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Financial Aid 101: Essential Checklist for Funding Your College Education

Prepare for your college funding in your senior year with this comprehensive checklist. In the fall semester, focus on taking or retaking the ACT/SAT and applying to multiple colleges for admissions and institutional aid. As the spring semester approaches, make sure to complete the FAFSA, available starting January 1, and continue seeking local and private scholarship opportunities. Compare your college acceptances and financial aid packages to make informed decisions about your education financing.

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Financial Aid 101: Essential Checklist for Funding Your College Education

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  1. Financial Aid 101 Funding a College Education

  2. Senior Year Checklist Fall Semester • Take and retake the ACT/SAT • Apply to several colleges (admissions, institutional aid, etc) • Complete local/private scholarship applications Spring Semester • Complete 2012-13 FAFSA available January 1, 2012 • Continue completing local/private scholarship applications • Review college acceptances, compare financial aid packages, ask questions, and follow up as needed

  3. 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

  4. Cost of Attendance

  5. Cost of Attendance

  6. Financial Aid Sources

  7. Institutional Aid

  8. ACT

  9. SAT

  10. Private Aid

  11. Other Aid

  12. FAFSA • 2012-13 FAFSA on the Web • Available January 1, 2012 • www.fafsa.gov (VERY IMPORTANT!) • Priority deadline is as soon as possible after January 1, 2012!

  13. 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

  14. FAFSA

  15. FAFSA

  16. FAFSA

  17. FAFSA

  18. Online Applications

  19. Financial Aid Award

  20. Financial Aid Award

  21. Contact Info Jason.Seay@TN.gov 615.253.7459 (o) 615.319.1740 (c)

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