Financing Opportunities for Adult Learners

Now that you’ve gotten a solid understanding of the estimated cost of how you’ll be billed for completing your degree, let’s explore the options you’ll have available for bringing those costs down.

In these next few pages, we’ll explore the scholarships, grants, and loans that are available to working adults in Tennessee who want to go back to school and finish their degrees. As you’ll see, some of these programs are Tennessee-specific, whereas others are held at the federal level.

Eligibility for the majority of these scholarships and grants are determined by a student's FAFSA, the Free Application for Federal Student Aid. The great news is that there are no age restrictions to qualify for some form of federal financial aid. In fact, there are many financial aid programs designed specifically for adults like you.

First, let’s look at degree completion scholarships and Tennessee grants for adults who are returning to school.

 

tennessee hope scholarship - nontraditional logo

The Tennessee Hope Scholarship - Nontraditional

The Tennessee Hope Scholarship - Nontraditional is awarded to students who have not been enrolled in any college for at least two years from the date of last enrollment in college. So, if you started college more than two years ago and have since moved into your career or other life priorities, you could be eligible for this scholarship.

The amount of money granted will depend on whether you’re attending a four-year or two-year institution and what academic year you’re in.

For four-year institutions and two-year institutions with on-campus housing, you can receive up to $1,750 per full-time enrollment semester as a freshman and sophomore. As a junior or senior, that number jumps up to $2,250.

For a two-year institution, you could receive up to $1,500 per full-time enrollment semester.

 

Eligibility Requirements

There are several eligibility requirements, including:

  • You must be a Tennessee resident
  • You must be 25 years of age or older
  • You're enrolled in an eligible institution
  • You're enrolled in a public higher education institution in Tennessee

For a full list of eligibility requirements, visit their website.

 

Renewal Criteria

The criteria for renewing the Tennessee Hope Scholarship - Nontraditional for each semester requires that you are continuously enrolled and maintain a minimum GPA of either 2.75 or 3.0, depending on the number of credit hours you’re taking.

For a full list of renewal criteria, visit their website.

 

How Do I Apply for the Tennessee Hope Scholarship - Nontraditional?

If you think you’re eligible and want to apply, complete the FAFSA form. Applications must be received by September 1st for the fall semester, February 1st for the spring and summer semesters. Early application is recommended.

 

federal pell grant logo

You May Be Eligible for the Federal Pell Grant

The Federal Pell Grant is designed for students with exceptional financial needs and have not yet earned a bachelor’s, graduate, or professional degree. If this sounds like you, then you might be qualified for the Pell Grant.

Unlike a loan, grants do not have to be repaid. However, there are exceptions.

The maximum Federal Pell Grant award is $6,495 for the 2021–22 award year (July 1, 2021, to June 30, 2022). In certain circumstances, you may even be eligible for receiving up to 150% of your scheduled Pell Grant award.

 

Eligibility Requirements

You may be eligible depending on your financial situation and academic outlook. If you qualify, the amount you actually receive will depend on several factors, including:

  • Your expected family contribution
  • The cost of attendance (determined by your school for your specific program)
  • Your status as a full-time or part-time student
  • Your plans to attend school for a full academic year or less

If you do qualify, your institution can apply Federal Pell Grant funds to your school costs, pay you directly, or some combination of both.

 

Renewal Criteria

Like with the Tennessee Hope Scholarship, you must be continuously enrolled in order to qualify for renewal of the Federal Pell Grant. Learn more about staying eligible for the Federal Pell Grant.

 

How Do I Apply for the Federal Pell Grant?

If you think you’re eligible and want to apply, complete the FAFSA form. You will have to fill out the FAFSA form every year you’re in school in order to stay eligible.

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