Financial Aid Awareness Allison Linna Financial Aid Coordinator The information provided is accurate as of September, 2015 for the University of Memphis and may be subject to change. Also, the information may vary for other schools. Check myMemphis Often!!

FAFSA vs CSS FAFSA (Free Application for Federal Student Aid) Application for federal and state funds Required by most state and private universities Free CSS (College Scholarship Service Profile) Application for nonfederal financial aid and/or scholarships Required by some private universities Not Free

Create username/password via https://fsaid.ed.gov FAFSA.gov Create username/password via https://fsaid.ed.gov Academic Year Submit the FAFSA Using Tax Information 2015-2016 January 1, 2015 2014 2016-2017 January 1, 2016 2015 2017-2018 October 1, 2016 Check myMemphis Often!!! Check myMemphis Often!!

Questions on the FAFSA As of today, what is the marital status of your legal parents? Never married Unmarried and both parents living together Married or remarried Divorced or separated Widowed

Questions on the FAFSA I’ve included this slides to let you know that the helpful hints will tell you what to include and exclude Check myMemphis Often!!

Don’t Worry – You can Correct the FAFSA through the IRS Data Retrieval Check myMemphis Often!!

http://www.irs.gov/Individuals/Get-Transcript

Financial Aid Available through the FAFSA Grants Federal Pell Grant Federal Supplemental Educational Opportunity Grant (SEOG) Tennessee Student Assistance Award (TSAA) Federal Work Study Federal Student Loans Subsidized Unsubsidized Parent Loan for Undergraduate Students (PLUS) Scholarships HOPE Lottery Check myMemphis Often!!! Check myMemphis Often!!

What You Should Know About Student Loans: They Must Be Paid Back! Type of Loan Need Based Required Enrollment Interest Rate Interest Accrual Grace Period Subsidized Loan Yes At least six hours 4.29%* Interest free while in school 6 months Unsubsidized Loan No Not Interest free while in school Parent Plus for UG Students *Apply via studentloans.gov and undergo a credit check At least six hours 6.84%* NA *The parent can apply for in-school deferment Student is the borrower Parent is the borrower

Private companies that purchase student loan debt. Visit https://nslds.ed.gov to find out who purchased your loan.

Loan Repayment Examples Total Borrowed $15,000 $40,000 Monthly Payment $173 $460 Total Owed/Paid $20,714 $55,239 This example is based on a standard repayment plan for undergraduate or graduate borrowers at a 6.8% interest rate with 120 monthly payments. (Source: studentaid.ed.gov) You are NOT required to take out the maximum amount of loans Visit nslds.ed.gov to monitor your loans Stafford loans have variable interest rates, but they are capped at 8.25% (changes July 1 of every year) A dependent student can only borrow 31,000 in their lifetime and an independent student 57,500

Tennessee Student Assistance Corporation Mission Statement of the Tennessee Student Assistance Corporation Provide financial assistance for post-secondary educational opportunities to Tennessee residents and other students who have established eligibility in accordance with program guidelines http://www.tn.gov 1.800.342.1663

HOPE Lottery Scholarship Requirements File FAFSA Be a Tennessee Resident Graduate from a TN high school Have a 21 on ACT (980 on SAT) or Have a 3.0 GPA $1,750 per semester 4-year institutions $1,500 per semester for 2-year institutions Check myMemphis Often!!! Check myMemphis Often!!

Other TSAC Awards HOPE Access Grant weighted 2.75 – 2.99 GPA AND 18 – 20 ACT/SAT 860-970 Parents’ AGI must be $36,000 or less Can upgrade into the Hope Scholarship if the requirements are maintained $1,250 per semester at 4-year eligible postsecondary institutions $875 per semester 2-year eligible postsecondary institutions

Other TSAC Awards Tennessee Student Assistance Award (Grant) Four-year public $2,000/year Two-year public $1,300/year Career Schools $2,000/year TCAT $1,000/year Expected Family Contribution (EFC) of 2100 or less

Other TSAC Awards Aspire Award General Assembly Merit Scholarship Must meet HOPE Scholarship requirements AGI of $36,000 or less on tax form $750 per semester for 4-year institutions $250/semester for 2-year institutions General Assembly Merit Scholarship 3.75 GPA AND 29 ACT/SAT 1280 Up to $500 per semester

Other TSAC Awards WILDER-NAIFEH TECHNICAL SKILLS GRANT Up to $2,000/year Enroll in a certificate or diploma program at a TCAT May be eligible for Tennessee HOPE Scholarship if student is initially HOPE eligible and enrolls at an eligible postsecondary institution within 3 years of completing a diploma program at a TCAT

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 first mandatory meeting coordinated by a partnering organization by March 1, 2016 Attend second mandatory meeting coordinated by a partnering organization by May 31, 2016 Complete 8 hours of community service starting Nov. 3rd thru Aug.1st Complete financial aid verification by July 15th

U of M Academic Scholarships Admitted before December 1 School application is the scholarship application for Academic Scholarships www.apply.memphis.edu Meet GPA and ACT/SAT requirements by December 1 priority consideration date Send transcript from Junior year and ACT/SAT scores to school Last test date: ACT December 12; SAT December 5 School Code 003509

GPA and ACT/SAT Requirements Merit Scholarship $9,700/yr Awarded to all National Achievement finalists listing U of M as their first choice Presidential Scholarship $6,000/yr 30 ACT/1330 SAT and a 3.5 GPA Provost’s Scholarship $4,000/yr 28 ACT/ 1250 SAT and a 3.25 GPA Deans Scholarship $3,000/yr 25 ACT/ 1130 SAT and a 3.0 GPA Valedictorian Scholarship $1,000/yr Must rank number one in class Must meet admission requirements Can add to other academic scholarship http://www.memphis.edu/scholarships

Competitive Scholarships The Emerging Leaders Scholarship* Separate application $5,500 per year 21 ACT/ 980 SAT 3.0 GPA Admitted before February 1 Deadline Memphis Advantage $4,000 per year 20 ACT/940 SAT AGI $80,000 Minority, First Generation, or Resident of listed rural county First Scholars Program* Separate application $5,000 per year Admitted before February 1 Deadline Open to incoming freshmen whose parents did not graduate from college or did not finish college Complete the FAFSA by February 1 *Main Campus Only http://www.memphis.edu/scholarships

Competitive Transfer Scholarships Community College Transfer Scholarship Separate application $3,000 per year Must obtain an Associate Degree from a Tennessee Community College (or border county) Transfer GPA of 3.25 Deadline for Fall semester - April 1 Deadline for Spring semester - December 1 University Transfer Scholarship Separate application $3,000 per year 25 ACT/1130 SAT High school GPA of 3.00 Transfer GPA of 3.00 Deadline for Fall semester - April 1 Deadline for Spring semester - December 1

Tiger Scholarship Manager Departmental/Private Scholarships Log into myMemphis Click Account$ tab Bottom right hand side, click “Tiger Scholarship Manager” Opens every November - January

Stack Scholarships/Awards Per Year Scholarship Award Example Pell Grant $5,775 Band Sch. $1,000 Outside Sch $500 Provost Sch $4,000 Hope Sch. $3,500 Total $14,775

Example #1 (Off-Campus Student) Semester Estimate Costs Awards Tuition $4,634 HOPE $1,750 Dining $ 300 Pell Grant $2,887 Total $4,934 Total $4,637 Balance Owed: $297

Example #2 (On-Campus Student) Semester Estimate Costs Awards Tuition $4,634 HOPE $1,750 Dining Dollars $300 Pell Grant $2,887 Dorm/Meal Plan $3,500 Total: $4,637 Total: $8,434 Balance Owed: $3,797

Example #3 (On-Campus Out of State Student) Semester Estimate Costs Awards Tuition $10,500 Hope $1,750 Dorm $ 3,500 Pell Grant $2,887 Total: $14,000 Total: $2,887 Balance Owed: $11,113

Contact Information Allison Linna Financial Aid Coordinator (901) 678-3680 allinna@memphis.edu The information provided is accurate as of September, 2015 for the University of Memphis and may be subject to change. Also, the information may vary for other schools.