1. Funding a College Education
Financial Aid 101
Funding a College Education

2. 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

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

4. 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

5. Financial Aid Sources
Package
Institutional
Private
Federal
State

6. 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

7. Other high school websites
Private Aid
School counselor
Other high school websites

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

9. 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

10. 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

11. TN Promise Checklist
Apply to the Tennessee Promise program at by November 1, 2016
Complete FAFSA at 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

12. 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

13. 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

14. 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