How do I apply for Federal Aid?
The first step to receiving Federal Aid is to complete the FAFSA application
contained in this information packet. While the form can be completed
online, we recommend you fill out the paper form and return it to us.
This yields faster results since we can check your application to make
sure it is filled out correctly. After we receive your application, we
will usually have the information we need to process your Federal Aid
in about a week.
Can someone help me fill out my FAFSA?
If you need help filling out your FAFSA please contact the Financial Aid
office at 615-244-5848. You may schedule an appointment to meet with the
Financial Aid Administrator or we may be able to help you over the phone.
We will be glad to assist you.
What will I need if I choose to complete the application online?
You will need a PIN number. If you do not have a PIN, or you do not remember
your PIN, you must go to: www.pin.ed.gov to apply for a new PIN or request
a duplicate PIN. If you are a dependent student, your parent must also
apply for a PIN. You will use your PIN number to sign your application.
After you receive your PIN, go to www.fafsa.ed.gov to complete the Federal
Aid application. Make sure you add our school code to the schools section.
Note: If you have already completed a FAFSA for the current award year,
do not complete the paper application. You will need to add our school
code to your current application for us to get your information.
What is your school code?
The federal school code for SAE Institute of Technology is 038303. If
you are completing your application online, you must include this number
for us to have access to your information.
Do my parents need to put their information on my FAFSA?
Yes, if you are under the age of 24 with the following exceptions:
- You are a veteran of the U.S. Armed Forces
- You are married
- Have children that receive more than half of their support from you
- You have dependents (other than your children or spouse) who receive
at least half of their support from you
- Both of your parents are deceased or you were a ward/dependent of the
court.
How will I know what I’m getting?
After we receive your Federal Aid information, we will notify you by mail
of your eligibility for financial aid.
What is a Pell Grant?
Pell Grants are based on financial need and are awarded to undergraduate
students. These grants do not have to be paid back. Beginning on July
1, 2008, the maximum amount of the Pell Grant is $4,731.
How much can I get in loans?
The maximum amount of Subsidized/Unsubsidized loans for a dependent student
is $5,500. Parents of dependent students may apply for Parent Plus loans,
which are low interest Federal loans, and will cover the full cost of
tuition plus living expenses. The maximum loan amount for independent
students is $9,500 with no more than $3,500 in Subsidized loans.
What can I do if Federal Aid is not going to cover all of
my tuition?
You can apply for alternative loans, such as TERI Undergraduate Loans
and the Sallie Mae Signature loan, to cover the remaining amount of your
tuition not covered by grants or federal loans. You may also pay the remainder
not covered by federal aid in monthly installments.
Do I have to pay anything up front?
Yes, all students who will be making monthly payments in addition to your
Federal Aid or those who will be using the Parent Plus loan will be required
to pay a $2,400 down payment before the first day of class. Students who
will be using alternative loans (TERI or Sallie Mae Signature loans) to
cover their tuition are exempt from the $2,400 down payment.
What is the difference between Subsidized and Unsubsidized
loans?
Subsidized loans are based on financial need. While you are in school
and during the six- month post graduation grace period, the federal government
will pay the interest on the loan. Unsubsidized loans are not based on
financial need. You are responsible for paying all the interest on these
loans. You can make interest only payments while you are in school, or
allow the interest to be added to the loan principle. Both of these loans
have a six month grace period after your graduation date or if you leave
school.
When will my money come in?
All loans and grants will come in two disbursements. We typically receive
Federal Financial Aid monies 30 days after the first day of your class.
We receive the second disbursement once you are halfway through the program.
You must maintain satisfactory academic progress to receive your second
disbursement of Federal Aid.
I borrowed extra money for living expenses, when will I get
a check?
If a credit balance occurs when your first disbursement is posted to your
account, a check will be written to you for the excess amount. Checks
will be available 14 days after disbursements have been posted to your
account.
Here is an example of how living expense amounts are calculated:
Federal Aid Disbursement
1st disbursement of Parent Plus loan: $12,000.00
1st disbursement of Stafford loan: $1,313.00
Total Federal Aid Disbursement: $13,313.00
Institutional (School) Charges
Registration fee: $100.00
Books and Laptop Package: $2,400.00
Tuition (first half of tuition): $8,200.00
Total Institutional Charges: $10,7000.00
Amounts Paid
Registration fee $100.00
(Due upon enrollment)
Books and Laptop Package +$2,400.00
(Paid before the 1st day of class)
Federal Aid Disbursement: + $13,313.00
Minus Total Institutional Charges
for the 1st half of the Program: - $10,700.00
Amount owed to student for living expenses: $5,113.00