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T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Financial Aid 101 Funding a College Education.

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Presentation on theme: "T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Financial Aid 101 Funding a College Education."— Presentation transcript:

1 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Financial Aid 101 Funding a College Education

2 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Senior Year Checklist F ALL S EMESTER  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 S PRING S EMESTER  Complete 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

3 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Cost of Attendance Direct Costs TuitionFeesRoom & Board Indirect Costs BooksTravelPersonal

4 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Cost of Attendance 2-yr Public 4-yr Public TN Private; Out of State Tuition/Fees $3,607$11,194$41,928 Room/Board $9,170$14,094 2-yr Public 4-yr Public TN Private; Out of State Tuition/Fees $3,607$11,194$41,928 Room/Board$4,100 $9,170$14,094 Books/Supplies$1,000$1,536$1,370 Transportation$3,024$1,664VARIES Miscellaneous$400$3,886$3,720 COA$12,131$27,450$61,112

5 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Financial Aid Sources Package InstitutionalPrivateFederalState

6 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Institutional Aid Academic Competitive? Renewable? Deadlines Need-Based Determined by the EFC College may use “Institutional Methodology” Performance Art Athletic Major Music Theatre Attribute Church affiliation Alumni Diversity Sibling

7 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Private Aid School counselor Other high school websites

8 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION FAFSA FAFSA on the Web – Available January 1, 2015 – (VERY IMPORTANT!) – PRIORITY DEADLINE IS AS SOON AS POSSIBLE AFTER JANUARY 1, 2015!

9 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Federal Aid Pell $602 - $5,730 0 – 5157 EFC Need based FSEOG $100 - $4,000 Exceptional financial need Work Study Amount Varies Typically paid to student

10 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION 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

11 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION TN Promise Checklist  Apply to the Tennessee Promise program at by November 1, 2014  Complete FAFSA at by February 15, 2015  Attend first mandatory meeting coordinated by a partnering organization by March 1, 2015  Attend second mandatory meeting coordinated by a partnering organization by May 31, 2015  Complete 8 hours of community service post high school graduation but prior to fall enrollment

12 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION TN Promise ExamplesABC Tuition/Fees$4,000 Gift Aid-$5,730-$3,000$0 Gap$0$1,000$4,000 TN Promise$0$1,000$4,000 Tuition/Fees$0

13 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION State Aid (4-yr) 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 *All courses calculated on a 4.0 scale per the Uniform Grading Policy

14 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION State Aid Hope Access $875 or $1,250 per semester 18 ACT & 2.75 GPA* & Parent AGI <=$36,000 Wilder- Naifeh $2,000 Certificate/ Diploma TCAT TSAA $1,000 – $4,000 0 EFC FAFSA January *All courses calculated on a 4.0 scale per the Uniform Grading Policy

15 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Online Applications Ned McWherter Up to $6,000 February ACT & 3.5 GPA* Dependent Children Award amount varies See brochure Dual Enrollment Grant High school juniors/seniors Contact institution *All courses calculated on a 4.0 scale per the Uniform Grading Policy

16 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Social Media Like us on Facebook at: Tennessee Student Assistance Corporation Follow us on Check out our website at:

17 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Contact Info Annie Trout (c)

18 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION 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

19 T ENNESSEE S TUDENT A SSISTANCE C ORPORATION 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 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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