Financial Aid

Student Aid Programs

South College participates in several federal, state and private student aid programs. A brief description of each follows. More information about federal aid can be found by visiting the U.S. Department of Education website, Student Aid on the Web. More information about state aid can be found by visiting the Tennessee Student Assistance Corporation website, College Pays.

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 Competiveness Grant (ACG)

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. Funding for this program is not available for award years beyond 2010-2011.

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

Smart Grants are awarded to eligible third and fourth 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. Funding for this program is not available for award years beyond 2010-2011.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The Federal Supplemental Educational Opportunity Grant (FSEOG) 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 TEACH Grant

The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides grants of up to $4,000 per year to students who intend to, and agree to, teach in a public or private elementary or secondary school that serves students from low-income families. Recipients of a TEACH Grant must teach at least four academic years within eight calendar years of completing the program or study for which a TEACH Grant is received. IMPORTANT: Failure to complete this service obligation will result in all amounts of TEACH Grants received being converted to a Federal Direct Unsubsidized Stafford Loan and the total amount repaid to the U.S. Department of Education. Interest will be charged from the date the grant(s) were disbursed. TEACH Grant recipients will be given a 6-month grace period prior to entering repayment if a TEACH Grant is converted to a Direct Unsubsidized Loan. Interested applicants should see a member of the financial aid staff. Students desiring to receive a Federal TEACH Grant must sign an Agreement to Serve for each academic year in which the award is received. Because the grant may convert to a loan if the student is unable to fulfill the requirements of the program, recipients are required to complete loan counseling for each academic year in which the award is received. Recipients must also complete loan exit counseling prior to graduation.

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. The student must complete loan entrance counseling and loan exit counseling prior to graduation

Federal Subsidized Direct Loan

This program offers long term, low interest rate loans to students with financial need. Students must be enrolled at least half-time to participate. Money for the Federal Subsidized Direct Loan program is borrowed directly from the U.S. Department of Education. Interest does not accrue and repayment does not begin until the student ceases to be enrolled at least half-time. To receive this loan the student must sign a promissory note and complete loan entrance counseling and loan exit counseling.

Federal Unsubsidized Direct Loan

This program offers long term, low interest rate loans to students that are not based on financial need. Money for the Federal Unsubsidized Direct 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. To receive this loan the student must sign a promissory note and complete loan entrance counseling and loan exit counseling.

Federal Direct PLUS Loan for Parents (Direct PLUS)

This program offers long term loans to parents of dependent undergraduate students that are not based upon financial need; however, the parent must meet the credit approval criteria for the Direct PLUS Loan program. Determination of the student's 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. For loans first disbursed after July 1, 2008, the parent may defer payment while the student is enrolled at least half-time. Money for the Federal Direct PLUS is borrowed directly from the U.S. Department of Education.

Federal Direct PLUS Loan for Graduate Students (Direct GradPLUS)

This program offers long term loans to students enrolled at least half-time in a graduate program of study. The loan is not based upon financial need; however, the borrower must meet the credit approval criteria for the Direct GradPLUS loan program. Money for the Direct GradPLUS loan is borrowed directly from the U.S. Department of Education. Interest begins to accrue as each disbursement is made. Repayment begins after the loan is fully disbursed; however, the student may request deferment of repayment while enrolled at least half-time. To receive this loan the student must sign a promissory note and complete loan entrance counseling and loan exit counseling.

Non-Federal Loan Programs

At the request of a student or parent, South College financial aid officers may be able to provide information regarding credit-based, non-federal loans to students who may need additional funds to supplement the cost of attendance. South College does not recommend or endorse any private loan lender.

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 certificate and degree programs to students eligible to receive veterans educational benefits. South College has signed an agreement with the Department of Veterans Affairs to participate in the Yellow Ribbon program effective August 1, 2011. 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) or visit the GI bill website.

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. For more information, please visit www.tn.gov/collegepays.

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. More information is available at www.tn.gov/collegepays.

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.

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