T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Financial Aid 101 Funding a College Education

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Senior Year Checklist F ALL S EMESTER  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 S PRING S EMESTER  Complete 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

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION 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

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Paying for College Income & Savings (43%)* Loans (27%) Grants/ Scholar- ships (30%)

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Financial Aid Sources Package InstitutionalPrivateFederalState

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Cost of Attendance Direct Costs TuitionFeesRoom & Board Indirect Costs BooksTravelPersonal

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Cost of Attendance 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 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$1,664VARIES Miscellaneous$400$3,886$3,720 COA$12,131$27,450$61,112

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION FAFSA FAFSA on the Web – Available January 1, 2015 – (VERY IMPORTANT!) – PRIORITY DEADLINE IS AS SOON AS POSSIBLE AFTER JANUARY 1, 2015!

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION 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 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

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION FAFSA Investments I NCLUDE  Rental property  Trust funds  Money market funds  Mutual funds  Certificates of deposit  Stocks  Stock options  529 college savings plans D O NOT I NCLUDE  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

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Federal Aid Pell $602 - $5,730 0 – 5157 EFC Need based FSEOG $100 - $4,000 Exceptional financial need Work Study Amount Varies Typically paid to student

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Federal Aid Subsidized Stafford 4.66% fixed Interest does not accrue Unsubsidized Stafford 4.66% fixed Interest does accrue Parent PLUS 7.21% fixed Interest does accrue

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION State Aid (2-yr) Hope Scholarship $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

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION TN Promise Checklist  Apply to the Tennessee Promise program at by November 1, 2014  Complete FAFSA at by February 15, 2015  Attend first mandatory meeting coordinated by a partnering organization by March 1, 2015  Attend second mandatory meeting coordinated by a partnering organization by May 31, 2015  Complete 8 hours of community service between January 1, 2015 – August 1, 2015

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION TN Promise ExamplesABC Tuition/Fees$4,000 Gift Aid-$5,730-$3,000$0 Gap$0$1,000$4,000 TN Promise$0$1,000$4,000 Tuition/Fees$0

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION State Aid (4-yr) Hope Scholarship $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

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION State Aid Hope Access $875 or $1,250 per semester 18 ACT & 2.75 GPA & Parents AGI <=$36,000 Wilder- Naifeh $2,000 Certificate/ Diploma TCAT TSAA $1,000 – $4,000 0 EFC FAFSA January

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Online Applications Ned McWherter Up to $6,000 February ACT & 3.5 GPA Dependent Children Award amount varies See brochure Dual Enrollment Grant High school juniors/seniors Contact institution

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Scholarship Search

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Social Media Like us on Facebook at: Tennessee Student Assistance Corporation Follow us on Check out our website at:

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Contact Info (c)

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION 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

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION ACT TEST DATEREGISTRATION DEADLINELATE FEE DEADLINE September 13, 2014August 8, 2014August 22, 2014 October 25, 2014September 19, 2014October 3, 2014 December 13, 2014November 7, 2014November 21, 2014 February 7, 2015January 9, 2015January 16, 2015 March 3, 2015**JUNIORS** SEE SCHOOL COUNSELOR April 18, 2015March 13, 2015March 27, 2015 June 13, 2015May 8, 2015May 22, 2015 ACT

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION SAT TEST DATEREGISTRATION DEADLINELATE FEE DEADLINE October 11, 2014September 12, 2014September 30, 2014 November 8, 2014October 9, 2014October 28, 2014 December 6, 2014November 6, 2014November 24, 2014 January 24, 2015December 29, 2014January 13, 2015 March 14, 2015February 13, 2015March 3, 2015 May 2, 2015April 6, 2015April 21, 2015 June 6, 2015May 8, 2015May 27, 2015 SAT

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Private Aid School counselor Other high school websites

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION FAFSA FAFSA on the Web – Available now – (VERY IMPORTANT!) – PRIORITY DEADLINE IS AS SOON AS POSSIBLE AFTER JANUARY 1, 2012!

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Student Demographics Last Name, First Name, SSN – must match social security card Length of residency question – leave blank if you prefer to receive information by postal mail Selective Service – males only; register me Grade level – never attended college/1 st yr. Degree – 1 st bachelor’s degree, associate degree, certificate or diploma Work-study – yes

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION 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

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION 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, 1 st initial of 1 st name, SSN – must match social security card Length of residency question # in college – do not include your parents in this number

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Financial Information 2014 IRS tax return – already completed, will file, or not going to file Will file – 2013 tax return, 2014 W-2 forms, or last pay stub Income tax – amount paid; should not be the same as the AGI IRS Data Retrieval Tool – once 2014 tax return is completed, return to FAFSA to make corrections; tax information imported directly from IRS; simplifies verification

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Sign & Submit Preparer – no Sign electronically – student and parent must each create PIN; may be identical I Forgot/Don’t Know My PIN – challenge question (what city were you born in); case sensitive Terms of Agreement – agree SUBMIT MY FAFSA NOW – see I promised it wasn’t that bad!

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Confirmation Pell Grant estimate (0 – 5157 EFC) and info on student loan eligibility Detailed college information (grad, retention, and transfer rates) Begin a new application with parents’ info link

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Student Aid Report Notification of FAFSA processing results via e- mail (if provided on FAFSA) or paper (if 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

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION 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.

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION HOPE Renewal 2.75 cumulative GPA 24 attempted hour benchmark 2.75 cumulative GPA 48 attempted hour benchmark 3.0 cumulative GPA or 2.75 – 2.99 cumulative GPA & 3.0 semester GPA 72 attempted hour benchmark 3.0 cumulative GPA or 2.75 – 2.99 cumulative GPA & 3.0 semester GPA 96 attempted hour benchmark

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION 0 EFC; 3.0 GPA2-yr Public4-yr PublicTN Private COA$12,131$27,450$61,112 Pell Grant-$5,730 HOPE/Aspire-$3,500-$5,000 Institutional??? Private??? Award Letter 0 EFC; 3.0 GPA2-yr Public4-yr PublicTN Private COA$12,131$27,450$61,112 Pell Grant-$5,730 HOPE/Aspire-$3,500-$5,000 Institutional??? Private??? Net Price$2,901$16,720$50,382

T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Award Letter 5158 EFC; 3.0 GPA 2-yr Public4-yr PublicTN Private COA $12,131$27,450$61,112 Pell Grant$0 HOPE -$3,000-$3,500 TN Promise -607$0 Inst/Private??? 5158 EFC; 3.0 GPA 2-yr Public4-yr PublicTN Private COA$12,131$27,450$61,112 Pell Grant$0 HOPE-$3,000-$3,500 TN Promise-607$0 Inst/Private??? Net Price$8,524$23,950$57,612