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 • 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

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 2017 -18 FAFSA available October 1, 2016 SPRING SEMESTER 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 $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

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

2017 -18 FAFSA • Available October 1, 2016 • 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 2015 tax information TENNESSEE STUDENT ASSISTANCE CORPORATION

FSA ID • Student and parent should keep record of usernames, passwords, and challenge ? answers TENNESSEE STUDENT ASSISTANCE CORPORATION

fsaid. ed. gov TENNESSEE STUDENT ASSISTANCE CORPORATION

*Required TENNESSEE STUDENT ASSISTANCE CORPORATION

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*Click Show Text *Must create mm/dd/yyyy TENNESSEE STUDENT ASSISTANCE CORPORATION

Verify your email to login with it 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) • Most parents/students will upload their 2015 tax information using the IRS Data Retrieval Tool via FAFSA. 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 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 UTMA/UGMA accounts q Primary place of residence q 401[k] plans q Pension funds q Annuities q Non-education IRAs TENNESSEE STUDENT ASSISTANCE CORPORATION

Federal Aid Pell FSEOG Work Study $598 $5, 815 (2016 -17) $100 $4, 000 Amount Varies 0 – 5234 EFC Need based (2016 -17) Exceptional financial need Typically paid to student TENNESSEE STUDENT ASSISTANCE CORPORATION

Federal Aid Subsidized Stafford Unsubsidized Stafford Parent PLUS 3. 76% fixed (2016 -17) 6. 31% fixed (2016 -17) Interest does not accrue Interest does accrue TENNESSEE STUDENT ASSISTANCE CORPORATION

Federal Loan Limits $8 000 $7 000 $6 000 $5 000 $4 000 Subsidized $3 000 $2 000 $3 500 $4 500 $5 500 $1 000 $0 1 st Year 2 nd Year 3 rd Year and beyond TENNESSEE STUDENT ASSISTANCE CORPORATION

State Aid (2 -yr) HOPE Scholarship GAMS Aspire Award $1, 500 per semester $250 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

State Aid (4 -yr) HOPE Scholarship GAMS Aspire Award $1, 750/sem then $2, 250/sem $500 per semester $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/GAMS/Access GPA HOPE weighted GPA (4. 0 scale) = most districts’ unweighted GPA 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

Other State Aid TSAA Ned Mc. Wherter Wilder. Naifeh $1, 000 – $4, 000 per academic year Up to $6, 000/ academic year $2, 000 per academic year 0 – 2, 100 EFC January 17 29 ACT & 3. 5 GPA* February 15 Certificate/ Diploma TCAT *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 1, 2016 q. Complete 2017 -18 FAFSA at www. FAFSA. gov by January 17, 2017 q. Attend two mandatory meetings as coordinated by your county’s partnering organization q. Complete 8 hours of community service between November 2, 2016 – July 1, 2017 q. Students selected for FAFSA verification must submit material to the college by August 1, 2017 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

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 TENNESSEE STUDENT ASSISTANCE CORPORATION

Foster Youth HOPE Foster Grant (14+) TN Bright Futures (16+) Chafee ETV Scholarship TENNESSEE STUDENT ASSISTANCE CORPORATION

STEP UP Scholarship Lipscomb University Union University • IDEAL Program • Union EDGE Program University of Memphis • Tiger. LIFE University of Tennessee • UT Future Vanderbilt University • Next Steps TENNESSEE STUDENT ASSISTANCE CORPORATION

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