Office of Financial Aid and Scholarships
Columbia, SC 29204
Welcome to the Office of Student Financial Aid & Scholarships of Benedict College. We recognize that a college education is a significant financial undertaking, and we want to assist you in finding the right combination of resources to enable you to study at Benedict. Our Financial Aid Office is well staffed and provides expert advice to students and parents or guardians on the best way of financing the entire four-year program at Benedict. The college also maintains a Student Financial Counseling Service that offers advice on budgeting and loan management. The Financial Aid Office is located in Bacoats Hall. We welcome consultations with students and parents.
Financial aid consists of three basic types: federal, state, and institutional aid. To be eligible for any type of institutional aid, a student must be enrolled in at least 12 semester hours of credit. (Some federal aid is available to those registered for less than a full load.) Institutional aid is limited to a maximum of 128 hours of graduation-credit work attempted; developmental courses give institutional (non-graduation) credit only and may be covered on a one-time basis, as well.
In federally-funded student aid programs, adjustments will be made to comply with any new regulations.
To apply for financial aid, a student must complete the Free Application for Federal Student Aid (FAFSA) as soon after October 1 as possible.
Federal Direct Stafford Loans are available to students enrolled at least half-time (6 credit hours for undergraduates) in a degree-seeking program who are U.S. citizens or eligible non-citizens. Loans have to be repaid, so you are encouraged to only borrow the amount of loan that you actually need to cover your educational expenses. The maximum loan amounts for an academic year are $5,500 for first-year undergraduates, $6,500 for second-year undergraduates, and $7,500 for third- and fourth-year undergraduates. Students considered independent of parental support for financial aid purposes or whose parents cannot borrow a Federal Direct PLUS Loan may be eligible for additional loan amounts. The maximum aggregate (total) loan amounts are $31,000 for dependent students ($23,000 of this may be in subsidized loans), $57,500 for independent students ($23,000 of this may be in subsidized loans).
The U.S. Department of Education charges a loan fee on the principal amount of each Stafford loan, deducted proportionately from each disbursement of the loan. For loans disbursing after 9/30/17, the loan fee is 1.066%. For loans disbursing after 9/30/18, the loan fee is 1.062%. Begin the process by filling out a Free Application for Federal Student Aid (FAFSA). First-time loan borrowers will need to complete Entrance Counseling and a Master Promissory Note (MPN) at the StudentLoans.gov. Benedict College will receive electronic notification when these requirements have been completed. You must be enrolled at least half-time (6 credit hours for undergraduates to receive a Direct Loan disbursement. Once all award requirements have been met, your financial aid will be credited to your student account.
Returning students must maintain Satisfactory Academic Progress, have remaining loan eligibility, and meet the Stafford Loan awarding requirements each academic year to continue eligibility for the Stafford Loan program.
Repayment: You will receive a six-month grace period before beginning loan repayment after you graduate, leave school, or drop below half-time enrollment. During this period, you should receive repayment information from your loan servicer and be notified of when your first payment is due. However, you are responsible for beginning repayment on time, even if you do not receive this information. You may create a sample loan repayment schedule and review loan repayment options online. Students must complete exit counseling whenever his/her enrollment drops below half-time. Benedict College will receive electronic notification when exit counseling has been completed. To view data on the federal student loans and grants you have received, visit the National Student Loan Data System (NSLDS).
Direct Subsidized Stafford Loans are for undergraduate students with financial need as determined by the FAFSA. The federal government pays the interest on the loan (‘subsidizes’ the loan) while you are attending school at least half-time. For 2017-2018, the fixed rate is 4.45%. The interest rate will apply for the life of the loan. As a result, if you borrow loans each year, it is likely that each loan will have a different fixed interest rate. You may choose to begin payments on the loan while you are in school. Contact the Federal Student Aid for further information.
As a result of legislation enacted in July 2012, eligibility for the Direct Loan interest subsidy will be limited for new borrowers (no student loans prior to July 1, 2013). New borrowers may only receive subsidized loans, up to 150 percent of the published length of the student’s current educational program. Once the student reaches that limit, he or she may borrow only unsubsidized loans, and interest begins to accrue on the student’s outstanding subsidized loan.
Direct Unsubsidized Stafford Loans are non-need based federal loans. If you qualify for an unsubsidized loan, you will be charged interest from the time the loan is disbursed until it is paid in full. For 2017-2018, the fixed interest rate is 4.45% (undergraduate students). The interest rate will apply for the life of the loan. As a result, if you borrow loans each year, it is likely that each loan will have a different fixed interest rate. While attending school, you may choose to begin payments on the loan, pay just the interest, or allow interest to accrue. Students make this decision during the loan application process; however, the decision can be changed at any time by contacting Federal Student Aid.
The Federal Pell Grant is awarded to undergraduate students earning their first bachelor’s degree who meet the federal government’s eligibility formula. To determine eligibility, the Free Application for Federal Student Aid (FAFSA) must be submitted for each school year. The Pell Grant does not have to be repaid. Begin the process by completing the FAFSA online. Eligibility is determined using a standard formula to produce an Expected Family Contribution (EFC) number based on FAFSA information. Students must have an EFC of 5486 or less to potentially qualify for a Pell Grant. Pell Grant amounts depend on a student’s EFC, enrollment status, and length of time attended during the academic year.
The Federal Government provides individual grants of up to $6,095 per year, based on family need, for educational expenses.
The FSEOG is a federal government grant that does not have to be repaid. FSEOG is awarded to undergraduate students with exceptional financial need who are earning their first bachelor’s degree. Priority is given to Federal Pell Grant recipients. Begin the process by completing the FAFSA online. While the Department of Education guarantees that participating schools will receive funds to pay the Federal Pell Grants for its eligible students, there is no guarantee every eligible student will receive a FSEOG. Award amounts depend on when you submit your FAFSA, your financial need, the amount of funding allocated to Winthrop University, and the number of potentially eligible students.
FSEOG cannot be automatically renewed each year. Returning students must maintain Satisfactory Academic Progress and meet the FSEOG awarding requirements each academic year.
Students must be enrolled at least half-time (six credit hours) to receive FSEOG. Once all award requirements have been met, your financial aid will be credited to your student account.
Up to $5000 per year. S.C. resident majoring in education and meeting specific requirements. Contact Benedict’s Office of Financial Aid and Scholarships. You should apply by March 15th.
South Carolina residents who attend Benedict College may be eligible up to $3,300 per year in tuition aid. The specific amount of aid is determined by the state each year. Benedict students who have been legal residents of South Carolina for at least one year must submit the Free Application for FSA so that it may be electronically submitted and received by the state by June 30 to determine eligibility. Incoming freshmen must have an SAT score of 900 or higher or be in the upper 75 percent of their graduating class. Returning students must file the FAFSA and make satisfactory academic progress in order to qualify for continuing grants. All students must have their FAFSA completed on or before June 30th of the current year.
The Legislative Incentive for Future Excellence (LIFE) Scholarship is a merit-based scholarship available only to a student who is a resident of South Carolina at the time of high school graduation and at the time of college enrollment. Students must meet two of these criteria: score 1100 on SAT (24 on ACT), have a GPA of at least 3.0, or ranking in upper 30 percent of graduating class. Eligible students attending a private institution will receive up to $4,700 plus a $300 book allowance.
Open only to graduates of a South Carolina high school, this state-funded scholarship is available up to $6,700 during the first year. The amount increases to $7500 for the second year through the fourth year and is maintainable with satisfactory academic progress. Recipients are chosen by the state. Application details are available from high school guidance counselors.
The South Carolina HOPE Scholarship Program is a merit-based scholarship created for eligible students attending a four-year institution who do not qualify for the LIFE or Palmetto Fellows Scholarship. The HOPE scholarship is available only to a student who is a South Carolina resident at the time of high school graduation and at the time of enrollment. Eligible students attending a private institution will receive up to $2,800 (including a $300 book allowance) during the first year of attendance only. To qualify for the S.C. HOPE Scholarship, first-time entering freshmen must have a high school cumulative grade point average of 3.0 or higher.
Submitting Scholarship Checks to Benedict College
Where and when should scholarship checks be mailed?
Mail checks to:
Office of Financial Aid and Scholarships
Attention: Monique Rickenbaker
1600 Harden Street
Columbia, SC 29204
The Office of Student Financial Aid is responsible for receiving, recording, and entering scholarship check into the College’s awarding system. Once entered, the checks are routed to the Benedict’s cashier’s for disbursement to the student’s account.
It is preferable that the checks be sent from the donor directly to the Office of Student Financial Aid and Scholarships. If the donor provides the check directly to the student, the student should submit the check to the Office of Financial Aid and Scholarships. Do not mail checks to Benedict College Billing Office.
If students must send a copy of their bill to a donor/agency, the student can request that an invoice be sent to the donor or agency from the Office of Student Accounts.
What information is needed on the checks and/or correspondence?
The student’s full name and Jenzabar ID or last four ssn number, and Personal Information should be included on the check and/or any correspondence. Indicate if the check is to cover academic year expenses or expenses for a particular semester (fall or spring or summer session). If there is no indication for the time period the check is to cover, the funds will automatically be used for the academic year (half for the fall semester, half for the spring semester.)
It is preferable that checks be made payable only to the Benedict College. If the check is made payable to the student or co-payable to the student and the College, additional time may be needed to obtain the student’s endorsement on the check this could cause a delay in the student receiving the scholarship funds. The donor’s name, address, and phone number should be included on the check or with the correspondence in case the Office of Financial Aid and Scholarships needs to contact the donor.
Are students required to enroll full-time?
It is assumed that the student will be enrolled full-time (12 or more hours per semester). If the scholarship does not require full-time enrollment, indicate this on the check or in the correspondence that accompanies the check.
How can students get verification of their enrollment?
After students have registered for courses, they can go to the Office of the Registrar to obtain an enrollment verification letter and, if required submit it to the donor or agency.
Who to contact if there are questions:
Call Mrs. Monique Rickenbaker, Office of Student Financial Aid and Scholarships at (803) 705-4655 or e-mail her at monique.rickenbaker@Benedict.edu.
Please adhere to the below alphabetical assignments and office hours for Student Financial Aid Administrators.