Financial Aid

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• Financial Aid

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What is Financial Aid?

• Grants
• Scholarships
• Loans
• Employment Opportunities

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Primary Sources of Aid

• Federal
• State
• Institutional
• Private

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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

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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
• Parents employers
• Local newspaper
• Local libraries
• High school guidance counselors
• Web
• www.fastweb.com
• www2.tusculum.edu/blogs/faid/
• Students responsibility
• Start applying early!!

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Types of Need-Based Aid

• Gift Aid
• Grants
• Scholarships
• Self-Help Aid
• Low-interest loans
• Part-time student employment

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Gift Aid

• Grants
• Federal
• Pell Grant
• SEOG
• ACG
• State
• TSAA
• Institutional
• Private

• Scholarships
• State
• TN Lottery
• Institutional
• Private

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Federal Pell Grant

• Undergraduates pursuing first bachelors 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 bachelors 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

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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

• 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)

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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
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FAFSA

• Free Application for Federal Student Aid
• Secure government website www.fafsa.ed.gov
• Not Google site www.fafsa.com
• Familys 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 students home and schools
  selected by student
• Financial Aid Application Deadline
• 2/15/08

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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!

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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

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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
  schools offer of financial aid.
• The financial aid office helps finance the
  education, the business office bills a student
  and collects payments.

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Questions???
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Thank you!

• Jacquelyn D. Elliott
• Tusculum College
• Office of Financial Aid
• Student Campus Employment
• 1-800-729-0256 ext 5377
• www.tusculum.edu
• financialaid_at_tusculum.edu
• jelliott_at_tusculum.edu