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You can learn what type of Financial Aid you can receive by completing a FAFSA form. You can fill out an application on the web at www.fafsa.ed.gov or call 1-800-433-3243 to receive a paper application. We suggest that you fill it out the FAFSA online because it will takes less time for the Central Processing Office to complete the review process. If you do not have Internet access you may come to the Financial Aid and Scholarships office and you may use our student computer. Once our office receives the information from the Central Processing Office, we will begin to review your eligibility.
UT Martin's Federal School Code is 003531.
Students do not have to be admitted to UTM in order to file the FAFSA. However, a financial offer will not be made until you have been fully admitted.
The Personal Identification Number (PIN) allows you to access personal information in various U.S. Department of Education systems. It's like the Personal Identification Number that you can get from a bank that enables one to access an account. You can use the PIN to electronically sign your submitted FAFSA, access and complete your Renewal Free Application for Federal Student Aid (FAFSA), submit corrections to your processed FAFSA, obtain a copy of your processed FAFSA information or sign your Master Promissory Note. Since the PIN serves as your electronic signature, you should NEVER give it to anyone.
Note: The U.S Department of Education PIN is different from your UTM PIN.
Yes. The FAFSA is essential in determining what type of loan you are eligible to apply for. However, there are outside miscellaneous loans that do not require FAFSA information. It is important to note that some of these outside loans have significantly higher interest rates and fees. All students are encouraged to complete the FAFSA so that we can determine what type of loan would be in your best interest.
Students are classified as dependent or independent because federal student aid programs are based on the principle that students and their parents are considered the primary source of support for postsecondary education. For the 2011-2012 paid year, you're an independent student if at least one of the following applies to you:
Yes. You will not have to fill out a second FAFSA. If you included UTM on your FAFSA application then our office will receive your information once you are accepted by the university. If any additional information is needed we will notify you as soon as possible. If you did not included UTM on you FAFSA application our school code is 003531. You can update your information by going to FAFSA website and accessing your application using your US Dept. of Ed. Pin number.
When you file the FAFSA you can sign the form by using your US Dept. of Ed. PIN number or by printing off the signature page and mailing it to the address listed on the printed page. If you (or your parents, if you are a dependent student) failed to sign the FAFSA you can go back to the FAFSA website and sign the form electronically.
The following information is from the Department of Education's publication "The Student Guide."
You must be one of the following to receive federal student aid:
Thirty percent of the student population that applies for student aid is randomly selected for the verification process. It is the federal government's way of making sure students are correctly reporting their information on the FAFSA. The forms to complete this process will be sent to your home address. You will need to fill out the verification form and bring or mail an official IRS transcript to the Financial Aid and Scholarships Office. If you use the Data Retrieval Tool for your FAFSA, you do not need to send the IRS transcript. Verification forms are found on our website under Financial Aid Forms.
Yes. If you are receiving any kind of financial aid from university or government sources, you must report the scholarship to the Financial Aid and Scholarships Office.
Unfortunately, the university will adjust your financial aid package to compensate. Nevertheless, the outside scholarship will have some beneficial effects. Outside scholarships help to reduce your need and in so doing, reduce your need to take out loans.
The following must be on file and complete for a loan to release:
Once you have completed all the required steps, the funds will be disbursed to the Bursar's office. Their office will review your account and once your balance is paid a refund check will be processed. Checks may either be picked up at a scheduled date or electronically deposited into your bank account. Click here for more information on refund schedules and setting up an e-refund account.
All loans must be split equally into two disbursements. If you are attending during the Fall and Spring semesters you will receive half the loan in Fall and the second half during the Spring semester. If you are only attending during the Spring semester you will receive one disbursement at the beginning of the semester and the second disbursement at the mid-point of the semester. If you are graduating in December and only attending during the Fall semester you are only entitled to borrow half our of your eligible amount.
|Example of a Senior borrowing $5,500 of a Stafford Loan|
|Fall and Spring||Fall - $2750 Spring - $2750|
|Spring Only||January - $2750 Mid March - $2750|
|Fall Only||Fall - $2750 Spring - $2750 would be canceled|
Note: First-time Freshmen must wait 30 days after classes begin to receive their first loan disbursement.
Processing fees take between 1 and 3 percent of the loan. For example, if you borrow $3500 our office will split the loan into two equal amounts.
Fall - $1750 Spring - $1750
The Department of Ed will take up 3% as a processing fee. 3% of $1750 is $52.50
When the funds are disbursed to your Bursar's account you will actual receive $1697.50 each semester
For loans taken July 1, 2010 and beyond, your lender for Direct Stafford loans is the US Department of Education. For loans prior to July 1010, refer to www.nslds.ed.gov.
You should contact your lender and ask them to send you a deferment form. This form will be completed by UTM's Registrar's Office, which will provide your lender with documentation showing that you are enrolled at least halftime. If you apply for a deferment you must continue to make payments until you are notified that the request has been granted. If you don't, you may end up in default. You should keep a copy of any request form you submit, and you should document all contacts with the organization that holds your loan. You must be attending school at least halftime to be eligible to receive a deferment for your Stafford loans.
All students who apply for federal financial aid (i.e. Pell Grant, Stafford Loan, Perkins loan, Tennessee Lottery Scholarship, TSAA/TSAC Grant, Federal Work Study, or Supplemental Educational Opportunity Grant programs) must meet the University of Tennessee at Martin's Satisfactory Academic Progress policy standards regardless of whether they have EVER applied or received financial assistance in the past. All students are evaluated for Satisfactory Academic Progress at the end of each spring term. Click here to review our SAP Policy & Appeals Process.
Financial aid has its own vocabulary. To help you speak the language, here are the most commonly used terms and acronyms used in our office.
|ACT||American College Testing Program|
|IRA||Individual Retirement Account|
|AFDC||Aid to Families with Dependent Children|
|IR||Internal Revenue Service|
|ISIR||Institutional Student Information Report|
|CLEP||College-Level Examination Program|
|MDE||Multiple Data Entry|
|COA||Cost of Attendance|
|PHEAA||Pennsylvania Higher Education Assistance Agency|
|CPS||Central Processing System|
|ED||US Department of Education|
|PLUS||Parent Loan for Undergraduate Students|
|EFC||Expected Family Contribution|
|PSAT||Preliminary Scholastic Assessment Test|
|EFT||Electronic Funds Transfer|
|FAA||Financial Aid Administrator|
|ROTC||Reserve Officer Training Corps|
|FAFSA||Free Application for Federal Student Aid|
|SAP||Satisfactory Academic Progress|
|FAO||Financial Aid and Scholarships Office|
|SAR||Student Aid Report|
|FDSLP||Federal Direct Student Loan Program|
|SAT||Scholastic Assessment Test|
|FFELP||Federal Family Education Loan Program|
|SEOG||Supplemental Educational Opportunity Grant|
|FSEOG||Federal Supplemental Educational Opportunity Grant|
|TLS||Tennessee Lottery Scholarship|
|GPA||Grade Point Average|
|USED||US Department of Education|
|HHS||US Department of Health and Human Services|