A financial aid package is a combination of different forms of financial aid that together make up an offer of financial assistance.

A student's ability to contribute to the cost of his or her education is determined by the use of a NEED ANALYSIS which is a consistent, systematic way of measuring the ability of a family to pay for educational costs and its eligibility to receive funds from federal and state programs. It determines the ability, not the willingness, of a student or his or her family to finance his or her education. Everyone who applies is treated fairly and equally under this system. The amount of financial aid that a student receives may not exceed his or her cost of education as established by the college.

Application Process For Financial Aid

To apply for any form of financial aid at South College, a student must:

1. Apply for admission to the college.
2. Complete a free Application for Federal Student Aid (FAFSA). This form is for both in-state and out-of-state students.

Depending upon the type of aid and the source of that aid, other documentation may also be requested. Financial Aid Officers are available to provide needed assistance.

For federal student financial programs offered by the U.S. Department of Education under Title IV, the student's eligibility for the Federal Pell Grant must be determined, except for the Federal PLUS and Federal Direct PLUS loans.

STUDENT AID PROGRAMS

South College participates in several student aid programs. A brief description of each follows.

Federal Pell Grant

The Federal Pell Grant program provides assistance that does not require repayment to eligible undergraduate students who have not earned a bachelor's or professional degree. For many students, it provides a foundation to which other aid may be added. The amount of the award is determined through the FAFSA needs analysis process and enrollment status of the student.

Academic Competitive Grant Program (AC Grant)

AC Grants are awarded to first and second year eligible students who have successfully completed a rigorous secondary school program. See the Financial Aid Office for more information. Not all students receiving Federal Pell Grants will be eligible for AC Grants.

National Science and Mathematics Access to Retain Talent Grant Program (SMART Grant)

Smart Grants are awarded to eligible third and forth year students who major in Mathematics, Science, Technology, Engineering or critical Foreign Languages. See the Financial Aid Office for specific program eligibility and additional information. Not all students receiving Federal Pell Grants will be eligible for SMART Grants.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The Federal Supplemental Educational Opportunity Grant (SEOG) program provides assistance that does not require repayment to eligible undergraduate students who have not earned a bachelor's or professional degree. It is awarded to a limited number of students with exceptional need. In accordance with federal regulations, priority is given to students eligible for the Pell Grant program.

Federal Work-Study Program

This program provides opportunities for part-time employment on campus or at off-campus non-profit agencies. Financial need, prior work experience, individual skills, and academic major may be considered when placing students in specific work-study positions.

Federal Perkins Loans

This program offers long term, low interest rate loans to a limited number of students with exceptional financial need. The college is the lender for this loan that is made with government funds, with a share contributed by the college. Interest does not accrue and repayment does not begin until the student ceases to be enrolled at least half-time.

Federal Stafford Loan Program and Federal Direct Loan

These programs offer long term, low interest rate loans to students with financial need. Students must be enrolled at least half-time to participate in these programs. Money for the Federal Stafford Loan program is usually available through a bank, savings and loan, credit union, and some life insurance companies. Money for the Federal Direct Stafford Loan program is borrowed directly from the U.S. Department of Education. Interest does not accrue and repayment does not begin for loans through these programs until the student ceases to be enrolled at least half-time. Qualified students may receive funds from either of these programs, but not both.

Federal Unsubsidized Stafford Loan and Federal Unsubsidized Direct Loan

These programs offer long term, low interest rate loans to students that are not based on financial need. Money for the Federal Unsubsidized Stafford Loan program is usually available through a bank, savings and loan, credit union, and some life insurance companies. Money for the Federal Unsubsidized Direct Stafford Loan is borrowed directly from the U.S. Department of Education.Interest does accrue while the student is enrolled; however, repayment does not begin until the student ceases to be enrolled at least half-time. Qualified students may receive funds from either of these programs, but not both.

Federal Parent Loans for Undergraduate Students (PLUS) and Federal Direct PLUS Loan

These programs offer long term loans to parents of dependent undergraduate students that are not based upon financial need. Determination of eligibility for need-based aid is not required, but recommended. Interest begins to accrue as each disbursement is made. Repayment begins after the loan has been fully disbursed. Money for the Federal Direct PLUS is borrowed directly from the U.S. Department of Education. Parents may receive funds from either of these programs, but not both.

Non-Federal Loan Programs

South College financial aid officers will provide information regarding credit- based, non-federal loans to students who may need additional funds to supplement the cost of attendance.

Veteran’s Education Benefits

Certain veterans and dependents of veterans are eligible to receive financial assistance for education training from the U.S. Department of Veterans Affairs. South College is approved by the Tennessee Higher Education Commission-Division of Veterans Education to offer degree programs to students eligible to receive veterans educational benefits. Personnel in the financial aid department are available to provide more information regarding these benefits. Students or applicants may also contact the Department of Veterans Affairs Regional Office (1-800-827-1000).

Tennessee Student Assistance Award (TSAA)

This program offers financial aid that does not require repayment to residents of Tennessee attending a college located in Tennessee. Awards are made by the Tennessee Student Assistance Corporation using the FAFSA needs analysis process. Funding for this program is limited and application should be made as soon as possible after January 1 each year. The deadline for application is set by the Tennessee Student Assistance Corporation each year.

Tennessee Education Lottery Scholarship

This program provides monies from the new Tennessee Lottery as scholarships (Tennessee Hope Scholarship, “Aspire” Award, Tennessee Hope Access Grant, and General Assembly Merit Scholarship) to Tennessee students. The scholarships are awarded based upon criteria established by the Tennessee Student Assistance Corporation and the State of Tennessee. Students must have their Free Application for Federal Student Aid (FAFSA) processed by the federal processor by the priority deadline established by the Tennessee Student Assistance Corp.

South College Loan Program

South College periodically at its discretion makes available loans to be used solely for expenses incurred as a direct result of enrollment at the institution. Eligibility for this program is determined by the Financial Aid Department during the initial application process or subsequent award periods. These loans are awarded as part of the student’s financial aid package when other funds are insufficient to cover tuition, fees, and textbooks. The college reserves the right to discontinue this program at any time.