Financial Aid

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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

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Cost of Attendance

• Tuition and fees
• Room and board
• Books and supplies, equipment, transportation,
  and miscellaneous personal expenses
• Loan fees
• Other educational expenses

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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

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Definition of Need

• Cost of Attendance (COA)
• Expected Family Contribution (EFC)
• Financial Need

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Types of Assistance

• Scholarships
• Grants
• Student loans
• Parent loans
• Work study

GIFT AID
SELF HELP AID
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3 Categories of Assistance

• Merit-based (scholarships)
• Need-based (grants, loans, work study)
• Incentive Awards (grants, scholarships)

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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

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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

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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.)

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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

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Florida State Assistance

• Bright Futures Public Private
• 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)

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Federal Financial Assistance

• Grants (need based, EFC
• 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)

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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

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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

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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

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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/d
  pcletters/attachments/GEN0606A.pdf

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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

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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

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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

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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

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Sample Gift Assistance

• Gift Assistance Merit and Incentive(Average) Acad
  emic Non-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

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Possible Assistance Packages

• Academic Non-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

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Role of the Financial Aid Office

• Determines eligibility for financial aid
• Packages aid
• Sends an award notification which details
• Students cost of attendance
• Amount of students financial need
• Types and amounts of aid offered
• How and when aid will be disbursed
• Student employment conditions
• Terms and conditions of aid offer

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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

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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

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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)

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Where Do I Go From Here?

• Review schools 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

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Private Scholarship Search

• Local library resources
• Local businesses civic organizations
• Parents place of business
• Internet

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Financial Aid Resources

• Bright Futures Scholarships - www.floridastudentfi
  nancialaid.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

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