Types of Aid

When you apply for financial aid, the Office of Student Financial Aid will consider you for all aid sources. Due to a high volume of calls, we encourage you to review your Banner account periodically. It is helpful to review each aid program to know what is available and to learn more about specific awards once you receive an award offer.

Scholarships

Scholarships are "free money" generally awarded based on merit or need and do not have to be repaid. Additionally, any scholarship that you receive may reduce or replace the self-help (loan or work-study) portion of your aid package. You must notify the Office of Financial Aid of any scholarships you receive that are not already listed on your financial aid award offer.

Grants

Grants are "free money" that is not paid back and are awarded based on need. The Federal Pell Grant is a federally awarded grant based on financial need. The amount of this grant ranges from $602 to $5730 for the 2014-2015 academic year. For students who attend part time, this award will be adjusted based on enrolled hours. The Federal Supplemental Opportunity Grant is awarded by Fisk University and students must be Pell Grant eligible, generally with a zero Estimated Family Contribution (EFC).

Tennessee Grants

State grant programs are awarded to residents of the State of Tennessee who are enrolled as undergraduate students working on a degree at a public or private college or university. For more information visit http://www.tn.gov/collegepays/mon_college/lottery_scholars.htm

State Scholarships

State scholarship programs are awarded to residents of the State of Tennessee who are enrolled as undergraduate students working on a degree at a public or private college or university. For more information visit http://www.tn.gov/collegepays/mon_college/lottery_scholars.htm

Federal Work Study

Federal Work Study is a federally subsidized employment program awarded by Fisk University. This award is based upon financial need. Unlike other aid that is credited to the bill, a bi-weekly paycheck is received based on hours a student has worked.

Loans

Fisk University participates in the Perkins Loan program and the William D. Ford Federal Direct Loan Program to offer Stafford loans, Parent Loans for Undergraduate Students (PLUS), and Graduate PLUS Loans. Low interest student and parent loans are borrowed money that must be repaid. Loans are a large part of many students' aid package. Borrow only what you need. Always remember that you will pay back what you borrow.