Transcript Slide 1

Financial Aid
WHAT IS FINANCIAL AID?
Grants
 Scholarships
 Loans
 Employment Opportunities

PRIMARY SOURCES OF AID
Federal
 State
 Institutional
 Private
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TWO CATEGORIES OF AID
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Merit-based
Determined by your academic, artistic, or athletic
merit
 Grades, test scores, hobbies, and special talents
determine eligibility for scholarships
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Need-based
Determined by your financial situation
 Most government sources of financial aid
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TYPES OF MERIT-BASED AID
Institutional Scholarships
 Institutional Grants
 Athletic Scholarships
 Private Scholarships
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PRIVATE SCHOLARSHIPS
Check with local clubs/organizations
 Parent’s employers
 Local newspaper
 Local libraries
 High school guidance counselors
 Web –
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www.fastweb.com
 www2.tusculum.edu/blogs/faid/
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Student’s responsibility
 Start applying early!!
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TYPES OF NEED-BASED AID
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Gift Aid
Grants
 Scholarships
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Self-Help Aid
Low-interest loans
 Part-time student employment
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GIFT AID
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Grants
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Federal
Pell Grant
 SEOG
 ACG
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Scholarships
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State
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TSAA
Institutional
 Private
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State
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TN Lottery
Institutional
 Private
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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
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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
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Annual award amounts
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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
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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
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TENNESSEE EDUCATION LOTTERY
SCHOLARSHIP
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TN HOPE Scholarship
$4,000 for 4 year institution
 $2,000 for 2 year institution
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Must be a TN resident
 Must graduate from a TN high school
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GPA or test scores
 21 ACT or 980 SAT
 3.0 GPA (final cumulative)
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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
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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
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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
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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:
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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:
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www.collegegoalsundaytn.org
Financial Aid Application Deadline
*** 2/15/08 ***
GENERAL HELPFUL TERMS
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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]