FINANCIAL AID 101 Paying for College Tennessee Student

FINANCIAL AID 101 Paying for College Tennessee Student Assistance Corporation

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 • FSA ID – usernames/passwords created by student AND parent to electronically sign the FAFSA • SAR – student aid report; summary of FAFSA information • Grant – free money based on need • Scholarship – free money awarded on the basis of merit, skill, or unique characteristic • Verification – random “audit” of FAFSA TENNESSEE STUDENT ASSISTANCE CORPORATION

Cost of Attendance ▫ Consists of direct and indirect costs ▫ Direct costs are paid to the college ▫ Indirect costs could include living expenses, transportation, etc. 3 3

Cost of Attendance 2 -yr Public Tuition/Fees Room/Meals 4 -yr Public TN Private; Out of State $4, 083 $3, 801 $12, 724 $12, 436 $44, 496 $43, 620 $4, 210 $10, 238 $9, 926 $14, 962 $14, 670 Books/Supplies $1, 200 $1, 598 $1, 294 Transportation $3, 024 $1, 664 VARIES Miscellaneous COA $400 $12, 917 $4, 002 $30, 226 $3, 902 $64, 654 TENNESSEE STUDENT ASSISTANCE CORPORATION

You can get an estimate of net price by using your college’s “net price calculator” www. collegecost. ed. gov 6

Financial Aid Sources Miscellaneous (Local) Institutional (College) Federal (Pell Grant) State (HOPE) 7

TENNESSEE STUDENT ASSISTANCE CORPORATION

Free Application for Federal Student Aid • The FAFSA • • Federal financial aid State aid Institutional aid Scholarship programs • FAFSA asks you about • • Income Assets Family size Number of family members attending college You will need to renew your FAFSA every year while in college 10

2019 -2020 FAFSA • Available October 1, 2018 • www. fafsa. gov (VERY IMPORTANT!) • Student AND parent will create FSA ID usernames/passwords (fsaid. ed. gov) to sign electronically • Student and parent will submit FAFSA using IRS Data Retrieval Tool to upload 2017 tax information TENNESSEE STUDENT ASSISTANCE CORPORATION

Watch out for scams TENNESSEE STUDENT ASSISTANCE CORPORATION

www. fafsa. gov (VERY IMPORTANT!) TENNESSEE STUDENT ASSISTANCE CORPORATION

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Dependency ? s • 24 or older? • Married? • Master’s or Doctorate? • U. S. Armed Forces? • Veteran? • Children/dependent receiving ½ their support from you? • Since you turned 13, were both parents deceased, foster care, or ward of the court? • Emancipated? • Legal guardianship? • Unaccompanied youth who was homeless? TENNESSEE STUDENT ASSISTANCE CORPORATION

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Common FAFSA Issues • Income and tax reported as same number • Parent and student report same income 21

See. . filling out the FAFSA is easy! FAFSA workshop October 30 th @ ORHS

Federal Aid Pell FSEOG Work Study $596 $6, 095 (2018 -19) $100 $4, 000 Amount Varies 0 – 5328 EFC Need based (2018 -19) Exceptional financial need Typically paid to student 24

Federal Aid Subsidized Stafford Unsubsidized Stafford Parent PLUS 4. 45% fixed (2017 -18) 7% fixed (2017 -18) Interest does not accrue Interest does accrue 25

Federal Loan Limits $8, 000 $7, 000 $6, 000 $5, 000 $4, 000 $5, 500 max $3, 000 $2, 000 $1, 000 $0 $3, 500 sub max 1 st Year $6, 500 max $4, 500 sub max 2 nd Year $7, 500 max $5, 500 sub max 3 rd Year and beyond Subsidized 26

Student Aid Report (SAR) is generated with an Expected Family Contribution (EFC) Valid SAR or Invalid SAR? Selected for Verification? Awards are made by the institution NOT the federal government Awards will NOT be indicated on the SAR Check the information on your SAR carefully and make any corrections The school will use your EFC to determine the amount of grants and other aid you are eligible for. The school will then send you a financial aid award letter, detailing the aid they will offer you 27 27

Understanding award letters • Read your award letter carefully • Meet all deadlines • What if it’s not enough? 28 28

Scholarships & Miscellaneous Aid • There are lots of different types of scholarships and can be based on: ▫ Grades ▫ Sports ▫ Nationality ▫ Being short, being tall and many other qualities • Diligence and perseverance pay off when applying for scholarships 29 29

Institutional Aid Ex. 30

Where do I start? !? • High school counselor • Family and friends • Religious, civic and community organizations • Private foundations • Military • Public library 32 32

Popular Scholarship Sites www. collegeboard. com www. careerinfonet. org/ scholarshipsearch www. collegefortn. org www. fastweb. com 33

State Aid

HOPE Scholarship GAMS Aspire Award $1, 500/$1, 750 per semester $500 per semester $250/$750 per semester 21 ACT/SAT OR 3. 0 GPA* 29 ACT/SAT & 3. 75 GPA* Parents AGI <=$36, 000 *All courses calculated on a 4. 0 scale per the Uniform Grading Policy TENNESSEE STUDENT ASSISTANCE CORPORATION

HOPE Renewal 24 attempted hour benchmark • 2. 75 cumulative GPA 48 attempted hour benchmark • 2. 75 cumulative GPA 72 attempted hour benchmark • 3. 0 cumulative GPA or • 2. 75 – 2. 99 cumulative GPA & 3. 0 semester GPA 96 attempted hour benchmark • 3. 0 cumulative GPA or • 2. 75 – 2. 99 cumulative GPA & 3. 0 semester GPA 39

HOPE Renewal • Student MUST maintain continuous enrollment (i. e. fall, spring, fall, spring) • Student MUST maintain enrollment status within a semester – If you begin a semester full-time (i. e. 12+ hours), you must finish semester full-time – Never drop a course without talking to your financial aid office about how it may impact your financial aid 41

Other State Aid Wilder. Naifeh TSAA Ned Mc. Wherter $2, 000 per academic year $1, 000 – $4, 000 per academic year Up to $6, 000/ academic year Certificate/ Diploma TCAT 0 – 2, 100 EFC February 1 29 ACT & 3. 5 GPA* February 15 *All courses calculated on a 4. 0 scale per the Uniform Grading Policy 43

• High school seniors in Tennessee may apply for the Tennessee Promise scholarship If we want to have jobs ready for Tennesseans, we have to make sure • Two years of tuition-free attendance at a community or technical college in that Tennesseans are ready for jobs, and there is no smarter Tennessee investment than increasing access to high-quality education. ~ Governor Bill Haslam • Last-dollar scholarship, meaning it will cover costs of tuition and mandatory fees not met from Pell, HOPE, or state assistance awards. • Students will be paired with a partnering organization and provided with a mentor who will support them during the college application process. TENNESSEE STUDENT ASSISTANCE CORPORATION

TN Promise Checklist q Apply to the Tennessee Promise program at www. TNPromise. gov by November 1, 2018 (TSAC is working toward compatibility with all browsers) q Complete 2019 -20 FAFSA at www. FAFSA. gov by February 1, 2019 q Attend spring mandatory meeting as coordinated by partnering organization q Complete 8 hours of community service between November 2, 2018 – July 1, 2019 TENNESSEE STUDENT ASSISTANCE CORPORATION

TN Promise (1 semester) Examples Tuition A B $2, 250 HOPE/Pell/TSAA -$3250 -$1, 500 Gap $0 $750 TN Promise $0 $750 Tuition $0 $0 C $2, 250 $0 TENNESSEE STUDENT ASSISTANCE CORPORATION

Click to edit Master title style • Click to edit Master text styles – • Second level majors with Pathways 50+ available Third level • • www. tntransferpathway. org – Fourthoflevel • Outline required courses to follow » Fifth • Start at anylevel of 13 TN community colleges • All TN public universities & 21 private universities accept Pathways • Guaranteed transfer of credits • Combine with TN Promise to save half the cost of your bachelor’s degree

Other Information Academic Common Market CSS Profile Fee Discount Program 55

Senior Year Checklist FALL SEMESTER q Take and retake the ACT/SAT q Apply to several colleges (admissions, institutional aid, etc) and utilize their net price calculators q Student AND parent will create FSA IDs (fsaid. ed. gov) to. . . q Complete 2019 -20 FAFSA available October 1, 2018 SPRING SEMESTER q Complete local/private scholarship applications q Review college acceptances, compare financial aid packages, ask questions, and follow up as needed 56

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Outreach Division 58

Like us on Facebook at: ? ? ? Tennessee Student Assistance Corporation Follow us on Twitter: @TNFinancial. Aid and @keeton_rita Check out our website at: www. TN. gov/collegepays Rita. turchetta@tn. gov TENNESSEE STUDENT ASSISTANCE CORPORATION