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

2. T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Understanding the Language Cost of Attendance Vs. Cost of Tuition Meal Plans Parking fees Books & Supplies Transportation Technology Fees Etc. Tuition-per credit hour fee to take a class Can include Room & Board

3. T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Cost of Attendance 2-yr Public 4-yr Public TN Private; Out of State Tuition/Fees $3,703$11,246$43,838 Room/Board $10,296$14,382 2-yr Public 4-yr Public TN Private; Out of State Tuition/Fees $3,703$11,246$43,838 Room/Board$4,180 $10,296$14,382 Books/Supplies$1,200$1,582$1,370 Transportation$3,024$1,664VARIES Miscellaneous$400$4,002$2,730 COA$12,507$28,790$62,320

4. T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Funding types  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  Work study – money received from on campus employment

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

6. T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Federal Aid Pell $602 - $5,775 0 – 5157 EFC Need based FSEOG $100 - $4,000 Exceptional financial need Work Study Amount Varies Typically paid to student

7. 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

8. 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 *All courses calculated on a 4.0 scale per the Uniform Grading Policy

9. 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 *All courses calculated on a 4.0 scale per the Uniform Grading Policy

10. T ENNESSEE S TUDENT A SSISTANCE C ORPORATION State Aid HOPE Access $875 or $1,250 per semester 18 ACT & 2.75 GPA* & Parent AGI <=$36,000 Wilder- Naifeh $2,000 Certificate/ Diploma TCAT TSAA $1,000 – $4,000 0 EFC FAFSA January *All courses calculated on a 4.0 scale per the Uniform Grading Policy

11. T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Separate Online Applications Ned McWherter Up to $6,000 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

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13. TN Promise ExamplesABC Tuition$4,000 Pell/TELS/TSAA -$5,730-$3,000$0 Gap $0$1,000$4,000 TN Promise$0 Tuition$0 $1,000 $0 $4,000 $0

14. T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Tennessee Promise Timeline Fall 2016 –Tennessee Promise cohort begins classes August 1 – Complete 8 hours of community service By March 1 & May 31 – Mandatory partnering organization meetings February 15 – FAFSA deadline November 2 – Tennessee Promise application deadline

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17. TNPromise.gov

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20. FAFSA-the financial aid Gateway 2016-17 FAFSA on the Web – Available January 1, 20156 – www.fafsa.gov (VERY IMPORTANT!) – PRIORITY DEADLINE IS AS SOON AS POSSIBLE AFTER JANUARY 1, 2016!

21. T ENNESSEE S TUDENT A SSISTANCE C ORPORATION FAFSA terms EFC – expected family contribution; number derived from the FAFSA and used to determine need based aid eligibility FAFSA Estimation–complete the FAFSA using previous year taxes to meet deadlines FSA-ID- username and password created to access FAFSA application SAR – student aid report; summary of FAFSA information Verification – random “audit” of FAFSA

22. T ENNESSEE S TUDENT A SSISTANCE C ORPORATION FAFSA 2012-13 FAFSA on the Web – Available now – www.fafsa.gov (VERY IMPORTANT!) – PRIORITY DEADLINE IS AS SOON AS POSSIBLE AFTER JANUARY 1, 2012!

23. 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  2015 tax information for student and parent(s) To complete and submit FAFSA in January, use estimated tax information (i.e. 2014 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

24. T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Student Demographics Last Name, First Name, SSN – must match social security card Length of residency question E-mail – 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

25. 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

26. 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

27. 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

28. 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

29. 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!

30. 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

31. 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 e-mail 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

32. T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Social Media Like us on Facebook at: Tennessee Student Assistance Corporation Follow us on Twitter: @TNFinancialAid Check out our website at: www.TN.gov/collegepays

33. T ENNESSEE S TUDENT A SSISTANCE C ORPORATION Contact Info Erika.Adams@TN.gov 615.417.0355 (c) Twitter:@erikaadams40