So, you’ve decided on a course of study in Tennessee. The good news? Tennessee is an excellent state with some terrific universities. The bad news? Tennessee is in the top 30% in terms of average four year college costs, at $32,215 per year.
Now it’s time to explore your funding options to pay for your college education in Tennessee. Start planning your finances well in advance so you can afford tuition fees, rent, study materials, and books.
What Scholarship Programs Does Tennessee Have?
Scholarships are predominantly merit-based, but some are predicated on financial need.
You can choose from many scholarships if you’re planning to study in Tennessee. They all have different minimum requirements. Some scholarships are open to all students, while others are intended for specific demographic groups like ethnicity, religious beliefs, or study subject.
Here’s a brief overview of just a few of scholarships specific to Tennessee:
The HOPE Scholarship is established and funded from the net proceeds of the state lottery and awarded to entering freshmen who are enrolled at an eligible postsecondary institution within sixteen (16) months after graduating from a TN eligible high school.
The amount ranges between $1,750 and $2,250 per semester, depending on the type of institution and academic year, and eligibility requirements can be found here.
The Ned McWherter Scholars Program is intended to reward high achieving Tennessee high school graduates who plan on attending college in Tennessee. Tennessee high school seniors starting their last semester in high school may apply, and must have a cumulative 3.5 GPA and a minimum composite score of 29 on the ACT (or concordant equivalent score on the SAT).
Tennessee Promise is both a scholarship and mentoring program focused on increasing the number of students that attend college in Tennessee. It provides students a last-dollar scholarship, meaning the scholarship will cover the cost of tuition and mandatory fees not covered by the Pell grant, the HOPE scholarship, or the Tennessee Student Assistance Award.
What Grant Programs Does Tennessee Have?
Some grant programs are based on financial need, and others are based on factors like ethnic background, gender, or religion.
To qualify for a grant, you are typically required to be enrolled at an undergraduate, graduate, or professional college.
The HOPE Access Grant, funded by the state lottery, is open to residents of Tennessee. Award amounts are based on financial need and how much money the fund has available. The fund usually covers tuition, but may not cover expenses such as accommodation and transport.
Students apply for the Tennessee Student Assistance award with their FAFSA application. The Tennessee Education Lottery funds this grant. It’s open to Tennessee residents and people in financial need. Your FAFSA application will determine the amount of the award.
This grant is available to past or present members of the Tennessee National Guard and U.S. veterans who are honorably discharged. The award is either $500 or $1,000 per semester, depending on how many credit hours you are studying. The money must be used for tuition.
What Student Loan Programs Does Tennessee Have?
Unlike some other states, Tennessee does not have a student lending program. Instead, students in Tennessee looking for a student loans should go look at the following program.
Federal student loans
Prospective students in Tennessee can receive federal financial aid assistance by completing the Free Application for Federal Student Aid(FAFSA).
Private co-signed student loans
There are many private student loan opportunities for those who need additional assistance on top of federal student loans. Many banks, credit unions, and dedicated lending companies offer private student loans, but almost all require a co-signer.
No co-signer student loans in Tennessee
Funding U began because we identified thousands of students who were unable to qualify for a private student loan because they didn’t have an eligible co-signer. While we’re no longer the only provider of such loans, we offer no co-signer student loans to career-focused students currently enrolled full time in college. The requirements for receiving a loan are dependent upon the GPA of the student and the graduation rate of the institution they attend. To learn more about our no co-signer student loans click here.
What Schools Does Funding U Lend to In Tennessee?
Generally speaking, Funding U’s no co-signer loans are offered to students at eligible four-year, non-profit, undergraduate degree-granting universities (which means we do not lend to for-profit schools, 2-year schools, graduate schools, or trade schools). Our eligibility requirements are based on models that aim to predict how likely a student is to graduate, and because of that we have minimum GPA requirements that students must meet and minimum 6-year graduation rates that schools must reach in order to be eligible. To find out more about how we determine our eligibility, click here.
|American Baptist College||No||No||No||No||20||62|
|Austin Peay State University||No||No||No||No||41||69|
|Baptist Memorial College of Health Sciences||No||No||No||No||48||72|
|Bethel University (Tennessee)||No||No||No||No||29||60|
|Christian Brothers University||No||No||Yes||Yes||58||80|
|East Tennessee State University||No||No||No||No||45||76|
|Le Moyne-Owen College||No||No||No||No||12||53|
|Lincoln Memorial University||No||No||Yes||Yes||57||73|
|Martin Methodist College||No||No||No||No||37||49|
|Memphis College of Art||No||No||Yes||Yes||55||71|
|Middle Tennessee State University||No||No||No||No||44||76|
|O'More College of Design||No||No||No||No||42||74|
|Sewanee-The University of the South||No||Yes||Yes||Yes||84||88|
|Southern Adventist University||No||No||Yes||Yes||52||76|
|Tennessee State University||No||No||No||No||30||58|
|Tennessee Technological University||No||No||Yes||Yes||55||79|
|Tennessee Wesleyan University||No||No||No||No||40||68|
|The University of Tennessee-Chattanooga||No||No||No||No||48||73|
|The University of Tennessee-Knoxville||No||Yes||Yes||Yes||73||86|
|The University of Tennessee-Martin||No||No||No||No||48||76|
|Trevecca Nazarene University||No||No||Yes||Yes||55||76|
|University of Memphis||No||No||No||No||48||75|
|Visible Music College||No||No||No||No||41||73|
|Watkins College of Art Design & Film||No||No||No||No||31||65|
Below is a table listing all of the schools in Tennessee that Funding U is currently lending to, with additional details on which grades we are currently lending to, based on the school’s 6-year graduation rate.
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