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Financial Aid WHAT IS FINANCIAL AID? Grants Scholarships Loans Employment Opportunities PRIMARY SOURCES OF AID Federal State Institutional Private TWO CATEGORIES OF AID Merit-based Determined by your academic, artistic, or athletic merit Grades, test scores, hobbies, and special talents determine eligibility for scholarships Need-based Determined by your financial situation Most government sources of financial aid TYPES OF MERIT-BASED AID Institutional Scholarships Institutional Grants Athletic Scholarships Private Scholarships PRIVATE SCHOLARSHIPS Check with local clubs/organizations Parent’s employers Local newspaper Local libraries High school guidance counselors Web – www.fastweb.com www2.tusculum.edu/blogs/faid/ Student’s responsibility Start applying early!! TYPES OF NEED-BASED AID Gift Aid Grants Scholarships Self-Help Aid Low-interest loans Part-time student employment GIFT AID Grants Federal Pell Grant SEOG ACG Scholarships State TSAA Institutional Private State TN Lottery Institutional Private FEDERAL PELL GRANT Undergraduates pursuing first bachelor’s degree Amount based on COA, enrollment status, and EFC Can be used at any school Amounts vary from year to year FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT SEOG Eligible students Undergraduates pursuing first bachelor’s degree Awarded first to students with exceptional financial need (i.e., student with the lowest EFCs at that school) Priority to Federal Pell Grant recipients Awards based on funding availability Annual award amounts Up to $1,000 maximum ACADEMIC COMPETITIVENESS GRANT ACG U.S. Citizens Federal Pell Grant recipient First or second academic year student Full-time enrollment No specific major required Have graduated from a rigorous secondary school program of study after 1/1/06 First academic year: up to $750 Second academic year: up to $1,300 TENNESSEE STUDENT ASSISTANCE AWARD TSAA State-funded grant Need-based grant Must be a TN resident Pursuing first undergraduate degree Full-time/part-time student FAFSA data transmitted to State for consideration Priority deadline: February 15 TENNESSEE EDUCATION LOTTERY SCHOLARSHIP TN HOPE Scholarship $4,000 for 4 year institution $2,000 for 2 year institution Must be a TN resident Must graduate from a TN high school GPA or test scores 21 ACT or 980 SAT 3.0 GPA (final cumulative) TENNESSEE EDUCATION LOTTERY SCHOLARSHIP HOPE Access Grant Student must have graduated from an eligible TN high school after January 1, 2004 GPA AND test scores Final cumulative GPA of at least 2.75 AND Composite ACT score of at least 18 or a combined SAT score of at least 860 AND Have an adjusted gross income less than or equal to $36,000 Not eligible for Tennessee HOPE Scholarship May become eligible for HOPE Scholarship TENNESSEE EDUCATION LOTTERY SCHOLARSHIP General Assembly Merit Scholarship $1,000 supplement 3.75 GPA final cumulative AND 29 ACT or 1280 SAT Aspire Award $1,500 supplement Meet HOPE requirements and parents’ AGI $36,000 or less on tax form May receive GAMS or Aspire, but not both FAFSA Free Application for Federal Student Aid Secure government website: www.fafsa.ed.gov Not Google site www.fafsa.com Family’s personal and financial information is collected on FAFSA Used to calculate EFC based on federal methodology EFC is Expected Family Contribution Comes from result of FAFSA called Student Aid Report (SAR) sent to student’s home and schools selected by student Financial Aid Application Deadline *** 2/15/08 *** PIN Personal Identification Number Used to sign the FAFSA Student needs a PIN One parent needs a PIN Secure government website: www.pin.ed.gov You can apply for your PIN tonight! COLLEGE GOAL SUNDAY February 10, 2008 Fill out your FAFSA with financial aid professionals Many locations available Sign up at: www.collegegoalsundaytn.org Financial Aid Application Deadline *** 2/15/08 *** GENERAL HELPFUL TERMS Tuition: The cost a school charges for educational charges Room: The cost of your residence space Board: The cost of your food Comprehensive Fee: The entire cost for college, including all fees, such as parking, laundry, technology, etc. Award Letter: The document sent to a student from a financial aid office of a college with that school’s offer of financial aid. The financial aid office helps finance the education, the business office bills a student and collects payments. QUESTIONS??? THANK YOU! Jacquelyn D. Elliott Tusculum College Office of Financial Aid & Student Campus Employment 1-800-729-0256 ext 5377 www.tusculum.edu [email protected] [email protected]