Financial Aid 101 - Macon County High School by pptfiles

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									Financial Aid 101
 Funding a College
    Education

          Tennessee Student Assistance Corporation
Tennessee Student Assistance Corperation




                   Tennessee Student Assistance Corporation
   Who is This Guy???
How is he helping me find money for College?



                        Tennessee Student Assistance Corporation
            COLLEGE
How much money will I need for College


                     Tennessee Student Assistance Corporation
              Financial Aid Terms
• COA – cost of attendance; varies by institution
• EFC – expected family contribution; number derived from the
  FAFSA and used to determine need based aid eligibility
• FAFSA – Free Application for Federal Student Aid
• PIN – personal identification number; used to electronically
  sign the FAFSA
• SAR – student aid report; summary of FAFSA information
• Grant – free money based on need
• Loan – money borrowed that must be paid back with interest
• Scholarship – free money awarded on the basis of merit, skill,
  or unique characteristic
• Verification – random “audit” of FAFSA
• Work study – money received from on campus employment
                                 Tennessee Student Assistance Corporation
Student Loans




       Tennessee Student Assistance Corporation
Financial Aid Sources
           State          Private



 Federal                              Institutional
                   Packag
                     e


                       Tennessee Student Assistance Corporation
Many Different Options
Public , Private, Community College, Technical College,
Proprietary Institutions ,(Full Profit)




                                         Tennessee Student Assistance Corporation
        Institutional Aid
 Academic       Need-Based       Performance              Attribute

Competitive?    Determined            Art                  Church
Renewable?       by the EFC         Athletic              affiliation
 Deadlines      College may          Major                 Alumni
                     use
                                     Music                Diversity
               “Institutional
               Methodology”         Theatre                Sibling




                                Tennessee Student Assistance Corporation
Deadline to apply for scholarships?
       December 15th


                   Tennessee Student Assistance Corporation
FRESHMEN 2013 NOVEMBER 1
              Tennessee Student Assistance Corporation
COST OF
ATTENDANCE

Most College
and University
Web sights will
have a way to
determine the
average cost of
attendance at
their institution

                    Tennessee Student Assistance Corporation
Cost of Attendance

   Tuition                 Books
                         Indirect
Direct Costs
Room & Board              Costs
                           Travel
    Fees                  Personal

               Tennessee Student Assistance Corporation
   Cost of Attendance
                  2-yr         4-yr            TN Private;
                 Public       Public           Out of State
Tuition/Fees     $3,077       $8,396            $40,320
Room/Board       $3,890       $8,480               $13,560
Books/Supplies    $950        $1,448                $1,344
Transportation   $3,024       $1,654                VARIES
Miscellaneous     $400        $3,593                $3,330
COA              $11,341     $23,571               $58,554
                           Tennessee Student Assistance Corporation
   Financial Aid Award
0 EFC; 3.0       2-yr Public 4-yr Public TN Private
GPA
COA               $11,341      $23,571                $58,554
Pell Grant        $5,550         $5,550                $5,550
TSAA              $1,300         $2,000                $4,000
HOPE              $3,500         $5,500                $5,500
Scholarships        ???             ???               $42,304
Total Free Aid    $10,350      $13,050                $57,354
                            Tennessee Student Assistance Corporation
   Financial Aid Award
4996 EFC;        2-yr Public 4-yr Public TN Private
3.0 GPA
COST              $11,341       $23,571               $58,554
Pell Grant           $0            $0                    $0
TSAA                 $0            $0                    $0
HOPE               $2,000        $4,000                $4,000
Scholarships        ???           ???                   ???
Total Free Aid     $2,000        $4,000                $4,000
                            Tennessee Student Assistance Corporation
                         ACT
ACT TEST DATE      REGISTRATION                 LATE FEE DEADLINE
                   DEADLINE
October 27, 2012   September 21, 2012           October 5, 2012
December 8, 2012   November 2, 2012        November 16, 2012
February 9, 2013   January 11, 2013        January 18, 2013
March 19, 2013         **JUNIORS** SEE SCHOOL COUNSELOR
April 13, 2013     March 8, 2013           March 22, 2013
June 8, 2013       May 3, 2013             May 17, 2013




                                Tennessee Student Assistance Corporation
                         SAT
SAT TEST DATE      REGISTRATION                 LATE FEE DEADLINE
                   DEADLINE
October 6, 2012    September 7, 2012            September 21, 2012
November 3, 2012   October 4, 2012              October 19, 2012
December 1, 2012   November 1, 2012             November 16, 2012
January 26, 2013   December 28, 2012            January 11, 2013
March 9, 2013      February 8, 2013             February 22, 2013
May 4, 2013        April 5, 2013                April 19, 2013
June 1, 2013       May 2, 2013                  May 17, 2013



                                Tennessee Student Assistance Corporation
        Other Aid
Academic Common Market

CSS Profile

Fee Discount Program

              Tennessee Student Assistance Corporation
           FAFSA
• 2013-14 FAFSA on the Web
 –Available January 1, 2013
 –www.fafsa.gov (VERY
  IMPORTANT!)
 –PRIORITY DEADLINE IS AS SOON AS
  POSSIBLE AFTER JANUARY 1, 2013!

                 Tennessee Student Assistance Corporation
DO NOT FREAK OUT

         Tennessee Student Assistance Corporation
           FAFSA
• 2012-13 FAFSA on the Web
 –Available now
 –www.fafsa.gov (VERY
  IMPORTANT!)
 –PRIORITY DEADLINE IS AS SOON AS
  POSSIBLE AFTER JANUARY 1, 2012!

                 Tennessee Student Assistance Corporation
    Student Aid Report
• Notification of FAFSA processing results via e-
  mail (if provided on FAFSA) or paper (if e-mail
  not provided on FAFSA) or online
• Review data for accuracy
• Institutional Student Information Report (ISIR)
  sent to colleges listed on FAFSA two weeks
  after initial FAFSA submission
• Additional documentation may be requested
  by institution; verification
                          Tennessee Student Assistance Corporation
                FAFSA
   Hope                                    Aspire
                 GAMS
Scholarship                                Award
   $1,000 or
                 $500 per                     $750 per
   $2,000 per
                 semester                     semester
    semester

   21 ACT or      29 ACT or
                                            Parents AGI
   980 SAT or    1280 SAT &
                                            <=$36,000
    3.0 GPA       3.75 GPA


                      Tennessee Student Assistance Corporation
                FAFSA
Hope             Wilder-
                                             TSAA
Access           Naifeh
   $875 or
                                                $1,000 –
 $1,375 per        $2,000
                                                 $4,000
  semester

18 ACT & 2.75
                 Certificate/                0 – 2100 EFC
GPA & Parents
                 Diploma TTC                FAFSA January
AGI <=$36,000



                       Tennessee Student Assistance Corporation
Tennessee Student Assistance Corporation
               FAFSA
                                            Work
 Pell           FSEOG
                                            Study

  $602 -          $100 -                      Amount
  $5,550          $4,000                       Varies


                Exceptional                   Typically
0 – 4995 EFC
                 financial                     paid to
Need based
                   need                       student

                     Tennessee Student Assistance Corporation
                 FAFSA
Subsidized       Unsubsidized
                                          Parent PLUS
 Stafford          Stafford

 3.4% fixed or
                    6.8% fixed                  7.9% fixed
  6.8% fixed


 Interest does     Interest does              Interest does
   not accrue         accrue                     accrue



                         Tennessee Student Assistance Corporation
         Loan Wisdom
• Borrow Federal first because they’re cheaper,
  more available, and have better repayment
  terms than private student loans.
• Live like a student while you’re in college so
  you don’t have to live like one after college.
• Do not borrow more for your entire education
  than your expected starting salary after you
  graduate.
• If you are borrowing more than $10,000/year
  for college, consider a less expensive school.
                         Tennessee Student Assistance Corporation
      Private Aid
                          Other high school
  School counselor
                              websites




www.collegefortn.org     www.fastweb.com




                       Tennessee Student Assistance Corporation
Tennessee Student Assistance Corporation
 Online Applications
                  Dependent              Dual Enrollment
Ned McWherter
                   Children                   Grant


   Up to $6,000   Award amount                  High school
   February 15       varies                   juniors/seniors



   29 ACT & 3.5                                    Contact
                   See brochure
       GPA                                       institution



                         Tennessee Student Assistance Corporation
Senior Year Checklist
Fall Semester
q Take and retake the ACT/SAT
q Apply to several colleges (admissions, institutional aid, etc)
  and utilize their net price calculators
q Complete local/private scholarship applications

Spring Semester
q Complete 2013-14 FAFSA available January 1, 2013
q Continue completing local/private scholarship applications
q Review college acceptances, compare financial aid packages,
  ask questions, and follow up as needed
                                  Tennessee Student Assistance Corporation
Contact Info
Sam.Mullins@TN.gov
  931.303.3296

         Tennessee Student Assistance Corporation
                FAFSA
• Social Security Number, Last Name, and First
  Name
• Grade level – never attended college and 1st
  year undergraduate
• Degree – 1st bachelor’s degree, associate
  degree, certificate or diploma
• School codes
• Dependency questions
• Parental information
• Income information
                         Tennessee Student Assistance Corporation

								
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