Navigating the Maze of Financial Support
Pursuing higher education can be a significant financial investment. Trevecca Nazarene University understands the financial challenges that students and families face. That’s why the university offers a comprehensive financial aid program designed to make a Trevecca education accessible to all deserving students.
Types of Financial Aid Available
Trevecca offers a wide range of financial aid options, including:
- Scholarships: Merit-based awards for academic excellence, athletic achievements, and other exceptional qualities.
- Grants: Need-based awards that do not have to be repaid.
- Loans: Funds borrowed from the government or private lenders that must be repaid with interest.
- Work-Study Programs: Allow students to earn money through on-campus or off-campus employment.
Determining Eligibility and Applying for Aid
To be considered for financial aid, students must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA collects household financial information and determines the Expected Family Contribution (EFC). The EFC is subtracted from the cost of attendance to determine the amount of financial aid a student is eligible to receive.
Scholarships: Rewarding Academic Excellence
Trevecca offers a variety of merit-based scholarships, including the:
- Presidential Scholarship: Full tuition and fees for students with exceptional academic standing and a minimum 3.8 GPA.
- Dean’s Scholarship: Full tuition and 25% off fees for students with a 3.5 – 3.79 GPA.
- Honors Scholarship: 25% off tuition and fees for students with a 3.0 – 3.49 GPA.
Grants: Support for Students in Need
Trevecca offers several need-based grants, including the:
- Pell Grant: Up to $6,895 per year for eligible low-income students.
- Federal Supplemental Educational Opportunity Grant (FSEOG): Up to $4,000 per year for eligible students with exceptional financial need.
- Tennessee HOPE Scholarship: Up to $4,500 per year for eligible Tennessee residents.
Loans: Financing the Future
Trevecca students have access to a variety of federal and private loans, including:
- Federal Direct Loans: Low-interest loans available to undergraduate and graduate students.
- Federal PLUS Loans: Loans for parents of dependent students.
- Private Loans: Loans from banks or other lending institutions that have higher interest rates than federal loans.
Work-Study Programs: Earning While Learning
Trevecca’s Federal Work-Study Program allows students to earn money while attending school. Students can work up to 20 hours per week in on-campus or off-campus positions.
Common Mistakes to Avoid
When applying for financial aid, students should avoid the following common mistakes:
- Not completing the FAFSA: Completing the FAFSA is essential for determining eligibility for all types of financial aid.
- Missing deadlines: Submitting the FAFSA and other required documents by the deadline is crucial to receiving timely financial aid awards.
- Not researching all options: Explore all available financial aid options, including scholarships, grants, loans, and work-study programs.
- Ignoring the award letter: Carefully review your financial aid award letter and contact the Financial Aid Office if you have any questions.
Frequently Asked Questions
1. What is the deadline for submitting the FAFSA?
* October 1 for priority consideration for all financial aid awards.
2. How do I apply for scholarships?
* Check with the Trevecca Admissions Office for a list of available scholarships and application procedures.
3. What is the average amount of financial aid received by Trevecca students?
* In the 2022-2023 academic year, the average financial aid package was $26,500.
4. What is the interest rate on federal student loans?
* The interest rate on federal student loans varies depending on the type of loan. For the 2022-2023 academic year, the rates are as follows:
* Direct Subsidized Loans: 4.99%
* Direct Unsubsidized Loans: 6.54%
* Direct PLUS Loans: 7.54%
5. How can I find a work-study job?
* Contact the Trevecca Career Services Office for help finding on-campus and off-campus work-study positions.
6. What happens if I need more financial aid than what I’ve been awarded?
* Contact the Trevecca Financial Aid Office to discuss additional financing options.
Conclusion
Trevecca Nazarene University offers a comprehensive financial aid program designed to make a Trevecca education accessible to all deserving students. By exploring all available options and avoiding common pitfalls, students and families can maximize their financial aid potential and achieve their higher education goals.