UNDERSTANDING THE TENNESSEE PROMISE SCHOLARSHIP

FINANCIAL AID INFORMATION

COLLEGE FINANCE GUY HANDOUT

https://www.edmit.me/

finaid.org

Tennessee Student Assistance Corporation has lots of great content about the financial aid process. They organize Hope Scholarship and TN Promise along with other state grants and scholarship programs. Their college readiness website has great information: https://www.collegefortn.org/open/welcome

These videos are great overview and tutorials on important points along the financial aid process.

What Is Financial Aid?

Financial aid is money to help you pay for college. It may be in the form of grants, scholarships, loans, work-study programs, or a combination.

The aid comes from federal and state governments, colleges and universities, banks, and private organizations. Applying to receive financial aid is a separate process from applying for admission to a college; you have to do both. For all government aid, and much private and institutional aid, you apply using the Free Application for Federal Student Aid, or FAFSA.

Organizations That Offer Financial Aid

YOUR COLLEGE

Colleges and universities offer financial aid programs for their students. Visit the financial aid webpages of every college you are considering and apply for all of the scholarships you think you might be eligible to receive.

YOUR COMMUNITY

Nonprofit organizations, foundations, and businesses often provide scholarships as a community service. To find these programs talk to your counselor.

SOURCES OF FINANCIAL AID

Very few students get all of their financial aid for college from one source. When you are searching for financial aid, consider a wide variety of options and apply to as many programs as possible.

GRANTS

Grants are free money that don’t have to be repaid. Grants come from the state and federal government and colleges. Generally, grants are based on financial need—i.e., awarded based on your family’s size and financial circumstances, like the Pell Grant. For 2019-20, the maximum grant available to students with the most financial need was $6,195.* To earn a Pell Grant, you must be a U.S. citizen or eligible noncitizen and must complete the FAFSA. *This amount may change every year.

LOANS

Loans are money that you borrow from a bank, government, or private lending company. A loan must be repaid with interest. Loans offered by the government often have lower interest rates and can be repaid over an extended period of time. Visit www.studentloans.gov for more information.

SCHOLARSHIPS

Scholarships are also free money and don’t need to be repaid. Scholarships can come from a variety of places, from state and federal governments to colleges and private companies. Scholarships may be awarded based on your financial need, academic achievement, community service, athletic talent, and many other factors.

WORK-STUDY

Work-Study allows you to receive funds through part-time employment while you are enrolled in college and can help you pay part of your college costs. Unlike other campus jobs, students apply for Work-Study by submitting the Free Application for Federal Student Aid (FAFSA).

o How to Complete the FAFSA, Part 1 – Student Demographics

o How to Complete the FAFSA, Part 2 – School Selection & Dependency Status

o How to Complete the FAFSA, Part 3 – Parent Demographics

o How to Complete the FAFSA, Part 4 – Parent Financials

How to Complete the FAFSA, Part 5 – Student Financials & Signature Status

FAFSA AUTHORIZATION TO RELEASE INFORMATION

FAFSA HELP NIGHT MANDATORY FOR ALL SENIORS AND PARENTS

WHAT TO BRING ON FAFSA NIGHT

HOW TO CREATE AN FSA ID FOR THE FAFSA

HELPING WITH THE RISING COST OF COLLEGE

FAFSA ON THE WEB WORKSHEET

SALE CREEK PTSA MEMBERSHIP FORM AND $500 SCHOLARSHIP APPLICATION

VIETNAM VETERANS OF AMERICA CHAPTER 942

SCHOLARSHIP OPPORTUNITIES

Going Merry How to Sign-Up For Scholarships