For many people thinking about attending college, financing their education is one of the biggest worries.
We understand that for many of our students, even the affordable education offered at York Technical College may seem out of their reach. You may be surprised to know that 96 percent of York Tech students receive financial aid, and that the College distributes nearly $9 million in aid each year through grants, loans and work-study programs. In addition, the York Technical College Foundation awards approximately $300,000 in scholarships each year, based on both financial need and academic achievement.
To help you understand your options, we’ve put together some information about the different types of financial assistance.
The First Step: Apply for Financial Aid
Financial aid can give you the tools to turn your dream of a college education into reality, but you won’t know if you don’t apply! To see if you qualify, start by filing the Free Application for Federal Student Aid (FAFSA) at fafsa.ed.gov. This national database, run by the government, will let you know what kind of aid you’re eligible for, and how much aid you can expect to receive.
To complete the FAFSA, you will need several pieces of information. If you are currently married, you will need these items for both you and your spouse. If you are not married and under the age of 24, you will need your parents’ information as well. The necessary information may include these items:
- Income tax returns for the year prior to the academic year for which you are applying (2014 returns if you are applying to attend school in 2015-16)
- W-2 forms and other income records
- Your Social Security number
- Your parents’ Social Security numbers, their dates of birth, and date of marriage
- Information about savings, investments, and business assets
- York Tech’s Title IV school code: 003996
Types of Financial Aid
York Tech is approved to participate in a variety of federal, state and institutional student assistance programs. These programs can be separated into categories of grants, loans, scholarships, or “self-help” programs.
- Grants are awards that students earn by successful completion of classes
- Loans are funds that must be paid back, often with interest added
- Scholarships are usually outright awards and may have specific requirements for eligibility
- Self-help programs require certain actions from the student in order to receive funds, such as the Federal Work Study program
Grants
Grants available to York Tech students include Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), and South Carolina Need – Based Grants (SCNBG). You can learn more about these grants on the York Tech website, under the Financial Aid section.
S.C. Lottery Tuition Assistance
The South Carolina Lottery Tuition Assistance Program was created to provide a supplemental resource to South Carolina residents attending two-year public or independent institutions. As of the last academic year, full-time students could receive up to $1,140 per term and eligible part-time students could receive $95 per credit hour to be used toward the cost of tuition. In calculating the amount a student is eligible to receive in Lottery Tuition Assistance, all federal grants and the SC Need-Based Grant must be awarded first.
Student Loans
Low-interest Federal Direct Stafford Loans are available to students taking at least six credit hours in a given term. These loans are made by the United States Department of Education directly to students, and must be paid back. These loans may be either Subsidized (interest does not accrue while a student is in school) or Unsubsidized (interest accrues) depending upon the student’s need and eligibility.
Work-Study
Students can earn money by working a part-time job on- or off-campus. Some students may be eligible to work on-campus through the Federal Work-Study program. Work-study jobs are designed to work around students’ class schedules, and pay rates start at minimum wage.
Scholarships
LIFE Scholarship
The State of South Carolina established the LIFE Scholarship program for students graduating from high school with a minimum cumulative grade-point average of 3.0 on the Uniform Grading Scale (“B” average). S.C. residents attending two-year colleges who qualify for the LIFE Scholarship are currently eligible to receive the cost of tuition plus a $300 book allowance per year, for a maximum of four terms for an associate degree program or two terms for a one-year certificate or diploma program. The maximum amount is $5,000.
York Technical College Foundation Scholarships
A number of scholarships are available to qualified students through the Foundation and the generous donations of local citizens, civic clubs, and businesses. They are awarded on a competitive basis and can be based on financial need, academic excellence, and leadership. Visit the York Tech website for a current list of scholarships.
Veterans’ Benefits
York Tech is approved by the South Carolina Commission on Higher Education (CHE) for training of eligible veterans, as well as children and spouses of deceased or disabled veterans. This includes benefits under a wide variety of programs. Eligibility for benefits is determined by the Department of Veteran Affairs. Please call the VA at 888-442-4551 to learn more.
South Carolina National Guard College Assistance Program
The SCNG CAP is a newer program of financial assistance for members of the South Carolina Army and Air National Guard. Benefits cover the cost of attendance up to a maximum of $4,500 each award year. This assistance in combination with all other gift aid, including Federal, State, private and institutional funds, cannot exceed the cost of attendance as defined in Title IV regulations for any academic year. Students should apply through their unit.
York Technical College is committed to helping our students understand all of their options for paying for their education. Call us today, or make an appointment with one of our knowledgeable counselors, and we’ll help walk you through the financial aid process!
Pay Attention to Deadlines!
The Financial Aid Office recommends specific deadlines in order to process financial aid applications in a timely manner. Students are strongly encouraged to abide by these deadlines in order to avoid delays in processing. Late applications take longer to process and may result in reduced Financial Aid awards, since some funds are awarded on a first-come, first-served basis.
Refer to the Financial Aid section of the York Tech website for details.