Financial Guide 2023-2024

“UT Martin prepared me to learn the ins and outs of my major through a very effective, diverse, and finely-detailed course load.”

“I am confident that the education and opportunities that I have been provided with at this university will help me make a difference in the world around me. The one-on-one relationships that this university values have made a tremendous impact on who I am as a young adult.”

-Tydarius

Blackwell, Mathematics Education

-Emily Pennington, Mass Media and Strategic Communication

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 approximately 87 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 performed almost 4,500 community service hours and fraternities and sororites performed almost 6,000 during the 2022-23 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.

• 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.

• 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.

• 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.

• 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.

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?

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 is expected to be available in December 2023, 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.

Cost of Attending UT Martin

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 degree.

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

Estimated Direct Costs

$10,412 Tuition & Fees

This estimate is based on the 2023-24 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.

$9,010 Housing & Food

This estimate is based on the average cost of living on campus and the All-Access, SevenDays-a-Week Meal Plan with $150 Captain’s Cash for both fall and spring. Your actual housing cost will vary depending on which housing option you choose. Please see specific costs below.

Estimated Indirect Costs

Indirect costs are 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

Personal: $3,600/year

Estimated spending on household items, clothing, toiletries, etc.

Books, Course Materials, Supplies, & Equipment: $1,500/year

Estimated spending on books for the fall and spring semesters.

Transportation: $3,000/year

Estimated spending on gas, vehicle expenses, travel to and from home and/or work, etc.

Predictive Cost Estimate

A predictive cost estimate of tuition and fees is one way to develop a four-year financial plan for college.

Meal Plan Options: utm.edu/dining

This estimate assumes an annual increase of 2.5 percent for your second through fourth years. For the most up-to-date tuition and fee information, visit utm.edu/tuition

The Tennessee Higher Education Commission sets ranges for annual tuition and fee changes. The estimate only includes the tuition and mandatory fees paid by a full-time, in-state student regardless of academic program and does not include other costs such as residence hall selection, meal plans, course fees, books, course materials, supplies, and equipment, and differential tuition for out-of-state or international students.

Scholarships, grants, waivers and discounts for which you may be eligible are not reflected in the above estimate.

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.

*ona4.0gradingscale**super-scoringmethodused

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.

Scholarshipamountsandawardcriteriamaychangewithoutnotice.UTMartinreservestherightto limitthenumberofscholarshipsifnecessary.

University Scholars Program

• 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 over four years. Students must qualify for the UT Martin Chancellor’s Scholarship to apply.

For complete information about the University Scholars Program, honors curriculum, application procedures and deadlines, visit: utm.edu/universityscholars or call (731) 881-7436.

Chancellor’s Scholarship $3,000 Annually Excellence Scholarship $1,500 Annually Achieve Scholarship $1,000 Annually

Deans Scholarship $2,000 Annually

Tennessee HOPE Scholarship:

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

• First-year and second-year students receive $4,500 per year, and third-years and fourth-years receive $5,700 per year as long as continuation requirements are met.

• The FAFSA is the application for the HOPE Scholarship.

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

UT Promise

• 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.

• This is a last-dollar scholarship for tuition and mandatory fees and will be applied after all other financial aid is received, including, but not limited to, Pell Grants, HOPE Scholarship and other institutional scholarships. Housing, meal plans and other postsecondary expenses are not included.

• Participating students will be matched with a volunteer mentor and must complete eight hours of community service each semester to remain in the program.

• Students must meet application, FAFSA and service deadlines in order to be considered. For specific information on deadlines and requirements, visit tennessee.edu/ut-promise

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.

ADDITIONAL FINANCING OPTIONS

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

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. 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.

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.

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.

*Amountsfordependentstudents(themajorityofcollegestudents).Studentswhoareconsidered independentbyFAFSAareeligiblefordifferentamounts.ContacttheOfficeofFinancialAidand Scholarshipswithanyloanquestionsatfinancialaid@utm.edu.

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 $11,000 by accepting his offered scholarships and part of his student loans.

Thomas’s Financial Aid & Scholarships:

• $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

$10,412 In-State Tuition & Fees

+$3,380 Ellington Hall Housing Assignment

+$3,900 All-Access, Seven-Days-a-Week Meal Plan with $150 Captain’s Cash

$17,692 total billed costs for tuition, fees, food, and housing

-$11,000 Financial Aid

-$3,500 Part-time Job

-$3,252 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 2024

Tuition, Fees, Housing & Food: $8,846

Financial Aid: $5,500.00

1st Installment: $866.50

2nd Installment: $836.50

3rd Installment: $836.50

4th Installment: $836.50

Spring 2025

Tuition, Fees, Housing & Food: $8,846

Financial Aid: $5,500.00

1st Installment: $866.50

2nd Installment: $836.50

3rd Installment: $836.50

4th Installment: $836.50

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 & Scholarships:

• $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

$10,412 In-State Tuition & Fees

+$3,380 Browning Hall Housing Assignment

+$3,900 All-Access, Seven-Days-a-Week Meal Plan with $150 Captain’s Cash

$17,692 total billed costs for tuition, fees, food, and housing

-$15,500 Financial Aid

-$2,252 Part-time Job/Savings

Lillian’s Deferred Payment Plan

Fall 2024

Tuition, Fees, Housing & Food: $8,846

Financial Aid: $7,750.00

1st Installment: $304

2nd Installment: $274

3rd Installment: $274

4th Installment: $274

Spring 2025

Tuition, Fees, Housing & Food: $8,846

Financial Aid: $7,750.00

1st Installment: $304

2nd Installment: $274

3rd Installment: $274

4th Installment: $274

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 UT Martin Bursar’s Office 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. 1 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) 881-7020 admissions@utm.edu utm.edu/admissions

Office of Financial Aid & Scholarships

243 Clement Hall

210 Hurt Street

Martin, TN 38238 (731) 881-4677 utm.edu/finaid

WHAT COMES NEXT?

• Submit your FAFSA at studentaid.gov as early as possible! It is expected to be available in December 2023 for the 2024-2025 school 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. 1 and Feb. 1.

• Look for scholarship awards from private sources (optional). To access links to a variety of scholarship searches, visit utm.edu/scholarships.

DIRECT COST ESTIMATE WORKSHEET

Review the estimated costs on page 5 and the examples on pages 11-12 and use the worksheet below to plan for your first year of college.

Direct Costs

Tuition & Fees

$10,412 +

Housing & Food

Estimate of Direct Charges

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.

TheUniversityofTennesseeatMartinisaccreditedbytheSouthernAssociationofCollegesandSchoolsCommissiononColleges toawardbaccalaureateandmaster’sdegrees.ContacttheSouthernAssociationofCollegesandSchoolsCommissionon Collegesat1866SouthernLane,Decatur,Georgia30033-4097orcall404-679-4500forquestionsabouttheaccreditationof TheUniversityofTennesseeatMartin.

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 applicants 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 concerning 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. E05-0211-00-043-23