Florida A&M University Student Orientation Office of Financial Aid
Office of Financial Aid Mission Statement 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.
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) $30,656 Year (COA) - $0 EFC - $0 EFC $18,714 Budget (Need) $30,656 Budget (Need) $5,775 Pell $5,775 Pell $1,500 SEOG $2,000 SEOG $2,610 FSAG $3,500 Sub $3,500 Sub -$2,000 Unsub -$2,000 Unsub $13,230.00 $15,264.00 $18,714 Year (COA) $30,656 Year (COA) - $4901 EFC - $4901 EFC $13,813 Budget (Need) $25,755 Budget (Need) $826 Pell $826 Pell $2,000 SEOG $2,000 SEOG $2,610 FSAG $3,500 Sub $3,500 Sub -$2,000 Unsub -$2,000 Unsub $8,326.00 $10,860.00 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?
Financial Aid Processes • 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.
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
Types of Financial Aid • 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
Institutional Resources • 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
Bright Futures Scholarship 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
Work Study 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
Federal and State Funding 15-16 Eligibility is based on first come first service. Available Grants Available Federal Loans Maximum Pell Grant: Dependent students: $5775 Federal Supplemental Education $3500 Subsidized Loan Opportunity Grant (FSEOG): $2000 Unsubsidized Loan $2000 Independent Students: Teach Grant: $3500 Subsidized Loan $2000 $6000 Unsubsidized Loan Florida Student Assistance Grant: Federal Parent Plus Loans: $2610 Parents must apply, credit-based 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 Dependent Students Independent Students • • Freshman $5500 ($3500 Sub max) Freshman $9500 ($3500 Sub max) • • Sophomore $6500 ($4500 Sub max) Sophomore $10,500 ($4500 Sub max) • Junior/Senior $12,500 ($5500 Sub • Junior/Senior $7500 ($5500 Sub max) max) • Graduate $20,500 (UnSub max)
Aggregate Loan Limits for Undergraduate Students Dependent Students • Can borrow up to $31,000 for 4 years of college • Of the $31,000, $23,000 may be Subsidized Independent Students • Can borrow up to $57,500 for 4 years of college • Of the $57,500, $23,000 may be Subsidized 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 Website Office Hours Monday www.famu.edu/financialaid 9:00 a.m. – 4:00 p.m. Tuesday - Friday 8:30 a.m. – 4:00 p.m.
Contact the Office of Financial Aid 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
Thank You!
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