Financial Aid 101 Paying for College

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

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 $3,801 $12,436 $43,620 Room/Meals $4,210 $9,926 $14,670 Books/Supplies $1,200 $1,598 $1,370 Transportation $3,024 $1,664 VARIES Miscellaneous $400 $4,002 $4,620 COA $12,635 $29,626 $64,280 2-yr Public 4-yr Public TN Private; Out of State Tuition/Fees $3,801 $12,436 $43,620 Room/Meals $9,926 $14,670

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

Financial Aid Sources Institutional (College) Federal (Pell Grant) State (HOPE) Miscellaneous (Local)

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 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)

Certificate/ Diploma TCAT State Aid HOPE Scholarship $1,500 – $1,750 per semester 21 ACT or 980 SAT or 3.0 GPA* Wilder- Naifeh $2,000 per academic year Certificate/ Diploma TCAT TSAA $1,000 – $4,000 per academic year 0 EFC March 1 *All courses calculated on a 4.0 scale per the Uniform Grading Policy

HOPE Renewal 24 attempted hour benchmark 48 attempted hour benchmark 2.75 cumulative GPA 24 attempted hour benchmark 48 attempted hour benchmark 3.0 cumulative GPA or 2.75 – 2.99 cumulative GPA & 3.0 semester GPA 72 attempted hour benchmark 96 attempted hour benchmark

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

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

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

Online Applications Ned McWherter Dependent Children Up to $6,000/ academic year February 15 29 ACT & 3.5 GPA* Dependent Children Award amount varies See brochure Dual Enrollment Grant High school juniors/seniors Contact institution *All courses calculated on a 4.0 scale per the Uniform Grading Policy

Other Aid Academic Common Market CSS Profile Fee Discount Program

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

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

State Aid HOPE Access Wilder- Naifeh TSAA $875 or $1,250 per semester 18 ACT & 2.75 GPA* & Parent AGI <=$36,000 Wilder- Naifeh $2,000 per academic year Certificate/ Diploma TCAT TSAA $1,000 – $4,000 per academic year 0 EFC March 1 *All courses calculated on a 4.0 scale per the Uniform Grading Policy

Paying for College College Scholarships Grants Loans You

Social Media Like us on Facebook at: Tennessee Student Assistance Corporation Follow us on Twitter: @TNFinancialAid Check out our website at: www.TN.gov/collegepays

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

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

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

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

Other high school websites 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 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) 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

HELP AND HINTS = YOUR FRIEND FAFSA HELP AND HINTS = YOUR FRIEND 2012-13 FAFSA on the Web Available now www.fafsa.gov (VERY IMPORTANT!) Priority deadline is as soon as possible after January 1, 2012!

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 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

FAFSA Investments Include Do NOT Include 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 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!

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.

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

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 $626 - $5,775 per academic yr 0 – 5198 EFC Need based FSEOG $100 - $4,000 per academic yr Exceptional financial need Work Study Amount Varies Typically paid to student

Federal Aid Subsidized Stafford 4.29% fixed Interest does not accrue Unsubsidized Stafford Interest does accrue Parent PLUS 6.84% fixed

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.

Award Letter Net Price $3,360 $18,851 $53,505 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 Inst/Private ??? Net Price $3,360 $18,851 $53,505 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 Inst/Private ???

Award Letter Net Price $8,932 $26,126 $60,780 5158 EFC; 3.0 GPA 2-yr Public 4-yr Public TN Private COA $12,635 $29,626 $64,280 Pell Grant $0 HOPE -$3,000 -$3,500 TN Promise -703 Inst/Private ??? Net Price $8,932 $26,126 $60,780 5158 EFC; 3.0 GPA 2-yr Public 4-yr Public TN Private COA $12,635 $29,626 $64,280 Pell Grant $0 HOPE -$3,000 -$3,500 TN Promise -703 Inst/Private ???