Financial Aid for Undergraduates

Undergraduates are eligible for several types of financial aid. Everyone must complete a Free Application for Federal Student Aid (FAFSA) to be considered for scholarships, grants, and the various loan programs. Make sure to include Trevecca's federal school code (003526) on your FAFSA application.

Trevecca considers the summer term to be a part of the new school year and a new FAFSA should be completed to apply for summer aid. Summer terms are considered to be any term beginning in April.

Tuition & Fees

Loans

Federal Direct Parent PLUS Loans

The Federal Direct Parent PLUS Loan is a loan that is available for parents of undergraduate students to borrow. It is a federal direct loan and it must be repaid. The interest rate is fixed at 7.9%. Eligibility is based on credit history as determined by federal guidelines. The maximum loan limit is not to exceed the student's federal budget less any additional assistance the student may be receiving. Prior to disbursement, the government withholds 4% from the loan amount.

Repayment for the Federal Direct PLUS Loan Program begins 60 days after the second disbursement of the loan. For loan deferment options, you should go to www.studentloans.gov.

Instructions

PART I - Loan application and credit check
  1. Go to www.studentloans.gov
  2. Using your FAFSA pin number, Sign In under “Manage My Direct Loan”
  3. Click on “Start PLUS Application Process”
  4. Scroll down and click on “Parent Plus”
  5. Complete the four steps shown: (The award letter will have a recommended amount to borrow.)
    1. Personal Information
    2. Student & Loan Information
    3. Review Application
    4. Credit Check and Submit
PART II - Master Promissory Note
  1. On left, under Master Promissory Note, click on “Complete MPN”
  2. Scroll down and click on “Parent Plus”
  3. Complete four steps shown:
    1. Personal Information
    2. Personal References
    3. Terms & Conditions
    4. Review and Sign

Please Note: You must complete PART I and PART II to borrow a Federal Direct Parent Plus loan. If you have completed PART II only, please go back on-line and complete PART I. PART I is the required credit check. Your credit must be approved in order to obtain the Federal Direct Parent loan.

Federal Direct Stafford Loans

There are two Federal Direct Stafford Loan Programs available for student borrowers, subsidized and unsubsidized. All students who wish to borrow through either of these programs must complete the FAFSA each year.

A Subsidized Federal Direct Stafford Loan is a federal loan that must be repaid. Ability to participate in the Subsidized Federal Direct Stafford Loan Program is based on calculated need as determined by the FAFSA. The interest rate is fixed at 4.5%. "Subsidized" means that the interest on this loan is not paid by the student while he or she is enrolled in school. The government pays the interest on this type of loan while you are in school.

An Unsubsidized Federal Direct Stafford Loan is also a federal loan that must be repaid. If a student is not eligible for the Subsidized Federal Direct Stafford Loan, as determined by the results of the FAFSA, an Unsubsidized Federal Direct Stafford Loan can be an alternative. "Unsubsidized" means that interest will accrue while the student is in school. The student can choose to pay the interest while in school or defer the interest and have it added to the principal balance. The interest on this loan is also fixed at 6.8%.

Instructions

  1. Go to www.studentloans.gov
  2. Using your FAFSA pin number, sign in under, “Manage My Direct Loan”
  3. Click on “Complete Master Promissory Note”
  4. Click on “Subsidized/Unsubsidized”
  5. Complete the four steps:
    1. Personal Information
    2. Personal References
    3. Terms & Conditions
    4. Review & Sign

Federal Perkins Loan

The Federal Perkins Loan Program is also a federal loan that must be repaid. It provides money to students with established need at a low interest rate and long-term repay. The loans bear no interest to the borrower until nine months after graduation or interruption of study; then the interest rate is 5% of the unpaid balance. The minimum monthly payment is $40.00. Loan repayment may be deferred for periods during which a borrower

  1. Is at least a half-time student.
  2. Is pursuing a course of study in an approved graduate fellowship program or approved rehabilitation training program for disabled individuals excluding a medical internship or residency program.
  3. Is unable to find full-time employment but not in excess of three years.
  4. May be suffering an economic hardship but not in excess of three years.
  5. Is engaged in service described under the cancellation provisions.

Awarding of this loan is based on need and availability of funds. Completion of the FAFSA is required. It is very important to apply as early as possible since funds are limited.

Your award letter will notify you if you have been awarded a Perkins Loan. You will be notified by the Office of Accounting about completing your Perkins Promissory Note. Loan repayment begins nine months after you graduate or after you are no longer enrolled for at least six hours.

Required Federal Direct Loan Counseling

Federal Direct Stafford Loan Entrance Counseling

Federal regulations require that first time students at Trevecca who borrow a Federal Direct Stafford Loan complete a loan entrance counseling session.

Apply Now

Federal Direct Stafford Loan Exit Counseling

Federal regulations require that students who graduate or are no longer enrolled at Trevecca completed an exit counseling session if they received a Federal Direct Stafford Loan.

Apply Now

Scholarships

Grants

Federal Grants

Pell Grants are awarded by the federal government to those students who are determined to be eligible after completing the FAFSA. A Pell Grant is applied directly to your student account and does not have to be repaid. The amount is determined according to eligibility and the number of hours in which you enroll. Pell Grants are not available to students who have already completed a bachelor’s degree.

The Supplemental Educational Opportunities Grant (SEOG) is a federal grant administered by the University. The SEOG Grant is applied directly to your student account and does not have to be repaid. To be eligible for the SEOG Grant, you must meet the same Pell Grant eligibility requirements and you must apply early since SEOG funds are limited. The amount is subject to change based on availability of funds.

Academic Competitiveness Grant (ACG) is a federal grant for full time undergraduate students. The maximum award for a first academic year eligible undergraduate student is $750; the maximum award for a second academic year eligible undergraduate student is $1,300. In order to receive an ACG, a student must:

  • receive a Federal Pell Grant during the same award year
  • be a U.S. citizen
  • be a first or second year full time undergraduate student in a degree program at a two year or four year degree granting institution
  • have completed a rigorous secondary school program of study
  • if a first year student - have completed secondary school after Jan. 1, 2006
  • if a second year student - have completed secondary school after Jan. 1, 2005, and have at least a 3.0 GPA at the end of the first academic year of undergraduate study

For a list of recognized rigorous programs of secondary school study in your state visit www.ed.gov/admins/finaid/about/ac-smart/state-programs.html

National Science and Mathematics Access Grant (National SMART Grant) is a federal grant program for full time undergraduate students who are enrolled in their third or fourth academic year of undergraduate study. The award is for up to $4,000 for each of the third and fourth academic years. In order to receive a Nation SMART Grant, a student must:

  • receive a Federal Pell Grant during the same award year
  • be a U.S. citizen
  • be a full time student in his or her third or fourth academic year of an undergraduate degree program
  • be pursing a major in physical, life, or computer sciences, mathematics, technology, engineering, or critical foreign language
  • have a least a 3.0 GPA as of the end of the second award year and continue to maintain a 3.0 GPA that must be checked prior to the beginning of each payment period (e.g. semester)

Tennessee State Grant

The Tennessee State Grant is a state grant awarded to eligible students who are Tennessee residents. This grant does not have to be repaid. Eligibility is determined by the FAFSA. Funds are usually limited and you must apply before the priority date of January 15. More information is available by going to: http://tn.gov/collegepays/.