Financial Aid

What is the Financial Aid Timeline for 2024-2025?

With the release of the 2024-2025 FAFSA application being delayed until December 2023, this significantly impacts the overall timeline for Financial Aid offices to process FAFSA applications and offer aid packages to students. The below timeline will only be implemented for the 2024-2025 aid year. The Financial Aid timeline should return to normal next year with the 2025-2026 FAFSA releasing in October 2024. 

• • December 31, 2023: 2024-2025 FAFSA becomes available on www.studentaid.gov 
  • March 2024: Tennessee Tech will begin receiving 2024-2025 FAFSAs from the FAFSA processing center.
  • April 2024: Tech Express and Eagle online will go live with 2024-2025 Financial aid requirements for students.
  • May 2024: As in prior years, Financial Aid Offers will become available to all students who have completed all Financial Aid requirements.
  • July 2024: Billing statements for the Fall 2024 semester will become available for students to view on Eagle Pay. (Exact date TBD)
  • August 2024: Payment/Confirmation Deadline. Fall classes begin August 22nd. 

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What is the Student Aid Index (SAI)?

Beginning in the 2024-2025 aid year, the Student Aid Index (SAI) will replace the Expected Family Contribution (EFC). The SAI is a number calculated by the information on the 2024-2025 FAFSA provided by the student and other contributors. It determines a student’s eligibility for certain types of federal aid such as student loans and Pell grants.

The SAI is used in the below formula to determine a student’s financial need. 

• • Cost of Attendance (COA) – Student Aid Index (SAI) – Other Financial Assistance (OFA) = Need

What is the difference between the EFC and SAI?

• • The SAI can be a negative number as low as -1500 to give financial aid administrators more insight into a student’s financial need.
  • The number of family members in college has been removed in the calculation for SAI.
  • Child support received is now counted as assets in the formula calculation for the SAI. Previously, child support received was counted as untaxed income in the calculation for the EFC.
  • Family farms and small businesses will now count as assets in the SAI formula.

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What are the changes to Pell Grant Eligibility?

Beginning in 2024-2025 aid year, the amount of Pell a student can be eligible to receive is no longer determined by the EFC and Pell Charts. Please see below for general information regarding Pell eligibility for 2024-2025 and beyond. Please Note: The Maximum and Minimum Pell Grant Amounts have not been announced by the Department of Education at this time. 

Maximum Pell Grant Eligibility

• • Eligibility for the Maximum amount of Pell is determined by a student’s adjusted gross income, tax filing status, and the annual U.S poverty level guidelines for family size and state of residence. 
  • SAI is -1500 to 0

Student Aid Index (SAI) Calculated Pell Grant Eligibility

• • For students who do not qualify for Maximum Pell, they may be eligible to receive a Pell amount calculated by their SAI.
  • Maximum Pell Amount – SAI = Calculated Pell Grant Amount rounded to the nearest $5.

Minimum Pell Grant Eligibility

• • Students who do not qualify for the Maximum Pell or Calculated Pell may be still be eligible to receive the Minimum Pell Grant based on adjusted gross income, tax filing status, and the annual U.S poverty level guidelines for family size and state of residence.  

Not eligible for Pell Grant

• • Students whose calculated SAI is greater than the Maximum Pell Award OR the calculated Pell amount is less than the Minimum Pell Award will not qualify for the Pell grant.

For more detailed information on the SAI and Pell eligibility, please reference the 2024-25 Draft Student Aid Index and Pell Grant Eligibility Guide (PDF). 

If you would like to see an estimate of how much aid you could potentially receive for 2024-2025, please check out the Department of Education’s Federal Student Aid Estimator.

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What are the changes with the FAFSA application for 2024-2025?

Due to all the upcoming changes, the FAFSA application will not only have a new look, but will also include some new terminology and steps for FAFSA completion.  

Contributors

• • A Contributor is any individual that is required to provide their consent and approval for their federal tax information to be included on the FAFSA form along with their signature. 
  • Contributors include the student, the student’s spouse, the student’s biological or adoptive parent, and the parent’s spouse (stepparent). 
  • All contributors will be required to create an FSA ID. It is recommended that all contributors create their FSA ID beginning in October to avoid delays.
  • The FAFSA application will not be fully submitted and processed until all contributors have given their consent and signed the FAFSA using their FSA ID.
  • Students will be prompted to list the email addresses of other required contributors such as parents on the FAFSA application. 

Consent and Approval

• • For the 2024-2025 aid year, contributors will now be required to give their consent and approval for their federal tax information to be included on the 2024-2025 FAFSA.
  • Once consent is given, it cannot be revoked for that aid year.
  • If a contributor refuses to give consent for their federal tax information to be included on the FAFSA, the student will only be eligible for a Federal Direct Unsubsidized Loan.
  • An FSA ID will be required to give consent. Again, it is recommended that all contributors create their FSA ID beginning in October. 

FADDX replaces IRS DRT

• • Beginning with the 2024-2025 FAFSA, the IRS Data Retrieval Tool (IRS DRT) will be replaced by the Future Act Direct Data Exchange (FADDX).
  • Previously, the IRS DRT gave both students and parents the option to import tax return data to their FAFSA instead of manually entering the information on the FAFSA.
  • In 2024-2025, the FADDX authorizes the IRS to provide federal tax information directly to the FAFSA application upon receiving consent from the contributor.
  • Students and Parents will no longer be given the option to manually enter their tax information on the FAFSA.

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What is not changing for 2024-2025?

• • To be eligible for federal aid such as student loans and Pell grants, students must still complete the FAFSA every year. 
  • Students and parents will still need to sign the online FAFSA application using their FSA ID.
  • Students will still need to list Tennessee Tech University, school code 003523, on their FAFSA for our office to receive the application and process their aid.
  • Students will still need to complete the ScholarWeb application in Tech Express each year by December 15th to be eligible for Tennessee Tech scholarships. 
  • To receive Federal Aid, students must complete any unmet requirements for Financial aid listed on their Eagle online account. We highly encourage students to complete the FAFSA application as soon as it becomes available and satisfy all Financial Aid requirements each year to prevent any delays for receiving Federal and State Aid.

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Can I apply for TN Tech scholarships before I submit the FAFSA?

Yes, in fact the 2024-2025 FAFSA likely will not become available until after the December 15 scholarship application deadline, so students should plan to submit their scholarship application first. Once we have received the student's FAFSA, that information will automatically be reflected on the student's submitted scholarship application. For instructions on how to apply for scholarships, please visit www.tntech.edu/scholarships/apply.