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Financial Aid

Financial Aid. FACT 70% of college bound students apply for financial aid (submit a FAFSA) 80% of FAFSA filers take advantage of student loan opportunities to help finance their education. Cost of Attendance. Tuition and fees Room and board

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Financial Aid

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  1. Financial Aid FACT • 70% of college bound students apply for financial aid (submit a FAFSA) • 80% of FAFSA filers take advantage of student loan opportunities to help finance their education

  2. Cost of Attendance Tuition and fees Room and board Books and supplies, equipment, transportation, and miscellaneous personal expenses Loan fees Other educational expenses

  3. Cost of Attendance Tuition: Engineering/Science: $29,940 Aeronautics/Business/Psychology: $27,280 Fees: Facilities: $500 Flight Training (flight students only): pay as you go Room and Board: $8,810 - $10,250 Books (estimate): $1,200

  4. Definition of Need Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

  5. Types of Assistance GIFT AID SELF HELP AID Scholarships Grants Student loans Parent loans Work study

  6. 3 Categories of Assistance Merit-based (scholarships) Need-based (grants, loans, work study) Incentive Awards (grants, scholarships)

  7. Sources of Assistance College/University (scholarships, grants) The state of Florida (scholarships, grants) The federal government (grants, loans, work study) Private organizations (scholarships, grants, loans) Personal funds

  8. Florida Tech Scholarships • Florida Tech Merit Scholarships • Range from $5,000 to $19,000 annually • Based on GPA and SAT or ACT (starting 3.0/GPA, 1100/SAT) • Florida Tech Athletic Scholarships (NCAA DIV II) • Full cost of attendance or partial • Determined at the discretion of the athletic coach • Florida Tech Army ROTC Scholarships • Army pays 100% of tuition, book stipend, monthly spending money • Florida Tech supplements with a grant to cover room and board • Florida Tech Transfer Scholarships

  9. Florida Tech Specialty Scholarships • International Science and Engineering Fair (ISEF) Scholarships • Minimum $12,500 per year guaranteed • Awarded by faculty to participants at the INTEL ISEF international fair • Mutually exclusive from other merit scholarships • FIRST Robotics Scholarships • $3,000 per year in addition to any other merit scholarship • Must verify participation during their senior year of high school • Phi Theta Kappa Scholarships (Comm. Coll.)

  10. Florida Tech Grants Visit Grant - $500 FAFSA Early Filer Grant - $1,000 per year Alumni Endorsement Grant - $1,000 per year Legacy Grant - $2,500 per year “Keep it in the family” Grant - $2,500 per year Florida Tech need based grant - Varies

  11. Florida State Assistance • Bright Futures PublicPrivate • Medallion/Gold Seal Scholars - 75% (CC-100%) ($2,824) • Academic Scholars - 100% ($4,138) • Florida Resident Access Grant - ($2,837) • Florida Student Assistance Grant - $1,500 • Florida Pre-paid College Plan – Amount based on terms of agreement. (accumulated funds can be applied towards expenses at most private universities)

  12. Federal Financial Assistance • Grants (need based, EFC < $4,041) • PELL – ranges from $100 up to $4,731 • FSEOG - $1,200 • ACG (Freshmen/Sophomore) - $750/$1,300 • SMART (Junior/Senior) - $4,000 • Student Loans • Stafford ($5,500/$6,500/$7,500) • Parent Loans – PLUS (up to full cost of college) • Work Study - $1,500 per year (spending money)

  13. Federal Pell Grant Program • Awarded to eligible undergraduates pursuing first baccalaureate or professional degree • Portable • Actual award amount based on Cost of Attendance, enrollment status, and Expected Family Contribution (EFC) must be less than $4,042 • Students with EFC less than $4,042 now have four federal programs to help them pay for their education

  14. Federal Supplemental Educational Opportunity Grant (FSEOG) • Eligible students • Undergraduates pursuing first baccalaureate or professional degree • Awarded first to students with exceptional financial need (i.e., students with the lowest EFCs at that school) • Priority to Federal Pell Grant recipients • Annual award amounts • $100 minimum • $4,000 maximum

  15. Academic Competitive Grant • 1st and 2nd year Pell Eligible students • Must be US citizen • Must have completed “rigorous” high school curriculum • 1st award is $750 • 2nd award is $1300 – Must have 3.0 Cumulative GPA to be eligible for 2nd year award

  16. National SMART Grant National Science and Mathematics Access to Retain Talent Grant • $4,000 for Pell Eligible Juniors and Seniors in certain majors • Must be US Citizen • Must have Cumulative GPA of 3.0 • Targeted for most majors at Florida Tech • List of eligible majors - http://www.ifap.ed.gov/dpcletters/attachments/GEN0606A.pdf

  17. Federal Work-Study • Undergraduate or graduate students are eligible • Employment can be on or off campus • Eligible employers • School • Federal, state, or local public agency • Private non-profit organization • For-profit organization • Community service activities

  18. Federal Stafford Loans(Subsidized and Unsubsidized) • Annual loan limits • $3,500 Sub + $2000 Un-sub (freshman) • $4,500 + $2000 Un-sub (sophomore) • $5,500 + $2000 Un-sub (upper-classman) • $8,500 (each year of graduate/professional study) • Subsidized Stafford: Must demonstrate “need” • Unsubsidized Stafford: Need is not a consideration

  19. Federal PLUS Loan • Borrowers are parents of dependent undergraduate students • Annual loan limit; cost of attendance minus other aid • Interest rate is now fixed 8.5% • 3% Origination fee and 1% default fee; • Repayment begins 60 days after disbursement; • Deferment provisions; only for principal but interest may be capitalized

  20. Costs of Borrowing Federal Stafford Loan • Fixed Interest Rate 6.0% Sub 6.8% Un Sub • Fees: 1% Origination Fee and 1% Default Fee • Repayment begins 6 months after graduation

  21. Sample Gift Assistance Gift Assistance Merit and Incentive(Average): AcademicNon-Florida Resident Florida Tech Scholarships and Grants (AVG) - $12,500 $12,500 Bright Futures Scholar - $4,138 Florida Resident Access Grant - $2,837 _______ Total -$19,475$12,500 Gift Assistance Need Based (EFC = 0) FSAG - $1,500 Pell Grant - $4,731 $4,731 FSEOG - $1,200 $1,200 ACG - $750 $750 Total -$8,181 $6,681 Total Gift Aid -$27,656 $19,181 (Medallion $26,342) Tuition: Engineering/Science: $29,940 Aeronautics/Business/Psychology: $27,280

  22. Possible Assistance Packages AcademicNon-Florida Gift Assistance (example) $27,656 $19,181 Self Help Assistance Student Loans $5,500 $5,500 Work Study $1,500$1,500 Total -$34,656 $26,181 Tuition/Room/Board/Books/Fees: Engineering/Science: $40,450 Aeronautics/Business/Psychology: $37,790

  23. Role of the Financial Aid Office • Determines eligibility for financial aid • Packages aid • Sends an award notification which details: • Student’s cost of attendance • Amount of student’s financial “need” • Types and amounts of aid offered • How and when aid will be disbursed • Student employment conditions • Terms and conditions of aid offer

  24. General Eligibility Requirements Must be enrolled/accepted in an eligible program of study Must be pursuing a degree, certificate, or other recognized credential Must be a U.S. citizen or eligible noncitizen Must be registered with Selective Service (if male) Must not have eligibility suspended or terminated due to a drug-related conviction

  25. General Eligibility Requirements (continued) Must have a valid Social Security Number Must not be in default on a federal student loan Must not owe repayment of a federal grant Must maintain satisfactory academic progress as defined by the higher education institution

  26. How to Apply for Financial Aid • Application for admission • Scholarship application (college, private) • Bright Futures application • Free Application for Federal Student Aid (FAFSA) • FAFSA on the Web at: www.fafsa.ed.gov • Loan applications (promissory notes)

  27. Where Do I Go From Here? Review school’s materials for aid application, deadline information and complete FAFSA Investigate other sources of aid University grants/scholarships/loans State grants/scholarships/loans Private scholarships Academic scholarships Army ROTC Scholarships Athletic scholarships Resident Assistant benefits Tuition remission

  28. Financial Aid Resources • Bright Futures Scholarships - www.floridastudentfinancialaid.org/ssfad/bf/ • Federal Financial Aid (Grants, Student Loans, Work Study) – www.fafsa.ed.gov • Individual College Websites (i.e. www.fit.edu) • FastWeb – www.fastweb.com • College/University Financial Aid Office

  29. “If you think education is expensive, wait till you see what ignorance costs you.” John M. Capozzi

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