financial aid 101
DESCRIPTION
Financial Aid 101. Funding a College Education. 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 local/private scholarship applications Spring Semester - PowerPoint PPT PresentationTRANSCRIPT
TENNESSEE STUDENT ASSISTANCE CORPORATION
Senior Year ChecklistFALL SEMESTER Take and retake the ACT/SAT Apply to several colleges (admissions, institutional aid, etc)
and utilize their net price calculators Complete local/private scholarship applications
SPRING SEMESTER Complete 2015-16 FAFSA available January 1, 2015 Continue completing local/private scholarship applications Review college acceptances, compare financial aid
packages, ask questions, and follow up as needed
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Cost of AttendanceDirect Costs
Tuition
Fees
Room & Board
Indirect Costs
Books
Travel
Personal
TENNESSEE STUDENT ASSISTANCE CORPORATION
Cost of Attendance2-yr
Public4-yr
PublicTN Private; Out of State
Tuition/Fees $3,703 $11,246 $43,838Room/Board $10,296 $14,382
2-yr Public
4-yr Public
TN Private; Out of State
Tuition/Fees $3,703 $11,246 $43,838Room/Board $4,180 $10,296 $14,382Books/Supplies $1,200 $1,582 $1,370
Transportation $3,024 $1,664 VARIES
Miscellaneous $400 $4,002 $2,730COA $12,507 $28,790 $62,320
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Financial Aid Sources
Package
Institutional
Private Federal
State
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FAFSA• 2015-16 FAFSA on the Web –Available January 1, 2015–www.fafsa.gov (VERY IMPORTANT!)–PRIORITY DEADLINE IS AS SOON AS
POSSIBLE AFTER JANUARY 1, 2015!
TENNESSEE STUDENT ASSISTANCE CORPORATION
TN Promise ChecklistApply to the Tennessee Promise program at
www.TNPromise.gov by November 1, 2014Complete 2015-16 FAFSA at www.FAFSA.gov by
February 15, 2015Attend first mandatory meeting coordinated by a
partnering organization by February 2, 2015Attend second mandatory meeting coordinated
by a partnering organization by April 7, 2015Complete 8 hours of community service between
January 1, 2015 – August 1, 2015
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TN PromiseExamples A B CTuition $4,000 $4,000 $4,000Pell/TELS/TSAA -$5,730 -$3,000 $0Gap $0 $1,000 $4,000
TN Promise $0Tuition $0
$1,000$0
$4,000$0
TENNESSEE STUDENT ASSISTANCE CORPORATION
State Aid (2-yr)
HOPE Scholarship
$1,500 per semester
21 ACT or 980 SAT or 3.0 GPA*
*All courses calculated on a 4.0 scale per the Uniform Grading Policy
TENNESSEE STUDENT ASSISTANCE CORPORATION
State Aid (4-yr)
HOPE Scholarship
$1,750/sem then $2,250/sem
21 ACT or 980 SAT or 3.0 GPA*
*All courses calculated on a 4.0 scale per the Uniform Grading Policy
TENNESSEE STUDENT ASSISTANCE CORPORATION
State Aid
HOPE Access
$875 or $1,250 per semester
18 ACT & 2.75 GPA* & Parent AGI <=$36,000
*All courses calculated on a 4.0 scale per the Uniform Grading Policy
TENNESSEE STUDENT ASSISTANCE CORPORATION
Online Applications
Ned McWherterUp to $6,000February 15
29 ACT & 3.5 GPA**All courses calculated on a 4.0 scale per the Uniform Grading Policy
TENNESSEE STUDENT ASSISTANCE CORPORATION
Social MediaLike us on Facebook at:
Tennessee Student Assistance Corporation
Follow us on Twitter:@TNFinancialAid
Check out our website at:www.TN.gov/collegepays
TENNESSEE STUDENT ASSISTANCE CORPORATION
Financial Aid Terms• COA – cost of attendance; varies by institution• EFC – expected family contribution; number derived from the FAFSA
and used to determine need based aid eligibility• FAFSA – Free Application for Federal Student Aid• PIN – personal identification number; used to electronically sign the
FAFSA• SAR – student aid report; summary of FAFSA information• Grant – free money based on need• Loan – money borrowed that must be paid back with interest • Scholarship – free money awarded on the basis of merit, skill, or
unique characteristic• Verification – random “audit” of FAFSA • Work study – money received from on campus employment
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Paying for College
Income & Savin
gs (43%
)*Loans (27%)
Grants/
Scholar-
ships (30%)
TENNESSEE STUDENT ASSISTANCE CORPORATION
Institutional AidAcademic
Competitive?
Renewable?
Deadlines
Need-Based
Determined by the EFC
College may use
“Institutional Methodolog
y”
Performance
ArtAthleticMajorMusic
Theatre
Attribute
Church affiliation
AlumniDiversitySibling
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ACT TEST DATE REGISTRATION DEADLINE LATE FEE DEADLINESeptember 13, 2014 August 8, 2014 August 22, 2014October 25, 2014 September 19, 2014 October 3, 2014December 13, 2014 November 7, 2014 November 21, 2014February 7, 2015 January 9, 2015 January 16, 2015March 3, 2015 **JUNIORS** SEE SCHOOL COUNSELORApril 18, 2015 March 13, 2015 March 27, 2015June 13, 2015 May 8, 2015 May 22, 2015
ACT
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SAT TEST DATE REGISTRATION DEADLINE LATE FEE DEADLINEOctober 11, 2014 September 12, 2014 September 30, 2014November 8, 2014 October 9, 2014 October 28, 2014December 6, 2014 November 6, 2014 November 24, 2014January 24, 2015 December 29, 2014 January 13, 2015March 14, 2015 February 13, 2015 March 3, 2015May 2, 2015 April 6, 2015 April 21, 2015June 6, 2015 May 8, 2015 May 27, 2015
SAT
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Private Aid
School counselor Other high school websites
www.collegefortn.org www.fastweb.com
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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!
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FAFSA Checklist Student’s Social Security number Parent(s)’ Social Security number(s) Student’s driver’s license number if you have one 2014 tax information for student and parent(s)• To complete and submit FAFSA in January, use
estimated tax information (i.e. 2013 tax return, 2014 W-2 information, or last paystub)
Records of your untaxed income, such as child support and veterans noneducation benefits for student and parent(s)
Information on checking and savings account balances; investments; and business and farm assets
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Student Demographics• Last Name, First Name, SSN – must match
social security card• Length of residency question• E-mail – leave blank if you prefer to receive
information by postal mail• Selective Service – males only; register me• Grade level – never attended college/1st yr.• Degree – 1st bachelor’s degree, associate
degree, certificate or diploma• Work-study – yes
TENNESSEE STUDENT ASSISTANCE CORPORATION
Dependency Status• If all “no” responses, student is dependent;
parental information needed• If “yes” to any question, student is
independent; parental information is not needed
• If you have a special circumstance and cannot provide parental information, contact the financial aid office at the college(s) you plan to attend in order to complete the FAFSA; professional judgment
TENNESSEE STUDENT ASSISTANCE CORPORATION
Parent Demographics• Parent – adoptive or biological • Divorced/separated – answer questions about
parent whom you lived with more during the past 12 months
• Remarried – answer questions about parent you live with and your stepparent
• Last Name, 1st initial of 1st name, SSN – must match social security card
• Length of residency question• # in college – do not include your parents in this
number
TENNESSEE STUDENT ASSISTANCE CORPORATION
Financial Information• 2014 IRS tax return – already completed, will
file, or not going to file• Will file – 2013 tax return, 2014 W-2 forms, or
last pay stub • Income tax – amount paid; should not be the
same as the AGI• IRS Data Retrieval Tool – once 2014 tax return
is completed, return to FAFSA to make corrections; tax information imported directly from IRS; simplifies verification
TENNESSEE STUDENT ASSISTANCE CORPORATION
FAFSA InvestmentsINCLUDE Rental property Trust funds Money market funds Mutual funds Certificates of deposit Stocks Stock options 529 college savings plans
DO NOT INCLUDE Primary place of residence 401[k] plans Pension funds Annuities Non-education IRAs UTMA/UGMA accounts
for which you are the custodian but not the owner
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Sign & Submit• Preparer – no• Sign electronically – student and parent must
each create PIN; may be identical• I Forgot/Don’t Know My PIN – challenge
question (what city were you born in); case sensitive
• Terms of Agreement – agree• SUBMIT MY FAFSA NOW – see I promised it
wasn’t that bad!
TENNESSEE STUDENT ASSISTANCE CORPORATION
Confirmation• Pell Grant estimate (0
– 5157 EFC) and info on student loan eligibility
• Detailed college information (grad, retention, and transfer rates)
• Begin a new application with parents’ info link
TENNESSEE STUDENT ASSISTANCE CORPORATION
Student Aid Report• Notification of FAFSA processing results via e-
mail (if provided on FAFSA) or paper (if e-mail not provided on FAFSA) or online
• Review data for accuracy• Institutional Student Information Report (ISIR)
sent to colleges listed on FAFSA two weeks after initial FAFSA submission
• Additional documentation may be requested by institution; verification
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Federal Aid
Subsidized Stafford
4.66% fixed
Interest does not accrue
TENNESSEE STUDENT ASSISTANCE CORPORATION
Loan Wisdom• Borrow Federal first because they’re cheaper,
more available, and have better repayment terms than private student loans.
• Live like a student while you’re in college so you don’t have to live like one after college.
• Do not borrow more for your entire education than your expected starting salary after you graduate.
• If you are borrowing more than $10,000/year for college, consider a less expensive school.
TENNESSEE STUDENT ASSISTANCE CORPORATION
HOPE Renewal•2.75 cumulative GPA24 attempted hour
benchmark
•2.75 cumulative GPA48 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
0 EFC; 3.0 GPA 2-yr Public 4-yr Public TN Private
COA $12,507 $28,790 $62,320
Pell Grant -$5,730 -$5,730 -$5,730
HOPE/Aspire -$3,500 -$5,000 -$5,000
TN Promise $0 $0 $0
Inst/Private ??? ??? ???
Award Letter0 EFC; 3.0 GPA 2-yr Public 4-yr Public TN Private
COA $12,507 $28,790 $62,320
Pell Grant -$5,730 -$5,730 -$5,730
HOPE/Aspire -$3,500 -$5,000 -$5,000
TN Promise $0 $0 $0
Inst/Private ??? ??? ???
Net Price $3,277 $18,060 $51,590
TENNESSEE STUDENT ASSISTANCE CORPORATION
Award Letter5158 EFC; 3.0 GPA
2-yr Public 4-yr Public TN Private
COA $12,507 $28,790 $62,320Pell Grant $0 $0 $0HOPE -$3,000 -$3,500 -$3,500TN Promise -703 $0 $0Inst/Private ??? ??? ???
5158 EFC; 3.0 GPA
2-yr Public 4-yr Public TN Private
COA $12,507 $28,790 $62,320Pell Grant $0 $0 $0HOPE -$3,000 -$3,500 -$3,500TN Promise -703 $0 $0Inst/Private ??? ??? ???
Net Price $8,804 $25,290 $58,820