Financial Aid Basics
This free application determines eligibility for most federal, state, and institutional financial aid.
What is the FAFSA?
This type of aid is usually based on financial need and does not have to be repaid.
What is a Grant?
Students and contributors use this username and password to sign the FAFSA.
What is an FSA ID?
Tennessee's primary lottery-funded merit scholarship.
What is the HOPE Scholarship?
These scholarships are often easier to win because fewer students apply.
What are Local Scholarships?
Money borrowed for college that must usually be repaid with interest.
What is a Loan?
This type of aid is usually awarded for grades, leadership, talent, or athletics.
What is a Scholarship?
This number replaced the Expected Family Contribution (EFC).
What is the Student Aid Index (SAI)?
Tennessee's primary need-based state grant.
What is the Tennessee Student Assistance Award (TSAA)?
The total estimated yearly cost of college, including tuition, housing, books, transportation, and more.
What is Cost of Attendance (COA)?
Financial aid awarded because a student demonstrates financial need.
What is Need-Based Aid?
This type of scholarship covers remaining eligible tuition after other grants and scholarships have been applied.
What is a Last-Dollar Scholarship?
This federal grant is awarded based on financial need and does not have to be repaid.
What is the Pell Grant?
Students may begin earning community service hours during this year of high school.
What is Junior Year?
Expenses billed directly by the college, such as tuition and fees.
What are Direct Costs?
Financial aid awarded based on academic achievement, leadership, athletics, or talent.
What is Merit-Based Aid?
Scholarships awarded by community organizations, employers, or civic clubs are called these.
What are Outside Scholarships?
This process requires students to submit additional documents to confirm FAFSA information.
What is Verification?
The online portal students use to monitor Tennessee financial aid eligibility.
What is the TSAC Student Portal?
Books, transportation, and personal expenses are examples of these.
What are Indirect Costs?
Financial aid that does not have to be repaid.
What is Gift Aid?
This document outlines the grants, scholarships, loans, and work-study a college is offering a student for the upcoming academic year.
What is a Financial Aid Offer?
This allows financial aid administrators to adjust aid because of special financial circumstances.
What is Professional Judgment?
Name three requirements to be and/or remain eligible for TN Promise.
be a Tennessee resident, apply by deadline, complete FAFSA, submit community service, attend mandatory meeting, enroll in TCAT or community college by the fall after graduation, renew FAFSA annually, etc.
Name two resources students can use to search for scholarships.
BigFuture by College Board, Fastweb, Scholarships.com, Chegg Scholarships, Cappex, and MORE.