(a) Beginning in the 2021-2022 academic year, each institution operated by the board of regents, each state university, and each campus in the University of Tennessee system shall provide each student with a detailed and completed current-year federal college financing plan. The plan must be provided to students at least once with the student’s notice of financial aid eligibility. An institution may substitute a personalized and detailed institution-specific alternative to the federal college financing plan, if the institution’s alternative provides, at a minimum, the following information:
Terms Used In Tennessee Code 49-7-1606
Board: means the trustees of the University of Tennessee or a state university board, as applicable. See Tennessee Code 49-7-1602
Cost of attendance: means the combined cost of tuition, mandatory fees, room and board, books, and other educational expenses as determined by the financial aid office of the postsecondary institution. See Tennessee Code 49-7-1602
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) The total cost of attendance;(2) The total amount per year of grants and scholarships awarded to the student, including awards from the institution, state programs, and federal programs;(3) The estimated total net cost, based on the institution’s cost of attendance, to the student for one (1) year of attendance at the institution, after deducting amounts awarded to the student through grants and scholarships;(4) The total amount per year of actual student loans and estimated work study funds for which the student is eligible, accompanied by the amount of each federal, state, or institutional loan by loan type and program origin, and the estimated amount of work study funds from each federal, state, or institutional work study option; and(5) Information and resources available to the student relative to financial aid planning and loan repayment calculations.(b) When a student is finalizing acceptance of a financial aid package, the institution shall clearly provide to the student:
(1) The estimated unmet financial need accompanied by the total amount per year of eligible student loans; and(2) A statement on the importance of responsible student borrowing.
