Guide to Financial Aid for College Students
Understanding financial aid is crucial for students to afford their education. Scholarships, grants, loans, and work-study programs are common types of financial aid. Different sources, such as state, federal, colleges, and private institutions, provide financial aid opportunities. In Tennessee, specific programs like the HOPE Scholarship and TN Promise offer support for students pursuing higher education. Knowing the types and sources of financial aid available can help students make informed decisions about funding their college education.
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Financial Aid money awarded or lent to students to help pay for their education
Types of Financial Aid 1. Scholarships free money awarded on ACT, GPA, or skill Renewable vs. Non-renewable Grants free money awarded on need Expected Family Contribution (EFC) Loans borrowed money that must be paid back with interest Work study earned money from on-campus employment 2. 3. 4.
Sources of Financial Aid State Federal I will College Private You
TN 4-yr Public And Private HOPE Scholarship Aspire HOPE Supplement GAMS TSAA HOPE Supplement Student Aid Index (SAI) 21 ACT/SAT or 3.0 GPA Parents AGI $36,000 29 ACT/SAT & 3.75 GPA $1,000 (2000) per semester $2,250/$2,850 per semester +$750 per semester +$500 per semester Need Merit
TN Community College HOPE Scholarship Aspire HOPE Supplement GAMS TSAA HOPE Supplement Student Aid Index (SAI) 21 ACT/SAT or 3.0 GPA Parents AGI $36,000 29 ACT/SAT & 3.75 GPA $1,000 per semester $1,600 per semester +$250 per semester +$500 per semester Need Merit
TCAT Wilder- Naifeh TSAA Certificate/ Diploma TCAT Student Aid Index (SAI) $667 per trimester $667 per trimester Need Merit
TN Promise Checklist Apply to the Tennessee Promise program at tnpromise.gov by November 1, 2023 Complete 2024-25 FAFSA at studentaid.gov by TBD Attend mandatory meeting ascoordinated by partnering organization Complete and submit 8 hours of community service by July 1, 2024 (coordinated by partnering organization) *Promise allows students to attend a community college or TCAT tuition-free through a last dollar scholarship.
TN Promise Examples Student responsibilities: Books, food, online fees, other fees, gas, etc. TSAA $1,000 Promise $900 Tuition $2,500 Pell $3,697 Promise $2,500 HOPE $1,600 1 2 3 ACT 16 GPA 2.64 ACT 19 GPA 3.25 ACT 20 GPA 2.93 Need Merit
FAFSA 2024-25 FAFSA available December 2023. 2025-26 FAFSA should open October 1, 2024. Always submit the FAFSA as soon as possible after it opens to maximize financial aid consideration.
2024-25 FAFSA Available December 2023 at studentaid.gov 2022 income/tax information Student Aid Index (SAI) Priority deadline TBD 2025-26 FAFSA should open October 1, 2024.
Federal Student Aid Unsubsidized Student Subsidized Student Pell Grant Parent PLUS Need based Student Aid Index (SAI) 4.99% fixed (2022-23) 4.99% fixed (2022-23) 7.54% fixed (2022-23) $3,697 per semester max (2023-24) Interest does not accrue initially Interest does accrue Interest does accrue Need Loan
lori.mitchum@tn.gov 731-571-7888 tnpromise collegefortn.org
