Financial Aid

TUITION/
FINANCIAL AID

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An education is an investment in your future, and Carson-Newman is committed to making it affordable for you. Contact our Financial Aid Office for assistance exploring your financial aid options or email us at [email protected].

Students are encouraged to file the Free Application for Federal Student Aid (FAFSA) as many of these programs require FAFSA in order to establish eligibility.

TYPES OF AID

GRANTS

Federal Pell Grant (Undergraduates Only) – based on results from the FAFSA, this grant provides assistance to students that demonstrate high need and will be in an eligible undergraduate program. Amounts vary per year depending on enrollment status of full-time to less than full-time.

Federal Supplemental Educational opportunity Grant (FSEOG) (Undergraduates Only) – awarded to the highest need students enrolled in an eligible undergraduate program as determined by the FAFSA filling. Students must also be a Federal Pell Grant recipient. Amounts range from $1000 to $4000 and may not renew year to year based on funding levels awarded to Carson-Newman and the number of high need applicants each year.

Tennessee Student Assistance Award, or TSAA (Undergraduates Only) – based on results from the FASA and administered by the Tennessee Student Assistance Corporation (TSAC) – Must submit FAFSA before February 1st to qualify, but state funds for this grant are limited. Students with FAFSA Estimated Family Contribution (EFC) of 0 are given top priority, but students with an EFC of $5846 or less could be eligible. Must be a Tennessee resident for at least one year prior to enrollment, and if student is a dependent student, parents must also meet the residency requirements. The award for full-time enrollment to qualified recipients is $4000 per year, but can be received at a pro-rated amount for quarter- or halt-time enrollment. More information can be found at www.tn.gov/CollegePays.

LOANS

William D. Ford Federal Direct Subsidized Stafford Loans (Undergraduates Only) – federal loan funds borrowed by the student from the U.S. Department of Education, through the University. Undergraduate students with need as determined by the FAFSA can qualify for these loans. The interest is paid by the Federal Government while the student remains enrolled at least half-time and during certain periods when the government allows deferment of repayment. There are annual limits on the amounts a student may borrow. These amounts vary by the student’s academic year in school and their status as a dependent or independent student.

William D. Ford Federal Direct Unsubsidized Stafford Loans (Undergraduates or Graduates) – federal loan funds borrowed by the student from the U.S. Department of Education, through the University. Undergraduate and graduate students regardless of need, qualify for an unsubsidized loan if they have filed the FAFSA. Interest will begin accruing immediately upon disbursement, and the student can opt to pay the interest while enrolled or upon entering repayment. There are annual limits on the amounts a student may borrow. These amounts vary by the student’s academic year in school. Students have the right to reduce the amount of the loan(s) offered by sending a loan reduction request prior to the first day of class. They may send the request via their Carson-Newman University MyCN or via the C-N mobile app. There are no penalties for early repayment on either of these types of loan.

William D. Ford Federal Direct Grad PLUS Loans (Graduates) – these are federal loan funds borrowed by students seeking graduate or professional degrees to help pay for education not covered by other financial aid. These loans require a credit check for the applicants and are the next option after aggregate limits are met on Unsubsidized Stafford Loans.

Private/Alternative Student Loans (Undergraduates or Graduates) – if a student needs additional loan funding, the student may seek out private or alternative loans that are not part of the federal lending program, but through private lenders (e.g., banks). More information may be found on the Financial Aid website.