Financial Guide for In-State Students 2022-2023

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Financial Guide for In-State Students

-Jasmine Youngblood, Mass Media and Strategic Communication

“UT Martin has given me the much-needed experience I needed to succeed in my professional career. Also being able to apply everything I learned in class to my day-to-day life has boosted my confidence.”

-Griffin Gallimore, Biology

“UT Martin’s incredible faculty and resources have prepared me for postgraduate school by providing helpful guidance and encouragement in my studies, while also challenging me with postgraduate-level tasks and responsibilities. I am thankful for the help I received in making my dream of going to dental school become a reality.”

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Welcome to the University of Tennessee at Martin! College is an investment, and we want to make sure you never fly solo! Soar in Four UT Martin wants you to Soar in Four by taking 15 credit hours per semester to complete your undergraduate degree in four years. We have many services available to help you soar, including the Office of Career Planning and Development, student success counselors, living-learning communities, tutoring, advising services and much more. Spread Your Wings At the University of Tennessee at Martin, skills and knowledge gained outside the classroom are just as important as those learned within it. Students from all academic areas are encouraged to participate in internship and experientiallearning opportunities. Soar Like a Skyhawk We offer small class sizes with more than 86 percent of our classes having fewer than 30 students, and approximately 72 percent of full-time faculty hold the highest degree in their field. We want to ensure you receive the attention and time you deserve here at UT Martin. Elevate Your Future More than 81 percent of UT Martin graduates are employed or in graduate school within six months of graduation. Let Your Spirit Soar Student organizations, fraternities and sororities raised more than $68,000 to donate to charities during the 2021-22 academic year.

Did you know? UT Martin students graduate with less debt than the national graduate debt average! We are ready to work with you one-on-one to develop a financial plan that will work for you. Below are some of the most popular ways to finance a college education.

Financing Your UT Martin Education

• Scholarships are awarded based on what you have accomplished through academic study, talent, service projects and future goals. Scholarships do not need to be repaid.

To apply for federal student aid, such as federal grants, work-study and loans, you need to complete the Free Application for Federal Student Aid at studentaid.gov. The FAFSA is also the application for the Tennessee Hope Lottery Scholarship and other state grants and awards. The FAFSA opens Oct. 1, and you are encouraged to apply as early as possible because some funds are limited. Completing the FAFSA is free and easier than ever! As always, we are here to help. UT Martin’s school code is 003531.

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Our Office of Financial Aid and Scholarships is here to help! We have knowledgeable counselors who can work with you to develop a personalized plan to fund your education at UT Martin. Visit utm.edu/finaid for additional information. What is the FAFSA?

• Loans let you borrow money to help pay for your education with repayment for most educational loans beginning after you graduate. Many loan programs feature low interest rates and tax-deductible interest payments. Some types of loans are based on financial need.

• Grants are awarded to students with the highest financial need and do not have to be repaid. FAFSA calculates an expected family contribution that helps determine your eligibility for grants.

• Work-study is a federal program that allows eligible students to work part-time while attending UT Martin. Students are awarded an average of $2,500 per year, which they receive through a bi-weekly paycheck. The exact award amount varies and is dependent upon how many hours you work.

sets ranges for annual tuition and fee changes. The estimate only includes the tuition and mandatory fees paid by

Cost of Attending UT Martin

estimates

tuition and fee information, visit

or international students. Scholarships,

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percent for your second through fourth years. For

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$6,960

Books

estimate of tuition and fees is one way to develop a four-year financial plan for college. 2023-24 Academic Year $10,110 Year 2 $10,363 Year 3 $10,622 Year 4 $10,888 Four-Year Estimate $41,983 This estimate assumes

This estimate is based on predicted costs for housing in Ellington or Browning Hall and a 10meals-per-week meal plan for both the fall and spring semesters. Ellington/Browningoptions: $3,280/year Cooper Hall CommunitiesLiving-Learning $3,930/year University Village Phase I (A-E) $6,920/year University Village Phase 2 (F-H) $6,590/year

and

full-time, in-state

Thesedegree.cost are based on the previous academic year for a full-time, in-state student taking at least 12 credit hours per semester. may vary depending on your major, housing selection and personal needs.

plans, course fees,

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Personal: $2,926/year spending on household clothing, etc. & Supplies: $1,400/year spending on books for the fall and spring semesters. Transportation: $1,244/year spending on gas, auto travel to and from home, etc. Cost cost an of 2.5 the most up-to-date utm.edu/tuition. Tennessee Higher Education Commission a student such residence hall meal book, differential tuition out-of-state grants, waivers and discounts for which you may be eligible are not reflected in the above estimate.

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UT Martin strives to keep the cost of higher education affordable so that more students can achieve the goal of earning a four-year college

Estimated Direct Costs $10,110 Tuition & Fees

as

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expenses,

regardless of academic program and does not include other costs

Housing

Estimated

items,

5 Estimated Indirect Costs Indirect costs are not set by UT Martin. The numbers listed below are to help you estimate a budget. Your family should also note there will be household savings when you leave home for college. These costs are provided for budgeting purposes only and will not be billed to you. For additional information, visit utm.edu/costs.

toiletries,

This estimate is based on the 2022-23 academic year plus an estimated 2 percent annual tuition and fee increase. Some programs have additional course fees, including business, music, art, nursing, engineering and other areas. Review the course schedule at utm.edu/ courseschedule to view special fees for specific courses. Room & Board

Estimate A predictive

Estimated

Merit-based Scholarships Merit-based scholarships start at a 3.0 GPA* and a 19 ACT** or SAT equivalent and are awarded as funds are available. Priority consideration is given to students who apply for admission prior to Feb. 1. Students are automatically considered for merit-based scholarships when applying for admission. Visit utm.edu/scholarships for updated information and scholarship continuation requirements. *on a 4.0 grading scale **super-scoring method used Chancellor’s Scholarship recipients will also be eligible for a one-time travel study stipend of $2,500 to apply toward a university-approved travel experience while enrolled at UT Martin. Scholarship amounts and award criteria may change without notice. UT Martin reserves the right to limit the numberofscholarshipsifnecessary. University Scholars Organization • University Scholars is the premier UT Martin Honors program for up to 30 incoming first-year students. • Qualifying students receive $2,500 per year in addition to their Chancellor ’s Scholarship award of $3,000 per year for a total of $22,000 for four years. Students must qualify for the UT Martin Chancellor’s Scholarship to apply. For complete information about the University Scholars Program, or to apply, visit utm.edu/ universityscholars or call (731) 881-7436 for more information. ACT 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 4.00 4.00 H 3.95 3.95 S 3.90 3.90 3.85 3.85 G 3.80 3.80 R 3.75 3.75 A 3.70 3.70 D 3.65 3.65 E 3.60 3.60 3.55 3.55 P 3.50 3.50 O 3.45 3.45 I 3.40 3.40 N 3.35 3.35 T 3.30 3.30 3.25 3.25 A 3.20 3.20 V 3.15 3.15 G 3.10 3.10 3.05 3.05 3.00 3.00 GPASchoolHigh

• This scholarship is awarded by the Tennessee Student Assistance Corporation to qualified Tennessee high school graduates with a minimum ACT 21 (or equivalent SAT score) or minimum GPA of 3.0.

Many students receive scholarships from private donors, foundations, businesses and other sources outside UT Martin. Any external scholarship checks should be sent to the university so we can apply them to your financial aid award. Awards are split equally between fall and spring semesters unless otherwise specified by the donors.

• This program applies to both tuition and mandatory fees. Housing, meal plans and other post-secondary expenses are not included.

• If you didn’t list UT Martin as your first choice on your FAFSA, you must update the institution choice on the Tennessee Student Assistance Corporation website at tn.gov/collegepays as quickly as possible for on-time processing of the HOPE Scholarship.

• General Assembly Merit Scholarship: Up to $1,500 annually ($500 each full-time semester, including summer) for students with a 3.75 GPA and 29 ACT or 1350 SAT. Eligibility is confirmed by the state and will be visible by summer through myUTMartin at utm.edu/ portal.

• For specific information on deadlines and requirements, visit tennessee.edu/ut-promise.

• Aspire Award: Up to $2,250 annually ($750 each full-time semester, including summer), based on financial need.

For more information, visit tn.gov/collegepays.

• Tennessee residents who meet UT Martin admission requirements, qualify for the Tennessee Hope Scholarship and have an annual household income of less than $60,000 are eligible to receive funds from the UT Promise financial aid program.

• To see if your high school qualifies or if you qualify as a non-traditional student (age 25 or older), visit tn.gov/collegepays.

• 1st and 2nd years receive $4,500 per year, and 3rd and 4th receive $5,700 per year as long as continuation requirements are met.

• The FAFSA is the application for the HOPE Scholarship.

The Tennessee HOPE Scholarship offers two supplements:

• Participating students will be matched with volunteer mentors and must complete required service hours each semester to remain in the program.

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• Students must meet application, FAFSA and community service deadlines in order to be considered.

Tennessee HOPE Scholarship:

UT Promise

• This is a last-dollar scholarship that will be applied after all other financial aid is received, including, but not limited to, Pell Grants, HOPE Scholarship and other institutional scholarships.

EXAMPLE- Loan Repayment for a Department of Education direct subsidized loan: A student who borrows $15,000 at the current interest rate of 5.05 percent for 120 months (10 years) will have a monthly loan payment of $160 per month. Alternative student loans are made through private lending institutions. We encourage students to look into federal loan programs before applying for a private loan. If you’re ineligible for federal loans or you’ve exhausted government sources, private loans can help pay for your remaining educational expenses. much can I borrow in federal student loans? Level Academic Year Loan Limit* Year $5,500 Year $6,500 3rd & 4th Year $7,500 *Amounts for dependent students (the majority of college students). Students who are considered independent by FAFSA are eligible for different amounts. Contact the Office of Financial Aid and Scholarships with any loan questions at financialaid@utm.edu.

1st

2nd

Parents of dependent students can also consider a Parent PLUS Loan, a credit-based federal loan given to eligible parent applicants. If the loan is approved, the Department of Education will notify UT Martin, and the loan will be added to your financial aid award. Parents are responsible for all repayments and interest for a Parent Plus Loan. Visit the loan repayment calculator at studentloans.gov to view how your loan repayment plan might look following graduation.

Many families use loans in addition to other funding sources to help finance their educational expenses. Our financial aid team is ready to work with you one-on-one to identify the best financing plan to meet your educational goals.

TYPES OF LOANS

How

Direct subsidized loans and direct unsubsidized loans are administered by the U.S. Department of Education. Both loan programs offer competitive interest rates, which are determined by federal law.

ADDITIONAL FINANCING OPTIONS

Grade

Interest begins to accrue as soon as the loan disburses to your student account. The Department of Education pays the interest on a direct subsidized loan while you are in school and for the first six months after graduation. For a direct unsubsidized loan, you are responsible for paying all of the interest. You can choose to begin payment on your loans and their interest early with no penalty.

11 FINANCING EXAMPLES Example #1– Thomas Thomas is a graduating senior from a Tennessee high school with a 3.75 GPA and an ACT superscore of 26. Thomas completed the FAFSA and qualified for federal loans. He also applied for and received two external scholarships. In total, Thomas received $10,000 by accepting his offered scholarships and part of his student loans. Thomas’s Financial Aid: • $4,500 HOPE Scholarship • $2,000 UT Martin Deans Scholarship • $3,500 Direct Subsidized Loan (he declined the $2,000 unsubsidized loan) • $1,000 Local High School External Scholarship $17,070 Tuition & Fees/Room & Board -$11,000 Financial Aid -$3,000 Part-time Job -$3,070 Savings/Parents Thomas chose to enroll in UT Martin’s deferred payment plan to spread out his payment for each term’s charges into four installments. Thomas’s loans and scholarships are subtracted from his total, and he will pay 25 percent of the remaining balance on each payment date. A $30 installment plan service charge is added to the first payment. Thomas’s Deferred Payment Plan Fall 2023 Spring 2024 Tuition, Fees, Room & Board: $8,535 Tuition, Fees, Room & Board: $8,535 Financial Aid: $5,500.00 Financial Aid: $5,500.00 1st Installment: $788.75 1st Installment: $788.75 2nd Installment: $758.75 2nd Installment: $758.75 3rd Installment: $758.75 3rd Installment: $758.75 4th Installment: $758.75 4th Installment: $758.75

Example #2 – Lillian Lillian is a graduating senior from a Tennessee high school with a 3.9 GPA and an ACT superscore of 23. Lillian completed the FAFSA and qualified for a partial Pell Grant and federal loans. In total, Lillian received $15,500 in scholarships, grants and student loans. Lillian’s Financial Aid: • $4,500 HOPE Scholarship • $2,000 UT Martin Deans Scholarship • $3,500 Partial Pell Grant • $3,500 Direct Subsidized Loan • $2,000 Direct Unsubsidized Loan $17,070 Tuition & Fees/Room & Board -$15,500 Financial Aid -$1,570 Part-time Job/Savings Lillian’s Deferred Payment Plan Fall 2023 Spring 2024 Tuition, Fees, Room & Board: $8,535 Tuition, Fees, Room & Board: $8,535 Financial Aid: $7,750.00 Financial Aid: $7,750.00 1st Installment: $226.25 1st Installment: $226.25 2nd Installment: $196.25 2nd Installment: $196.25 3rd Installment: $196.25 3rd Installment: $196.25 4th Installment: $196.25 4th Installment: $196.25

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FREQUENTLY ASKED QUESTIONS When will I hear from UT Martin regarding my financial aid? UT Martin’s merit scholarships are automatically awarded to qualifying admitted freshmen, and notifications start in November each year. Most competitive scholarships are awarded between January and May, and need-based scholarships and other forms of financial aid from your FAFSA are awarded beginning in January.

What are my payment options? The deferred payment plan allows you to spread out your tuition and fees payment into four installments without interest. Loans, grants and scholarships are subtracted from the total cost, and students then pay 25 percent of the remaining charge on each of the four payment dates. A $30 service charge is added to the first payment. Are any discounts or fee waivers available? You may be able to take advantage of discounts or waivers through the UT System, the state of Tennessee or with your parents’ employer. Check with the human resources office at your parents’ place of employment for more information. Contact the Bursar’s Office at UT Martin to check associated dates and deadlines by emailing bursar@utm.edu. Can my parent take out a loan on my behalf? Dependent students can cover a portion or all of their remaining balance (cost of attendance minus other financial aid received) with a Parent PLUS Loan, a credit-based federal loan given to eligible parent applicants. If the loan is approved, the U.S. Department of Education will notify UT Martin, and it will be added to your financial aid award. Parents are responsible for all repayments and interest. Students whose parents apply but do not qualify for the PLUS loan are eligible for an additional unsubsidized loan. The student is responsible for repayment and interest on the additional unsubsidized loan. How do I use my 529 plan to pay for college? A 529 plan is a savings account specifically for higher education expenses. If you have a 529 plan, contact your plan’s administrator to find out how to use your funds toward tuition and fees. Are scholarships available after my first year? The university offers scholarships to returning students through campus and academic departments. Continuing students apply for additional scholarships through the Scholarship Aviator between Oct. 15 and Feb. 1 each year. If awarded, the scholarships are available the next academic year. The Scholarship Aviator is available at utm.edu/aviator. What if I have other questions? Contact the Office of Undergraduate Admissions or Office of Financial Aid and Scholarships if you have any questions or need more information. Friendly and knowledgeable counselors are here to help. Office of Undergraduate Admissions 325 Clement Hall 210 Hurt Street Martin, TN 38238 (731) admissions@utm.edu881-7020 utm.edu/admissions Office of Financial Aid & Scholarships 243 Clement Hall 210 Hurt Street Martin, TN 38238 (731) Hablamosutm.edu/finaid881-7040español: Si usted o su familia prefiere hablar con un miembro del personal que habla español, nuestra oficina tiene un representante disponible para ayudar con cualquier pregunta. Háblenos al 731-881-7390 o mándanos un correo electrónico a admissions@utm.edu.

WHAT COMES NEXT? • Submit your FAFSA at studentaid.gov as early as possible! It opens Oct. 1 each year for the next academic year. • Set up your UT Martin account. You can find your username and default password at utm.edu/username. • Check utm.edu/portal to accept all awards and complete any requirements. • Respond promptly to any requests sent to you via email. • Apply for donor-funded scholarships at utm.edu/aviator between Oct. 15 and Feb. 1. • Look for scholarship awards from private sources (optional). To access links to a variety of scholarship searches, visit utm.edu/scholarships.

15 DIRECT COST ESTIMATE WORKSHEET Review the example on page 9 and use the worksheet below to plan for your first year of college. Direct Costs Tuition & Fees $10,110 + Room & Board $6,960 Estimate of Direct Charges $17,070 Financial Aid Loans, Scholarships and Grants Total accepted loans Including subsidized, unsubsidized, PLUS and alternative loans. + Grants (Pell and others) Loan and Pell amounts are determined by FAFSA. After completing your FAFSA, you’ll receive a student aid report with your eligible amounts. + HOPE Scholarship This amount may differ if you took dual enrollment courses in high school. Institutional+ scholarships, if eligible, including UT Martin merit scholarships, UT Promise and competitive scholarships. This amount will be determined when UT Martin receives and processes your FAFSA. External+ scholarships Estimate of total awards Subtract your estimate of total awards from your estimate of direct charges for your financial planning purposes. Finally, don’t forget to consider your indirect costs. While you don’t pay UT Martin directly for some of your books, transportation or personal expenses, you should take those costs into consideration. The University of Tennessee is an EEO/AA/Title VI/Title IX/ Section 504/ADA/ADEA institution in the provision of its education and employment programs and services. All qualified ap plicants will receive equal consideration for employment without regard to race, color, national origin, religion, sex, pregnancy, marital status, sexual orientation, gender identity, age, physical or mental disability, or covered veteran status. Inquiries should be directed to the Office of Equity and Diversity (OED), 303 Administration Building, Martin, TN 38238, (731) 881-3505 Office, (731) 881-4889 TTY, Hearing Impaired, (731) 881-3507 Fax, equityanddiversity@utm.edu, http://www.utm.edu/departments/equalopp/. In compliance with the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act (The Clery Act), UTM’s annual security report includes statistics for the previous three years concern ing reported crimes that occurred on or around the campus and UTM’s emergency response and evacuation procedures. You can view the report at http://www.utm.edu/departments/ finadmin/publicsafety/annualreport.php or you may obtain a paper copy of the report by contacting the Office of Public Safety, 215 Hurt Street, Martin, TN 38238 or calling (731) 8817777. Data on intercollegiate athletics program participation rates and financial support may be found at http://www.utm.edu/webshare/consumer_docs/09-10%20DOE-EADA%20 Report.pdf and printed copies may be obtained through the Office of Intercollegiate Athletics, 1022 Elam Center, Martin, TN 38238 or by calling (731) 881-7660. E05-0211-00-022-22

CollegestoTheUniversityofTennesseeatMartinisaccreditedbytheSouthernAssociationofCollegesandSchoolsCommissiononCollegesawardbaccalaureateandmaster’sdegrees.ContacttheSouthernAssociationofCollegesandSchoolsCommissiononat1866SouthernLane,Decatur,Georgia30033-4097orcall404-679-4500forquestionsabouttheaccreditationof

TheUniversityofTennesseeatMartin.

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