1 1ExCEllenc ExCEllence grity Accountablity Diversit Integrity lence ty WORK Rivce vice Cultivating Scholars & Leaders One by One reship Lity FISK UNIVERSITY Excellence Integrity Leadership ExCEllence ExCEllence Guide to Financial Aid grity vice reship Lity Accountablity Diversit y WORK Rivce lence ntegrity
2 Table Of Contents Welcome Letter... 3 Grants... 4 Scholarships... 5 Loans Available... 6 Loan Application... 7 Complete Entrance Counselling... 8 Student Loan Limits... 9 Interest Rates / Terms Banner Web / Title IV Useful Information Payment & Refunds/ Important Numbers Calculating your cost Map
3 Office of Student Financial Aid 1000 Seventeenth Avenue North Nashville, Tennessee phone fax Dear Future Alumnus: Enclosed you will find information to assist you in understanding your financial aid award for the academic year. For future reference, please remember that Banner Web is the primary method of communication with students at Fisk University. All future information will be sent to your address assigned to your Banner Web account. From our home page you can access Banner Web if all requirements for admission have been met. You will be able to set-up your login information from the home page, if you have not already done so. To access your account, log into Banner Web, click on Student Account, click on Account Detail for Term and review. You will need to accept portions of your award(s) on this site after reading and accepting Terms and Conditions, click Accept Award Offer tab to accept any Federal Direct Loans you were offered. (Parent PLUS loans cannot be accepted on-line. Additional steps are necessary to complete this process. Please see page 6 for more information.) If you choose to accept your loans and you are a first time borrower at Fisk University, you will need to complete two additional steps. All first-time borrowers for Federal Direct Loans must complete Entrance Loan Counseling and an electronic Master Promissory Note. Links are available at You will need your FAFSA Pin Number to complete the steps. Please read all information carefully. We hope this information will assist you in financing your educational needs. Welcome to Fisk family! Office of Student Financial Aid 3 3.
4 GRANTS Federal Pell Grant (PELL) The Pell Grant is awarded to undergraduates based on financial need and the number of hours enrolled each semester. Regulations and provisions of the Pell Grant Program are subject to change by federal legislative action. Students have limited Pell Grant eligibility based on total number of years received. Federal Supplemental Educational Opportunity Grant (SEOG) This federal grant program is awarded on a limited basis to undergraduate students with exceptional financial need until funds have been exhausted. Additionally, this grant may be reduced if students are awarded additional scholarships after initial packaging of financial aid awards. Teacher Education Assistance for College and Higher Education (TEACH) Grant The Federal TEACH Grant program is available for upper level students (minimum Junior standing). The award amount is up to $4,000 per academic year with a maximum lifetime limit of $16,000. Students must have at least a 3.25 GPA for each term and be fully admitted to the Teacher Education Program at Fisk University as well as meet other requirements. This is a limited program. Please check our web site for more information. Tennessee Student Assistance Corporation (TSAC) Grant [for TN RESIDENTS ONLY] Tennessee s State grant program is awarded to eligible Tennessee residents whose Expected Family Contribution (EFC) is 2,100 or less. Funds are limited and awarded on a first come first served basis by completing the Free Application for Federal Student Aid (FAFSA). You will receive an award notification directly from the Tennessee Student Assistance Corporation if you qualify. 4 4.
5 SCHOLARSHIPS Tennessee HOPE Lottery Scholarship Students receiving a Tennessee Lottery Scholarship are required to remain in school on a continuous basis to remain eligible in addition to meeting benchmark GPA requirements, please see website pays for more information. If you withdraw or change your enrollment status anytime during the semester,you risk losing eligibility for future scholarship funds. Please contact the Financial Aid Office before reducing your course load. Students will be contacted directly by the Tennessee Student Assistance Corp. if they are initially eligible for this award. Institutional Scholarships (Awarded by the Admissions Office) Erastus Milo Cravath Presidential Scholarship Requirements: GPA (unweighted) ACT 28/SAT 1860 Full Tuition, Fees, Room & Board, and Books (up to $1,000) Ella Shepherd Moore Scholarship Requirements GPA (unweighted) ACT 25/SAT 1700 Full Tuition Only Clinton B. Fisk Scholarship Requirements GPA (unweighted) ACT 23/SAT 1590 Amounts range from $5,000-$10,000 Fisk Performance Award Awarded to Music Majors Requirements Audition and Music Department recommendation $7,500 Additional Scholarship Resources:
6 LOANS* Guaranteed Federal Direct Loans Subsidized Loans are available to students that demonstrate need. The federal government pays the interest on the loan while the student is enrolled at least half-time in an eligible degree program. Repayment begins six months after you cease to be enrolled at least on a half time basis. This is a loan and must be repaid. Unsubsidized Loans accrue interest while you are in school. Your loan awards may differ from the estimated amount on your Award Letter so please familiarize yourself with your BannerWeb account for the latest updates. Your grade level, prior loans and other resources may impact your actual eligibility. You must repay all loans after you withdraw, graduate or fail to enroll at least halftime (6 credit hours). This is a loan and must be repaid. Disbursement Loan funds will not be disbursed until you have completed a Master Promissory Note and the electronic Entrance Interview process at Once you have completed both requirements, your student account will be credited with these funds. Federal Direct Loan Limits (Loan limits are set by the federal government not Fisk University) Federal Parent Plus Loans (PLUS) Loans made available to parents of dependent students. Interest rates are fixed at 7.9%. May be used to replace EFC; amount borrowed is limited to the cost of attendance minus other financial assistance. * You have the right to accept or decline any portion of this financial aid award. * You have the right to cancel your student loans at any time. 6 6.
7 Instructions for Direct Parent (PLUS) Loan STEP I - Loan application and credit check 1. Go to 2. Using your FAFSA pin number, Sign In under Manage My Direct Loan 3. Click on Start PLUS Application Process 4. Scroll down and click on Parent Plus 5. Complete the four steps shown: Personal Information Student & Loan Information Review Application Credit Check and Submit ONLY IF APPROVED STEP II -Master Promissory Note On left, under Master Promissory Note, click on Complete MPN Scroll down and click on Parent Plus Complete four steps shown: Personal Information Personal References Terms & Conditions Review and Sign 7 7.
8 Complete Entrance Counseling LOG IN: you will need to log in using your U.S. Department of Education s PIN to confirm your identity. If you do not have a PIN, you will have the chance to visit the U.S. Department of Education s PIN site and apply for one. Read guidelines. Select school(s) to which the entrance counseling information will be sent. Read the content and answer the questions. Read the Borrower s Rights and Responsibilities. Submit entrance counseling. Print the Counseling Completion Confirmation page for your records. To sign a Master Promissory Note, follow the instructions below: Collect the information you need to e-sign your MPN: Your driver s license number The name, address, telephone number and address (if available) of two adults with different U.S. addresses, the first of which should be a parent or legal guardian Your federal (FAFSA) PIN number. If you do not have a PIN, you can apply for your PIN at: 8 8.
9 UNDERGRADUATE STUDENT LOAN LIMITS AMOUNT PER ACADEMIC YEAR FRESHMAN SOPHOMORE JUNIOR SENIOR Maximum Subsidized Loan $3,500 $4,500 $5,500 $5,500 Maximum Unsusidized Loan for dependent students without Parent PLUS denial $2,000 $2,000 $2,000 $2,000 Maximum Additional Unsubsidized for independent students and dependent students with Parent PLUS denials $6,000 * $6,000 * $7,000 * $7,000* *Independent and/or dependent students with a Federal Parent PLUS loan denial Lifetime Federal Direct Loan limit for Dependent undergrad is $31,000 (no more than $23,000 of which can be subsidized), and lifetime Stafford loan limit for Independent or Dependent with PLUS denial is up to $57,500 (no more than $23,000 of which can be subsidized.) GRADUATE STUDENT LOAN LIMITS Graduate students may borrow up to $20,500 in Federal Direct Loans per academic year. Graduate Lifetime Direct Loan limit is $138,500, which includes all subsidized and unsubsidized graduate and undergraduate loans. Subsidized graduate loans for graduates are limited to a lifetime maximum of $57,500. Please note: All loans are based on Cost of Attendance budget limits, Expected Family Contribution; other aid received and mentioned loan limits. ONCE ALL AID IS AWARDED, STUDENTS MAY NOT QUALIFY FOR THE FULL AMOUNTS SHOWN. 9 9.
10 NEW INTEREST RATES AND FEES FOR * For Direct Subsidized Undergraduate Loans disbursed on or after July 1, 2013, the interest rate will be 6.8%. However, the Department of Education pays the interest on the loans while students are enrolled at least half-time. For ALL Direct Unsubsidized Undergraduate Loans disbursed on or after July 1, 2013, the interest rate remains at 6.8% For ALL Graduate Loans disbursed on or after July 1, 2013, the interest rate will be 6.8%. Interest will accrue from the date of disbursement. Effective with the academic year, graduate students will no longer be eligible for subsidized loans. For all Direct Subsidized and Unsubsidized loans disbursed on or after July 1, 2013, a small origination fee will be deducted from the loans (currently this fee is 1.0 %). For Direct Parent PLUS and Graduate PLUS loans the origination fee is 4.0%. * Please note percentages and dates are subject to change. TERMS Cost of attendance (COA); The COA consists of tuition, fees, room, board, estimate of books and supplies, transportation and miscellaneous costs. The COA is sometimes referred to as the budget. Estimated Family Contribution (EFC); determined by filing FAFSA. Federal Work Study (FWS); A part time employment program which provides jobs for undergraduate and graduate students. Funds have limited availability. Free Application for Federal Student Aid (FAFSA); The application used to apply for financial aid. Direct Cost; Is the actual cost of tuition, fees, room and board that a student is charged
11 BANNER WEB ACCESS INSTRUCTIONS To review your award, please follow instructions: 1. Log into 2. Click on CAMPUS LIFE 3. Click on STUDENT WEB SERVICES 4. Click on BANNER WEB 5. Insert in User ID your STUDENT ID- provided in your acceptance letter 6. Insert PIN number and login 7. Click Financial Aid 8. Click on AWARD 9. Click on AWARD BY AID YEAR 10. Select the AWARD YEAR 11. Here you have to read the General Information and accept Terms and Conditions to proceed 12. After you have accepted Terms and Condition, click Accept Award Offer and Follow instructions 13. for Outstanding Requirements and Award Please allow fourteen (14) business days for processing. If you are no longer interested in applying for aid, please notify our office as soon as possible. 11 TITLE IV INFORMATION Authorization to Apply Federal Financial Aid to Non-Institutional Charges Federal student financial aid can only cover institutional charges as defined by the U.S. Department of Education. This definition includes current year charges for tuition and fees, and on-campus room and board. Unless authorization is received, federal financial aid cannot be used to cover non-institutional charges such as: parking fines, library fines, returned check fees or any charges not directly tied to taking a class. The only way federal student aid funds can be used to pay for non-institutional charges is to obtain your written authorization. Authorization to Apply Federal Financial Aid to Prior-Year Charges Federal student financial aid can only cover the current academic year institutional charges as defined by the U.S. Department of Education. Therefore, in order to pay prior year charges with your current academic year s financial aid up to a maximum of $200.00, you must provide written authorization for the University to do so. 12.
12 USEFUL INFORMATION Return to Title IV If a student receives Federal Financial Aid assistance and withdraws, the University will return any unearned funds to the Student Financial Aid Program. The institution calculates the amount of funds that were unearned, up through the 60% point in each payment period or period of enrollment. A prorated schedule will be used to determine how much Student Financial Aid Program funds a student has earned at the time of his or her withdrawal. NOTE: The amount of refundable institutional charges (or balance outstanding) will be set by the University policy. If there is an owed balance from these adjustments, the student is responsible for payment. Class Attendance Students receiving Federal Title IV Financial Aid must attend class on a regular basis. If students cease to attend class, they should officially withdraw from the University. If students fail to begin attendance in their courses and/or unofficially withdraw from the University, a determination must be made regarding possible repayment of funds received. Total withdrawals from the University prior to the 60% point of the semester will affect your award for that term. Satisfactory Academic Progress Policy Federal regulations require that all student financial aid recipients make satisfactory academic progress toward achieving a degree. The review of satisfactory academic progress must include both quantitative and qualitative components. This is measured by the student s cumulative grade point average and pace of credits earned in relation to those attempted and the length of the academic program. This policy shall apply to the Federal Pell Grant Program, Federal Direct Loan Program, Federal Perkins Loan Program, and Federal Supplemental Educational Opportunity Grant Program, TEACH Grant, Federal Work Study Program, Tennessee Student Assistance Awards, Tennessee Educational Lottery Scholarship Program, and any other Title IV or HEA approved programs. The following standards are applicable to all students for and/or receiving assistance administered by the Office of Student Financial Aid. * Please review website for more details; 12 Remember: If you decide NOT to attend, you must drop your classes before the first day of class or you will be charged! 13.
13 BUSINESS OFFICE Methods of Payment Cash Check Credit Card Check the Fisk University website for current tuition, fees, and deadlines. The University offers a no-interest monthly payment plan. Refunds To obtain a financial aid refund, please follow these steps: 1. Contact the Business Office if you believe you qualify for a refund, but Banner Web reflects that one has not been processed. Some scholarships do not allow refunds and PLUS Loan proceeds in excess of fees are treated according to parents instructions. Refunds will only be issued for financial aid in Paid status. 2. Refund checks are printed and distributed by the Business Office, every Friday after 3:00 P.M.. Fisk University Business Office Contact Information th Ave North Telephone: (615) Nashville, TN Fax: (615) Cashier Hours: 9:00 a.m. - 4:00 p.m. Business Office Hours: 8:00 a.m. - 5:00 p.m. Important Telephone Numbers Office of Admissions (615) Registrar Office (615) Student Engagement (615) Career Services (615)
14 FISK UNIVERSITY CALCULATING YOUR COLLEGE COSTS Undergraduate Tuition (12-18 Hours) $18,862 $9431 (semester) *Fees 1, (semester) **Housing 5,641 2,820 (semester) **Meals 4,209 2,104 (semester) Total Cost (year) 30,299 15,143 (semester) Graduate Tuition (9-15 Hours) $18,874 $9,437 (semester) *Fees 1, (semester) **Housing 5,641 2,820 (semester) **Meals 4,209 2,104 (semester) Total Cost (year) 30,311 15,149 (semester) Resources Scholarships $ Grants Loans Total Resources $ $ $ $ (minus) $ = $ Direct Cost - Total Resources = Amount to be paid by student/parent OR refunded to student/parent. Freshmen and new students will be charged an additional fee of $425 for matriculation and orientation in the first semester of attendance. * Student fees include: activity, technology, cultural enrichment, health services and testing. There may be other fees depending on the class requirement, such as science lab and music. ** These fees are based on double room occupancy housing and full meal plan. Private room will have additional fee
15 FISK UNIVERSITY ExCEllence Integrity Leadership ExCEllenc ExCEllence grity y WORK Rivce Accountablity reship Lity Integrity 15 lence vice Diversit
16 Office of Student Financial Aid Fisk University th Ave North Nashville, TN (615) Office (615) Fax Office Hours 8:00 am to 5:00 pm Monday - Friday 16