financial aid 101

TENNESSEE STUDENT ASSISTANCE CORPORATION

Financial Aid 101

Funding a College Education


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


Cost of AttendanceDirect Costs

Tuition

Fees

Room & Board

Indirect Costs

Books

Travel

Personal


Cost of Attendance2-yr

Public4-yr

PublicTN Private; Out of State

Tuition/Fees $3,607 $11,194 $41,928Room/Board $9,170 $14,094

2-yr Public

4-yr Public

TN Private; Out of State

Tuition/Fees $3,607 $11,194 $41,928Room/Board $4,100 $9,170 $14,094Books/Supplies $1,000 $1,536 $1,370

Transportation $3,024 $1,664 VARIES

Miscellaneous $400 $3,886 $3,720COA $12,131 $27,450 $61,112


Financial Aid Sources

Package

Institutional

Private Federal

State


Institutional Aid

Academic

Competitive?Renewable?

Deadlines

Need-Based

Determined by the EFC

College may use

“Institutional Methodology”

Performance

ArtAthleticMajorMusic

Theatre

Attribute

Church affiliation

AlumniDiversitySibling


Private Aid

School counselor Other high school websites

www.collegefortn.org www.fastweb.com


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!


Federal Aid

Pell

$602 - $5,7300 – 5157 EFCNeed based


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


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 March 1, 2015Attend second mandatory meeting coordinated

by a partnering organization by May 31, 2015Complete 8 hours of community service post high

school graduation but prior to fall enrollment


TN PromiseExamples A B CTuition/Fees $4,000 $4,000 $4,000Gift Aid -$5,730 -$3,000 $0Gap $0 $1,000 $4,000

TN Promise $0 $1,000 $4,000Tuition/Fees $0 $0 $0


State Aid (4-yr)

Hope Scholarship

$1,750/sem then $2,250/sem

21 ACT or 980 SAT or 3.0 GPA*



State Aid

Hope Access

$875 or $1,250 per semester

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



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


Social MediaLike us on Facebook at:

Tennessee Student Assistance Corporation

Follow us on Twitter:@TNFinancialAid

Check out our website at:www.TN.gov/collegepays


Contact Info

Annie [email protected] (c)


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


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

financial aid 101

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