MARCHING MARCHING TO THE TO THE FINANCIAL AID BEAT

Do these things: Take and retake the A.C.T. or S.A.T. Take and retake the A.C.T. or S.A.T. Gather information about outside scholarships from your high school counselor or from a free scholarship search site (fall). Gather information about outside scholarships from your high school counselor or from a free scholarship search site (fall). Visit and apply to the colleges you are interested in attending. Visit and apply to the colleges you are interested in attending.

Log onto and print out a FAFSA worksheet. Review the form and begin gathering the information required. (as of Jan. 1, 2012) Log onto and print out a FAFSA worksheet. Review the form and begin gathering the information required. (as of Jan. 1, 2012) Log onto as soon as possible after January 1, Get a PIN number for yourself and a parent. Fill out the FAFSA. Tennessee students MUST do this annually for the HOPE and Lottery Scholarships.* Log onto as soon as possible after January 1, Get a PIN number for yourself and a parent. Fill out the FAFSA. Tennessee students MUST do this annually for the HOPE and Lottery Scholarships.* Complete other forms required by colleges (such as the Profile Complete other forms required by colleges (such as the Profile

NEVER PAY ANYONE TO: SEARCH FOR SCHOLARSHIPS FOR YOU SEARCH FOR SCHOLARSHIPS FOR YOU DO YOUR FAFSA FOR YOU DO YOUR FAFSA FOR YOU WATCH OUT FOR SCAMS

Review your Award Notification Letter from the colleges to which you sent your FAFSA. Some Award Notification Letters are sent via the web. Review your Award Notification Letter from the colleges to which you sent your FAFSA. Some Award Notification Letters are sent via the web. Compare each college’s award to its direct costs (tuition, room, food). Direct Cost – Award = what you will owe. (see next slides) Compare each college’s award to its direct costs (tuition, room, food). Direct Cost – Award = what you will owe. (see next slides)

comparing financial aid awards to college costs financial aid award (from award letter) BILL BRAINS School Cost………………………………………..$8,000 Commutes from Home Pell Grant………………………………….…...3,500 Tennessee Grant……………………………….4,000 Total Aid……………………………………… $7,500 Student Cost…………………………… $500

financial aid award (from award letter) SUE SMART (Private School) School Cost (Tuition, Fees, Room, Food )………$30,500 Resident Student Academic Scholarship……………… …...15,000 Engineering Scholarship………… ,000 HOPE Scholarship………………………..…..4,000 Residence Hall Award………………………....2,000 Student Loans………………………………....3,500 Total Aid………………………………………...$26,500 Student Cost……………………… $4,000

Respond to your Award Notification Letter within the required time frame. Respond to your Award Notification Letter within the required time frame. Send any required documents as soon as possible to the college you plan to attend. Send any required documents as soon as possible to the college you plan to attend.

*Tennessee residents going to a Tennessee college or technical school need to fill out the free application for federal student aid (FAFSA) no later than February 1st. ESTIMATED DATA CAN BE USED IF NECESSARY TO MEET THIS DATE. *Tennessee residents going to a Tennessee college or technical school need to fill out the free application for federal student aid (FAFSA) no later than February 1st. ESTIMATED DATA CAN BE USED IF NECESSARY TO MEET THIS DATE.

The FAFSA may be sent to as many as ten schools. Tennessee residents need to list a Tennessee school on the FAFSA even if they plan to go out of state. The FAFSA may be sent to as many as ten schools. Tennessee residents need to list a Tennessee school on the FAFSA even if they plan to go out of state.

types & sources OF STUDENT FINANCIAL ASSISTANCE FINANCIAL ASSISTANCE

types Scholarships - don’t have to be repaid….student must meet certain criteria, complete an application and meet deadlines Scholarships - don’t have to be repaid….student must meet certain criteria, complete an application and meet deadlines Grants – don’t have to be repaid but the student must meet certain criteria../usually need-based Grants – don’t have to be repaid but the student must meet certain criteria../usually need-based Loans – must be repaid with interest and the student will have consequences for failure to repay Loans – must be repaid with interest and the student will have consequences for failure to repay Work-Study – the student must work to earn money Work-Study – the student must work to earn money

Sources FEDERAL FEDERAL Pell Grant (up to $5,550 per year for ) Pell Grant (up to $5,550 per year for ) Supplemental Educational Opportunity Supplemental Educational Opportunity Grant (average $3,000 per year) Grant (average $3,000 per year)

Federal Work-Study Federal Work-Study Perkins Loan (average $3000 per year) Perkins Loan (average $3000 per year) Direct Loans - $5,500 per year for freshmen Direct Loans - $5,500 per year for freshmen (no more than $3,500 can be subsidized) (no more than $3,500 can be subsidized) a. Subsidized – federal government pays in school interest a. Subsidized – federal government pays in school interest b. Unsubsidized – student incurs school interest b. Unsubsidized – student incurs school interest Parent Loan (PLUS) Parent Loan (PLUS)

STATE – need based grants and scholarships STATE – need based grants and scholarships Tennessee residents should apply by Feb. 1st. Tennessee residents should apply by Feb. 1st. Tennessee Student Assistance Award (TSAA) Tennessee Student Assistance Award (TSAA) Need-based grant with an early deadline (up to $4,000) Need-based grant with an early deadline (up to $4,000) Ned McWherter Scholars Program ($3,000 to be matched by Ned McWherter Scholars Program ($3,000 to be matched by college) college) Minority Teaching Fellows Program Minority Teaching Fellows Program Dependent Children’s Scholarship Program Dependent Children’s Scholarship Program Bureau of Vocational Rehabilitation/Dept of Human Bureau of Vocational Rehabilitation/Dept of Human Resources (up to an amount = to tuition and fees of highest Resources (up to an amount = to tuition and fees of highest cost state school) cost state school)

TENNESSEE LOTTERY SCHOLARSHIPS HOPE LOTTERY SCHOLARSHIP $4,000 at four-year institutions $4,000 at four-year institutions $2,000 at two-year institutions $2,000 at two-year institutions For recent high school graduates with a 21 ACT For recent high school graduates with a 21 ACT (980 SAT- critical math and reading only) or a 3.0 (980 SAT- critical math and reading only) or a 3.0 GPA (weighted) GPA (weighted) Must start post-secondary education with 16 months Must start post-secondary education with 16 months after high school graduation after high school graduation Wilder – Naifeh Technical Skills Grant up to $2,000 Wilder – Naifeh Technical Skills Grant up to $2,000 per year per year

HOPE ACCESS GRANT $2,650 at four-year institutions $2,650 at four-year institutions $1,700 at two-year institutions $1,700 at two-year institutions For recent high school graduates (not past 16 months) For recent high school graduates (not past 16 months) who have ACT of ( SAT - critical math who have ACT of ( SAT - critical math and reading only and 2.75 GPA (weighted) and reading only and 2.75 GPA (weighted) Adjusted Gross Income of $36,000 or under Adjusted Gross Income of $36,000 or under One year grant One year grant

HOPE ASPIRE AWARD $1,500 annually $1,500 annually Must need HOPE Lottery Scholarship criteria Must need HOPE Lottery Scholarship criteria Adjusted Gross Income of $36,000 or less Adjusted Gross Income of $36,000 or less GENERAL ASSEMBLY MERIT SCHOLARSHIP $1,000 supplement to HOPE scholarship Student must have 3.75 weighted GPA and 29 ACT) Student must have 3.75 weighted GPA and 29 ACT) (1280 SAT - critical reading and math only) (1280 SAT - critical reading and math only)

SOURCES OF AID Colleges and Universities Colleges and Universities Civic clubs, employers, churches, private Civic clubs, employers, churches, private organizations, (Boy or Girl Scouts) organizations, (Boy or Girl Scouts) and companies (Wal-Mart, Tylenol etc.) and companies (Wal-Mart, Tylenol etc.) Individuals with money Individuals with money Minority Scholarships (search the web) Minority Scholarships (search the web)

HELPFUL WEB SITES Free Scholarship Searches:

HELPFUL WEB SITES Federal sites and State sites:

HAVE A GREAT COLLEGE EXPERIENCE AND REMEMBER TO FILL OUT YOUR FAFSA EACH YEAR