Types of Financial Aid
- Federal Pell Grant
- Federal Supplemental Educational Opportunity Grant (SEOG)
- Academic Competitive Grant (ACG)
- Tennessee State Grant (TSAC)
- Tennessee Education Lottery Scholarship (TELS)
- Federal Work-Study (FWS)
- Federal Stafford Subsidized and Unsubsidized Loans (Direct Loan Program)
- Federal PLUS Loans
Federal Pell Grant
This grant is available to undergraduate students with financial need as determined by the Free Application for Federal Student Aid (FAFSA). Pell Grants do not have to be repaid. They are based solely on the student's Estimated Family Contribution (EFC) and Cost of Attendance (COA).
Federal Supplemental Educational
Opportunity Grant (FSEOG)
This grant is available to undergraduate students who demonstrate exceptional financial need. FSEOG does not have to be repaid.
Academic Competitive Grant (ACG)
This grant is awarded to first-time freshmen and second year students who are U.S. citizens, have completed a rigorous secondary school program, are enrolled in college at a full-time status, and are Pell Grant recipients. Second year students must have attained a 3.0 G.P.A. the first academic year to be eligible the second academic year.
Tennessee State Grant (TSAC)
TSAC is available to undergraduate students who are residents of Tennessee and who demonstrate financial need. Awards do not have to be repaid and are based solely on the student's EFC, COA and the FAFSA processed date.
Tennessee Education Lottery Scholarships (TELS)
The state government lottery system awards these scholarships to undergraduate students who graduated from high school in 2005 or more recently to undergraduate students who are first-time freshmen (have never attended college), and are age 25 or older. These scholarships are awarded in two-year and four-year colleges as the Hope Scholarship, the Aspire Award, the Hope Access Grant and the General Assembly Merit Scholarship. They are academic in nature and G.P.A. benchmarks are checked at 24 credit hour increments. For more information about this program and its requirements, please visit the Tennessee Lottery website at www.CollegePaysTN.com.
Federal Work-Study (FWS)
The federal work-study program provides part-time employment opportunities for students. Work-study assignments are either on-campus or are off-campus community service positions. The rate of pay is at least the Federal Minimum Wage and is determined by financial need and a student's individual work experience.
FEDERAL STAFFORD SUBSIDIZED AND UNSUBSIDIZED LOANS (DIRECT LOAN PROGRAM)
The federal direct loan program provides students with low-interest loans at a fixed interest rate set by the U.S. Treasury Department. Subsidized loans are based on financial need and dependency status as indicated on the FAFSA; unsubsidized loans are non-need-based, but interest is not subsidized and must be paid or capitalized while enrolled in college. Award amounts are based upon grade level, type of degree, program and dependency status.
Repayment of both loan types begins upon graduation, withdrawal from college, or enrollment in fewer than six credit hours of collegiate coursework. A six-month grace period is available for both loans.
Federal PLUS Loans
PLUS loans are for parents of undergraduate dependent students. PLUS loans are non-need-based and are based on the parent's credit worthiness. Repayment and interest begins within 60 days of loan disbursements. Parents may use a PLUS loan to cover the cost of attendance less any other financial assistance for which the student qualifies. The interest rate is usually variable, but is currently at a fixed interest rate. Rates are subject to change each July 1st, and have an interest rate cap set by the U.S. Treasury Department.
Did you know?
At Aquinas College, we believe that every person has a God given dignity and was born to live an eternal reality. Therefore, each person should be treated with respect for his/her differences, and reverenced for his/her potential.
Related Links
Student Aid on the Web website »