Financial Aid

You should always apply to a college's financial aid. Even if you believe you are ineligible to receive aid, it never hurts to apply! Universities have set deadlines to submit financial aid documents and applications. Make sure to stay on top of these deadlines so you don't miss out on grant, federal aid, and scholarship opportunities. Below are described some common financial aid applications such as the FAFSA, FFAA, and CSS Profile.

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Federal Financial Aid

The Free Application for Federal Student Aid (FAFSA) is the main financial aid application all students should apply to. While the FAFSA is specifically federal aid such as Pell grants and work-study, universities tend to use your FAFSA information to determine your aid eligibility. FAFSA applications open annually on October 1st and is a relatively quick and easy process. For the most part, you will only need the previous year's taxes (for instance for the upcoming application cycle, the 2020 tax forms are needed). The earlier you apply, the more funds are available to be dispersed, so apply early. The easiest way to ensure the correct numbers are input is to utilize the IRS retrieval tool within the FAFSA. If you decide to input information manually, universities are likely to ask for verification later on. You will be required to submit a FAFSA every year you wish to apply for financial aid through your university.

After completing your FAFSA and selecting schools to send it to, you will receive a confirmation email with your EFC. Your Expected Family Contribution (EFC) is an estimate of what your parent(s) could financially provide towards your education costs based on income. Your EFC is NOT what you will have to pay for college, your cost of attendance (COA) will be detailed in your financial aid package by each college. Universities use your EFC as a guideline when offering you financial aid packages. EFC is also a determining factor for federal aid eligibility.

FAFSA Log-In

EFC Calculator

FAFSA FAQ's

State Financial Aid

The Office of Student Financial Assistance (OSFA) offers state scholarship and grant programs in the state of Florida. These grants and scholarships can be applied to the costs of in-state universities. All students are encouraged to fill out the Florida Financial Aid Application (FFAA) even if strongly considering to study out-of-state. This free and quick application makes you eligible for scholarships and grants offered by the state, such as the Bright Future's scholarship. Click here to view the different Florida student scholarship grant programs and the FFAA. Click here for a student application guide.

CSS Profile

Some private universities may additionally require students to send a CSS Profile. This CollegeBoard application is for non-federal student aid. This application is much more extensive and time-consuming than the FAFSA. You will need to have more documents ready to complete the CSS Profile, including taxes, W-2 forms, bank statements, assets, and other financial information. The CSS Profile gives universities a more thorough understanding of your economic position and makes you eligible for more school-specific grants.

The application opens on October 1st and costs $25 for the initial application and $16 for each additional school. Fee waivers are offered for low-income first-year undergraduate students who:

Received a SAT fee waiver OR
The parental income you reported on your application is approximately $45,000 or less for a family of four OR
You are an orphan or ward of the court under the age of 24

CollegeBoard CSS

Types of Financial Aid and Paying College

There are different types of financial aid to help students pay for their higher education. The following types of aid can be received from the federal government, state government, institutional assistance (from your university), and/or private organizations. Additionally, financial aid can be need-based and merit-based. Need-based aid is dispersed based on your family's ability to pay for your college expenses based on your FAFSA. Merit aid is not based on financial need and is awarded based on academic and athletic accomplishments or other special talents.

Grants

Grants are a form of financial aid that do not have to be repaid. These grants tend to be need-based and depend on your EFC which is calculated in your FAFSA. Federal grants include the Pell grant, TEACH grant and FSEOG. The state of Florida offers the Access grant, First Generation Matching grant, and Assistance grant to name a few. Additionally, each university offers their own grants to students with declared financial need.

Scholarships

Scholarships can be either need-based or merit-based and are a form of financial aid that do not need to be repaid. You can apply to private scholarships at the international, national, state, and local level. Click here to learn more about scholarship opportunities. Universities also offer their own scholarships such as competitive presidential scholarships that cover full-tuition. Schools also offer scholarships for first-generation students, minorities, honors, etc. Scholarships are a great way to cover certain costs such as tuition, books, and room and board.

Loans

Loans are a form of financial aid that must be repaid. If needed to cover your education costs, you can borrow federal or private loan. It is highly encouraged to take out federal loans since the interest rate of the federal government is a lot lower than that of private lenders. There are 2 types of federal loans: subsidized and unsubsidized. Subsidized loans do not accumulate interest and do not have to be paid back until after 6 months of your graduation. These are the best types of loans to utilize, however they are only available to undergraduate students with financial need and there is a limited amount you can qualify for. Unsubsidized loans do accumulate interest but you do not have to pay back the loan plus interest until 6 months after your graduation. Unlike subsidized loans, you do not have to demonstrate financial need to be eligible for unsubsidized loans. Private loans are non-federal loans from institutions such as banks and credit unions. These loans typically have to be paid back while you're still in college and have higher interest rates. Private loans should be avoided and used as a last resort.

Work-Study

Work-study is a federal program that provides students a part-time job typically on-campus. Unlike the other forms of aid above, work-study requires you to work and in exchange get a fixed salary. The benefit of work-study in comparison to a regular part-time is that you are ensured an on-campus job if preferred and do not get your financial aid decreased due to your work earnings. Not all students are eligible for federal work-study since it is based on financial need. If you are interested in work-study you should mark that on your FAFSA and in your confirmation email you will be informed if you are eligible. You can also research if your university offers their own work-study programs to students.

Understanding your Financial Aid Package

After being accepted to a college, you will receive a financial aid award letter detailing the cost of attendance, the total aid being offered to you, and much more. Aid letters may take a month or longer to be released, so please check with each specific school for a set date. Aid letters will be electronically available through the college's student online portal, and may also be sent my mail or email. Do NOT accept your spot in a university before seeing your financial aid letter (unless if accepted through Early Decision), you have until May 1st to decide!

Below are some financial aid terms commonly found in a financial aid letter:

Cost of Attendance (COA) is the total amount of college expenses before financial aid. This includes direct and indirect costs (explained below). COA is also generally known as the "sticker price" of universities.
Direct costs are items charged directly by your institution which includes tuition & fees, and room & board (this is a phrase meaning housing + meal plan).
Indirect costs are items not charged directly by the institution but still compromise part of college expenses. This includes books, health insurance, transportation, clothing, and other personal expenses. Indirect costs can easily be reduced and adapted to your budget (ex: renting textbooks rather than buying new).
Demonstrated need is the difference between your expected family contribution (EFC) and a college's cost of attendance (COA).
Estimated bill is the amount you will be responsible for paying to the college (therefore only direct costs will be taken into account).
Net price is the true amount you will pay for college in your lifetime (if taking out loans).
Gift aid includes any form of financial aid that needs not be paid back, such as grants and scholarships.

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