Get the app

 

Blogs
What is the Tennessee HOPE Scholarship?

College | SouthEast Bank | July 14, 2022

For many Tennessee students, the HOPE Scholarship helps make college more affordable by using proceeds from the state lottery to fund post-secondary education. The HOPE Scholarship is available to Tennessee students who complete the FAFSA and meet these academic requirements. 

Tennessee HOPE Scholarship Requirements and Eligibility

To receive this financial aid, applicants must meet the HOPE Scholarship requirements.

Who is Eligible for the Tennessee HOPE Scholarship?

To qualify, the student must be a Tennessee resident graduating from an eligible Tennessee high school. According to the TN.gov website, some exceptions may be granted to the following:

  • Tennessee residents who graduate from high schools located in bordering, out-of-state counties
  • High school dependents of active military, civilian workers of the U.S. Department of Defense, or Tennessee National Guard active duty
  • Members of the armed forces that are based in Tennessee
  • Dependents of full-time religious workers in foreign nations
  • Out-of-state boarding schools that are regionally accredited

To receive the HOPE Scholarship, students must be enrolled in a Tennessee public college, university, or private college. Entering first-year students must have a minimum of a 21 ACT score, or 1060 SAT score, and an overall minimum 3.0 GPA. Applicants must enroll in a qualifying post-secondary institution within 16 months following high school graduation. 

Home school graduates, GED recipients, and HiSet recipients who meet the required ACT scores are also eligible for the Tennessee HOPE Scholarship.

Tennessee HOPE Scholarship Amount

In late April 2022, Gov. Bill Lee signed a bill allowing for an increase in HOPE Scholarship amounts. Freshmen and sophomores enrolled in qualifying four-year institutions will receive an increase from $3,500 to $4,500 per year. For juniors and seniors, the increase will be $4,500 to $5,700. Those enrolled in qualifying two-year institutions will receive $3,200 per year. 

Only courses leading to a student’s associate or baccalaureate degree may be covered by the HOPE Scholarship.

What to Do if You Lose Your HOPE Scholarship?

A one-time renewal opportunity is available to students who lose the HOPE scholarship by ceasing to be academically eligible. Once the scholarship is lost, students may earn it back by meeting the renewal criteria.

To maintain eligibility, a student must be enrolled full-time with a minimum cumulative GPA based on the total number of hours completed. 

  • Minimum 2.75 cumulative GPA after 24 and 48 total hours completed
  • Minimum 3.0 cumulative GPA after 72 total hours completed, plus every additional 24 hours

Students must re-apply each year by completing the FAFSA and be continuously enrolled at a Tennessee eligible post-secondary institution in the fall and spring semesters while maintaining academic progress.

How to Apply for the Tennessee HOPE Scholarship

Students can apply for the HOPE Scholarship by filling out the Free Application for Federal Student Aid (FAFSA). The FAFSA deadline for the 2022-2023 school year is June 30, 2023.

Bottom Line

The Tennessee HOPE Scholarship is a fantastic financial aid opportunity for residents looking to attend qualifying two- or four-year institutions. 

For more information on Tennessee’s financial aid offerings, visit www.tn.gov/collegepays/.

 



Note: Links to other websites or references to services or applications are provided as a convenience only. A link does not imply SouthEast Bank’s sponsorship or approval of any other site, service or application. SouthEast Bank does not control the content of these sites, services or applications.

Information contained in this blog is for educational and informational purposes only. Nothing contained in this blog should be construed as legal or tax advice. An attorney or tax advisor should be consulted for advice on specific issues.

 
 

Return to Blog