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TENNESSEE STUDENT ASSISTANCE CORPORATION
Financial Aid 101
Funding a College Education
TENNESSEE STUDENT ASSISTANCE CORPORATION
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
TENNESSEE STUDENT ASSISTANCE CORPORATION
Cost of AttendanceDirect Costs
Tuition
Fees
Room & Board
Indirect Costs
Books
Travel
Personal
TENNESSEE STUDENT ASSISTANCE CORPORATION
Cost of Attendance2-yr
Public4-yr
PublicTN Private; Out of State
Tuition/Fees $3,607 $11,194 $41,928Room/Board $9,170 $14,094
2-yr Public
4-yr Public
TN Private; Out of State
Tuition/Fees $3,607 $11,194 $41,928Room/Board $4,100 $9,170 $14,094Books/Supplies $1,000 $1,536 $1,370
Transportation $3,024 $1,664 VARIES
Miscellaneous $400 $3,886 $3,720COA $12,131 $27,450 $61,112
TENNESSEE STUDENT ASSISTANCE CORPORATION
Financial Aid Sources
Package
Institutional
Private Federal
State
TENNESSEE STUDENT ASSISTANCE CORPORATION
Institutional Aid
Academic
Competitive?Renewable?
Deadlines
Need-Based
Determined by the EFC
College may use
“Institutional Methodology”
Performance
ArtAthleticMajorMusic
Theatre
Attribute
Church affiliation
AlumniDiversitySibling
TENNESSEE STUDENT ASSISTANCE CORPORATION
Private Aid
School counselor Other high school websites
www.collegefortn.org www.fastweb.com
TENNESSEE STUDENT ASSISTANCE CORPORATION
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!
TENNESSEE STUDENT ASSISTANCE CORPORATION
Federal Aid
Pell
$602 - $5,7300 – 5157 EFCNeed based
TENNESSEE STUDENT ASSISTANCE CORPORATION
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
TENNESSEE STUDENT ASSISTANCE CORPORATION
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 March 1, 2015Attend second mandatory meeting coordinated
by a partnering organization by May 31, 2015Complete 8 hours of community service post high
school graduation but prior to fall enrollment
TENNESSEE STUDENT ASSISTANCE CORPORATION
TN PromiseExamples A B CTuition/Fees $4,000 $4,000 $4,000Gift Aid -$5,730 -$3,000 $0Gap $0 $1,000 $4,000
TN Promise $0 $1,000 $4,000Tuition/Fees $0 $0 $0
TENNESSEE STUDENT ASSISTANCE CORPORATION
State Aid (4-yr)
Hope Scholarship
$1,750/sem then $2,250/sem
21 ACT or 980 SAT or 3.0 GPA*
*All courses calculated on a 4.0 scale per the Uniform Grading Policy
TENNESSEE STUDENT ASSISTANCE CORPORATION
State Aid
Hope Access
$875 or $1,250 per semester
18 ACT & 2.75 GPA* & Parent AGI <=$36,000
*All courses calculated on a 4.0 scale per the Uniform Grading Policy
TENNESSEE STUDENT ASSISTANCE CORPORATION
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
TENNESSEE STUDENT ASSISTANCE CORPORATION
Social MediaLike us on Facebook at:
Tennessee Student Assistance Corporation
Follow us on Twitter:@TNFinancialAid
Check out our website at:www.TN.gov/collegepays
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• 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
TENNESSEE STUDENT ASSISTANCE CORPORATION
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
