Transcript Financial Aid

F INANCIAL A ID
&
S CHOLARSHIPS
Checklist
Requirements
 Complete the Free Application for Federal
Student Aid (FAFSA) by February 1 each year
www.fafsa.ed.gov
 Check on the status of any outstanding
requirements for financial aid through Banner
Self-Service www.utm.edu/bss. If you have
questions about an outstanding requirement
contact us.
 Submit requested forms (Forms can be found in
Banner Self-Service or on
www.utm.edu/financialaid.
View & Accept Awards
 The student can access his/her financial aid
awards through Banner Self-Service under the
Financial Aid Tab.
 Follow the steps to accept award by aid year.
 Click the tab to accept award offer, and
follow the directions.
 If awarded work study you must apply and be
hired for a job before you will receive any
of these funds.
Student Employment
Federal Work Study—Federal Funds
This type of employment is offered in
your Financial Aid awards
Student Employment—University Funds
This type of employment is not offered
in your awards
Both types of employment allow you to work
on campus. All openings can be found at
www.utm.edu/studentemployment after Aug 1.
Loans
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Must be paid back.
Only accept loans if you really need them.
Two disbursements
First-time Freshmen – 30 day disbursement delay.
You may accept all or part of the offered Federal
Stafford Loan.
 You may decline your loan(s) or leave as “offered.”
 To complete the loan process, the following
additional steps need to be completed:
1. Master Promissory Note
2. Entrance Loan Counseling
Both can be done at www.studentloans.gov.
Stafford Loans: Subsidized vs. Unsubsidized
Subsidized loans are offered based on need.
 Student NOT responsible for interest until 6 months after the
student graduates or drops below ½ time enrollment.
 The federal government is paying the interest for the student.
 The government limits this subsidy and student eligibility for a
period not to exceed 150% of the length of the borrower’s
program. For most bachelor degrees, that is equivalent to 6
years.
 Repayment begins 6 months after the student graduates or drops
below half-time enrollment.
Unsubsidized loans are not based on need.
 Student IS responsible for all interest while in school.
 The federal government is not paying (subsidizing) the interest.
It is accruing.
 We recommend paying on the interest that is accruing while you
are in school, although you may choose to defer it.
 Repayment begins 6 months after the student graduates or drops
below half-time enrollment.
PAY WITH YOUR AID
 To use financial aid to pay your bill,
follow the steps in Banner Self-Service
or the directions in your billing
statement.
 If financial aid does not cover all
charges, the difference will need to be
paid or a payment plan set up with the
Bursar’s Office before classes begin.
Tennessee Lottery Scholarship
Read, sign and return the TLS Policies &
Procedures Acknowledgement Form.
Be enrolled at least 6 hours per semester.
Part-time enrollment will be prorated.
Maintain satisfactory academic progress AND
continuous enrollment.
Have a 2.75 Lottery GPA after the first 24
credit attempted hours (1st Benchmark)
NEVER drop a class after classes begin without
talking to your Financial Aid Office first.
Other Items
Fee Waivers
Outside Scholarships
Attend Class
Maintain Satisfactory
Academic Progress (SAP)
Be informed!
Visit the Financial Aid Home page to:
 Check out the Parent Lifeline
 Get familiar with policies and procedures such as Class
Attendance and Satisfactory Academic Progress
 Find scholarship opportunities on the UT Martin
Scholarship Aviator
 Access useful financial aid resources
Federal Student Aid Information
www.studentaid.ed.gov
For Tennessee Lottery Information
www.tn.gov/collegepays
Financial Aid Office
Contact us at:
205 Administration Building
Office Hours
8:00 am – 5:00 pm
Monday – Friday
Phone: 731-881-7040
Fax: 731-881-7036
[email protected]