Understanding Financial Aid and College Costs
Explore financial aid terms, types, sources, and a senior year checklist for college planning. Learn about grants, scholarships, loans, work study, and more to help pay for higher education costs.
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Presentation Transcript
Financial Aid Terms COA cost of attendance; varies by institution CPoS college program of study; only coursework that counts towards your degree is eligible for financial aid 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 usernames/passwords created by student AND parent 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
Financial Aid money awarded or lent to students to help pay for their education
Cost of Attendance College Tuition Housing Books Other 2-yr Public 4-yr Public Private $5,000 $10,000 $0 $10,000 $1,500 $1,500 $3,500 $3,500 $40,000 $10,000 $1,500 $3,500 TOTAL* $10,000 $25,000 $55,000 *Estimated costs for one-year of college; check your prospective college s website for specific costs.
Types of Financial Aid 1. Scholarships free money awarded on ACT, GPA, or skill Renewable vs. Non-renewable Grants free money awarded on need Expected Family Contribution (EFC) Loans borrowed money that must be paid back with interest Work study earned money from on-campus employment 2. 3. 4.
Sources of Financial Aid College State Federal Private
Senior Year Checklist FALL SEMESTER Take and retake the ACT/SAT Apply to several colleges (admissions, scholarships, etc.) and search their websites to learn costs (COLLEGE) Complete TN Promise application by November 1, 2022 (STATE) Complete 2023-24 FAFSA (FEDERAL, STATE, COLLEGE, PRIVATE) SPRING SEMESTER Complete local/private scholarship applications (PRIVATE) Review college acceptances, compare financial aid packages, ask questions, and follow up as needed
2023-24 FAFSA Available October 1, 2022 at studentaid.gov Mobile app has been retired 2021 income/tax information 2-step authentication Priority deadline: March 1, 2023
Reasons for FAFSA Expected Family Contribution (EFC; 0 999,999) calculation HOPE Scholarship & TN Promise Student & PLUS loans Because the college said so (i.e. institutional aid)
FAFSA Checklist Student s Social Security number Parent(s) Social Security number(s) If a parent does not have a Social Security Number, enter 000-00-0000 Student s driver s license number if you have one 2021 tax information (including 2021 W-2, Schedule 1, and Schedule K-1 forms) for student and parent(s) Records of your untaxed income, such as child support Checking and savings (e.g. Money Market, CDs, etc.) account balances
FAFSA 3-step 1. Student will create a username/ password (FSA ID) at studentaid.gov. 2. Parent will create a username/password (FSA ID) at studentaid.gov. 3. FAFSA application 7 sections a. Student demographics, school selection, dependency (1, 2, 3) b. Parent demographic and financial information (4, 5) c. Student financial information (6) d. Sign & Submit (7)
Federal Student Aid Unsubsidized Student Subsidized Student Pell Grant Parent PLUS 0 6206 EFC Need based (2022-23) 4.99% fixed (2022-23) 4.99% fixed (2022-23) 7.54% fixed (2022-23) $3,447 per semester max (2022-23) Interest does not accrue initially Interest does accrue Interest does accrue Need Loan
TN 4-yr Public HOPE Scholarship Aspire HOPE Supplement GAMS TSAA HOPE Supplement 0 5846 EFC March 1 21 ACT/SAT or 3.0 GPA* Parents AGI $36,000 29 ACT/SAT & 3.75 GPA* $1,000 per semester $2,250/$2,850 per semester +$750 per semester +$500 per semester *All courses calculated on a 4.0 scale per the Uniform Grading Policy Need Merit
TN 4-yr Private HOPE Scholarship Aspire HOPE Supplement GAMS TSAA HOPE Supplement 0 5846 EFC March 1 21 ACT/SAT or 3.0 GPA* Parents AGI $36,000 29 ACT/SAT & 3.75 GPA* $2,000 per semester $2,250/$2,850 per semester +$750 per semester +$500 per semester *All courses calculated on a 4.0 scale per the Uniform Grading Policy Need Merit
TN Community College HOPE Scholarship Aspire HOPE Supplement GAMS TSAA HOPE Supplement 0 5846 EFC March 1 21 ACT/SAT or 3.0 GPA* Parents AGI $36,000 29 ACT/SAT & 3.75 GPA* $1,000 per semester $1,600 per semester +$250 per semester +$500 per semester *All courses calculated on a 4.0 scale per the Uniform Grading Policy Need Merit
TCAT Wilder- Naifeh TSAA Certificate/ Diploma TCAT 0 5846 EFC March 1 $667 per trimester $667 per trimester Need Merit
TN Promise Checklist Apply to the Tennessee Promise program at tnpromise.gov by November 1, 2022 Complete 2023-24 FAFSA at studentaid.gov by March 1, 2023 Attend mandatory meeting ascoordinated by partnering organization Complete and submit 8 hours of community service by July 1, 2023 (coordinated by partnering organization) *Promise allows students to attend a community college or TCAT tuition-free through a last dollar scholarship.
TN Promise Examples Student responsibilities: Books, food, online fees, other fees, gas, etc. TSAA $1,000 Promise $650 Tuition $2,250 Pell $3,447 Promise $2,250 HOPE $1,600 EFC 8000 GPA 3.25 EFC 8000 ACT 19; GPA 2.9 1 2 3 EFC 0 Need Merit
Other State Aid Ned McWherter Scholarship HOPE Foster Child Tuition Grant STEP UP Scholarship Dependent Children Scholarship
Rita.Turchetta@tn.gov tnpromise collegefortn.org
lori.mitchum@tn.gov 731-796-5008 tnpromise collegefortn.org
TNP Checklist (January enrollee) Apply to the Tennessee Promise program at tnpromise.gov by November 1, 2022 Complete 2022-23 FAFSA and 2023-24 FAFSA at studentaid.gov by March 1, 2023 Satisfy mandatory meeting requirement coordinated by partnering organization Complete and submit 8 hours of community service by April 1, 2023 (coordinated by partnering organization) *Promise allows students to attend a community college or TCAT tuition-free through a last dollar scholarship.
TN Reconnect* Checklist Complete the TN Reconnect application at tnreconnect.gov. Apply to community college, TCAT, or eligible TN Reconnect institution. Submit the appropriate FAFSA at studentaid.gov (deadline varies). Enroll in a degree or certificate program at least part-time (6+ hours). *Must be age 23 or independent student per FAFSA
