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) Complete local/private scholarship applications

SPRING SEMESTER Complete 2012-13 FAFSA available January 1, 2012 Continue completing local/private scholarship applications Review college acceptances, compare financial aid

packages, ask questions, and follow up as needed


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


Cost of Attendance


Cost of Attendance2-yr

Public4-yr

PublicTN Private; Out of State

Tuition/Fees $3,077 $7,382 $38,952

Room/Board $3,890 $7,800 $13,058

Books/Supplies $950 $1,406 $1,344

Transportation $3,024 $2,050 VARIES

Miscellaneous $400 $3,423 $3,280

COA $11,341 $22,061 $56,634


Financial Aid Sources


Institutional Aid


ACT TEST DATE REGISTRATION DEADLINE

LATE FEE DEADLINE

September 10, 2011 August 12, 2011 August 26, 2011October 22, 2011 September 16, 2011 September 30, 2011December 10, 2011 November 4, 2011 November 18, 2011February 11, 2012 January 13, 2012 January 20, 2012March 20, 2012 **JUNIORS** SEE SCHOOL COUNSELORApril 14, 2012 March 9, 2012 March 23, 2012June 9, 2012 May 4, 2012 May 18, 2012

ACT


SATSAT TEST DATE REGISTRATION DEADLINE LATE FEE DEADLINEOctober 1, 2011 September 9, 2011 September 21, 2011November 5, 2011 October 7, 2011 October 21, 2011December 3, 2011 November 8, 2011 November 20, 2011January 28, 2012 December 30, 2011 January 13, 2012March 10, 2012 February 10, 2012 February 24, 2012May 5, 2012 April 6, 2012 April 20, 2012June 2, 2012 May 8, 2012 May 22, 2012


Private Aid


Other Aid


FAFSA• 2012-13 FAFSA on the Web –Available January 1, 2012–www.fafsa.gov (VERY

IMPORTANT!)–PRIORITY DEADLINE IS AS SOON AS

POSSIBLE AFTER JANUARY 1, 2012!


FAFSA• Social Security Number, Last Name, and First

Name• Grade level – never attended college and 1st

year undergraduate• Degree – 1st bachelor’s degree, associate

degree, certificate or diploma• School codes• Dependency questions• Parental information• Income information


FAFSA


Online Applications


0 EFC; 3.0 GPA

2-yr Public 4-yr Public TN Private

COA $11,341 $22,061 $56,634Pell Grant $5,550 $5,550 $5,550TSAA $1,300 $2,000 $4,000HOPE $3,500 $5,500 $5,500Scholarships ??? ??? $39,384Total Free Aid $10,350 $13,050 $54,434

Financial Aid Award


Financial Aid Award5274 EFC; 3.0 GPA

2-yr Public 4-yr Public TN Private

COST $11,341 $22,061 $56,634Pell Grant $0 $0 $0TSAA $0 $0 $0HOPE $2,000 $4,000 $4,000Scholarships ??? ??? ???Total Free Aid $2,000 $4,000 $4,000


Contact Info

[email protected] (o)615.319.1740 (c)

financial aid 101

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