Funding a College Education Financial Aid 101 Funding a College Education

Senior Year Checklist Fall Semester Spring 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 Complete the FAFSA when available in October Spring Semester Continue completing local/private scholarship applications Review college acceptances, compare financial aid packages, ask questions, and follow up as needed

Cost of Attendance Direct Costs Indirect Costs Tuition Fees Room & Board Indirect Costs Books Travel Personal

TN Private; Out of State TN Private; Out of State Cost of Attendance 2-yr Public 4-yr Public TN Private; Out of State Tuition/Fees $3,607 $11,194 $41,928 Room/Board $4,100 $9,170 $14,094 Books/Supplies $1,000 $1,536 $1,370 Transportation $3,024 $1,664 VARIES Miscellaneous $400 $3,886 $3,720 COA $12,131 $27,450 $61,112 2-yr Public 4-yr Public TN Private; Out of State Tuition/Fees $3,607 $11,194 $41,928 Room/Board $9,170 $14,094

Financial Aid Sources Package Institutional Private Federal State

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

Other high school websites Private Aid School counselor Other high school websites www.collegefortn.org www.fastweb.com

FAFSA 2016-17 FAFSA on the Web Available in October www.fafsa.gov (VERY IMPORTANT!) Priority deadline is as soon as you can

Federal Aid Pell FSEOG Work Study $602 - $5,730 0 – 5157 EFC Need based FSEOG $100 - $4,000 Exceptional financial need Work Study Amount Varies Typically paid to student

State Aid (2-yr) Hope Scholarship GAMS Aspire Award $1,500 per semester 21 ACT or 980 SAT or 3.0 GPA* GAMS $500 per semester 29 ACT or 1280 SAT & 3.75 GPA* Aspire Award $250 per semester Parents AGI <=$36,000 *All courses calculated on a 4.0 scale per the Uniform Grading Policy

TN Promise Checklist Apply to the Tennessee Promise program at www.TNPromise.gov by November 1, 2016 Complete 2016-17 FAFSA at www.FAFSA.gov in October Attend mandatory meetings coordinated by a partnering organization in Oct, Jan, March Complete 8 hours of community service post high school graduation but prior to fall enrollment

TN Promise Examples A B C Tuition/Fees $4,000 Gift Aid -$5,730 -$3,000 $0 Gap $1,000 TN Promise $0 $1,000 $4,000 Tuition/Fees

State Aid (4-yr) Hope Scholarship GAMS Aspire Award $1,750/sem then $2,250/sem 21 ACT or 980 SAT or 3.0 GPA* GAMS $500 per semester 29 ACT or 1280 SAT & 3.75 GPA* Aspire Award $750 per semester Parents AGI <=$36,000 *All courses calculated on a 4.0 scale per the Uniform Grading Policy

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