Financial Aid 101

TENNESSEE STUDENT ASSISTANCE CORPORATION

Financial Aid 101

Funding a College Education


Senior Year ChecklistFALL SEMESTER Take and retake the ACT/SAT Apply to several colleges (admissions, institutional aid, etc)

and utilize their net price calculators Complete local/private scholarship applications

SPRING SEMESTER Complete 2015-16 FAFSA available January 1, 2015 Continue completing local/private scholarship applications Review college acceptances, compare financial aid

packages, ask questions, and follow up as needed


Cost of AttendanceDirect Costs

Tuition

Fees

Room & Board

Indirect Costs

Books

Travel

Personal


Cost of Attendance2-yr

Public4-yr

PublicTN Private; Out of State

Tuition/Fees $3,703 $11,246 $43,838Room/Board $10,296 $14,382

2-yr Public

4-yr Public

TN Private; Out of State

Tuition/Fees $3,703 $11,246 $43,838Room/Board $4,180 $10,296 $14,382Books/Supplies $1,200 $1,582 $1,370

Transportation $3,024 $1,664 VARIES

Miscellaneous $400 $4,002 $2,730COA $12,507 $28,790 $62,320


Financial Aid Sources

Package

Institutional

Private Federal

State


FAFSA• 2015-16 FAFSA on the Web –Available January 1, 2015–www.fafsa.gov (VERY IMPORTANT!)–PRIORITY DEADLINE IS AS SOON AS

POSSIBLE AFTER JANUARY 1, 2015!


TN Promise ChecklistApply to the Tennessee Promise program at

www.TNPromise.gov by November 1, 2014Complete 2015-16 FAFSA at www.FAFSA.gov by

February 15, 2015Attend first mandatory meeting coordinated by a

partnering organization by February 2, 2015Attend second mandatory meeting coordinated

by a partnering organization by April 7, 2015Complete 8 hours of community service between

January 1, 2015 – August 1, 2015


TN PromiseExamples A B CTuition $4,000 $4,000 $4,000Pell/TELS/TSAA -$5,730 -$3,000 $0Gap $0 $1,000 $4,000

TN Promise $0Tuition $0

$1,000$0

$4,000$0


State Aid (2-yr)

HOPE Scholarship

$1,500 per semester

21 ACT or 980 SAT or 3.0 GPA*

*All courses calculated on a 4.0 scale per the Uniform Grading Policy


State Aid (4-yr)

HOPE Scholarship

$1,750/sem then $2,250/sem

21 ACT or 980 SAT or 3.0 GPA*



State Aid

HOPE Access

$875 or $1,250 per semester

18 ACT & 2.75 GPA* & Parent AGI <=$36,000



Online Applications

Ned McWherterUp to $6,000February 15

29 ACT & 3.5 GPA**All courses calculated on a 4.0 scale per the Uniform Grading Policy


Social MediaLike us on Facebook at:

Tennessee Student Assistance Corporation

Follow us on Twitter:@TNFinancialAid

Check out our website at:www.TN.gov/collegepays


Contact Info

[email protected] (o)615.319.1740 (c)


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• PIN – personal identification number; used 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


Paying for College

Income & Savin

gs (43%

)*Loans (27%)

Grants/

Scholar-

ships (30%)


Institutional AidAcademic

Competitive?

Renewable?

Deadlines

Need-Based

Determined by the EFC

College may use

“Institutional Methodolog

y”

Performance

ArtAthleticMajorMusic

Theatre

Attribute

Church affiliation

AlumniDiversitySibling


ACT TEST DATE REGISTRATION DEADLINE LATE FEE DEADLINESeptember 13, 2014 August 8, 2014 August 22, 2014October 25, 2014 September 19, 2014 October 3, 2014December 13, 2014 November 7, 2014 November 21, 2014February 7, 2015 January 9, 2015 January 16, 2015March 3, 2015 **JUNIORS** SEE SCHOOL COUNSELORApril 18, 2015 March 13, 2015 March 27, 2015June 13, 2015 May 8, 2015 May 22, 2015

ACT


SAT TEST DATE REGISTRATION DEADLINE LATE FEE DEADLINEOctober 11, 2014 September 12, 2014 September 30, 2014November 8, 2014 October 9, 2014 October 28, 2014December 6, 2014 November 6, 2014 November 24, 2014January 24, 2015 December 29, 2014 January 13, 2015March 14, 2015 February 13, 2015 March 3, 2015May 2, 2015 April 6, 2015 April 21, 2015June 6, 2015 May 8, 2015 May 27, 2015

SAT


Private Aid

School counselor Other high school websites

www.collegefortn.org www.fastweb.com


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!


FAFSA Checklist Student’s Social Security number Parent(s)’ Social Security number(s) Student’s driver’s license number if you have one 2014 tax information for student and parent(s)• To complete and submit FAFSA in January, use

estimated tax information (i.e. 2013 tax return, 2014 W-2 information, or last paystub)

Records of your untaxed income, such as child support and veterans noneducation benefits for student and parent(s)

Information on checking and savings account balances; investments; and business and farm assets


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/1st yr.• Degree – 1st bachelor’s degree, associate

degree, certificate or diploma• Work-study – yes


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


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, 1st initial of 1st name, SSN – must match social security card

• Length of residency question• # in college – do not include your parents in this

number


Financial Information• 2014 IRS tax return – already completed, will

file, or not going to file• Will file – 2013 tax return, 2014 W-2 forms, or

last pay stub • Income tax – amount paid; should not be the

same as the AGI• IRS Data Retrieval Tool – once 2014 tax return

is completed, return to FAFSA to make corrections; tax information imported directly from IRS; simplifies verification


FAFSA InvestmentsINCLUDE Rental property Trust funds Money market funds Mutual funds Certificates of deposit Stocks Stock options 529 college savings plans

DO NOT INCLUDE Primary place of residence 401[k] plans Pension funds Annuities Non-education IRAs UTMA/UGMA accounts

for which you are the custodian but not the owner


Sign & Submit• Preparer – no• Sign electronically – student and parent must

each create PIN; may be identical• I Forgot/Don’t Know My PIN – challenge

question (what city were you born in); case sensitive

• Terms of Agreement – agree• SUBMIT MY FAFSA NOW – see I promised it

wasn’t that bad!


Confirmation• Pell Grant estimate (0

– 5157 EFC) and info on student loan eligibility

• Detailed college information (grad, retention, and transfer rates)

• Begin a new application with parents’ info link


Student Aid Report• Notification of FAFSA processing results via e-

mail (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


Federal Aid

Pell

$602 - $5,7300 – 5157 EFCNeed based


Federal Aid

Subsidized Stafford

4.66% fixed

Interest does not accrue


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.


HOPE Renewal•2.75 cumulative GPA24 attempted hour

benchmark

•2.75 cumulative GPA48 attempted hour benchmark

•3.0 cumulative GPA or•2.75 – 2.99 cumulative GPA & 3.0 semester GPA

72 attempted hour benchmark

•3.0 cumulative GPA or•2.75 – 2.99 cumulative GPA & 3.0 semester GPA

96 attempted hour benchmark


0 EFC; 3.0 GPA 2-yr Public 4-yr Public TN Private

COA $12,507 $28,790 $62,320

Pell Grant -$5,730 -$5,730 -$5,730

HOPE/Aspire -$3,500 -$5,000 -$5,000

TN Promise $0 $0 $0

Inst/Private ??? ??? ???

Award Letter0 EFC; 3.0 GPA 2-yr Public 4-yr Public TN Private

COA $12,507 $28,790 $62,320

Pell Grant -$5,730 -$5,730 -$5,730

HOPE/Aspire -$3,500 -$5,000 -$5,000

TN Promise $0 $0 $0

Inst/Private ??? ??? ???

Net Price $3,277 $18,060 $51,590


Award Letter5158 EFC; 3.0 GPA

2-yr Public 4-yr Public TN Private

COA $12,507 $28,790 $62,320Pell Grant $0 $0 $0HOPE -$3,000 -$3,500 -$3,500TN Promise -703 $0 $0Inst/Private ??? ??? ???

5158 EFC; 3.0 GPA

2-yr Public 4-yr Public TN Private

COA $12,507 $28,790 $62,320Pell Grant $0 $0 $0HOPE -$3,000 -$3,500 -$3,500TN Promise -703 $0 $0Inst/Private ??? ??? ???

Net Price $8,804 $25,290 $58,820

Financial Aid 101

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