1 Applying for Financial Aid

2 What Will You Learn Today? Types and sources of financial aid Required financial aid application forms How to complete the Free Application for Federal Student Aid (FAFSA) Answers to your individual questions

3 Types of Financial Aid Gift Aid - Grants or scholarships that do not need to be repaid Work - Money earned by the student as payment for a job on or off campus Loans - Borrowed money to be paid back, usually with interest

4 Federal government State government Colleges and universities Private agencies, companies, foundations, and your parents’ employers Sources of Financial Aid

5 Federal Pell Grant Federal Supplemental Educational Opportunity Grant (SEOG) Teacher Education Assistance for College and Higher Education Grant (TEACH) MUST apply every year using the FAFSA! Federal Aid Programs

6 Largest Federal Grant Program Need-based award that does not have to be repaid Award amount based on enrollment status, COA and EFC Federal Pell Grant

7 Pell eligible students Need-based award that does not have to be repaid Targeted for neediest students Federal Supplemental Educational Opportunity Grant (SEOG)

GPA each term or qualifying score on admissions test Agree to teach full time for at least four years within eight years of graduation at school serving high percentage of low income students Must teach specific subject Grant funds become a Direct Unsubsidized Stafford loan if student does not fulfill teaching requirement TEACH Grant

9 Federal Perkins Loan Federal Work-Study Stafford Loans PLUS Loans Additional Federal Aid Programs

10 State Aid Programs Tennessee Student Assistance Award (TSAA) Hope Scholarship Hope Access Grant Wilder-Naifeh Technical Skills Grant

11 Tennessee Student Assistance Award (TSAA) Eligibility: TN residents, U.S. citizens pursuing first degree and enrolled at least half- time EFC – 0 to 2100 Submit FAFSA as soon as possible after January 1

12 Tennessee Student Assistance Award (TSAA) Award Amounts: $4,000 per year at eligible TN independent institutions; $2,000 per year at eligible four-year TN public institutions; $1,300 per year at eligible two-year TN public institutions; $1,000 per year at TN Technology Centers

13 HOPE Scholarship Eligibility: TN residents achieving 21 ACT composite OR 980 SAT (Math + Critical Reading) OR final cumulative 3.0 GPA (Homeschool and non-category 1, 2 or 3 private high school requirements are different) Submit FAFSA!

14 HOPE Scholarship Award Amounts: $4,000 per year at eligible four-year TN institutions; $2,000 per year at eligible two-year TN institutions

15 HOPE Access Grant Eligibility: 18, 19 or 20 ACT composite/ SAT (Math & Critical Reading) AND 2.75 – 2.99 final cumulative GPA AND parents’ or independent student’s (and spouse’s) adjusted gross income must be $36,000 or less on IRS tax form Nonrenewable after 24 attempted hours; however, may qualify for HOPE scholarship thereafter. Submit FAFSA!

16 HOPE Access Grant Award Amounts: $2,750 per year at eligible four-year TN institutions; $1,750 per year at eligible two-year TN institutions

17 Wilder-Naifeh Technical Skills Grant $2,000 per year at TN Technology Center (TTC) TN residents pursuing certificate or diploma program at a TTC Students may be eligible for HOPE Scholarship IF initially HOPE eligible and enroll at an eligible TN postsecondary institution within three years of completing a TTC diploma program Submit FAFSA!

18 State Aid – Programs Cont’d General Assembly Merit Scholarship Aspire Award HOPE Scholarship for Non- Traditional Students HOPE Foster Child Tuition Grant

19 State Aid – Programs Cont’d Dual Enrollment Grant – Deadlines Vary Ned McWherter Scholars Program - Deadline February 15 Robert C. Byrd Honors Scholarship Program - Deadline March 1 Dependent Children Scholarship Program - Deadline July 15 Minority Teaching Fellows Program (Loan Forgiveness) - Deadline April 15

20 State Aid – Programs Cont’d Helping Heroes Grant - Deadlines September 1 (Fall); February 1 (Spring); May 1 (Summer) TN Teaching Scholars Program (Loan Forgiveness) - Deadline April 15

21 State Aid - Programs TN Math & Science Teacher Loan Forgiveness Program - Deadlines September 1 (Fall); February 1 (Spring); May 1 (Summer) Graduate Nursing Loan Forgiveness Program - Deadline March 1 Rural Health Loan Forgiveness Program - Deadline September 1

22 Colleges & Universities Inquire about the availability of institutional scholarships and deadlines

23 Private Sources of Aid Foundations, businesses, charitable organizations Begin researching private aid sources early Deadlines and application procedures vary widely

24 FAFSA Information & Tips File as soon as possible Use estimated 2010 income information if 2010 taxes are not complete at time of FAFSA submission The student and at least one parent whose information is required must complete AND sign the FAFSA

25 FAFSA ON THE WEB Internet application used by students and parents to complete electronic FAFSA at Sophisticated on-line edits and skip logic so that errors are less likely to be made On-line help is available for each question Student and at least one custodial parent should get a federal PIN at

26 Federal PIN PIN (Personal Identification Number) serves as the electronic signature on ED documents Both student and at least one custodial parent need PIN to sign the FAFSA electronically May be used to: Check on FAFSA status Verify and correct FAFSA data Add additional schools to receive FAFSA data Change home and addresses If an address is provided, PIN will be ed to the PIN applicant within hours Apply for student and parent PINs at

27 Getting Ready Before starting the FAFSA, gather: Student driver’s license Student Alien Registration Card Student and Parent Social Security cards 2010 W-2 Forms and other records of money earned 2010 federal income tax form (even if not completed) Records of untaxed income Current bank statements Business, farm, and other real estate records Records of stocks, bonds, and other investments Create a file for copies of all financial aid documents submitted

28 Application Filing Tips FAFSA on The Web Gather necessary documents ahead of time Complete a FAFSA on the Web Worksheet available at Allow ample time to complete form for submission by deadline Check the FAFSA for accuracy prior to submission Save all work periodically Sign the application using student and at least one custodial parent’s PIN Print out a copy of the FAFSA before submitting data Keep a copy of the Submission Confirmation Page

29 What Happens Next? Students and the colleges the student listed receive Student Aid Report (SAR) from federal processor  Students and families review SAR for important information and accuracy of data  Colleges match admission records with financial aid applications and determine aid eligibility  Colleges mail notices of financial aid eligibility to admitted students who have completed all required financial aid forms

30 Student Aid Report (SAR) After the student completes the FAFSA on the Web, a SAR will be sent to the student An electronic SAR Acknowledgment will be sent if student provides an address A paper SAR will be mailed if no student address is provided An electronic copy of the data will be sent to each college or university listed by the student in Section 1 Keep a copy of the SAR with other financial aid documents

31 Special Circumstances Contact the Financial Aid Office if there are circumstances which affect a family’s ability to pay for college such as: Loss or reduction in parent or student income or assets Death or serious illness Natural disasters affecting parent income or assets Unusual medical or dental expenses not covered by insurance Reduction in child support or other untaxed benefits Financial responsibility for elderly grandparents Or any other unusual circumstances that affect a family’s ability to contribute to higher education

32 Summary of the Financial Aid Process Submit all required forms, including the FAFSA, by each college’s published deadlines Keep a copy of all forms submitted Review the electronic Student Aid Report (SAR) Acknowledgement or the paper SAR sent to the student Watch for financial aid award notifications from colleges to which the student has been admitted Be sure to apply for financial aid this year and every year as soon as possible after January 1 to receive the best financial aid award possible ASK QUESTIONS!

33 Questions and Answers