1. Financial Aid Awareness Allison Linna Financial Aid Coordinator
The information provided is accurate as of September, 2015 for the University of Memphis and may be subject to change. Also, the information may vary for other schools.
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2. FAFSA vs CSS FAFSA (Free Application for Federal Student Aid)
Application for federal and state funds
Required by most state and private universities
Free
CSS (College Scholarship Service Profile)
Application for nonfederal financial aid and/or scholarships
Required by some private universities
Not Free

3. Create username/password via https://fsaid.ed.gov
FAFSA.gov
Create username/password via
Academic Year
Submit
the FAFSA
Using Tax
Information
January 1, 2015
2014
January 1, 2016
2015
October 1, 2016
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Check myMemphis Often!!

4. Questions on the FAFSA As of today, what is the marital status of
your legal parents?
Never married
Unmarried and both parents living together
Married or remarried
Divorced or separated
Widowed

5. Questions on the FAFSA
I’ve included this slides to let you know that the helpful hints will tell you what to include and exclude
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6. Don’t Worry – You can Correct the FAFSA through the IRS Data Retrieval
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8. Financial Aid Available through the FAFSA
Grants
Federal Pell Grant
Federal Supplemental Educational Opportunity Grant (SEOG)
Tennessee Student Assistance Award (TSAA)
Federal Work Study
Federal Student Loans
Subsidized
Unsubsidized
Parent Loan for Undergraduate Students (PLUS)
Scholarships
HOPE Lottery
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Check myMemphis Often!!

10. What You Should Know About Student Loans: They Must Be Paid Back!
Type of Loan
Need Based
Required
Enrollment
Interest Rate
Interest Accrual
Grace Period
Subsidized Loan
Yes
At least six hours
4.29%*
Interest free while in school
6 months
Unsubsidized Loan No
Not Interest free while in school
Parent Plus for UG Students
*Apply via studentloans.gov and undergo a credit check
At least six hours
6.84%* NA
*The parent can apply for in-school deferment
Student
is the borrower
Parent
is the borrower

11. Private companies that purchase student loan debt.
Visit
to find out who purchased your loan.

12. Loan Repayment Examples
Total Borrowed
$15,000
$40,000
Monthly Payment
$173
$460
Total Owed/Paid
$20,714
$55,239
This example is based on a standard repayment plan for undergraduate or graduate borrowers at a 6.8% interest rate with 120 monthly payments. (Source: studentaid.ed.gov)
You are NOT required to take out the maximum amount of loans
Visit nslds.ed.gov to monitor your loans
Stafford loans have variable interest rates, but they are capped at 8.25% (changes July 1 of every year)
A dependent student can only borrow 31,000 in their lifetime and an independent student 57,500

13. Tennessee Student Assistance Corporation
Mission Statement of the Tennessee Student Assistance Corporation Provide financial assistance for post-secondary educational opportunities to Tennessee residents and other students who have established eligibility in accordance with program guidelines

14. HOPE Lottery Scholarship Requirements
File FAFSA
Be a Tennessee Resident
Graduate from a TN high school
Have a 21 on ACT (980 on SAT) or
Have a 3.0 GPA
$1,750 per semester 4-year institutions
$1,500 per semester for 2-year institutions
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Check myMemphis Often!!

15. Other TSAC Awards HOPE Access Grant weighted 2.75 – 2.99 GPA AND
18 – 20 ACT/SAT
Parents’ AGI must be $36,000 or less
Can upgrade into the Hope Scholarship if the requirements are maintained
$1,250 per semester at 4-year eligible postsecondary institutions
$875 per semester 2-year eligible postsecondary institutions

16. Other TSAC Awards Tennessee Student Assistance Award (Grant)
Four-year public $2,000/year
Two-year public $1,300/year
Career Schools $2,000/year
TCAT $1,000/year
Expected Family Contribution (EFC) of 2100 or less

17. Other TSAC Awards Aspire Award General Assembly Merit Scholarship
Must meet HOPE Scholarship requirements
AGI of $36,000 or less on tax form
$750 per semester for 4-year institutions
$250/semester for 2-year institutions
General Assembly Merit Scholarship
3.75 GPA
AND
29 ACT/SAT 1280
Up to $500 per semester

18. Other TSAC Awards WILDER-NAIFEH TECHNICAL SKILLS GRANT
Up to $2,000/year
Enroll in a certificate or diploma program at a TCAT
May be eligible for Tennessee HOPE Scholarship if student is initially HOPE eligible and enrolls at an eligible postsecondary institution within 3 years of completing a diploma program at a TCAT

19. TN Promise Checklist
Apply to the Tennessee Promise program at by November 2, 2015
Complete FAFSA at by February 15, 2016
Attend first mandatory meeting coordinated by a partnering organization by March 1, 2016
Attend second mandatory meeting coordinated by a partnering organization by May 31, 2016
Complete 8 hours of community service starting Nov. 3rd thru Aug.1st
Complete financial aid verification by July 15th

21. U of M Academic Scholarships
Admitted before December 1
School application is the scholarship application for Academic Scholarships
Meet GPA and ACT/SAT requirements by December 1 priority consideration date
Send transcript from Junior year and ACT/SAT scores to school
Last test date: ACT December 12; SAT December 5
School Code

22. GPA and ACT/SAT Requirements
Merit Scholarship $9,700/yr
Awarded to all National Achievement finalists listing U of M as their first choice
Presidential Scholarship $6,000/yr
30 ACT/1330 SAT and a 3.5 GPA
Provost’s Scholarship $4,000/yr
28 ACT/ 1250 SAT and a 3.25 GPA
Deans Scholarship $3,000/yr
25 ACT/ 1130 SAT and a 3.0 GPA
Valedictorian Scholarship $1,000/yr
Must rank number one in class
Must meet admission requirements
Can add to other academic scholarship

23. Competitive Scholarships
The Emerging Leaders Scholarship*
Separate application
$5,500 per year
21 ACT/ 980 SAT
3.0 GPA
Admitted before February 1 Deadline
Memphis Advantage
$4,000 per year
20 ACT/940 SAT
AGI $80,000
Minority, First Generation, or Resident of listed rural county
First Scholars Program*
Separate application
$5,000 per year
Admitted before February 1 Deadline
Open to incoming freshmen whose parents did not graduate from college or did not finish college
Complete the FAFSA by February 1
*Main Campus Only

24. Competitive Transfer Scholarships
Community College Transfer Scholarship
Separate application
$3,000 per year
Must obtain an Associate Degree from a Tennessee Community College (or border county)
Transfer GPA of 3.25
Deadline for Fall semester April 1
Deadline for Spring semester - December 1
University Transfer Scholarship
Separate application
$3,000 per year
25 ACT/1130 SAT
High school GPA of 3.00
Transfer GPA of 3.00
Deadline for Fall semester April 1
Deadline for Spring semester December 1

25. Tiger Scholarship Manager
Departmental/Private Scholarships
Log into myMemphis
Click Account$ tab
Bottom right hand side, click “Tiger Scholarship Manager”
Opens every November - January

26. Stack Scholarships/Awards
Per Year Scholarship Award Example
Pell Grant $5,775
Band Sch $1,000
Outside Sch $500
Provost Sch $4,000
Hope Sch $3,500
Total $14,775

28. Example #1 (Off-Campus Student)
Semester Estimate
Costs Awards
Tuition $4,634 HOPE $1,750
Dining $ Pell Grant $2,887
Total $4,934 Total $4,637
Balance Owed: $297

29. Example #2 (On-Campus Student)
Semester Estimate
Costs Awards
Tuition $4,634 HOPE $1,750
Dining Dollars $300 Pell Grant $2,887
Dorm/Meal Plan $3,500 Total: $4,637
Total: $8,434
Balance Owed: $3,797

30. Example #3 (On-Campus Out of State Student)
Semester Estimate
Costs Awards
Tuition $10,500 Hope $1,750
Dorm $ 3,500 Pell Grant $2,887
Total: $14,000 Total: $2,887
Balance Owed: $11,113

31. Contact Information
Allison Linna Financial Aid Coordinator (901)
The information provided is accurate as of September, 2015 for the University of Memphis and may be subject to change. Also, the information may vary for other schools.