1. MY STUDENT IS ACCEPTED, WHAT’S NEXT? Financial Aid

2. Agenda The FAFSA Financial Aid Awards Charges versus Cost of Attendance Questions to Consider Other Sources of Aid Federal Work Study Loans Payment Plans TN HOPE Scholarship Reminders Questions

3. FAFSA (Free Application for Federal Student Aid) Collects family’s personal & financial information used to calculate student’s EFC. File FAFSA electronically via FAFSA on the Web:  (www.fafsa.gov) – requires a PIN number (www.pin.ed.gov) -- need separate parent and student pin numbers to sign the FAFSA.www.fafsa.govwww.pin.ed.gov  Can get pin numbers now. 2015-2016 FAFSA available January 1, 2015 Start a file and keep copies of everything! YOU MUST FILE A FAFSA EVERY YEAR!

4. CAUTION! Processes for completing and processing the FAFSA are FREE! Be sure to go directly to www.fafsa.govwww.fafsa.gov Watch out for scam websites  Do NOT go to www.fafsa.com!www.fafsa.com

5. Questions to consider after filing FAFSA Did you use the IRS Data Retrieval?  If not, is it required?  Are you selected for Verification? Are there any issues listed on the SAR Report?  Selective Service  Matching social/date of birth issues What school did you list first on the FAFSA?  The TN HOPE scholarship looks at the first school listed on the FAFSA. If your student enrolls in a different school, you must update the information with the state of TN.  http://www.tn.gov/collegepays/ http://www.tn.gov/collegepays/  Forms available in Financial Aid Office Check with the Financial Aid Office or Admissions Office at the desired school to make sure the FAFSA has been received.  A good turnaround from FAFSA receipt to award is about 2 weeks.

6. EFC for Dependent Student Parental contribution from income & assets + Student contribution from available income & assets __________________________________________ = EFC The Expected Family Contribution is the financial result of filing the FAFSA that “qualifies” the student for aid.

7. Definition of NEED Cost of attendance (COA) – EFC ______________________________________ = Financial need Financial need determines “need based” aid. (SAME EFC sent to all schools listed on the FAFSA.)

8. Principles of Need Analysis How the Federal Government, as determined by Congress, views your ability to pay for college.  To extent they are able, parents have primary responsibility to pay for dependent child’s education  Students also have responsibility to contribute to educational costs  Family’s estimated ability to pay for educational costs must be evaluated in equitable & consistent manner, recognizing that special circumstances may affect family’s ability to pay

9. Financial Aid Awards Awards will vary from school to school  Currently no standard format required  Online or physical letter  Some awards include Parent PLUS loans up to Cost of Attendance  Some schools (Vanderbilt, Sewanee) require a separate Financial Aid application before awarding aid

10. Actual Charges versus Cost of Attendance Actual Charges—what you are actually charged  Tuition  Fees  Room  Board/Meal Plan Cost of Attendance—inflated number to include other educational expenses, not charged to student directly  Allowance for books and supplies  Allowance for transportation  Allowance for personal expenses

11. Questions to ask? Deadlines?  For Enrollment Deposit (refundable/not refundable)  For Housing Deposit  Completed Financial Aid paperwork (verification, scholarship applications, etc.) Awards guaranteed year to year? GPA requirements to retain scholarships? Payment due date? Financial Aid Award changes? Do you have to live on campus?

12. Other sources of Aid—It’s not too late! Ask Financial Aid Office at school for other scholarship opportunities? Departmental Awards—Music, Biology, Art Outside scholarships  Some deadlines are early  Contact school if your student receives an outside scholarship. This can help with up front payment requirement and any adjustment to award  Community Foundation of Middle TN (deadline mid-March)  Local and/or community scholarships Residual ACT offered at many schools that can be used to boost academic scholarships.  May be taken in summer, check with Admissions Office for times, dates and fees.  Not reported beyond University, does not apply to TN HOPE scholarship

13. Federal Work Study Offer varies from school to school If on Financial Aid Award, make sure to read “fine print”. How it works at Lipscomb is pretty common at other schools as well.  Student gets a job on campus  Jobs usually posted online through Career Center  If the student has a particular place he/she wants to work check with that area directly  Paid every two weeks for amount of time worked, just like a regular job  Although Federal Work Study is listed on Financial Aid Award it does not directly apply to tuition bill  Most often used to offset future semester expenses or spending money for necessities and extracurricular events.  The amount indicated is usually just an estimate. Student can receive “up to” that amount depending on hours worked. If student is not awarded Federal Work Study, may still be able to work on campus and should still seek to apply in various departments or through Career Center.

14. Federal Stafford Loans Every student qualifies for Federal Stafford loans by filing a FAFSA  Almost always listed on Financial Aid Award  Freshmen eligible for $5,500  Maximum $3,500 Subsidized, must demonstrate need  $2,000 unsubsidized, no need required  1.073% Origination Fee  Repayment begins 6 months after graduating or dropping below ½ time  Interest on unsubsidized loan begins immediately at 4.66% fixed interest rate  No pre-payment penalty  10 year repayment with minimum $50.00 per month payment  In student’s name, parent not responsible for repayment  Requires Master Promissory Note and Entrance Counseling completed online at www.studentloans.gov

15. Federal Parent PLUS Loan Parent PLUS loan is a loan in the Parent’s name, student is not responsible for repayment. Can borrow up to Cost of Attendance Credit Approval required  Credit Approval good for 90 days, approval for 180 days coming soon  7.21% fixed interest rate with interest accrual immediate  Repayment begins upon disbursement or can be deferred until student graduates or leaves school  No pre-payment penalty  4.292% Origination Fee If Credit Denied  Student eligible for additional $4,000 unsubsidized Stafford loan for school year.  Student should request additional funds with Financial Aid Office  Appeals and Endorsers also available Apply at www.studentloans.gov using Parent information and PINwww.studentloans.gov

16. Payment Plans Check with Business Office or Bursar’s Office for payment plan options Most schools use a Third Party to process and collect payment plans Enrollment fee typically required Can be combined with loans, if applicable Usually divided in 3 to 5 month increments for a semester Typically only paying one semester at a time

17. TN HOPE Scholarship Reminders: Requires a 21 ACT or 3.0 final High School GPA to qualify  $1750 per semester full time at 4-year school for first two years ($3500 a year)  $2250 per semester full time at 4-year school for third and fourth year ($4500 a year)  Available in Summer at any school in TN (conditions apply) TN HOPE Aspire $1,500  Adjusted Gross Income less than $36,000  Could change each year depending on FAFSA results TN HOPE General Assembly Merit (GAMS)  Requires 29 ACT (national test) and 3.75 cumulative High School GPA  Most schools will wait until final GPAs reported to state before adding to award

18. Keeping TN HOPE Scholarship GPAs checked at benchmarks of 24, 48, 72, 96, 120 attempted hours. Minimum 2.75 cumulative GPA (all schools) up to 48 hour benchmark At 72 hour benchmark and beyond must have cumulative 3.0 GPA Dropping below 12 hours in a semester or withdrawing for undocumented medical reasons will cause loss of scholarship forever Based on cumulative ATTEMPTED hours, be mindful of dropped courses All rules available at www.collegepaystn.comwww.collegepaystn.com

19. Reminders You must file the FAFSA each year Keep FAFSA PIN number for student and parent Know requirements for TN HOPE Scholarship Know requirements for retaining other scholarships Don’t hesitate to contact the Financial Aid Office— we are your friends!!

20. QUESTIONS?

21. Lipscomb Employee Tuition Discount How does it work? Lipscomb Employee Tuition discount combined with other institutional (Lipscomb aid) cannot exceed tuition, general fees and percentage of room/board for on campus students based on years of service. Example:  You have been employed at Lipscomb 11 years and your student scored a 30 on ACT  Your student will be living on campus and receives both traditional HOPE ($3500) and HOPE GAMS ($1000)  Based on your student starting Fall 2014 (this year)

22. Employee Example Continued… Tuition:$25,290 General Student Fee$2,100 Total:$27,390 % of room/board 1-9 years 15%$1,515 10-19 years 25%$2,525 20+ years 35%$3,535 11 years of service: Total eligible charges would be $27,390 + $2,525 = $29,915.  Lipscomb scholarships cannot exceed this amount. Total Scholarships = $30,467.50  This is more than the eligible charges therefore this amount would be reduced to the maximum total of $29,915 HOPE scholarships can stack for on campus therefore total aid would be $29,915 + $4,500 = $34,415 (on campus is right at $37,500) Approximate balance for the year would be $3,085 or $1,542.50 per semester This does not include books, supplies or additional fees. Scholarships: 75% Employee disc.$18,967.50 LA Nights$500 Presidential$11,000 Total:$30,467.50

23. Employee Example Continued Must complete Employee Tuition Discount form each year and separately in the summer and wintermester Off campus the maximum coverage is tuition and general student fee.  Outside scholarships are applied first therefore Lipscomb scholarships would be reduced to create a “0” balance.  Not eligible for book voucher  Not eligible to apply Lipscomb aid toward meal plan if off campus Lipscomb Employee Tuition discount is not applicable to additional nursing fees or beyond traditional undergraduate program Please read employee handbook for “do’s and don’ts” Employee Tuition Discount cannot be used toward Lipscomb travel courses (short term)

24. QUESTIONS?