FINANCIAL AID
You've been accepted at a College or University!! Great Job!! Now, how are you going to pay for your degree?!?!?
Determining Eligibility and Need for Student Aid
School A School B School C
Cost of Attendance $9,000 $15,000 $30,000
Family Contribution -5,000 -5,000 -5,000
Eligibility for need-based Aid =$4,000 =$10,000 =$25,000
NOTE: Some institutions may not be able to meet your full eligibility for aid, leaving a gap between your need for aid and the amount of aid offered. In those situations, if the student wants to attend the college, the family will need to tap other resources (loans, family members, additional work).
Non-Need Based Financial Aid
Federal Direct Unsubsidized Stafford Loan
Interest begins while student is in school
Federal Direct Plus (Parent) Loans
Maximum available is equal to annual cost of education minus student financial aid. Repayment can begin as early as 60 days after the loan is fully disbursed or the parent can temporarily defer repayment during the time the student is enrolled at least half time
NEED-BASED Financial Aid
Federal Pell Grant
Eligibility determined directly from Expected Family Contribution
TN Hope Scholarship
Awarded to students with a 3.0 GPA or 21 ACT Composite
Four-Year Institutions and two-year institutions with on-campus housing: Up to $1,750 per full-time enrollment semester as a freshmen and sophomore; then up to $2,250 per full-time enrollment semester as a junior and senior
Two-Year Institutions: Up to $1,500 per full-time enrollment semester as a freshman and sophomore
- Award amounts are available for summer enrollment
- Class status is determined by the postsecondary institution
Federal Supplemental Educational Opportunity Grants
Awards of $100-$4000 to the neediest students determined by the institution
Federal Perkins Loans
Limited number of loans; recipients determined by institution. Maximum $5500 per year, interest rate 5%
Federal Work Study
Usually 8 to 15 hours per week; hourly pay at least minimum wage. Selected by institution
Federal Subsidized Direct Stafford Loans
Maximum amts of: $3500 for Freshmen; $4500 for Sophomores; $5500 for Juniors/Seniors. 3.4% Fixed interest rate. Repayment begins 6 months after no longer enrolled