Transcript Slide 1
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]