2012 - 20132012 - 2013

MARCHINGMARCHING TO THETO THE

FINANCIAL AID FINANCIAL AID BEATBEAT

Do these things:Do these things:

Take and retakeTake and retake the A.C.T. or S.A.T. the A.C.T. or S.A.T.

Gather informationGather information about outside about outside scholarships from your high school scholarships from your high school counselor or from a free scholarship search counselor or from a free scholarship search site (fall).site (fall).

Visit and apply to the colleges you are Visit and apply to the colleges you are interested in attending.interested in attending.

Log ontoLog onto www.fafsa.gov and and print outprint out a a 12-13 FAFSA worksheet. Review the form 12-13 FAFSA worksheet. Review the form and begin gathering the information and begin gathering the information required. (as of Jan. 1, 2012)required. (as of Jan. 1, 2012)

Log ontoLog onto www.fafsa.gov as soon as possible www.fafsa.gov as soon as possible after January 1, 2012. after January 1, 2012. Get a PINGet a PIN number for number for yourself and a parentyourself and a parent. Fill out the 12-13 . Fill out the 12-13 FAFSA. FAFSA. Tennessee students MUST do Tennessee students MUST do this annually for the HOPE and Lottery this annually for the HOPE and Lottery Scholarships.*Scholarships.*

Complete other formsComplete other forms required by colleges required by colleges (such as the Profile www.collegeboard.com).(such as the Profile www.collegeboard.com).

NEVER PAY ANYONE TO:NEVER PAY ANYONE TO:

SEARCH FOR SCHOLARSHIPS SEARCH FOR SCHOLARSHIPS FOR YOUFOR YOU

DO YOUR FAFSA FOR YOUDO YOUR FAFSA FOR YOU

WATCH OUT FOR WATCH OUT FOR SCAMSSCAMS

ReviewReview your Award your Award Notification LetterNotification Letter from the colleges to which you sent your from the colleges to which you sent your FAFSA. Some Award Notification Letters FAFSA. Some Award Notification Letters are sent via the web.are sent via the web.

CompareCompare each college’s award to its each college’s award to its direct costs (tuition, room, food). Direct direct costs (tuition, room, food). Direct Cost – Award = what you will owe. (see Cost – Award = what you will owe. (see next slides)next slides)

comparing financial aid awards to comparing financial aid awards to college costscollege costs

2012-2013 financial aid award2012-2013 financial aid award(from award letter)(from award letter)

BILL BRAINSBILL BRAINSSchool Cost………………………………………..School Cost………………………………………..$8,000$8,000Commutes from HomeCommutes from Home

Pell Grant………………………………….…...3,500Pell Grant………………………………….…...3,500Tennessee Grant……………………………….4,000Tennessee Grant……………………………….4,000

Total Aid……………………………………….......Total Aid……………………………………….......$7,500$7,500Student Cost……………………………......................Student Cost……………………………......................$500$500

2012-2013 financial aid award2012-2013 financial aid award(from award letter)(from award letter)

SUE SMART (Private School)SUE SMART (Private School)

School Cost (Tuition, Fees, Room, School Cost (Tuition, Fees, Room, FoodFood)………)………$30,500$30,500 Resident StudentResident Student

Academic Scholarship………………........…...15,000Academic Scholarship………………........…...15,000

Engineering Scholarship………….......................2,000Engineering Scholarship………….......................2,000

HOPE Scholarship………………………..…..4,000HOPE Scholarship………………………..…..4,000

Residence Hall Award………………………....2,000Residence Hall Award………………………....2,000

Student Loans………………………………....3,500Student Loans………………………………....3,500

Total Aid………………………………………...Total Aid………………………………………...$26,500$26,500

Student Cost………………………..........................Student Cost………………………..........................$4,000$4,000

RespondRespond to your Awardto your Award Notification Letter within the Notification Letter within the required time frame.required time frame.

SendSend any required documents as any required documents as soon as possible to the college you soon as possible to the college you plan to attend.plan to attend.

*Tennessee residents going to a *Tennessee residents going to a Tennessee college or technical Tennessee college or technical school need to fill out the free school need to fill out the free application for federal student aid application for federal student aid (FAFSA) no later than February 1st. (FAFSA) no later than February 1st. ESTIMATED DATA CAN BE USED ESTIMATED DATA CAN BE USED IF NECESSARY TO MEET THIS IF NECESSARY TO MEET THIS DATE.DATE.

The FAFSA may be sent to as many The FAFSA may be sent to as many as ten schools. Tennessee residents as ten schools. Tennessee residents need to list a Tennessee school on need to list a Tennessee school on the FAFSA even if they plan to go the FAFSA even if they plan to go out of state. out of state.

types & sourcestypes & sourcesOF STUDENTOF STUDENT

FINANCIAL ASSISTANCEFINANCIAL ASSISTANCE

typestypes

ScholarshipsScholarships - don’t have to be - don’t have to be repaid….student must meet certain criteria, repaid….student must meet certain criteria, complete an application and meet deadlinescomplete an application and meet deadlines

GrantsGrants – don’t have to be repaid but the – don’t have to be repaid but the student must meet certain criteria../usually student must meet certain criteria../usually need-basedneed-based

LoansLoans – must be repaid with interest and the – must be repaid with interest and the student will have consequences for failure to student will have consequences for failure to repayrepay

Work-StudyWork-Study – the student must work to earn – the student must work to earn moneymoney

SourcesSources

FEDERALFEDERAL• • Pell Grant Pell Grant (up to $5,550 per year (up to $5,550 per year for 2012-2013)for 2012-2013)

• • Supplemental Educational Supplemental Educational Opportunity Opportunity GrantGrant (average $3,000 per year)(average $3,000 per year)

• • Federal Work-StudyFederal Work-Study • • Perkins Loan Perkins Loan (average $3000 per year)(average $3000 per year)

• • Direct Loans - Direct Loans - $5,500 per year for freshmen$5,500 per year for freshmen

(no more than $3,500 can be subsidized)(no more than $3,500 can be subsidized)

a. Subsidized – federal government pays in a. Subsidized – federal government pays in school interestschool interest

b. Unsubsidized – student incurs school interest b. Unsubsidized – student incurs school interest

• • Parent Loan (PLUS)Parent Loan (PLUS)

STATE STATE – – need based grants and scholarshipsneed based grants and scholarships Tennessee residents should apply by Feb. 1st.Tennessee residents should apply by Feb. 1st.

• • Tennessee Student Assistance Award (TSAA)Tennessee Student Assistance Award (TSAA) Need-based grant with an early deadline (up to Need-based grant with an early deadline (up to

$4,000)$4,000)• • Ned McWherter Scholars Program ($3,000 to be Ned McWherter Scholars Program ($3,000 to be matched by matched by college)college)• • Minority Teaching Fellows Program Minority Teaching Fellows Program • • Dependent Children’s Scholarship ProgramDependent Children’s Scholarship Program• • Bureau of Vocational Rehabilitation/Dept of HumanBureau of Vocational Rehabilitation/Dept of Human

Resources (up to an amount = to tuition and fees Resources (up to an amount = to tuition and fees of highest of highest cost state school)cost state school)

TENNESSEE LOTTERY SCHOLARSHIPS TENNESSEE LOTTERY SCHOLARSHIPS HOPE LOTTERY SCHOLARSHIPHOPE LOTTERY SCHOLARSHIP

• • $4,000 at four-year institutions$4,000 at four-year institutions• • $2,000 at two-year institutions$2,000 at two-year institutions• • For recent high school graduates with a 21 ACT For recent high school graduates with a 21 ACT

(980 SAT- critical math and reading only) or a 3.0(980 SAT- critical math and reading only) or a 3.0 GPA (weighted)GPA (weighted)• • Must start post-secondary education with 16 Must start post-secondary education with 16 months months

after high school graduationafter high school graduation• • Wilder – Naifeh Technical Skills Grant up to Wilder – Naifeh Technical Skills Grant up to $2,000$2,000

per yearper year

HOPE ACCESS GRANTHOPE ACCESS GRANT

• • $2,650 at four-year institutions$2,650 at four-year institutions

• • $1,700 at two-year institutions$1,700 at two-year institutions

• • For recent high school graduates (not past 16 For recent high school graduates (not past 16 months)months)

who have ACT of 18-20 (860-970 SAT - who have ACT of 18-20 (860-970 SAT - critical mathcritical math

and reading only and 2.75 GPA (weighted) and reading only and 2.75 GPA (weighted)

• • Adjusted Gross Income of $36,000 or underAdjusted Gross Income of $36,000 or under

• • One year grantOne year grant

HOPE ASPIRE AWARDHOPE ASPIRE AWARD

• • $1,500 annually$1,500 annually

• • Must need HOPE Lottery Scholarship criteriaMust need HOPE Lottery Scholarship criteria

• • Adjusted Gross Income of $36,000 or lessAdjusted Gross Income of $36,000 or less

GENERAL ASSEMBLY MERIT SCHOLARSHIPGENERAL ASSEMBLY MERIT SCHOLARSHIP

••$1,000 supplement to HOPE scholarship$1,000 supplement to HOPE scholarship

• • Student must have 3.75 weighted GPA and 29 Student must have 3.75 weighted GPA and 29 ACT)ACT)

(1280 SAT - critical reading and math only)(1280 SAT - critical reading and math only)

SOURCES OF AIDSOURCES OF AID

Colleges and UniversitiesColleges and Universities Civic clubs, employers, churches, Civic clubs, employers, churches,

private private

organizations, (Boy or Girl Scouts) organizations, (Boy or Girl Scouts)

and companies (Wal-Mart, Tylenol and companies (Wal-Mart, Tylenol etc.)etc.)

Individuals with moneyIndividuals with money Minority Scholarships (search the Minority Scholarships (search the

web)web)

HELPFUL WEB SITESHELPFUL WEB SITES

Free Scholarship Searches:Free Scholarship Searches:www.collegeboard.comwww.collegeboard.com

www.fastweb.comwww.fastweb.com

www.petersons.com/www.petersons.com/

HELPFUL WEB SITESHELPFUL WEB SITES

Federal sites and State sites:Federal sites and State sites:www.studentaid.ed.govwww.studentaid.ed.gov

www.fafsa.govwww.fafsa.gov

www.pin.ed.govwww.pin.ed.gov

www.tn.gov/collegepayswww.tn.gov/collegepays

HAVE A GREAT COLLEGE HAVE A GREAT COLLEGE EXPERIENCE AND EXPERIENCE AND

REMEMBER TO FILL OUT REMEMBER TO FILL OUT YOUR FAFSA EACH YEARYOUR FAFSA EACH YEAR