1. Financial Aid

2. What is Financial Aid? Grants Scholarships Loans
Employment Opportunities

3. Primary Sources of Aid
Federal
State
Institutional
Private

4. Two Categories of Aid Merit-based Need-based
Determined by your academic, artistic, or athletic merit
Grades, test scores, hobbies, and special talents determine eligibility for scholarships
Need-based
Determined by your financial situation
Most government sources of financial aid
Merit – depends on your academic, artistic, or athletic merit; does not depend on the existence of financial need. Use grades, test scores, hobbies and special talents to determine eligibility for scholarships.
Need – Financial aid that is need-based depends on your financial situation. Most government sources of financial aid are need-based.

5. Types of Merit-Based Aid
Institutional Scholarships
Institutional Grants
Athletic Scholarships
Private Scholarships

6. Private Scholarships Check with local clubs/organizations
Parent’s employers
Local newspaper
Local libraries
High school guidance counselors
Web –
www2.tusculum.edu/blogs/faid/
Student’s responsibility
Start applying early!!

7. Types of Need-Based Aid
Gift Aid
Grants
Scholarships
Self-Help Aid
Low-interest loans
Part-time student employment

8. Gift Aid Grants Scholarships Federal State Institutional Private State
Pell Grant
SEOG
ACG
State
TSAA
Institutional
Private
Scholarships
State
TN Lottery
Institutional
Private
Gift aid simply means that this is financial aid that does not have to be paid back.

9. Federal Pell Grant Undergraduates pursuing first bachelor’s degree
Amount based on COA, enrollment status, and EFC
Can be used at any school
Amounts vary from year to year

10. Federal Supplemental Educational Opportunity Grant
SEOG
Eligible students
Undergraduates pursuing first bachelor’s degree
Awarded first to students with exceptional financial need (i.e., student with the lowest EFCs at that school)
Priority to Federal Pell Grant recipients
Awards based on funding availability
Annual award amounts
Up to $1,000 maximum

11. Academic Competitiveness Grant
ACG
U.S. Citizens
Federal Pell Grant recipient
First or second academic year student
Full-time enrollment
No specific major required
Have graduated from a rigorous secondary school program of study after 1/1/06
First academic year: up to $750
Second academic year: up to $1,300

12. Tennessee Student Assistance Award
TSAA
State-funded grant
Need-based grant
Must be a TN resident
Pursuing first undergraduate degree
Full-time/part-time student
FAFSA data transmitted to State for consideration
Priority deadline: February 15

13. Tennessee Education Lottery Scholarship
TN HOPE Scholarship
$4,000 for 4 year institution
$2,000 for 2 year institution
Must be a TN resident
Must graduate from a TN high school
GPA or test scores
21 ACT or 980 SAT
3.0 GPA (final cumulative)

14. Tennessee Education Lottery Scholarship
HOPE Access Grant
Student must have graduated from an eligible TN high school after January 1, 2004
GPA AND test scores
Final cumulative GPA of at least 2.75 AND
Composite ACT score of at least 18 or a combined SAT score of at least 860 AND
Have an adjusted gross income less than or equal to $36,000
Not eligible for Tennessee HOPE Scholarship
May become eligible for HOPE Scholarship

15. Tennessee Education Lottery Scholarship
General Assembly Merit Scholarship
$1,000 supplement
3.75 GPA final cumulative AND 29 ACT or 1280 SAT
Aspire Award
$1,500 supplement
Meet HOPE requirements and parents’ AGI $36,000 or less on tax form
May receive GAMS or Aspire, but not both

16. Financial Aid Application Deadline
FAFSA
Free Application for Federal Student Aid
Secure government website:
Not Google site
Family’s personal and financial information is collected on FAFSA
Used to calculate EFC based on federal methodology
EFC is Expected Family Contribution
Comes from result of FAFSA called Student Aid Report (SAR) sent to student’s home and schools selected by student
Financial Aid Application Deadline
*** 2/15/08 ***

17. PIN Personal Identification Number Used to sign the FAFSA
Student needs a PIN
One parent needs a PIN
Secure government website:
You can apply for your PIN tonight!

18. Financial Aid Application Deadline
College Goal Sunday
February 10, 2008
Fill out your FAFSA with financial aid professionals
Many locations available
Sign up at:
Financial Aid Application Deadline
*** 2/15/08 ***

19. General Helpful Terms
Tuition: The cost a school charges for educational charges
Room: The cost of your residence space
Board: The cost of your food
Comprehensive Fee: The entire cost for college, including all fees, such as parking, laundry, technology, etc.
Award Letter: The document sent to a student from a financial aid office of a college with that school’s offer of financial aid.
The financial aid office helps finance the education, the business office bills a student and collects payments.

20. Questions???

21. Thank you!
Jacquelyn D. Elliott Tusculum College Office of Financial Aid & Student Campus Employment ext