FINANCIAL AID


We've provided answers to frequently asked questions about financial aid.

F.A.Q

1. How do I apply for Financial Aid

Complete the Free Application for Federal Student Aid (FAFSA) for the appropriate year. The FAFSA Application is available on-line at http://www.fafsa.ed.gov or in paper form from the Tusculum College Office of Financial Aid, any other college financial aid office, or high school guidance offices.

2. When do I apply for Financial Aid

You can apply for the upcoming year as early as January 1. If you are beginning enrollment or if you will continuing your enrollment at Tusculum College in the upcoming Fall semester, we recommend that you apply by February 15th. This will assure that your application will be considered for aid types that typically become limited or exhausted before August. If you are beginning enrollment in a Spring semester at Tusculum College, we recommend that you complete the FAFSA application no later than October 31st.

3. What is Tusculum College’s school code (used on the FAFSA)?

Tusculum College’s school code is 003527.

4. I have questions about completing my FAFSA. Where do I call?

You can call the Department of Education at 1-800-4FED-AID. You can also call the Tusculum College Office of Financial Aid at 423-636-7377 or 1-800-729-0256 ext 5377. Office hours are 8:00 a.m. to 5:00 p.m., Monday through Friday. You can email our office at financialaid@tusculum.edu or give us a call at (423)636-7377.

5. What happens after I submit my FAFSA?

In about 2-4 weeks, you will receive a response called a “Student Aid Report” or “SAR” from the Department of Education’s Central Processing System (CPS). CPS is the agency that receives and analyzes your FAFSA data. You may get this report in paper form, or via an email. The SAR contains all the data you listed on your FAFSA. Check it carefully for accuracy and keep your SAR in a safe place for your records. (In most cases, students do not have to submit their SAR to our office. We will receive copies from the government if you list our school code on your FAFSA.)

6. What if the data on my Student Aid Report (SAR) is incorrect?

You can make the corrections on your SAR online at www.fafsa.ed.gov or you can provide documentation about the corrections to our office and we will make the changes for you. Call us at 423-636-7377 or 1-800-729-0256 ext 5377 for more information.

7. What does “Verification” mean?

Your SAR and/or school will tell you whether your application has been selected for verification. The Federal Government randomly selects 30% of all applicants for a process called verification. This means that the government requires your school to compare the information from your application with the information found on your Federal tax forms, w-2 forms, and/or other financial documents. This process can also occur if the FAFSA has other incorrect fields. For more information on verification please click here.

8. Do I have to be accepted for admission to Tusculum College before I can complete the FAFSA?

No. You should apply for admission according to the admission’s office time table. You should apply for financial aid based on the referenced dates listed above and those under the important dates section.

9. I am a student transferring to Tusculum College. Is there anything special I need to know about financial aid?

If your previous college has already awarded financial aid to you for the semester(s) you plan to attend at Tusculum College, please contact your college and ask the financial aid office to cancel that aid. If you filed a FAFSA for the year you are enrolling, and did not list Tusculum College, go online to www.fafsa.ed.gov or call 1-800-4FEDAID (1-800-433-3243) to add Tusculum College to your list of schools.

10. When will I hear about my financial aid?

Incoming freshmen in the Traditional College Program with completed financial aid applications will begin to receive award packages in early February (prior to the fall semester in which they anticipate enrolling). Current enrolled students in the Traditional College Program begin to receive award packages in May, after spring semester grades are processed.

Incoming Graduate and Professional Studies students with completed financial aid applications will receive award packages within 1-2 weeks after their registration. Continuing Graduate and Professional Studies students will receive award packages for upcoming terms for which they are registered, no later than 30 days prior to the start of the next term.

11. How do I know how much financial aid I will receive?

You will receive an award package detailing the amounts and types of financial aid for which you qualify.

12. How does Tusculum determine how much financial aid I will receive?

The basic financial aid eligibility formula is “Cost of Attendance” (COA) minus “Expected Family Contribution” (EFC) equals “Need.” The maximum financial aid you can receive from all sources cannot exceed the COA for Tusculum College.

13. What is included in the financial aid “Cost of Attendance” (COA)?

Components of the COA include tuition, fees, room, board (meals), books and supplies, transportation, and miscellaneous personal expenses related to your education.

14. How is my “Expected Family Contribution” (EFC) determined?

The data on your FAFSA determines your EFC. You and your parents’ taxable income from work (or if you are married, you and your spouse’s taxable income from work), untaxed income and benefits, assets (savings, other real estate and investments, business, farm, etc.), family size and the number of family members (excluding your parent) attending a postsecondary educational institution and the age of your older parent (dependent students only) have an impact on your EFC.

15. In what order does Tusculum College award financial aid?

Our policy is – typically – to award grants and scholarships first, followed by student loans, possible work opportunities, need based aid, and additional loans.

16. How do I find out more details about federal student financial aid programs?

Visit our website at http://www.tusculum.edu/faid. Follow the “Other Links” to The Student Guide.

This publication describes all federal student financial aid programs.

17. What academic standards do I have to meet to receive my student financial aid?

Federal regulations require that students receiving financial aid must be making satisfactory progress toward a degree and comply with all federal, state, and institutional policies and standards applying to financial aid programs.

To insure that recipients of federal, state, and/or institutional funds make qualitative and quantitative academic progress, Tusculum College has set forth a Satisfactory Academic Progress (SAP) Policy.

This SAP Policy is on-line and is enclosed each year in the Financial Aid Award Package that is sent to each student.

18. Are there other forms I have to complete to borrow a Federal Stafford Loan?

Yes. The first time you borrow a Federal Stafford Loan, you must complete a Master Promissory Note (MPN) and the Entrance Counseling. Both the MPN and Entrance Counseling can be completed online by going to  http://studentloans.gov.

19. What is a Federal Parent Plus Loan and how do we apply for one?

A parent plus loan is an additional loan added to a students award package to help cover the remaining balance that was left over after all of the scholarship, grants, and need based aid was allocated. The Plus Loan is a credit based loan that parents can apply for and be accepted as well as denied.

 

Parents will need to login to www.studentloans.gov as the parents with their own username and password, and request a Direct Parent Plus Loan. You will go to "Options" section and then click the link "Request a Direct Plus Loan". Finally you will click "Parent Plus" and complete the application. If accepted you will need to complete a Master Promissory Note (MPN) for the loan, and even if you are accepted you can still decline the loan. If the loan is denied you may contact the school to seek information on additional aid.

 

For more comprehensive directions please view our Plus Loan Directions and give the office of Financial Aid a call if you have any questions.

20. If I am employed through the Work Study program, how often will I get paid?

Student employees are paid bi-weekly. Students pick up pay checks at the Tusculum College Business Office.

21. If I receive scholarships from agencies outside of Tusculum College, what happens to my other financial aid?

If you have been awarded financial aid and then receive a scholarship, we may have to reduce some or all of your federal student financial aid, student loans, need based aid, or the work-study award.