FINANCIAL AID
FINANCIAL AID PORTAL To view and accept your financial aid awards, you will need to access Banner Self-Service. Visit www.uthsc.edu, click the “Current Students” tab, and then click the “Banner Self-Service” tab. Login to Banner Self-Service using your Net ID which will be provided via email by your Admissions Counselor.
Institutional Scholarships The recipients of institutional scholarships are chosen by the colleges. Please visit your college’s web link below for more information.
Dentistry
uthsc.edu/dentistry/scholarships
Graduate Health
uthsc.edu/grad/StudentInfo/Funding/index.php?page=Scholarships
Health Professions
uthsc.edu/health-professions/scholarship
Medicine
uthsc.edu/medicine-scholarships
Nursing
uthsc.edu/nursing/scholarships
Pharmacy
uthsc.edu/pharmacy/scholarships
IMPORTANT DATES OCTOBER 1 Free Application for Federal Student Aid (FAFSA) available at fafsa.gov. The school code for UTHSC is 006725.
NOVEMBER – FEBRUARY Complete FAFSA by utilizing IRS Data Retrieval Tool (DRT) on FAFSA to import tax information. Please note the DRT will be an option three weeks after filing your tax return.
State Scholarships and Grants If you are a resident of the State of Tennessee, you may be eligible for state scholarship funding. Please visit the following website to learn more information about the various state scholarships tn.gov/collegepays.Please list UTHSC as the 1st school on your FAFSA Application.
Military Scholarships The Armed Forces Health Professions Scholarship Program offers scholarships through the U.S. Army, Navy, and Air Force. For additional information regarding military scholarships, please visit uthsc. edu/financial-aid/armed-forces
National Health Services Corps Scholarship The National Health Service Corps provides scholarships for up to 4 school years to health professions students. For additional information regarding the National Health Service Corps, please visit nhsc. hrsa.gov/scholarships/index.html.
MARCH 15 FAFSA is due. MID-APRIL Accepted students will be sent their Financial Aid Award Notification via UTHSC email.
AFTER APRIL 1st year students—contact your Financial Aid counselor to complete the required “One-on-One Financial Aid Counseling Session.” 1
Discounts and Waivers/Instate Residency There are several discounts and waivers that are available through the University of Tennessee Health Science Center and the State of Tennessee for students such as the Regional Tuition Rate Program, University Graduate Assistants or Graduate Teaching Assistants, spouse or dependents of regular full-time University employees, Tennessee public school teachers, or retired State of Tennessee employees. For additional information regarding discount and waivers, please visit uthsc. edu/finance/discounts-waivers.
Grants Federal Pell Grant A Federal Pell Grant, unlike a loan, does not have to be repaid. Federal Pell Grants are awarded only to undergraduate students who have not earned a bachelor’s degree. For additional information, please visit studentaid.ed.gov/ types/grants-scholarships/pell.
Federal Supplemental Educational Opportunity Grant (FSEOG) Students who receive a Federal Pell Grants and have the most financial need are eligible for FSEOG. The FSEOG does not need to be repaid. For additional information on FSEOG please visit studentaid.ed.gov/types/ grants-scholarships/fseog.
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Federal Work Study (FWS) The work-study program at UTHSC is an excellent way for students to earn extra money to help with expenses, gain professional experience, add work experience to their resume, earn intern hours, and obtain professional references. FWS students are able to arrange their work schedules around their classes. Also, unlike loan funding, the amount you earn from FWS does not need to be paid back. Most students are able to earn up to $4,000 a year. There are many types of FWS jobs that are available on-campus as well as off- campus. Some jobs include being a personal trainer, research assistant, pharmacy technician, and many more. On-campus positions earn $10/hour and offcampus positions earn $12/hour. For additional information, please visit uthsc.edu/work-study.
Financial Literacy The Financial Literacy Information for Graduate/Professional Health Science Students of Today (F.L.I.G.H.T.) program is designed to educate students for their journey by providing financial literacy and debt management resources. F.L.I.G.H.T. encourages students to better understand money so that they make clear informed financial decisions to save, manage and better protect their finances. On the website, you will find a wealth of resources including a variety of helpful articles ranging from “Building Good Credit” to “Managing Your Student Loans.”
For more information, please visit uthsc.edu/finaid/flight/index. We have also implemented the Financial Literacy Overview Sheet which will assist you with loan repayment, loan servicer
information, and other important financial topics. To view the Financial Literacy Overview Sheet please visit uthsc.edu/ finaid/flight/documents/financialliteracy-overview-sheet.pdf.
Loans Subsidized
Unsubsidized
Graduate PLUS
Parent PLUS
**Undergraduate Dependent
$5,500
$2,000***
N/A
Up to Cost of Attendance minus other financial aid
*Undergraduate Independent
$5,500
$7,000
N/A
N/A
N/A
$34,389 – $37,167
Up to Cost of Attendance minus other financial aid
N/A
N/A
$42,722 – $47,167
Up to Cost of Attendance minus other financial aid
N/A
$20,500
Up to Cost of Attendance minus other financial aid
N/A
College of Pharmacy Colleges of Medicine and Dentistry Professional Students All Other Colleges
N/A
* An independent student is one of the following: at least 24 years old, married, a graduate or professional student, a veteran, a member of the armed forces, an orphan, a ward oft he court, or someone with legal dependents other than a spouse, an emancipated minor or someone who is homeless or at risk of becoming homeless. ** A dependent student is someone who does not meet any of the criteria for an independent student (as listed above). *** If a dependent student’s parent is denied the Parent PLUS Loan, the student can obtain additional unsubsidized loan up to $7,000.
NET vs. GROSS Federal Direct Loan Amounts There’s a loan origination fee on all Direct Subsidized, Unsubsidized and PLUS Loans. This is a fee charged by a lender on entering into a loan agreement to cover the cost of processing the student loan. The loan fee is deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow. You’re responsible for repaying the entire amount you borrowed and not just the amount you received. 3
Student Loan Repayment Most Common Repayment Plans
Advantages
Monthly Payments
Income Base Repayment Plan (IBR) Direct Only
Provides a lower payment based on family size and AGI
Payments are capped at 15% of your monthly discretionary, but never more than the 10-year Standard Repayment Plan
Income Base Repayment Plan (IBR)* Direct Only
Provides a lower payment based on family size and AGI
Payments are capped at 10% of your monthly discretionary, but never more than the 10-year Standard Repayment Plan
Revised Pay As You Earn Repayment Plan (REPAYE)** Direct Only
Possibly offers the lowest required monthly payment and interest capitalization is capped at 10% of the original amount
Monthly payments will be 10 percent of discretionary income. Your monthly payment can be more than the 10-year Standard Plan amount
Pay As You Earn Repayment Plan (PAYE) Direct Only
Possibly offers the lowest required monthly payment and interest capitalization is capped at 10% of the original amount
Your monthly payments will be 10% percent of discretionary income. Your monthly payment can will never be more than the 10year Standard Plan amount
Extended Repayment Plan Direct and FFEL
Reduce monthly payments, without consolidating
Equal monthly payments stretched over a longer term and payment based upon total amount borrowed
Standard Repayment Plan Direct and FFEL
Lowest possible interest cost
Payments are calculated equally over the repayment term; payment based upon total amount borrowed
* New Borrower – For the IBR Plan, you are a new borrower on or after July 1, 2014, if you had no outstanding balance on a Federal Direct Loan Program when you received a Direct Loan on after July 1, 2014. ** Married Borrower – Both your and your spouse’s income and loan debt will be considered, whether taxes are filed jointly or separately (with limited exceptions). 4
Length of Repayment Term
Eligibility Requirements
Up to 25 years (after which, any remaining balance might be forgiven)
Must have a Partial Financial Hardship (PFH) to qualify
Up to 20 years (after which, any remaining balance might be forgiven)
No Partial Financial Hardship (PFH) to qualify
Up to 25 years (after which, any remaining balance might be forgiven)
Any Direct Loan borrower with an eligible loan type may choose this plan.
Up to 20 years (after which, any remaining balance might be forgiven)
Must be PFH, be a new borrower on or after 10/01/2007, and receive a Direct Loan disbursement on or after 10/01/2011
Up to 25 years
No requirements
10 years (up to 30 years if consolidated)
No requirements
For a complete overview of all the available repayment plans offered by the U.S. Department of Education, please visit studentaid.ed.gov/repay-loans/understand/plans.
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MANDATORY COUNSELING SESSIONS
Federal Direct Loan Exit Counseling Session
One-On-One Financial Aid Counseling Session All first year students are required to schedule and complete a oneon-one counseling session with their Financial Aid Counselor. If you have ACCEPTED Federal Student Loans, and applied the funds toward the cost of tuition, you are required to complete this session. Contact your Financial Aid Counselor to schedule an appointment. uthsc.edu/finaid/flight/staff
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Federal Law has issued a new requirement that ALL students who receive federal student aid must attend an exit loan counseling session prior to graduation. The purpose of exit review counseling is to acquaint students with the type - or types - of loan they have, the amount of their indebtedness, and their rights and responsibilities under each loan program. Students can complete exit loan counseling for their Federal Direct Loan (Stafford and Grad PLUS) via this website studentloans.gov. For Perkins Loan exit counseling, please visit to heartlandecsi. com for more information.
Federal Perkins Loan Exit Counseling Loans made through the Federal Perkins Loan Program, often called Perkins Loans, are lowinterest federal student loans for undergraduate and graduate students with exceptional financial need. Perkins Loan exit counseling is required by federal law before they graduate. For Perkins Loan exit counseling, uthsc.edu/finance/bursar.
Consolidation
Creating A Budget
A Direct Consolidation Loan allows you to consolidate multiple federal student loans into one loan, excluding private loans.
•D etermine a time span for your budget
There is no application fee to consolidate your federal student loans. Multiple interested rates will be calculated as a weighted average interest rate. You can consolidate your loans only if you completed your degree program or are no longer enrolled. For more information on consolidating your student loans, visit studentaid.ed.gov/repayloans/consolidation.
•C hoose a tool to help you manage your budget •R eview your monthly income • I dentify and categorize your expenses • Save for emergencies • Balance your budget •M aintain and update your budget studentaid.ed.gov/sa/prepare-forcollege/budgeting/creating-yourbudget.
• Creating an account with your student loan servicer
The Financial Awareness Counseling Tool (FACT) is a free interactive tool that can help you manage your finances. FACT covers topics ranging from managing your budget to avoiding default. Plus, you can access your loan information and receive personalized feedback to help you better understand your financial obligations.
• Knowing your total loan amount and estimated standard and extended monthly payments
studentloans.gov/myDirectLoan/ financialAwarenessCounseling. action?
Gold Standard • Creating a personal budget/ spending limitations
• Understanding the Federal Public Service Loan Forgiveness Program • Understanding income base repayment plans • Attending at least one FLIGHT presentation each school year • Reading an article related to personal finance every week • Pulling a copy of your credit report each school year at annualcreditreport.com • Filing your FAFSA by March 15th each school year • Liking the FLIGHT Facebook page
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Federal Loan Servicers A loan servicer is a company that handles the billing and other services on your federal student loan. The loan servicer will work with you on repayment plans and loan consolidation and will assist you with other tasks related to your federal student loan. If you are unsure of your loan servicer, please visit the National Student Loan Data System website at nslds.ed.gov. To obtain your loan servicer’s website and to establish an online account, visit studentaid.ed.gov/ repay-loans/understand/servicers. We encourage all students to create/establish an online account with their servicer for better management of their student loans. Before you contact your loan servicer to discuss repayment plans, you can use our Repayment Estimator to get an early look at which plans you may be eligible for and see estimates for how much you would pay monthly and overall. studentloans.gov/myDirectLoan/ mobile/repayment/ repaymentEstimator.action
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Public Service Loan Forgiveness Program Students can receive loan forgiveness through the Public Service Loan Forgiveness (PSLF) Program: • Must make 120 on-time, full monthly payments under Pay As You Earn (PAYE) or Income Base Repayment (IBR) plans while employed full-time in a public service job • Employed full-time with a nonprofit 501(c)3 organization, government, military, or public service organization • Track your 120 payments at myfedloan.org – the U.S. Department of Education’s federal loan servicer for the PSLF Program • For medical students, payments made during a full-time residency program can count toward your 120 required payments For more information on the PSLF Program, visit studentaid.ed.gov/sa/repay-loans/ forgiveness-cancellation/publicservice.
Mandatory One-On-One Financial Aid Counseling Provided to all “first year� students
$350,000 Approximate Federal Work-Study awarded
Over $7.5 million Institutional/federal/state scholarships and grants awarded
Mandatory Federal Exit Loan Counseling Provided to all graduates receiving Financial Aid
80% Percentage of students receiving financial aid (loans, scholarships, work study)
For more information:
FINANCIAL AID
901.448.7703 | fao@uthsc.edu | uthsc.edu/financial-aid 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.