College Financial Planning Workshop I: FAFSA and Financial Aid 101 Glow Foundation 2010.
Financial Aid 101...FINANCIAL AID 101 Contact Info [email protected] 615.478.5584 Paying for...
Transcript of Financial Aid 101...FINANCIAL AID 101 Contact Info [email protected] 615.478.5584 Paying for...
Funding a College Education
Tennessee Student Assistance Corporation
FINANCIAL AID 101
Contact Info [email protected]
615.478.5584
Paying for College
College
Scholarships
Grants
You
(savings account, student loans, or
a 529 plan)
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Financial Aid Sources
Institutional (College)
Federal (Pell Grant)
State (HOPE)
Miscellaneous (Local)
TENNESSEE STUDENT ASSISTANCE CORPORATION
The FAFSA (Free Application for Federal Student Aid) is a federal form used to determine student eligibility for the following: • Federal programs, such as Pell Grants, work-study, and student loans. • State programs, such as Tennessee Education Lottery Scholarships, and other special
programs such as need-based grants and scholarships.
Free Application for Federal Student Aid
TENNESSEE STUDENT ASSISTANCE CORPORATION
TENNESSEE STUDENT ASSISTANCE CORPORATION
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!
TENNESSEE STUDENT ASSISTANCE CORPORATION
2017-18 FAFSA • Available October 1, 2016 (NEW)
• www.fafsa.gov (VERY IMPORTANT!)
• Student and parent will submit FAFSA using IRS Data Retrieval Tool to upload 2015 (prior-prior) tax information
TENNESSEE STUDENT ASSISTANCE CORPORATION
Reasons for Change • Certainty
• No need to estimate tax info
• IRS Data Retrieval Tool available immediately
• Earlier receipt of Expected Family Contribution (helps with assessing net costs)
• Less Pressure
• More time before state and school deadlines
• More time to compare schools before College Signing Day
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The FSA ID is a username and password used by students, parents, and borrowers to: • login to U.S. Department of Education websites • electronically sign documents Student AND parent will create FSA ID usernames/passwords (fsaid.ed.gov) to sign electronically
FSA ID
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TENNESSEE STUDENT ASSISTANCE CORPORATION
*Required
TENNESSEE STUDENT ASSISTANCE CORPORATION
mm/dd/yyyy
TENNESSEE STUDENT ASSISTANCE CORPORATION
FSA ID • Student and parent should keep
record of usernames, passwords, and challenge ? answers
TENNESSEE STUDENT ASSISTANCE CORPORATION
Federal Aid
Pell
$598 - $5,815
(2016-17)
0 – 5234 EFC Need based (2016-17)
FSEOG
$100 - $4,000
Exceptional financial
need
Work Study
Amount Varies
Typically paid to student
TENNESSEE STUDENT ASSISTANCE CORPORATION
Federal Aid Subsidized
Stafford
3.76% fixed (2016-17)
Interest does not accrue
Unsubsidized Stafford
3.76% fixed (2016-17)
Interest does accrue
Parent PLUS
6.31% fixed (2016-17)
Interest does accrue
State Aid
TENNESSEE STUDENT ASSISTANCE CORPORATION
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
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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
State Aid (4-yr)
*All courses calculated on a 4.0 scale per the Uniform Grading Policy
TENNESSEE STUDENT ASSISTANCE CORPORATION
HOPE Renewal
• 2.75 cumulative GPA 24 attempted
hour benchmark
• 2.75 cumulative GPA 48 attempted
hour benchmark
• 3.0 cumulative GPA or
• 2.75 – 2.99 cumulative GPA & 3.0 semester GPA
72 attempted hour benchmark
• 3.0 cumulative GPA or
• 2.75 – 2.99 cumulative GPA & 3.0 semester GPA
96 attempted hour benchmark
TENNESSEE STUDENT ASSISTANCE CORPORATION
State Aid HOPE Access
$875 or $1,250 per semester
18 ACT & 2.75 GPA* & Parent AGI <=$36,000
TSAA
$1,000 – $4,000 per
academic year
0 – 2100 EFC January 17
Ned McWherter
Up to $6,000/ academic year
29 ACT & 3.5 GPA
February 15
TENNESSEE STUDENT ASSISTANCE CORPORATION
• High school seniors in Tennessee may apply for the Tennessee Promise scholarship • Two years of tuition-free attendance at a community or technical college in Tennessee • Last-dollar scholarship, meaning it will cover costs of tuition and mandatory fees not
met from Pell, HOPE, or state assistance awards. • Students will be paired with a partnering organization and provided with a mentor
who will support them during the college application process.
TENNESSEE STUDENT ASSISTANCE CORPORATION
TENNESSEE STUDENT ASSISTANCE CORPORATION
TN Promise Checklist Apply to the Tennessee Promise program at
www.TNPromise.gov by November 1, 2016
Complete 2017-18 FAFSA at www.FAFSA.gov by January 17, 2017
Attend two mandatory meeting in spring 2017 as coordinated by tnAchieves
Complete 8 hours of community service between November 2, 2016 – July 1, 2017
Students selected for FAFSA verification must submit material to the college by July 15, 2017
TENNESSEE STUDENT ASSISTANCE CORPORATION
TN Promise Examples A B C
Tuition $4,000 $4,000 $4,000 Pell/TELS/TSAA -$8,000 -$3,000 $0 Gap $0 $1,000 $4,000
TN Promise $0
Tuition $0
$1,000
$0
$4,000
$0
TENNESSEE STUDENT ASSISTANCE CORPORATION
TN Promise Examples
2-yr Public
4-yr Public
4-yr Private
Tuition $4,000 $8,000 $20,000 Eligible Tuition $4,000 $4,000 $4,000 HOPE/Pell/TSAA -$3,000 -$3,500 -$3,500
TN Promise -$1,000 -$500 -$500
Your cost $0 $4,000 $16,000
If you are applying to more than one college, make sure you are applying for all the scholarships that
might interest you at each individual college.
Merit or Need based
Cultural background
Athletic ability
Professional interest
Artistic talent
Hobby Geographic
location
Aid that comes specifically from the school you are planning on attending.
Institutional Aid
TENNESSEE STUDENT ASSISTANCE CORPORATION
Private Aid
School counselor Other high school
websites
www.collegefortn.org www.fastweb.com
TENNESSEE STUDENT ASSISTANCE CORPORATION
Other Aid
Academic Common Market
CSS Profile
Fee Discount Program
Cost of Attendance
Direct Costs
Tuition
Fees
Room & Board
Indirect Costs
Books
Travel
Personal
TENNESSEE STUDENT ASSISTANCE CORPORATION
Cost of Attendance 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
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
TENNESSEE STUDENT ASSISTANCE CORPORATION
Financial Aid Package
Award Letter
Scholarships
Grants
Work-study
Loans
What you MIGHT owe
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Senior Year Checklist FALL SEMESTER
Take and retake the ACT/SAT
Apply to several colleges (admissions, institutional aid, etc) and utilize their net price calculators
Complete 2017-18 FAFSA available October 1, 2016
SPRING SEMESTER
Complete local/private scholarship applications
Review college acceptances, compare financial aid packages, ask questions, and follow up as needed
TENNESSEE STUDENT ASSISTANCE CORPORATION
Like us on Facebook at: Tennessee Student Assistance Corporation
Follow us on Twitter:
@TNFinancialAid and @keeton_rita
Check out our website at:
www.TN.gov/collegepays