1. Financial Aid 101
Paying for College

2. Jason.Seay@TN.gov 615.253.7459 (o) 615.319.1740 (c)
Contact Info
(o)
(c)

3. 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 FAFSA available January 1, 2016
Complete local/private scholarship applications
Review college acceptances, compare financial aid packages, ask questions, and follow up as needed

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
$3,801
$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

5. 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

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

7. FAFSA 2012-13 FAFSA on the Web Available now
(VERY IMPORTANT!)
Priority deadline is as soon as possible after January 1, 2012!

8. FAFSA 2016-17 FAFSA on the Web Available January 1, 2016
(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 tax return, 2015 W-2 information, or last paystub)

9. 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

10. TN Promise Checklist
Apply to the Tennessee Promise program at by November 2, 2015
Complete FAFSA at by February 15, 2016
Attend two mandatory meeting in the spring as coordinated by tnAchieves
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

11. 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

12. 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

13. Other Aid
Academic Common Market
CSS Profile
Fee Discount Program

14. Jason.Seay@TN.gov 615.253.7459 (o) 615.319.1740 (c)
Contact Info
(o)
(c)

15. 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

16. 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

17. 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

18. 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

19. 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

20. Paying for College
College
Scholarships
Grants
Loans
You

21. Social Media
Like us on Facebook at: Tennessee Student Assistance Corporation Follow us on Check out our website at:

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

23. 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

24. **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

25. 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

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

27. FAFSA 2012-13 FAFSA on the Web Available now
(VERY IMPORTANT!)
Priority deadline is as soon as possible after January 1, 2012!

28. 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 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

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

30. 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/1st yr.
Degree – 1st bachelor’s degree, associate degree, certificate or diploma
Work-study – yes

31. 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

32. 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

33. 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

34. 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

35. 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!

36. 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.

37. 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

38. Student Aid Report
Notification of FAFSA processing results via (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

39. Federal Aid Pell FSEOG Work Study $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

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

41. 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.

42. 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
???

43. 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; 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
???