Financial Aid 101 Paying for College TENNESSEE STUDENT

Financial Aid 101 Paying for College TENNESSEE STUDENT ASSISTANCE CORPORATION

Contact Info Jason. Seay@TN. gov 615. 253. 7459 (o) 615. 319. 1740 (c) TENNESSEE STUDENT ASSISTANCE CORPORATION

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 a parent should create FSA IDs (fsaid. ed. gov) SPRING SEMESTER q Complete 2016 -17 FAFSA available January 1, 2016 q Complete local/private scholarship applications q Review college acceptances, compare financial aid packages, ask questions, and follow up as needed TENNESSEE STUDENT ASSISTANCE CORPORATION

Cost of Attendance 2 -yr Public Tuition/Fees Room/Meals 4 -yr Public TN Private; Out of State $3, 801 $12, 436 $43, 620 $4, 210 $9, 926 $14, 670 Books/Supplies $1, 200 $1, 598 $1, 370 Transportation $3, 024 $1, 664 VARIES Miscellaneous COA $400 $12, 635 $4, 002 $29, 626 $4, 620 $64, 280 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 – federal student aid identification number; used to complete and 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 TENNESSEE STUDENT ASSISTANCE CORPORATION

Financial Aid Sources Institutional (College) Federal (Pell Grant) State (HOPE) Miscellaneous (Local) TENNESSEE STUDENT ASSISTANCE CORPORATION

FAFSA • 2012 -13 FAFSA on the Web –Available now –www. fafsa. gov (VERY IMPORTANT!) –PRIORITY DEADLINE IS AS SOON AS POSSIBLE AFTER JANUARY 1, 2012! TENNESSEE STUDENT ASSISTANCE CORPORATION

FAFSA • 2016 -17 FAFSA on the Web – Available January 1, 2016 – www. fafsa. gov (VERY IMPORTANT!) – Student and parent are encouraged to create FSA IDs (fsaid. ed. gov) prior to January 1 – To initially submit FAFSA in January, use estimated tax information (i. e. 2014 tax return, 2015 W-2 information, or last paystub) TENNESSEE STUDENT ASSISTANCE CORPORATION

State Aid HOPE Scholarship Wilder. Naifeh TSAA $1, 500 – $1, 750 per semester $2, 000 per academic year $1, 000 – $4, 000 per academic year 21 ACT or 980 SAT or 3. 0 GPA* Certificate/ Diploma TCAT 0 EFC March 1 *All courses calculated on a 4. 0 scale per the Uniform Grading Policy TENNESSEE STUDENT ASSISTANCE CORPORATION

TN Promise Checklist q. Apply to the Tennessee Promise program at www. TNPromise. gov by November 2, 2015 q. Complete 2016 -17 FAFSA at www. FAFSA. gov by February 15, 2016 q. Attend two mandatory meeting in the spring as coordinated by tn. Achieves q. Complete 8 hours of community service between November 3, 2015 – August 1, 2016 q. Students selected for FAFSA verification must submit material to the college by July 15, 2016 TENNESSEE STUDENT ASSISTANCE CORPORATION

TN Promise Examples Tuition A $4, 000 HOPE/Pell/TSAA -$8, 000 Gap $0 TN Promise $0 Tuition $0 B $4, 000 -$3, 000 $1, 000 $0 C $4, 000 $0 TENNESSEE STUDENT ASSISTANCE CORPORATION

TN Promise Examples Tuition 2 -yr Public $4, 000 Eligible Tuition $4, 000 HOPE/Pell/TSAA -$3, 000 TN Promise -$1, 000 Your cost $0 4 -yr Public 4 -yr Private $8, 000 $20, 000 $4, 000 -$3, 500 -$500 $4, 000 $16, 000 TENNESSEE STUDENT ASSISTANCE CORPORATION

Other Aid Academic Common Market CSS Profile Fee Discount Program TENNESSEE STUDENT ASSISTANCE CORPORATION

Contact Info Jason. Seay@TN. gov 615. 253. 7459 (o) 615. 319. 1740 (c) 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 TENNESSEE STUDENT ASSISTANCE CORPORATION

Online Applications Ned Mc. Wherter Dependent Children Dual Enrollment Grant Up to $6, 000/ academic year February 15 Award amount varies High school juniors/seniors 29 ACT & 3. 5 GPA* See brochure Contact institution *All courses calculated on a 4. 0 scale per the Uniform Grading Policy TENNESSEE STUDENT ASSISTANCE CORPORATION

State Aid (2 -yr) HOPE Scholarship GAMS Aspire Award $1, 500 per semester $250 per semester 21 ACT or 980 SAT or 3. 0 GPA* 29 ACT or 1280 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

State Aid (4 -yr) HOPE Scholarship GAMS Aspire Award $1, 750/sem then $2, 250/sem $500 per semester $750 per semester 21 ACT or 980 SAT or 3. 0 GPA* 29 ACT or 1280 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

State Aid HOPE Access Wilder. Naifeh TSAA $875 or $1, 250 per semester $2, 000 per academic year $1, 000 – $4, 000 per academic year 18 ACT & 2. 75 GPA* & Parent AGI <=$36, 000 Certificate/ Diploma TCAT 0 EFC March 1 *All courses calculated on a 4. 0 scale per the Uniform Grading Policy TENNESSEE STUDENT ASSISTANCE CORPORATION

Paying for College Loans Grants Scholarships You College TENNESSEE STUDENT ASSISTANCE CORPORATION

Social Media Like us on Facebook at: Tennessee Student Assistance Corporation Follow us on Twitter: @TNFinancial. Aid Check out our website at: www. TN. gov/collegepays TENNESSEE STUDENT ASSISTANCE CORPORATION

Cost of Attendance Direct Costs Indirect Costs Tuition Books Fees Travel Room & Board Personal TENNESSEE STUDENT ASSISTANCE CORPORATION

Institutional Aid Academic Need-Based Performance Attribute Competitive? Renewable? Deadlines Determined by the EFC College may use “Institutional Methodology” Art Athletic Major Music Theatre Church affiliation Alumni Diversity Sibling TENNESSEE STUDENT ASSISTANCE CORPORATION

ACT TEST DATE REGISTRATION DEADLINE September 12, 2015 August 7, 2015 October 24, 2015 September 18, 2015 December 12, 2015 February 6, 2016 April 9, 2016 April 19, 2016 June 11, 2016 LATE FEE DEADLINE August 21, 2015 October 2, 2015 November 6, 2015 November 20, 2015 January 8, 2016 January 15, 2016 March 4, 2016 March 18, 2016 **JUNIORS** SEE SCHOOL COUNSELOR May 6, 2016 May 20, 2016 TENNESSEE STUDENT ASSISTANCE CORPORATION

SAT TEST DATE REGISTRATION DEADLINE LATE FEE DEADLINE October 3, 2015 November 7, 2015 September 3, 2015 October 9, 2015 September 22, 2015 October 27, 2015 December 5, 2015 January 23, 2016 March 5, 2016 May 7, 2016 June 4, 2016 November 5, 2015 December 28, 2015 February 5, 2016 April 8, 2016 May 5, 2016 November 23, 2015 January 12, 2016 February 23, 2016 April 26, 2016 May 25, 2016 TENNESSEE STUDENT ASSISTANCE CORPORATION

Private Aid School counselor Other high school websites www. collegefortn. org www. fastweb. com TENNESSEE STUDENT ASSISTANCE CORPORATION

FAFSA • 2012 -13 FAFSA on the Web –Available now –www. fafsa. gov (VERY IMPORTANT!) –PRIORITY DEADLINE IS AS SOON AS POSSIBLE AFTER JANUARY 1, 2012! TENNESSEE STUDENT ASSISTANCE CORPORATION

FAFSA Checklist q Student’s Social Security number q Parent(s)’ Social Security number(s) q Student’s driver’s license number if you have one q 2015 tax information for student and parent(s) • To complete and submit FAFSA in January, use estimated tax information (i. e. 2014 tax return, 2015 W-2 information, or last paystub) q Records of your untaxed income, such as child support and veterans noneducation benefits for student and parent(s) q Information on checking and savings account balances; investments; and business and farm assets TENNESSEE STUDENT ASSISTANCE CORPORATION

FAFSA • 2012 -13 FAFSA on the Web S T –Available now HIN D D N N (VERY E –www. fafsa. gov A I R P F L E IMPORTANT!) H OUR Y = DEADLINE IS AS SOON AS –PRIORITY POSSIBLE AFTER JANUARY 1, 2012! TENNESSEE STUDENT ASSISTANCE CORPORATION

Student Demographics • Last Name, First Name, SSN – must match social security card • Length of residency question • E-mail – leave blank if you prefer to receive information by postal mail • Selective Service – males only; register me • Grade level – never attended college/1 st yr. • Degree – 1 st bachelor’s degree, associate degree, certificate or diploma • Work-study – yes TENNESSEE STUDENT ASSISTANCE CORPORATION

Dependency Status • If all “no” responses, student is dependent; parental information needed • If “yes” to any question, student is independent; parental information is not needed • If you have a special circumstance and cannot provide parental information, contact the financial aid office at the college(s) you plan to attend in order to complete the FAFSA; professional judgment TENNESSEE STUDENT ASSISTANCE CORPORATION

Parent Demographics • Parent – adoptive or biological • Divorced/separated – answer questions about parent whom you lived with more during the past 12 months • Remarried – answer questions about parent you live with and your stepparent • Last Name, 1 st initial of 1 st name, SSN – must match social security card • Length of residency question • # in college – do not include your parents in this number TENNESSEE STUDENT ASSISTANCE CORPORATION

Financial Information • 2015 IRS tax return – already completed, will file, or not going to file • Will file – 2014 tax return, 2015 W-2 forms, or last pay stub • Income tax – amount paid; should not be the same as the AGI • IRS Data Retrieval Tool – once 2015 tax return is completed, return to FAFSA to make corrections; tax information imported directly from IRS; simplifies verification TENNESSEE STUDENT ASSISTANCE CORPORATION

FAFSA Investments INCLUDE DO NOT INCLUDE q Rental property q Trust funds q Money market funds q Mutual funds q Certificates of deposit q Stocks q Stock options q 529 college savings plans q Primary place of residence q 401[k] plans q Pension funds q Annuities q Non-education IRAs q UTMA/UGMA accounts for which you are the custodian but not the owner TENNESSEE STUDENT ASSISTANCE CORPORATION

Sign & Submit • Preparer – no • Sign electronically – student and parent are encouraged to create FSA IDs (fsaid. ed. gov) prior to January 1 • Terms of Agreement – agree • SUBMIT MY FAFSA NOW – see I promised it wasn’t that bad! TENNESSEE STUDENT ASSISTANCE CORPORATION

FAFSA Reminders • Student Aid Report – PLEASE REVIEW IT!!!!!!! • Correction deadlines – Be cognizant of college deadlines for FAFSA corrections • A student must possess a valid SSN and be a U. S. citizen or an eligible noncitizen to complete a FAFSA and qualify for Title IV aid. • DREAM Act SSN’s are NOT considered valid for FAFSA completion. TENNESSEE STUDENT ASSISTANCE CORPORATION

Confirmation • Pell Grant estimate (0 – 5198 EFC) and info on student loan eligibility • Detailed college information (grad, retention, and transfer rates) • Begin a new application with parents’ info link TENNESSEE STUDENT ASSISTANCE CORPORATION

Student Aid Report • Notification of FAFSA processing results via email (if provided on FAFSA) or paper (if e-mail not provided on FAFSA) or online • Review data for accuracy • Institutional Student Information Report (ISIR) sent to colleges listed on FAFSA two weeks after initial FAFSA submission • Additional documentation may be requested by institution; verification TENNESSEE STUDENT ASSISTANCE CORPORATION

Federal Aid Pell FSEOG Work Study $626 $5, 775 per academic yr $100 $4, 000 per academic yr Amount Varies 0 – 5198 EFC Need based Exceptional financial need Typically paid to student TENNESSEE STUDENT ASSISTANCE CORPORATION

Federal Aid Subsidized Stafford Unsubsidized Stafford Parent PLUS 4. 29% fixed 6. 84% fixed Interest does not accrue Interest does accrue TENNESSEE STUDENT ASSISTANCE CORPORATION

Loan Wisdom • Borrow Federal first because they’re cheaper, more available, and have better repayment terms than private student loans. • Live like a student while you’re in college so you don’t have to live like one after college. • Do not borrow more for your entire education than your expected starting salary after you graduate. • If you are borrowing more than $10, 000/year for college, consider a less expensive school. TENNESSEE STUDENT ASSISTANCE CORPORATION

Award Letter 0 EFC; 3. 0 GPA 2 -yr Public 4 -yr Public TN Private COA $12, 635 $29, 626 $64, 280 Pell Grant -$5, 775 HOPE/Aspire -$3, 500 -$5, 000 TN Promise $0 $0 $0 Inst/Private ? ? ? Net Price $3, 360 $18, 851 $53, 505 TENNESSEE STUDENT ASSISTANCE CORPORATION

Award Letter 5158 EFC; 3. 0 GPA COA Pell Grant HOPE TN Promise Inst/Private 2 -yr Public 4 -yr Public TN Private Net Price $8, 932 $26, 126 $60, 780 $12, 635 $0 -$3, 000 -703 ? ? ? $29, 626 $0 -$3, 500 $0 ? ? ? $64, 280 $0 -$3, 500 $0 ? ? ? TENNESSEE STUDENT ASSISTANCE CORPORATION

TENNESSEE STUDENT ASSISTANCE CORPORATION