1. What does financial aid mean for my student?
Finding the right sources and schools for every student’s needs

2. 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

3. What is Financial aid? SCHOLARSHIPS (free funds with requirements)
Funds awarded based on merit or talent
Must meet eligibility requirements
Most require separate applications (with early deadlines)
Largest awards often come directly from colleges
GRANTS (free funds based on need)
Often come from government entities
Some colleges offer grants
Most require completion of FAFSA
LOANS (funds must be repaid with interest)
Federal loans offered to students and parents
require completion of FAFSA
Private loans offered by outside institutions/banks

4. Applying for Financial Aid
1st Semester Senior Year
2nd Semester Senior Year
National Scholarships
From businesses, civic organizations, private donors
FAFSA (free to apply)
State & Federal Aid, including scholarships, awards, grants, loans and more
Institutional Scholarships
From the colleges and universities
Most require additional applications, some automatically review upon acceptance
Local Scholarships
From local and regional Community Organizations
CSS Profile ($25 to apply)
Only used by certain selective colleges
Institutional Scholarships
From the colleges and universities

5. What is “Need-Based” aid?
Aid that requires a certain adjusted gross income amount (primarily less than $36,000 for TN state aid, sometimes more depending on your financial circumstances)
Determined through the FAFSA
Issued through grants, awards, work-study and loan

6. Campus-based or Institutional Aid
Need- Based Aid
Federal Aid
Pell Grant
Federal Loans
Unsubsidized ($3,500)
Student must pay interest immediately upon taking loan
Subsidized ($2,000)
Government pays interest while student is enrolled in school
Campus-based or Institutional Aid
Work-study
SEOG (Supplemental Educational Opportunity Grant)
Perkins Loans
Amounts vary depending on college

7. Different Types of Scholarships
No such thing as “Free” money when it comes to scholarships
Most require you attend a banquet, orientation or photo opportunity
Many require you maintain
A certain GPA
Full-time student status (12 or more credits each semester)

8. Different Types of Scholarships
One –time
good for payment in the fall when you first enroll
One year
good for payment towards the first year of college
Renewable
upon maintenance of requirements, students can reapply each year to keep getting the scholarship for several years (usually 4 years)

9. Please do NOT pay to complete this form!
FAFSA
FREE APPLICATION FOR FEDERAL STUDENT AID
FREE
Please do NOT pay to complete this form!
The FAFSA is the application for many types of aid
Seniors can only complete the FAFSA beginning October 1 of Senior year to apply for financial aid to Fall Semester following graduation.

10. What does the FAFSA do? Pell Grant Federal Student Loans
STATE AID
FEDERAL AID
TELS (TN Educational Lottery Scholarships)
HOPE, HOPE Access
up to $3,500 freshman year
GAMS, Aspire
TSAA (TN Student Assistance Award)
up to $4,000 freshman year based on EFC & early submission of FAFSA
TN Promise
Only good for 2 year degrees
Last dollar scholarship only
May or may not even be applied
Pell Grant
up to $5,750 based on EFC
Federal Student Loans
Unsubsidized
Subsidized
up to $5,500 freshman year
Campus-based Aid
Work-study
SEOG (Supplemental Educational Opportunity Grant)
Perkins Loans

11. Dependent or independent?
So you don’t plan to or think you can help your student pay for college? Do you still have to assist with the FAFSA?
YES YOU DO
Dependent or independent?
A student is “dependent” upon the parent whom supports him/her 51% of the time until age 24
UNLESS STUDENT
Gets married
Has a child he/she supports
Is or has been a ward of the state

12. Dependency ?s 24 or older? Married? Master’s or Doctorate?
U.S. Armed Forces?
Veteran?
Children/dependent receiving ½ their support from you?
Since you turned 13, were both parents deceased, foster care, or ward of the court?
Emancipated?
Legal guardianship?
Unaccompanied youth who was homeless?

13. FAFSA 101 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
Dependency status – see “Do I Have To Provide My Parents’ Info On The FAFSA” infographic

14. FAFSA 101
The following people are NOT your parents unless they have legally adopted you…
Widowed Stepparent
Grandparents
Foster Parents
Legal Guardians
Older Brothers or Sisters
Aunts or Uncles

15. FAFSA 101 Parents who do NOT possess valid SSNs…
Will NOT be able to create FSA IDs
Will enter as their SSNs on the FAFSA
Must select “print a signature page” option, print, sign, and then mail the signed page for student’s FAFSA to process

16. FAFSA 101

17. FSA ID
Student and parent should keep record of usernames, passwords, and challenge question answers

18. *Required
*Click Show Text

19. 2018-19 FAFSA Available October 1, 2018
(VERY IMPORTANT!)
Students AND parents possessing valid Social Security Numbers must create FSA ID usernames/passwords (fsaid.ed.gov) to sign electronically
Most students and parents will submit FAFSA using IRS Data Retrieval Tool to upload 2017 tax information

20. FAFSA Checklist (18)
Student’s Social Security Number and alien registration card (if applicable)
Parent(s)’ Social Security Number(s)
Student’s driver’s license number
2017 tax information for student and parent(s)
Records of 2017 untaxed income, such as child support and veterans noneducation benefits
Information on checking and savings account balances; investments; and business and farm assets

21. FAFSA 101
A student must possess a valid SSN and be a U.S. citizen or an eligible noncitizen as defined by FAFSA…
A U.S. permanent resident, with a Permanent Resident Card (I-551), or a conditional permanent resident with a Conditional Green Card (I-551C)
Other eligible noncitizen with an Arrival-Departure Record (I-94) from the Department of Homeland Security showing any one of the following designations: “Refugee,” “Asylum Granted,” “Parolee” (I- 94 confirms that you were paroled for a minimum of one year and status has not expired), T-Visa holder (T-1, T-2, T-3, etc.), or “Cuban-Haitian Entrant”
The holder of a valid certification or eligibility letter from the Department of Health and Human Services showing a designation of “Victim of human trafficking”
A resident of the Republic of Palau (PW), the Republic of the Marshall Islands (MH), or the Federated States of Micronesia (FM)
A Canadian-born Native American under terms of the Jay Treaty

22. FAFSA 101
A student will NOT qualify for federal or state aid if he or she has…
Been granted Deferred Action for Childhood Arrivals (DACA)
A F1 or F2 student visa
A J1 or J2 exchange visitor visa
A G series visa (pertaining to international organizations)
Other categories not included under U.S. citizen and eligible noncitizen

23. IRS Data Retrieval Parents who do NOT possess valid SSNs…
Will NOT be able to create FSA IDs
Will enter as their SSNs on the FAFSA
Must select “print signature page,” sign and date, and mail the signed page for student’s FAFSA to process

24. IRS Data Retrieval

25. IRS Data Retrieval Parents who do NOT possess valid SSNs…
Will NOT be able to create FSA IDs
Will enter as their SSNs on the FAFSA
Must select “print signature page,” sign and date, and mail the signed page for student’s FAFSA to process

26. Verification
Verification is the process by which the federal government asks students and their parents for additional information to verify the accuracy of FAFSA information.
If you are selected for verification, you are not alone!
About 30% of students are chosen to complete this process.

27. IRS Data Retrieval
Who may not be able to use IRS Data Retrieval Tool if the following applies to them
Filed taxes as married filing separately
Married and filed taxes as Head of Household
Filed an amended tax return
The address on the FAFSA is different from the address on your tax return
Current marital status is different than it was the previous year
Filed a Puerto Rican or foreign tax return
Parent marital status is “unmarried and both parents living together”

28. Student Aid Report
Notification of FAFSA processing results via (if provided on FAFSA) or paper (if not provided on FAFSA) or login to
Review data for accuracy
SAR will also indicate whether the student has been selected for verification

29. TN Private; Out of State
Cost of Attendance
2-yr Public
4-yr Public
TN Private; Out of State
Tuition/Fees
$3,853
$11,246
$43,838
Room/Board
$7,200
$10,296
$14,382
Books/Supplies
$1,400
$1,582
$1,370
Transportation
$2,200
$1,664
VARIES
Miscellaneous
$1,450
$4,002
$2,730
COA
$16,103
$28,790
$62,320

30. Together, we will do our best to get acceptances And scholarships