New Graduate Student Orientation August 2018 Tim Woods Office of Financial Aid and Scholarships

Types of Graduate Student Funding Student Loans Fellowships Scholarships Assistantships

Free Application for Federal Student Aid FAFSA

Applying for Federal Financial Aid Free Application for Federal Student Aid Generally submitted for the purpose of obtaining a Federal Student Loan www.fafsa.gov Might be required if your department of major is considering you for possible scholarships that consider financial need Priority filing date = January 15, but the FAFSA available as early as October 1 FAFSA filers must be a degree-seeking U.S. citizen or Permanent Resident New FAFSA required annually FAFSA verification – required of some applicants

Student Loans

Federal Direct Student Loan Details Enroll in a minimum of 6 semester credit hours First-time borrowers sign master promissory note and complete entrance loan counseling Funding sent to UT and applied to tuition/fees Overpayment of charges can result in a refund to help with indirect expenses – housing, books, personal costs Be sure to sign up for financial aid direct deposit on MyUTK

Federal Direct Student Loan Continued Annual and lifetime limits on what can be borrowed $20,500 per year - $138,500 lifetime maximum Repayment typically deferred until after graduation, as long as you maintain 6 credit hours enrollment each fall/spring. Summer enrollment not required Student loans plus other financial aid (scholarships, fellowships, fee waivers) cannot exceed the estimated cost of attendance

Additional Details on Borrowing Graduate PLUS loan to supplement Federal Loan Interest accrues – Direct Loan Rate = 4.4% PLUS Loan = 7% Private Student Loans might be possible, but generally should be considered as a last resort Loans always reduced, if scholarships, fellowships, fee waiver, or other financial aid places a student above allowable maximum (based upon the estimated cost of attendance) Loans taken during undergraduate years generally eligible to place in deferment during pursuit of graduate degree

Fellowships

Fellowship Details Most fellowships include a per-semester award issued as a form of financial aid Small number of fellowships disbursed on a monthly basis, but the amount also issued as a form of financial aid Potential tax responsibility, when you file your federal income tax returns – IRS.GOV for more details Some fellowships include a tuition/fee waiver – the value of the waiver counted as part of the recipient’s total financial aid Reminder: Must adhere to the requirements that are mandated as a recipient of a fellowship

Graduate Assistantships

Graduate Assistantships Usually awarded as a teaching or research assistantship Tuition/fee waiver generally included, which is counted as part of recipient’s financial aid Potential tax responsibility on waiver, when you file your federal income tax returns – IRS.GOV for more details Monthly pay issued via UT Payroll – does not count in a recipient’s financial aid Assistantships are competitive and mostly exist within academic departments/colleges, although a small number exist in administrative departments As with fellowships, assistantships have requirements that must be satisfied – questions about those obligations should be addressed by awarding department

Scholarships

Scholarship Opportunities Usually coordinated by the UT academic college/department of major, if funding is available within your area of study Meet the minimum requirements to stay eligible – refer to offer-letter for those requirements External Scholarships may exist – be cautious investigating external scholarships Both UT and External scholarships disbursed as another form of financial aid and counted towards your allowable maximum amount of financial aid each year Also have potential tax responsibility, when you file your federal income tax returns – IRS.GOV for more details

Cost of Attendance

Cost of Attendance Tuition & Fees Room & Board Books & supplies Transportation Personal Grants Loans

2018-2019 Estimated Cost of Attendance UT Graduate Students In State Out of State Costs Tuition and Fees $13,120 $31,538 Books $1,880 Room and Board $13,146 Transportation $1,664 Personal $4,516 Total $34,326 $52,744 Small number of programs have a different total cost – UT Law, Vet Med, and MBA

Special Circumstances and Costs

Additional Costs Certain costs are not factored into UT’s estimated cost of attendance, but some of those expenses might be allowed to be factored into your annual budget for financial aid Examples: Childcare expenses Computer purchase (one time only) Internship/student teaching expenses Medical expenses not covered by insurance (one time per academic year) Additional books and supplies Study abroad expenses **Only needed, if your total financial aid exceeds the cost of attendance** Contact our One Stop staff to discuss your situation at: onestop@utk.edu (865) 974-1111

Satisfactory Academic Progress (SAP)

Satisfactory Academic Progress (SAP) Students must meet the minimum GPA required for their program of study Satisfy minimum enrollment requirements each term on attempted credit hours for your program of study Complete your degree within 150% of the published length of your major SAP monitored each semester on all students Students who fail to make SAP may lose eligibility for future student loans (federal and private loans) Appealable situations might warrant a probationary period, if student experiencing extenuating circumstances that can be documented

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