholarshipcalculator

32oMore than

students receive performance scholarships annually.

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STUDENT EMPLOYMENT PROGRAM AMOUNT

Federal Work-Study $1,200 (Minimum pay $8.50)

GRANT PROGRAMS AMOUNT

Cougar Need-Based Grant Amounts Vary

Federal Pell Grant $600-$5,775 *Amounts may change pending congressional budgeting process for 2016-17.

Federal Supplemental Educational $400-$1,000 Opportunity Grant

Federal Teacher Education $1,000-$4,000 Assistance for College and Higher *Amounts may change pendingEducation (TEACH) Grant congressional budgeting process for 2016-17.

LOAN PROGRAMS AMOUNT

Federal Subsidized and Maximum loan levels: Unsubsidized Direct Loans 0-27 credits: $5,500 28-59 credits: $6,500 60+ credits: $7,500

Federal Perkins Loan Loan amounts vary from: $500-$5,500 per year

Federal Parent Plus Loan Maximum is the total cost of education at USF less all other financial aid.

Alternative Private Education Maximum is the Loans total cost of education at USF less all other financial aid.

Federal Financial Aid

68oMore than

students receive academic scholarships annually.

*New full-time undergraduate transfer students who have completed 12 credit hours or more after high school will be considered for transfer scholarships.

To be eligible for federal aid, file the FAFSA (USF school code 003469) by March 1.

Alan is an only child in a single-parent household. After calculating his potential financial aid package, his total annual cost at USF is $2,365.

Single mom’s annual income $25,000Alan’s annual income $3,000Family assets $0Expected Family Contribution (EFC) $0 (results of federal financial aid application form)

USF 2015-2016 tuition, fees, room and board $33,140*Expected Family Contribution (EFC) -$0Equals Family Financial Need $33,140

Alan’s ACT Score 24Alan’s high school GPA 3.10

Alan’s potential financial aid packageFederal Pell Grant $5,775Federal Supplemental Educational Opportunity Grant $800Provost’s Academic Scholarship $11,000USF Cougar Grant $5,000Federal Work-Study $1,200Federal Perkins Loan** $1,500Federal Stafford Loans $5,500

Total financial aid package $30,775

Alan still has the opportunity to apply for outside scholarships and can pay his final balance of $2,365 in a monthly payment plan, through a federal parent loan or with private alternative loans.

*The costs for 2016-17 will be available in November 2015.

**Perkins Loans are set to expire September 30, 2015, pending congressional action.

Cassie comes from a family of five and is one of two children enrolled in college. After calculating her potential financial aid package, her total annual cost at USF is $8,690.

Dad’s annual income $46,500Mom’s annual income $49,300Cassie’s annual income $5,000Parents’ net worth of investments $42,000Expected Family Contribution (EFC) $9,103(results of federal financial aid application form)

USF 2015-2016 tuition, fees, room and board $33,140*Expected Family Contribution (EFC) -$9,103Equals Family Financial Need $24,037

Cassie’s ACT Score 28Cassie’s high school GPA 3.75

Cassie’s potential financial aid package President’s Academic Scholarship $13,000USF Cougar Grant $3,250Federal Work -Study $1,200Federal Perkins Loan** $1,500Federal Stafford Loans $5,500

Total financial aid package $24,450

Cassie still has the opportunity to apply for outside scholarships and can pay her final balance of $8,690 in a monthly payment plan, through a federal parent loan or with private alternative loans.

Matthew is the first child in his family of four to go to college. After calculating his potential financial aid package, his total annual cost at USF is $18,140.

Dad’s annual income $91,500Mom’s annual income $29,500Matthew’s annual income $3,200Parents’ net worth of investments $250,000Expected Family Contribution (EFC) $39,843(results of federal financial aid application form)

USF 2015-2016 tuition, fees, room and board $33,140*Expected Family Contribution (EFC) -$39,843Equals Family Financial Need $0

Matthew’s ACT Score 20Matthew’s high school GPA 2.9 Matthew’s potential financial aid packageUSF Achievement Scholarship $9,500Federal Stafford Loans $5,500

Total financial aid package $15,000

Matthew still has the opportunity to apply for outsidescholarships and can pay his final balance of $18,140 in a monthly payment plan, through a federal parent loan or with private alternative loans.

Gift

Loans

Work

Gift

Out-of-Pocket

Out-of-Pocket

LoansGift

Out-of-PocketLoans

Work

EXAMPLE STUDENT A EXAMPLE STUDENT B EXAMPLE STUDENT C

$24More than

million awarded in financial aid annually.

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GRANT: A grant is free money! Grants are gifts awarded to qualifying students who demonstrate financial need. Grants do not require repayment.

SCHOLARSHIP: A scholarship is free money! Scholarships are gifts awarded to students based on qualifying factors. Students can apply for USF scholarships, as well as outside scholarships, to help cover the costs of college. Scholarships do not require repayment.

FEDERAL WORK-STUDY: On-campus work opportunities are made available to students who demonstrate financial need. Students can use paychecks to help cover expenses.

LOANS: A variety of low-interest federal and private loans are available to students and families, and repayment is required. However, payments are not required during college.

FINANCIAL AID ELIGIBILITY: The amount of aid students qualify for is based on their families’ financial need and their Expected Family Contribution (EFC). This takes into account income, assets, number of dependents and other financial information.

FINANCIAL AID PACKAGE: Students’ financial aid packages consist of a combination of scholarships, grants, loans and work-study in which they qualify from the federal government, USF and other outside programs.

INSTITUTIONAL FINANCIAL AID: Funding in the form of scholarships and grants, offered exclusively through USF to full-time students, constitutes institutional financial aid. Students pursuing athletic scholarships should contact coaches directly. Students who qualify for athletic scholarships are not eligible for additional USF aid except academic scholarships, if applicable.

WHERE TO START

FINANCIAL AID TERMS YOU NEED TO KNOW:

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APPLY FOR ADMISSION to USF online at usiouxfalls.edu/admissions. Financial aid offers cannot be made until you are accepted. This serves as your application for most USF scholarships as well. For those requiring a separate application, continue to Step 2.

COMPLETE SCHOLARSHIP APPLICATIONS as soon as you’re accepted for admission. Check out the complete list of scholarships, criteria, applications and deadlines at usiouxfalls.edu/scholarships.

APPLY FOR FSA ID. You and at least one parent or guardian should apply for a Federal Student Aid ID at fsaid.ed.gov. Your FSA ID will serve as your electronic signature online.

COMPLETE THE FAFSA (Free Application for Federal Student Aid) at fafsa.ed.gov as soon as possible after January 1. Include the USF school code (003469). It is important to remember that USF has a priority filing date of March 1 for the FAFSA.

RECEIVE FINANCIAL AID PACKAGE. Starting in early March, once you’ve completed the above steps, a Financial Aid Package will be sent to your home. Then, you can investigate outside sources for scholarships and assistance from your community, high school or church.

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COMPLETE VERIFICATION PROCESS. Of students, 30% are selected by the Department of Education for Verification. This process requires that we check your FAFSA for accuracy and completeness. If you are selected, we will notify you by mail about the documents you will need to provide our office. Submit the required documents as soon as possible to keep from delaying your Financial Aid Package.

Any USF scholarships you receive upon enrollment – except for performance scholarships such as music, theatre and athletics – are renewable each year until you achieve your first baccalaureate degree and as long as you remain eligible to receive them. Participation scholarships require an annual review and renewal process.

Any federally-funded financial aid is based on your annual FAFSA results and meeting the March 1 priority deadline for filing the FAFSA. You MUST submit a new FAFSA each year by March 1. Your eligibility may change from year to year.

Any outside scholarship funds should be verified for renewability options.

After March 1, an official Financial Aid Package will be mailed to you when all of the items listedbelow are completed:

• You are accepted for admission to USF.• The results of your FAFSA have been received electronically by the USF Financial Aid Office.• You have submitted all requested documents to the USF Financial Aid Office.

DID YOU KNOW college graduates make an average of 65% more annually than high school graduates? (U.S. Bureau of Labor Statistics, Employment Projections, April 2, 2015)

USF, A SMART INVESTMENT

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of USF grads find employment in their majors or chosen fields within six months of graduation.

Receiving your FINANCIAL AID PACKAGE Renewing yourFinancial Aid

97%

Brittany Berger ‘14Elementary Teacher

Sioux Falls School District

Alysha Marty ‘14Elementary TeacherSioux Falls School District

FACT: The average debt for bachelor’s degree recipients at independent colleges and universities is $19,500 – less than the price of a modest car.*

* The Council of Independent Colleges

Web: usiouxfalls.edu/finaid || Email: finaid@usiouxfalls.edu || Phone: 800-888-1047 or 605-331-6623

USF FINANCIAL AID

WHERE TO START:

1. APPLY FOR ADMISSION to USF online at usiouxfalls.edu/admissions.

2. COMPLETE SCHOLARSHIP APPLICATIONS at usiouxfalls.edu/scholarships.

3. APPLY FOR FSA ID at fsaid.ed.gov.

4. COMPLETE THE FAFSA at fafsa.ed.gov.

5. COMPLETE VERIFICATION PROCESS if you are selected.

6. RECEIVE FINANCIAL AID PACKAGE from USF.

For complete descriptions of each step, refer to page 7.