What you need to know about grants, loans and more
APSU School Code: 003478
Financial aid is available in the form of scholarships, grants, loans and federal work study. The federal government, state of Tennessee, lending institutions, private agencies and postsecondary institutions may offer financial aid assistance. Most federal and state funded financial aid programs are awarded on the basis of proven financial need. Need is defined as the difference between the cost of attendance and the expected family contribution (EFC). The EFC is determined by a standard formula established by the U.S. Congress. Apply online at www.fafsa.gov.
Types of Financial Aid
- Grants: Based on financial need.
- Student Loans: Borrowed money that must be repaid. Repayment begins six months after graduation
or when student is no longer enrolled half-time. Visit www.studentaid.gov for more
- Parent Plus Loan: Borrowed money that must be repaid. Repayment begins immediately from the time funds are disbursed, or a repayment plan may be selected.
- Federal Work Study: Based on financial need. Student works on campus up to 20 hours per week.
- Scholarships: For information about scholarships available at APSU please visit the scholarship website at www.apsu.edu/scholarships.
NOTE: Financial aid does NOT always cover the cost of books.
Important info about Student and Parent PLUS Loans
- Student and Parent PLUS loans are offered by the Federal Direct Student Loan Program.
- Students must accept their loans on AP OneStop.
- Parents applying for a PLUS loan may apply at www.studentloans.gov.
- Master Promissory Note is required for both the student and PLUS loans.
- Entrance counseling is required for student loans at www.studentloans.gov.
Meeting Satisfactory Academic Progress for Federal Financial Aid
- Students must go to class.
- Students must maintain good academic progress in order to continue eligibility for financial aid.
- Students can lose eligibility to receive aid based on poor grades or attendance.
- Review Satisfactory Progress guidelines at www.apsu.edu/financialaid.
Manage Your Debt
Student loans are a fact of life for many students who cannot meet the cost of school
without them. Even so, it is important to make intentional and wise decisions. For
example, only borrow
what you need. You will want to take some time to determine the difference between what you need and what you want, as student loans must be paid back. You have the option of accepting a partial amount for your student loans. You do not have to take out the maximum allowable. An
excellent resource for keeping a tab on your loan balance is www.studentaid.gov. Using the repayment calculator will give you an idea of your payments after graduation.