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									Tennessee Education Lottery
Scholarship Program


Tennessee Student Assistance Corporation
Nashville TN 37243
www.state.tn.us/tsac
Eligibility Requirements
n Parents are Tennessee residents one year
  prior to application deadline (September 1)
 Enrolled in a Tennessee public college or
  Tennessee private accredited by SACS
n Apply with the FAFSA or renewal FAFSA
n Awards based on available funding from
  State Lottery




                                                2
Tennessee HOPE Scholarship

n   3.0 overall GPA or
n   21 ACT (980 SAT)
n   $4,000 for 4 year schools (or
    tuition/fees)
n   $2,000 for 2 year schools (or
    tuition/fees)


                                    3
Home School Students
GED Students
Home School:
n 21 ACT (980 SAT) or



GED:
n 525 GED and 21 ACT (980 SAT)

n Enroll six months after GED


                                 4
General Assembly
Merit Scholarship
n   Weighted 3.75 GPA overall and
n   29 ACT (1280 SAT)
n   Home school students must complete 12
    college credit hours (at least 4 courses) with
    a 3.0 GPA at a Tennessee college or
    university while enrolled in home school
    program.
n   $1,000 supplement to Tennessee HOPE
    scholarship

                                                     5
Aspire Award
n   Parent(s) adjusted gross income of
    $36,000 or less
n   Meets criteria for Tennessee HOPE
    Scholarship
n   $1,500 supplement to Tennessee HOPE
    Scholarship
n   Cannot receive both the Aspire $1500
    “kicker” and the $1000 Merit “kicker.” It is one
    or the other.

                                                  6
Tennessee HOPE Scholarship
Renewal Criteria
n   After 24 attempted hours, 2.75 Cum GPA
n   3rd year and beyond – 3.0 Cum GPA after
    each 24 hour benchmark
n   5 year programs – 3.0 Cum GPA
n   Renewal FAFSA




                                              7
Tennessee HOPE
Access Grant
n   Unweighted 2.75 GPA overall and
n   18 ACT (860 SAT)
n   Parent(s) adjusted gross income of
    $36,000 or less
n   $2,750 for 4 year schools
n   $1,750 for 2 year schools
n   Non renewal but eligible for HOPE
    scholarship with renewal criteria
                                         8
Wilder-Naifeh
Technical Skills Grant
n   Full-time enrollment in Tennessee
    Technology Center (part-time prorated)
n   Cannot be prior recipient to Tennessee
    HOPE Scholarship
n   $2,000 (or tuition/fees)



                                             9
Paying For College:
  Getting Started

 Ravenwood High School
    December 6, 2010
                  Brent Tener
   Director of Undergraduate Scholarships
            Student Financial Aid
             Vanderbilt University
                 615-322-3591
           b.tener@vanderbilt.edu
    Financial Aid Myths
n   Financial Aid isn’t available
n   Aid is only available at certain colleges
n   Aid is only for the best students
n   Our income is too high to qualify
n   We should pick the school that offers the
    most aid
n   Financial aid is the only source of money
    available
n   Financial aid will only cover tuition costs
n   Costs are the best way to compare colleges    11
Who Pays for College?


Student Aid
   39%

                                                            Family
                                                           Resources
                                                             61%




From: “Don’t Miss Out: The Ambitious Student’s Guide To Financial Aid”   12
Undergraduate Student Aid
(in Billions) by Source, 2008-09




                                                            13
                      Source: Trends in Student Aid, 2009
     Categories of Aid
n   Gift Aid: Grants or scholarships that are not repaid
n   Loan Aid: Borrowed money to be repaid with interest
n   Work Aid: Money earned as payment for job
n   Loan and Work Aid considered “Self-Help”
                And...
nMerit Aid - Money awarded based
upon various qualifications
nNeed-based     Aid - Must show
eligibility through pre-determined
formula
                                                       14
    Sources of Financial Aid
n   Federal Aid Programs
    – Free Application for Federal Student Aid (FAFSA)
    – Institutional applications (if required)
    – Stafford and/or PLUS applications
n   State Programs
    – FAFSA
    – Specific scholarship forms
n   Institutional Aid
    – FAFSA
    – College Board Financial Aid PROFILE (if required)
    – Special institutional applications
n   Private Opportunities
    – Depends upon awarding entities
    – FAFSA and/or PROFILE                                15
        Potential Problems in Process
n   Application Errors
    –   Name, date of birth, social security number
    –   Adjusted Gross Income
    –   Non-taxable income
    –   Income tax paid
    –   Earning from work
    –   Household size/number in college
n   Deadlines
    – Be aware of each school’s deadline
    – Apply early, but accurately
    – Estimate income if necessary to meet deadline
n   Documentation
    – Student and parent tax returns (if required)
    – Federal Verification Worksheet (if required)
    – Any other requested information                 16
    Principles of Need Analysis
n   To the extent they are able, parents have
    primary responsibility to pay for their dependent
    children’s education
n   Students also have a responsibility to contribute
    to their educational costs
n   Families should be evaluated in their present
    financial condition
n   A family’s ability to pay for educational costs
    must be evaluated in an equitable and
    consistent manner, recognizing that special
    circumstances can and do affect its ability to pay 17
How Financial Need is Determined
                  Cost of Attendance
             - Expected Family Contribution
                   = Financial Need

    Tuition and Fees
                                    Expected
   Books and Supplies
                               Family Contribution
    Room and Board
     Transportation        Parent’s Contribution from Income
+ Miscellaneous Expenses   Parent’s Contribution from Assets
= Cost of Attendance       Student’s Contribution from Income
                           Student’s Contribution from Assets




                                                          18
Need Varies Based on Cost


 1                                   X

         2                                    Y


               3                                      Z


                         EFC                EFC


  Cost of          Expected Family        Need
Attendance          Contribution         (Variable)
  (Variable)          (Constant)

                                                          19
    Free Application for Federal
    Student Aid (FAFSA)
n   Family’s personal and financial information
    required to perform need analysis is
    collected on FAFSA
n   Electronic version of FAFSA
     – www.fafsa.ed.gov

n   FAFSA is completed after January 1



                                                  20
    FAFSA - Tips

n   The correct name, date of birth, and
    social security number are crucial
n   Round off figures to the nearest
    dollar
n   “You” and “Your” refers to the
    student
n   Read the instructions

                                           21
PROFILE - Tips
n   The PROFILE process
    – Register and complete PROFILE
      application online
    – CSS will send acknowledgement of receipt
      to the student
n   This application must be completed
    online; no paper application available



                                             22
Understanding Your Award
n   Comparing Award Offers
    –   Know how your award was packaged
    –   Know your expected family contribution
    –   Know how much of your need has been met
    –   Know how much is grant/self-help assistance
    –   Know the terms of each program offered
n   Appealing Award
    –   Contact the financial aid office at particular school
    –   Follow specific guidelines
    –   Inform the office of special circumstances (in writing)
    –   Get the names of people with whom you speak
    –   Ultimately, the decision rests with the individual
        school                                                23
Role of the Financial Aid Office
n   Determines eligibility for financial aid
n   Packages aid
n   Sends an award notification which details:
     –   Student’s cost of attendance
     –   Types and amounts of aid offered
     –   How and when aid will be disbursed
     –   Student employment conditions
     –   Terms and conditions of offer
     –   Subject to availability of funds


                                                 24
Information Sources
 Resource Books
   College Cost Book. The College Board.
   Don’t Miss Out: The Ambitious Student’s Guide to
    Financial Aid. Octameron Press.
   The Scholarship Book: The Complete Guide to
    Private-Sector Scholarships, Grants and Loans for
    Undergraduates. Daniel Cassidy, National
    Scholarship Research Service.




                                                    25
    Information Sources
n   Online Resources
    – Department of Education - www.ed.gov
       • FAFSA
       • Hope Tax Credit
    – FAFSA PIN Number
       • www.pin.ed.gov
    – The College Board - www.collegeboard.com
    – The Financial Aid Page - www.finaid.org
       • Comprehensive financial aid information
       • Free scholarship search
       • Various calculators, including need analysis



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