Douglas Olsen
There are several options available to students at Tennessee Tech University to help pay for their tuition and living expenses. These include scholarships, grants, work-study programs, and various types of loans, such as Federal Direct Stafford Loans, Parent PLUS Loans, Grad PLUS Loans, and Alternative Loans. Students can also work during the school year to help cover costs, either through a work-study program or a campus job. Tennessee Tech's Office of Financial Aid provides support and guidance to students on all financial aid processes, including completing the FAFSA Application, and information on loan consolidation.
| Characteristics | Values |
|---|---|
| Median federal loan debt | $15,650 |
| Median monthly federal loan payment | $166 |
| Percentage of graduating students who took out private loans | 9% |
| Average private loan debt at graduation | $23,877 |
| Types of loans available | Federal Direct Stafford Loans, Parent PLUS Loans, Grad PLUS Loans, Alternative Loans |
| Forgiveness programs | Teacher Loan Forgiveness program |
| Maximum amount that can be forgiven | $5,000 |
| Eligibility for student loans | All students, provided they are not in default on any outstanding student loans |
| Scholarships | Available based on financial need or academic achievements |
| Work-study programs | Available |
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What You'll Learn
Scholarships and grants
Types of Scholarships and Grants
Tennessee Tech University scholarships and grants are awarded based on various criteria, including academic performance, community service, residency, financial need, and leadership experience. The university offers guaranteed scholarships, such as the Presidential Scholars and Flight to Tech Transfer, for students who meet specific criteria. Additionally, the Tennessee Tech Honors Program provides scholarship opportunities for students participating in the Honors Program.
The university also offers departmental scholarships, which are awarded by different departments and offices on campus. These scholarships may have varying amounts and criteria. For example, the School of Music awards band scholarships based on auditions, while the Athletic Department offers scholarships for students participating in sports programs.
Application Process
To be considered for Tennessee Tech scholarships and grants, students must complete the ScholarWeb scholarship application, which opens annually on August 1. The deadline for incoming freshmen and returning students is December 15 of the prior year, while the deadline for incoming transfer and graduate students beginning in the summer or fall is May 1.
It is important to note that most Tennessee Tech scholarships and grants are competitive, and funds are limited. While the university makes every effort to recognize outstanding students, no scholarships or grants are guaranteed unless explicitly stated.
External Scholarships
In addition to the scholarships and grants offered by Tennessee Tech University, students can also explore "external" scholarships awarded by outside agencies such as churches, civic organizations, high schools, businesses, private donors, or foundations. These scholarships are not administered by Tennessee Tech, and interested students should review the tips and advice provided by the university for applying for external scholarships.
Work-Study Programs
Another option to help pay for your education and reduce student loan debt is to participate in work-study programs or campus jobs. These programs allow students to work while studying, providing an income to help cover tuition and living expenses.
By utilizing a combination of scholarships, grants, and work-study programs, students at Tennessee Tech University can actively manage their student loan debt and reduce their financial burden.
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Federal Direct Stafford Loans
There are two types of Federal Direct Stafford Loans: Federal Direct Subsidized Loans and Federal Direct Unsubsidized Loans. Eligibility for these loans is based on the income and asset information provided by the student through their FAFSA (Free Application for Federal Student Aid). If a student is eligible for a Federal Direct Subsidized Loan, no interest accrues on this loan as long as they are enrolled for at least 6 undergraduate semester hours. Repayment for this loan begins after the student leaves school or falls below half-time enrollment once their 6-month grace period has been exhausted. Graduate students are not eligible for this loan.
On the other hand, if a student is not eligible for a Federal Direct Subsidized Loan, they are considered for a Federal Direct Unsubsidized Loan. Federal Direct Stafford Loans go into repayment after a student graduates or drops below half-time credit hours once their 6-month grace period has been exhausted. If a student decides to go on a co-op, they will begin using their grace period and will go into repayment in 6 months.
First-time Federal Direct Stafford Loan borrowers are required to complete Entrance Counselling and sign a Master Promissory Note before their loan will pay towards their balance. Students can complete both by visiting studentaid.gov. Additionally, each year a student accepts a new Federal Direct Stafford Loan, it is recommended that they complete the Annual Student Loan Acknowledgment, acknowledging their responsibility to repay the loan.
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Parent PLUS Loans
Tennessee Tech University offers Parent PLUS Loans to help parents cover the educational expenses of their dependent undergraduate students. These loans are credit-based and funded, approved, and denied by the U.S. Department of Education. Parents may borrow up to the total estimated Cost of Attendance that is not covered by financial aid, and there are specific regulations dictating how much a parent may borrow, depending on the amount of financial aid received by the student.
To be eligible for a Parent PLUS Loan, students must first complete and submit a FAFSA application. Once this is done, parents can submit their PLUS Loan application. It is important to note that Parent PLUS Loan information is submitted to the National Student Loan Data System (NSLDS) and is accessible to authorised users.
While PLUS Loan interest accrues while students are enrolled, Parent PLUS borrowers have the option to defer both interest and principal payments until the student graduates or falls below half-time enrolment. This option must be requested with the loan servicer.
To apply for a Parent PLUS Loan, visit the Tennessee Tech University Parent PLUS Loan page for more information and application instructions.
In addition to Parent PLUS Loans, Tennessee Tech University also offers Federal Direct Stafford Loans, Grad PLUS Loans, and Alternative Loans.
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Work-study programs
To be considered for a Federal Work-Study program, students must complete the Free Application for Federal Student Aid (FAFSA) on studentaid.gov. The FAFSA becomes available on October 1st every year, and students are encouraged to complete and submit it as early as possible, as FWS awards are granted on a first-come, first-served basis. Additionally, students must be enrolled at Tennessee Tech to be eligible for the FWS program.
Once a student has been awarded an FWS position, they can search for available jobs through the Student Job Portal, accessed from the Tech Express dashboard. Applicants can also contact departments of interest directly to inquire about FWS student job availability.
Students participating in the FWS program are expected to work an average of 5-10 hours per week and are paid $10.00 per hour. The funds are not credited to the student's account but are instead paid directly to the student once a month. It is recommended that students set up direct deposit to ensure their paycheck is automatically deposited into their bank account.
It is important to note that students in the FWS program are not permitted to work during scheduled class periods. If a class ends early or is cancelled, students must wait until the scheduled class time has ended before reporting to work. Failure to comply with this Federal guideline can result in termination from the FWS program.
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Teacher Loan Forgiveness program
The Teacher Loan Forgiveness Program (TLF) is a federal program that offers loan forgiveness to teachers who meet certain eligibility requirements. The program is designed to encourage individuals to pursue a career in teaching and provide relief from student loan debt. Here is some detailed information about the program:
Eligibility
To be eligible for the TLF program, you must teach full-time for five complete and consecutive academic years in a low-income school or educational service agency. At least one of those years must be after the 1997-98 academic year, and you must have been a new borrower on or after October 1, 1998. Additionally, certain subjects like mathematics, science, foreign languages, bilingual education, or special education may qualify even if taught in a non-low-income school setting.
Loan Forgiveness Amount
The TLF program can forgive up to $5,000 of a qualifying Federal Direct Stafford Loan. However, certain highly qualified special education and secondary mathematics or science teachers can qualify for up to $17,500 in forgiveness. It's important to note that Direct PLUS Loans, FFEL PLUS Loans, and Perkins Loans are not eligible for forgiveness through this specific program.
Application Process
The Teacher Loan Forgiveness Application contains detailed program regulations and information. It is important to carefully review the requirements before applying. Completed applications should be sent to the designated student loan lender, not Tennessee Tech University.
The TLF program is a great opportunity for education majors to receive assistance in repaying their student loans. It is beneficial to explore this option and other loan forgiveness programs to determine the best course of action for managing student loan debt.
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Frequently asked questions
There are several types of loans available to Tennessee Tech students, including Federal Direct Stafford Loans, Parent PLUS Loans, Grad PLUS Loans, and Alternative Loans.
To apply for a Grad PLUS loan, contact [email protected] for a preliminary application form. First-time student loan borrowers are required to complete Entrance Counselling and sign a Master Promissory note before their accepted Direct Stafford Loans will pay towards their balance.
Yes, scholarships and grants are available at Tennessee Tech. Scholarships are awarded based on financial need or academic achievements, while grants are given out by the federal government, your state, or the college and are based on financial need.
