Financial Aid

One of the biggest questions the prospective college student must answer is, “How can I afford it?” Let’s face it—college is one of the most expensive investments anyone makes. Without financial aid, attending Welch College as a dorm student for four years would cost in the neighborhood of $80,000. This is an expensive neighborhood! But thanks to financial aid, the vast majority of Welch College students pay a fraction of this amount.

Some 350+ students are enrolled at Welch College, and are, semester-by-semester, year-by-year, finding a way to finance it. The college is committed to helping every student pay for his or her education and graduate with minimal debt. We mean that! That is why we maintain a Student Financial Aid Office. That is why we raise funds from churches and individuals to help students pay for their education. That is why we approach foundations and solicit grants that we can dispense as scholarships. Financial aid is available! In 2015, approximately 90% of Welch College students received some form of financial aid. That aid totaled nearly $4 million. So, we mean it when we say we are working hard to help you. Welch consistently ranks high in U.S. News and World Report as one of the top colleges in the U.S. in the awarding of merit-based scholarships.

The majority of financial aid is based on a student’s documented financial need (see definition of financial need below). If you think you qualify for any form of financial aid, please read the following information carefully and apply according to the stated procedure.

SCHOLARSHIPS SCHOLARSHIP APPLICATION NET PRICE CALCULATOR

How is Financial Aid Determined?

Eligibility to receive federal grants, loans and work-study is given to students who demonstrate financial need. A formula in which a number of factors such as family income, assets, number of family members, number of students in college, and the age of the older parent is used to determine how much each family is expected to contribute toward the student’s education.

The amount of expected family contribution is then subtracted from the cost of attending a given institution. The difference between the expected family contribution and the cost of attending the institution is considered to be the amount of financial need.

A simplified definition of financial need is:

Education Costs – Family Contribution = Financial Need

How Do I Apply
for Financial Aid?

  1. Complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Welch College’s school code is 030018.
  2. The student will receive either a Student Aid Report (SAR) or an Information Acknowledgment by email. Listing the college allows the Financial Aid Office to draw down electronically an Institutional Student Information Report (ISIR) for the student. The priority deadline for receipt of all financial aid forms is April 15. However, they may be submitted any time.
  3. Students whose federal aid application is chosen for verification will be required to submit additional documentation when requested by the Student Financial Aid Office.
  4. The FAFSA also serves as the application for additional grants available to Tennessee residents. For information about other scholarships for Tennessee residents, contact your high school counselor or the Student Financial Aid Office.
  5. Once all forms have been received by the Student Financial Aid Office, an award packet will be sent to the applicant listing all types of aid he/she is eligible to receive. Applicants and returning students will receive their official aid offer electronically through Populi.
  6. The electronic award offer must be accepted or rejected through Populi.
  7. To apply for Welch College scholarships, fill out the Scholarship Application by April 15.

SCHOLARSHIP APPLICATION

STUDENTS MUST BE ACCEPTED FOR ADMISSION TO WELCH COLLEGE BEFORE AID CAN BE OFFERED.

Do You Have Questions?
If so, email us at finaid@welch.edu. We’ll be glad to help you in any way we can!

Tennessee State Aid

Tennessee Student Assistance Award

Non-repayable grant for up to $4,000

WHO IS ELIGIBLE?
Families with an EFC < $2,100

HOW TO APPLY
Filing a FAFSA by February 1.


 TN Hope Scholarship*

$3,000 per year

WHO IS ELIGIBLE?
Graduate from TN high school, minimum 21 ACT or minimum 3.0 overall high school GPA, and minimum 3.0 college core GPA

HOW TO APPLY
Filing a FAFSA is required.


TN Aspire Scholarship*

$1,500 per year

WHO IS ELIGIBLE?
TN Hope eligibility; <$36,000 AGI

HOW TO APPLY
Filing a FAFSA is required.

 Tennessee Promise

Up to $3,000 per year

WHO IS ELIGIBLE?
Any high school senior who graduates from a Tennessee eligible high school or completes a Tennessee home school program can apply for the Promise.
The program will launch with the graduating class of 2015.

HOW TO APPLY
Learn more at TennesseePromise.gov.


 TN Access Grant

$2,750 per year

WHO IS ELIGIBLE?
Graduate from TN high school, minimum 18 ACT, <$36,000 AGI

HOW TO APPLY
Filing a FAFSA is required.


 TN General Assembly Grant*

$5,000 per year (including Hope Scholarship)

WHO IS ELIGIBLE?
TN Hope eligible, minimum 29 ACT and 3.75 high school GPA

HOW TO APPLY
Filing a FAFSA is required.

Federal Aid

Federal Pell Grant

$626-$5,775

WHO IS ELIGIBLE?
Incoming freshmen, transfer students and continuing students showing sufficient documented financial need.

HOW TO APPLY
Filing a Free Application for Federal Student Aid (FAFSA) is required.


 Federal SEOG Grant

$200-$1,000

PRIORITY DEADLINE
April 15

WHO IS ELIGIBLE?
Incoming freshmen, transfer students and continuing students showing sufficient documented financial need.

HOW TO APPLY
Filing a FAFSA is required.


Federal Work-Study (FWS)

WHO IS ELIGIBLE?
Incoming freshmen, transfer students and continuing students showing sufficient documented financial need.

HOW TO APPLY
Completion of a work application and filing a FAFSA is required.

 Federal Stafford Loan

Up to $3,500 for 1st year, $4,500 for 2nd year,
up to $5,500 per year for other years.

WHO IS ELIGIBLE?
Incoming freshmen, transfer students and continuing students showing sufficient documented financial need.

HOW TO APPLY
Filing a FAFSA and completion of a Federal Stafford Loan Application is required. You may also visit Mapping Your Future.


 Unsubsidized Federal Stafford Loan

Federal Stafford Loan limits apply

WHO IS ELIGIBLE?
Non-need-based loan available to incoming freshmen, transfer students and continuing students.

HOW TO APPLY
Filing a FAFSA and completion of a Federal Stafford Loan Application is required.


 Parent PLUS Loan

Loans up to cost of attendance

WHO IS ELIGIBLE?
Parents of dependent incoming freshman, transfer students and continuing students

HOW TO APPLY
Filing a FAFSA and completion of a Federal PLUS Loan Application is required.

We’re here to help.

Angie Edgmon
Financial Aid Coordinator
Call: 615-844-5249
Fax: 615-844-5004
Email: finaid@welch.edu

Welch College does not discriminate on the basis of race, gender, color, national and ethnic origin, age, or disability in admitting students or in otherwise administering its educational policies and school-sponsored programs.