financial aid 101...financial aid 101 contact info rita.keeton@tn.gov 615.478.5584 paying for...

Funding a College Education

Tennessee Student Assistance Corporation

FINANCIAL AID 101

Contact Info Rita.keeton@TN.gov

615.478.5584

Paying for College

College

Scholarships

Grants

You

(savings account, student loans, or

a 529 plan)

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Financial Aid Sources

Institutional (College)

Federal (Pell Grant)

State (HOPE)

Miscellaneous (Local)

TENNESSEE STUDENT ASSISTANCE CORPORATION

The FAFSA (Free Application for Federal Student Aid) is a federal form used to determine student eligibility for the following: • Federal programs, such as Pell Grants, work-study, and student loans. • State programs, such as Tennessee Education Lottery Scholarships, and other special

programs such as need-based grants and scholarships.

Free Application for Federal Student Aid

TENNESSEE STUDENT ASSISTANCE CORPORATION

TENNESSEE STUDENT ASSISTANCE CORPORATION

FAFSA • 2012-13 FAFSA on the Web

–Available now

–www.fafsa.gov (VERY IMPORTANT!)

–PRIORITY DEADLINE IS AS SOON AS POSSIBLE AFTER JANUARY 1, 2012!

TENNESSEE STUDENT ASSISTANCE CORPORATION

2017-18 FAFSA • Available October 1, 2016 (NEW)

• www.fafsa.gov (VERY IMPORTANT!)

• Student and parent will submit FAFSA using IRS Data Retrieval Tool to upload 2015 (prior-prior) tax information

TENNESSEE STUDENT ASSISTANCE CORPORATION

Reasons for Change • Certainty

• No need to estimate tax info

• IRS Data Retrieval Tool available immediately

• Earlier receipt of Expected Family Contribution (helps with assessing net costs)

• Less Pressure

• More time before state and school deadlines

• More time to compare schools before College Signing Day

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The FSA ID is a username and password used by students, parents, and borrowers to: • login to U.S. Department of Education websites • electronically sign documents Student AND parent will create FSA ID usernames/passwords (fsaid.ed.gov) to sign electronically

FSA ID

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TENNESSEE STUDENT ASSISTANCE CORPORATION

*Required

TENNESSEE STUDENT ASSISTANCE CORPORATION

mm/dd/yyyy

TENNESSEE STUDENT ASSISTANCE CORPORATION

FSA ID • Student and parent should keep

record of usernames, passwords, and challenge ? answers

TENNESSEE STUDENT ASSISTANCE CORPORATION

Federal Aid

Pell

$598 - $5,815

(2016-17)

0 – 5234 EFC Need based (2016-17)

FSEOG

$100 - $4,000

Exceptional financial

need

Work Study

Amount Varies

Typically paid to student

TENNESSEE STUDENT ASSISTANCE CORPORATION

Federal Aid Subsidized

Stafford

3.76% fixed (2016-17)

Interest does not accrue

Unsubsidized Stafford

3.76% fixed (2016-17)

Interest does accrue

Parent PLUS

6.31% fixed (2016-17)

Interest does accrue

State Aid

TENNESSEE STUDENT ASSISTANCE CORPORATION

State Aid (2-yr) HOPE

Scholarship

$1,500 per semester

21 ACT or 980 SAT or 3.0 GPA*

GAMS

$500 per semester

29 ACT or 1280 SAT & 3.75 GPA*

Aspire Award

$250 per semester

Parents AGI <=$36,000

*All courses calculated on a 4.0 scale per the Uniform Grading Policy

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HOPE Scholarship

$1,750/sem then

$2,250/sem

21 ACT or 980 SAT or 3.0 GPA*

GAMS

$500 per semester

29 ACT or 1280 SAT & 3.75 GPA*

Aspire Award

$750 per semester

Parents AGI <=$36,000

State Aid (4-yr)

*All courses calculated on a 4.0 scale per the Uniform Grading Policy

TENNESSEE STUDENT ASSISTANCE CORPORATION

HOPE Renewal

• 2.75 cumulative GPA 24 attempted

hour benchmark

• 2.75 cumulative GPA 48 attempted

hour benchmark

• 3.0 cumulative GPA or

• 2.75 – 2.99 cumulative GPA & 3.0 semester GPA

72 attempted hour benchmark

• 3.0 cumulative GPA or

• 2.75 – 2.99 cumulative GPA & 3.0 semester GPA

96 attempted hour benchmark

TENNESSEE STUDENT ASSISTANCE CORPORATION

State Aid HOPE Access

$875 or $1,250 per semester

18 ACT & 2.75 GPA* & Parent AGI <=$36,000

TSAA

$1,000 – $4,000 per

academic year

0 – 2100 EFC January 17

Ned McWherter

Up to $6,000/ academic year

29 ACT & 3.5 GPA

February 15

TENNESSEE STUDENT ASSISTANCE CORPORATION

• High school seniors in Tennessee may apply for the Tennessee Promise scholarship • Two years of tuition-free attendance at a community or technical college in Tennessee • Last-dollar scholarship, meaning it will cover costs of tuition and mandatory fees not

met from Pell, HOPE, or state assistance awards. • Students will be paired with a partnering organization and provided with a mentor

who will support them during the college application process.

TENNESSEE STUDENT ASSISTANCE CORPORATION

TENNESSEE STUDENT ASSISTANCE CORPORATION

TN Promise Checklist Apply to the Tennessee Promise program at

www.TNPromise.gov by November 1, 2016

Complete 2017-18 FAFSA at www.FAFSA.gov by January 17, 2017

Attend two mandatory meeting in spring 2017 as coordinated by tnAchieves

Complete 8 hours of community service between November 2, 2016 – July 1, 2017

Students selected for FAFSA verification must submit material to the college by July 15, 2017

TENNESSEE STUDENT ASSISTANCE CORPORATION

TN Promise Examples A B C

Tuition $4,000 $4,000 $4,000 Pell/TELS/TSAA -$8,000 -$3,000 $0 Gap $0 $1,000 $4,000

TN Promise $0

Tuition $0

$1,000

$0

$4,000

$0

TENNESSEE STUDENT ASSISTANCE CORPORATION

TN Promise Examples

2-yr Public

4-yr Public

4-yr Private

Tuition $4,000 $8,000 $20,000 Eligible Tuition $4,000 $4,000 $4,000 HOPE/Pell/TSAA -$3,000 -$3,500 -$3,500

TN Promise -$1,000 -$500 -$500

Your cost $0 $4,000 $16,000

If you are applying to more than one college, make sure you are applying for all the scholarships that

might interest you at each individual college.

Merit or Need based

Cultural background

Athletic ability

Professional interest

Artistic talent

Hobby Geographic

location

Aid that comes specifically from the school you are planning on attending.

Institutional Aid

TENNESSEE STUDENT ASSISTANCE CORPORATION

Private Aid

School counselor Other high school

websites

www.collegefortn.org www.fastweb.com

TENNESSEE STUDENT ASSISTANCE CORPORATION

Other Aid

Academic Common Market

CSS Profile

Fee Discount Program

Cost of Attendance

Direct Costs

Tuition

Fees

Room & Board

Indirect Costs

Books

Travel

Personal

TENNESSEE STUDENT ASSISTANCE CORPORATION

Cost of Attendance 2-yr

Public 4-yr

Public TN Private; Out of State

Tuition/Fees $3,801 $12,436 $43,620 Room/Meals $9,926 $14,670

2-yr Public

4-yr Public

TN Private; Out of State

Tuition/Fees $3,801 $12,436 $43,620 Room/Meals $4,210 $9,926 $14,670 Books/Supplies $1,200 $1,598 $1,370

Transportation $3,024 $1,664 VARIES

Miscellaneous $400 $4,002 $4,620

COA $12,635 $29,626 $64,280

TENNESSEE STUDENT ASSISTANCE CORPORATION

Financial Aid Package

Award Letter

Scholarships

Grants

Work-study

Loans

What you MIGHT owe

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Senior Year Checklist FALL SEMESTER

Take and retake the ACT/SAT

Apply to several colleges (admissions, institutional aid, etc) and utilize their net price calculators

Complete 2017-18 FAFSA available October 1, 2016

SPRING SEMESTER

Complete local/private scholarship applications

Review college acceptances, compare financial aid packages, ask questions, and follow up as needed

TENNESSEE STUDENT ASSISTANCE CORPORATION

Like us on Facebook at: Tennessee Student Assistance Corporation

Follow us on Twitter:

@TNFinancialAid and @keeton_rita

Check out our website at:

www.TN.gov/collegepays