Financial Aid 101
Funding A College
Education
TENNESSEE STUDENT ASSISTANCE CORPORATION
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
 Student and a parent should create FSA IDs (fsaid.ed.gov)
SPRING SEMESTER
 Complete 2016-17 FAFSA available January 1, 2016
 Complete local/private scholarship applications
 Review college acceptances, compare financial aid
packages, ask questions, and follow up as needed
TENNESSEE STUDENT ASSISTANCE CORPORATION
Financial Aid Sources
Federal
Private
Institutional
Your
Financial
Aid
Package
State
TENNESSEE STUDENT ASSISTANCE CORPORATION
Institutional Aid
Academic
Need-Based
Performance
Attribute
Competitive?
Determined
by the EFC
Art
Athletic
Church
affiliation
Major
Alumni
Music
Diversity
Theatre
Sibling
Renewable?
Deadlines
College may
use
“Institutional
Methodology”
TENNESSEE STUDENT ASSISTANCE CORPORATION
Private Aid
School counselor
Other high school
websites
www.collegefortn.org
www.fastweb.com
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
FAFSA
• 2016-17 FAFSA on the Web
–Available January 1, 2016
–www.fafsa.gov (VERY IMPORTANT!)
–Student and parent are encouraged to
create FSA IDs (fsaid.ed.gov) prior to
January 1
–To initially submit FAFSA in January,
use estimated tax information (i.e.
2014 tax return, 2015 W-2
information, or last paystub)
TENNESSEE STUDENT ASSISTANCE CORPORATION
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
TENNESSEE STUDENT ASSISTANCE CORPORATION
Federal Aid
Pell
FSEOG
Work Study
$626 $5,775 per
academic yr
$100 $4,000 per
academic yr
Amount
Varies
0 – 5198 EFC
Need based
Exceptional
financial
need
Typically paid
to student
TENNESSEE STUDENT ASSISTANCE CORPORATION
State Aid (2-yr)
HOPE
Scholarship
GAMS
Aspire
Award
$1,500 per
semester
$500 per
semester
$250 per
semester
21 ACT or
980 SAT or
3.0 GPA*
29 ACT or
1280 SAT &
3.75 GPA*
Parents AGI
<=$36,000
*All courses calculated on a 4.0 scale per the Uniform Grading Policy
TENNESSEE STUDENT ASSISTANCE CORPORATION
State Aid (4-yr)
HOPE
Scholarship
GAMS
Aspire
Award
$1,750/sem
then
$2,250/sem
$500 per
semester
$750 per
semester
21 ACT or
980 SAT or
3.0 GPA*
29 ACT or
1280 SAT &
3.75 GPA*
Parents AGI
<=$36,000
*All courses calculated on a 4.0 scale per the Uniform Grading Policy
TENNESSEE STUDENT ASSISTANCE CORPORATION
State Aid
HOPE
Access
WilderNaifeh
TSAA
$875 or
$1,250 per
semester
$2,000 per
academic year
$1,000 –
$4,000 per
academic year
18 ACT & 2.75
GPA* & Parent
AGI <=$36,000
Certificate/
Diploma TCAT
0 EFC
March 1
*All courses calculated on a 4.0 scale per the Uniform Grading Policy
TENNESSEE STUDENT ASSISTANCE CORPORATION
TN Promise
Mentoring program with a last-dollar
scholarship for any responsible Tennessee
student.
TENNESSEE STUDENT ASSISTANCE CORPORATION
TN Promise Checklist
Apply to the Tennessee Promise program at
www.TNPromise.gov by November 2, 2015
Complete 2016-17 FAFSA at www.FAFSA.gov by
February 15, 2016
Attend two mandatory meeting in the spring as
coordinated by tnAchieves
Complete 8 hours of community service between
January 1, 2016 – August 1, 2016
Students selected for FAFSA verification must
submit material to the college by August 1, 2016
TENNESSEE STUDENT ASSISTANCE CORPORATION
TN Promise
Examples
Tuition
A
$4,000
HOPE/Pell/TSAA -$5,775
Gap
$0
TN Promise
$0
Tuition
$0
B
$4,000
-$3,000
$1,000
$1,000
$0
C
$4,000
$0
$4,000
$4,000
$0
TENNESSEE STUDENT ASSISTANCE CORPORATION
Financial Aid Sources
Federal
Private
Institutional
Your
Financial
Aid
Package
State
TENNESSEE STUDENT ASSISTANCE CORPORATION
Contact Info
Annie Trout
annie.trout@tn.gov
615.604.0119 (c)
TENNESSEE STUDENT ASSISTANCE CORPORATION
TN Promise
Examples
Tuition
2-yr
Public
$4,000
Eligible Tuition $4,000
HOPE/Pell/TSAA -$3,000
TN Promise -$1,000
Your cost
$0
4-yr
Public
4-yr
Private
$8,000 $20,000
$4,000 $4,000
-$3,500 -$3,500
-$500
-$500
$4,000 $16,000
TENNESSEE STUDENT ASSISTANCE CORPORATION
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
TENNESSEE STUDENT ASSISTANCE CORPORATION
Contact Info
Jason.Seay@TN.gov
615.253.7459 (o)
615.319.1740 (c)
TENNESSEE STUDENT ASSISTANCE CORPORATION
ACT
ACT TEST DATE
September 12, 2015
October 24, 2015
December 12, 2015
February 6, 2016
April 9, 2016
April 19, 2016
June 11, 2016
REGISTRATION DEADLINE LATE FEE DEADLINE
August 7, 2015
August 21, 2015
September 18, 2015
October 2, 2015
November 6, 2015
November 20, 2015
January 8, 2016
January 15, 2016
March 4, 2016
March 18, 2016
**JUNIORS** SEE SCHOOL COUNSELOR
May 6, 2016
May 20, 2016
TENNESSEE STUDENT ASSISTANCE CORPORATION
SAT
SAT TEST DATE
October 3, 2015
November 7, 2015
December 5, 2015
January 23, 2016
March 5, 2016
May 7, 2016
June 4, 2016
REGISTRATION DEADLINE
September 3, 2015
October 9, 2015
November 5, 2015
December 28, 2015
February 5, 2016
April 8, 2016
May 5, 2016
LATE FEE DEADLINE
September 22, 2015
October 27, 2015
November 23, 2015
January 12, 2016
February 23, 2016
April 26, 2016
May 25, 2016
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
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
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/1st yr.
• Degree – 1st bachelor’s degree, associate degree,
certificate or diploma
• Work-study – yes
TENNESSEE STUDENT ASSISTANCE CORPORATION
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
TENNESSEE STUDENT ASSISTANCE CORPORATION
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, 1st initial of 1st name, SSN – must
match social security card
• Length of residency question
• # in college – do not include your parents in this
number
TENNESSEE STUDENT ASSISTANCE CORPORATION
Financial Information
• 2015 IRS tax return – already completed, will
file, or not going to file
• Will file – 2014 tax return, 2015 W-2 forms, or
last pay stub
• Income tax – amount paid; should not be the
same as the AGI
• IRS Data Retrieval Tool – once 2015 tax return
is completed, return to FAFSA to make
corrections; tax information imported directly
from IRS; simplifies verification
TENNESSEE STUDENT ASSISTANCE CORPORATION
FAFSA Investments
INCLUDE
DO NOT INCLUDE
 Rental property
 Trust funds
 Money market funds
 Mutual funds
 Certificates of deposit
 Stocks
 Stock options
 529 college savings plans
 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
TENNESSEE STUDENT ASSISTANCE CORPORATION
Sign & Submit
• Preparer – no
• Sign electronically – student and parent are
encouraged to create FSA IDs (fsaid.ed.gov)
prior to January 1
• Terms of Agreement – agree
• SUBMIT MY FAFSA NOW – see I promised it
wasn’t that bad!
TENNESSEE STUDENT ASSISTANCE CORPORATION
FAFSA Reminders
• Student Aid Report – PLEASE REVIEW IT!!!!!!!
• Correction deadlines – Be cognizant of college
deadlines for FAFSA corrections
• A student must possess a valid SSN and be a
U.S. citizen or an eligible noncitizen to
complete a FAFSA and qualify for Title IV aid.
• DREAM Act SSN’s are NOT considered valid
for FAFSA completion.
TENNESSEE STUDENT ASSISTANCE CORPORATION
Confirmation
• Pell Grant estimate
(0 – 5198 EFC) and
info on student loan
eligibility
• Detailed college
information (grad,
retention, and
transfer rates)
• Begin a new
application with
parents’ info link
TENNESSEE STUDENT ASSISTANCE CORPORATION
Student Aid Report
• Notification of FAFSA processing results via email (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
TENNESSEE STUDENT ASSISTANCE CORPORATION
Federal Aid
Subsidized
Stafford
Unsubsidized
Stafford
Parent PLUS
4.29% fixed
4.29% fixed
6.84% fixed
Interest does
not accrue
Interest does
accrue
Interest does
accrue
TENNESSEE STUDENT ASSISTANCE CORPORATION
Loan Wisdom
• Borrow Federal first because they’re cheaper,
more available, and have better repayment
terms than private student loans.
• Live like a student while you’re in college so
you don’t have to live like one after college.
• Do not borrow more for your entire education
than your expected starting salary after you
graduate.
• If you are borrowing more than $10,000/year
for college, consider a less expensive school.
TENNESSEE STUDENT ASSISTANCE CORPORATION
Award Letter
0 EFC; 3.0 GPA 2-yr Public 4-yr Public TN Private
COA
$12,635
$29,626
$64,280
Pell Grant
-$5,775
-$5,775
-$5,775
HOPE/Aspire
-$3,500
-$5,000
-$5,000
TN Promise
$0
$0
$0
Inst/Private
???
???
???
Net Price
$3,360
$18,851 $53,505
TENNESSEE STUDENT ASSISTANCE CORPORATION
Award Letter
5158 EFC;
3.0 GPA
COA
Pell Grant
HOPE
TN Promise
Inst/Private
2-yr Public 4-yr Public TN Private
Net Price
$8,932 $26,126 $60,780
$12,635
$0
-$3,000
-703
???
$29,626
$0
-$3,500
$0
???
$64,280
$0
-$3,500
$0
???
TENNESSEE STUDENT ASSISTANCE CORPORATION
TENNESSEE STUDENT ASSISTANCE CORPORATION