Florida A&M University Student Orientation Aid... · 2015. 7. 2. · Getting Started • Free Application for Federal Student Aid (FAFSA) • Must file every year Fall and Spring

Office of Financial Aid

Florida A&M University

Student Orientation

The mission of the Office of Financial Aid is to provide

access to financial resources in a fair, sensitive and

confidential manner; to inform and educate students and

their families about their financial options; and, to

continually improve our services so students may take full

advantage of their educational opportunities.

Office of Financial Aid

Mission Statement

Getting Started • Free Application for Federal Student Aid (FAFSA)

• Must file every year

Fall and Spring (15-16)

• May be completed online at www.fafsa.ed.gov

• Create a FSA ID at www.fsaid.ed.gov

• Should be completed prior to attending a postsecondary school (Senior year in High School)

• FAFSA is available on January 1 of each year

• File as early as possible

FAMU Priority Date is March 1

Information Needed for

FAFSA

• Student and Parent (for Dependent students)

Step-parent (if parent has remarried)

• Please note if parents reside in separate

households, use the information of the custodial

parent

• If parents are not married but live together

Why Am I a Dependent Student? Students are Dependent unless:

• 24 years old

• Married (on the day the FAFSA is filed)

• Have dependent(s) for which you provide 50% percent support or more

• Veteran (not training school)

• Currently active-duty in the military

• Graduate student

• Orphan, Homeless, Foster Care, of the state at the age of 13

• Under legal guardianship at the age of majority

Common Financial Aid Terms

• Expected Family Contribution (EFC)- The

number derived by the Federal Processor

(Information provided on the FAFSA)

• Cost of Attendance (COA) – The budget given

to a student by the Post Secondary Institution

of choice based on the average cost to attend

that institution (check student’s iRattler)

COA – EFC= Need

COA-EFC=Need (Example) In-State Out-of-State

$18,714 Year (COA)

- $0 EFC

$18,714 Budget (Need)

$5,775 Pell

$1,500 SEOG

$2,610 FSAG

$3,500 Sub

-$2,000 Unsub

$15,264.00

$30,656 Year (COA)

- $0 EFC

$30,656 Budget (Need)

$5,775 Pell

$2,000 SEOG

$3,500 Sub

-$2,000 Unsub

$13,230.00

$18,714 Year (COA)

- $4901 EFC

$13,813 Budget (Need)

$826 Pell

$2,000 SEOG

$2,610 FSAG

$3,500 Sub

-$2,000 Unsub

$10,860.00

$30,656 Year (COA)

- $4901 EFC

$25,755 Budget (Need)

$826 Pell

$2,000 SEOG

$3,500 Sub

-$2,000 Unsub

$8,326.00

Apply for Scholarships!

Dependent students may need a Parent PLUS Loan

Estimated Costs

Below are estimated costs with 12 hours of

classes, least expensive housing and meal plan:

• Housing $5262

• Meal Plan $4278

• Fees $140 (Id Card, Transportation)

• Tuition (In-state: $151.78/hr) $1821.36

• Tuition (Out-of-state: $549.80/hr) $6597.60

IN-STATE =$9,731.36 / OUT-OF-STATE = $14,507.60

Do you need an Unsub or a Parent PLUS Loan?

•Verification~ Students are selected by the Federal

Government. Check comments on Student Aid Report (SAR)

for additional steps

•Loans ~ Student’s must complete Entrance Counseling and

Master Promissory Note (MPN) for loans to be paid

Website: www.studentloans.gov

•FERPA~ Student’s have to give specific permission for any of

their University information to be released.

Financial Aid Processes

Verification

• Some students are selected by the Federal Processor to

ensure the FAFSA was filed accurately (could be selected

every year)

• Financial aid packages are not created for students who

have not completed verification (Financial Aid File)

• Updates made on the FAFSA at later dates can change a

student’s eligibility and/or current awards

• Gift Aid~ Any FREE money given to a student for assistance with educational expenses (Grants)

• Scholarships~ Monies a student earns based on specific criteria to use toward educational expenses

• Student Employment~ Money the student earns as a part of the financial aid package

• Student Loans~ Funding loaned to students to assist with paying for education expenses which must be repaid

Types of Financial Aid

• Merit based- Institutional scholarships are

given to applicants with highly competitive

admission criteria. High GPA and SAT or ACT

scores, full time enrollment is also a factor.

• Some Institutional Resources come from:

Athletics, Music

• Please check with your Department to see

about available funds

Institutional Resources

Please log in to OSFA to have school updated

Available to students who meet certain GPA and test score criteria, and attend either a

Florida Community College or State University

•Students must complete the Florida Financial Aid Application prior to graduation:

http://www.floridastudentfinancialaid.org/ssfad/bf/

•Florida Academic Scholars (3.5 weighted GPA; 1270 on SAT or 28 on ACT)

•Florida Medallion Scholars (3.0 weighted GPA; 970 on SAT or 20 on ACT)

•Students receive specific amounts per credit hours based on enrollment and type of scholarship

•Students are now required to repay the BF for any course that the student drops or withdraws

Bright Futures Scholarship

Allows students to earn a bi-weekly paycheck as a

part of their financial aid package

• Students must have need

• Students must file the FAFSA early

• Limited resource program

• Funds to not pay students balances

Work Study

Federal and State Funding 15-16 Eligibility is based on first come first service.

Available Federal Loans Available Grants

Dependent students:

$3500 Subsidized Loan

$2000 Unsubsidized Loan

Independent Students:

$3500 Subsidized Loan

$6000 Unsubsidized Loan

Federal Parent Plus Loans:

Parents must apply, credit-based

Maximum Pell Grant:

$5775

Federal Supplemental Education

Opportunity Grant (FSEOG):

$2000

Teach Grant:

$2000

Florida Student Assistance Grant:

$2610

First Generation Matching Grant:

$1000

Satisfactory Academic Progress (SAP)

•What is the definition of SAP: Federal guidelines for the continued receipt of student financial assistance funds

require that standards of satisfactory academic progress be applied to all students who are enrolled at the university.

These standards must be equal or stricter than the standards required of students who are not receiving financial

assistance. Florida A&M University is required by federal regulations to institute standards of satisfactory progress for

students receiving any Title IV assistance.

•Qualitative Standards: Determined at the end of the first academic year. GPA and grades: Student must have a C

average or its equivalent or have academic standings consistent with the requirement for graduation from the program

of study.

Cumulative GPA: Student must have a 2.0 cumulative average entering into their Sophomore year

•Quantitative Standards: Determine the number or percentage of courses, credit hours, or clock hours completed.

Earn 67% of all Attempted hours

Attempt no more than 180 hours; cannot exceed 150% of published length of that program.

Transfer hours are counted into the SAP standards.

• Maximum Time Frame: All hours attempted are included in the maximum time fame of 180 hours to complete

the first Undergraduate degree (All attempted hours enrolled and charged at the end of drop/add period)

All Federal Loans

•Students and parents need to visit: www.StudentLoans.gov

(Log in with your FSA ID)

• Fill out both: Entrance Counseling and Master Promissory Note (Loans will not disburse with out both)

• Parents sign in as themselves to complete the Parent Plus Loan

Stafford Annual Loan Limits

• Freshman $5500 ($3500 Sub max)

• Sophomore $6500 ($4500 Sub max)

• Junior/Senior $7500 ($5500 Sub max)

• Freshman $9500 ($3500 Sub max)

• Sophomore $10,500 ($4500 Sub max)

• Junior/Senior $12,500 ($5500 Sub

max)

• Graduate $20,500 (UnSub max)

Dependent Students Independent Students

•Can borrow up to $31,000 for 4 years of college

•Of the $31,000, $23,000 may be Subsidized

•Can borrow up to $57,500 for 4 years of college

•Of the $57,500, $23,000 may be Subsidized

Aggregate Loan Limits for Undergraduate

Students

Dependent Students

Independent Students

WWW.NSLDS.ED.GOV

Check what you’ve borrowed

Financial Aid Tips • File the FAFSA early (January 1, no later than March 1)

• Know your school’s processes

• Read your email

• Borrow only what you need…loans must be repaid

• Apply for scholarships

• Get help if you need it

• Never pay someone to assist you in getting aid

• Attend as many free workshops as possible

• YOUR EDUCATION IS AN INVESTMENT

Office of Financial Aid is Available to Assist You

Office Hours Website

Monday

9:00 a.m. – 4:00 p.m.

Tuesday - Friday

8:30 a.m. – 4:00 p.m.

www.famu.edu/financialaid

Telephone:

850-599-3730

Mailing address:

101 Foote-Hilyer Administration Center

Tallahassee, FL 32307

For more information, please visit our website at:

www.famu.edu/financialaid

Contact the Office of Financial

Aid

Thank You!