Financial Aid information for South Florida

Paying For School in South Florida

If you share the same concerns as most people, you are worried about how you will pay for school. In fact, according to a student poll published in October 2010 by the College Board and the Art & Science Group less than ten percent of the students polled felt they could afford to go to any college.

Many in your position almost feel stuck in a catch 22 situation. You need to go to school to make more money, but you don’t have the money to pay for school!

For those who qualify, however, student aid goes a long way in making college affordable. This is why it is very important to:

  • Fill out a Free Application for Federal Student Aid, or FAFSA
  • Research scholarships and apply for them
  • Speak to someone in the financial aid office at the school (or schools) you are interested in attending.

For more specifics about each of these steps, please read below.

Federal Student Aid

One of the first things that someone who is trying to get financial assistance for school should do is apply for federal aid. The way to do this is to go to the FAFSA site and fill out the application. This one application allows you to apply for:

  • Grants: Unlike a loan, grants do not require repayment. Grants are available from the federal government, state government, schools, and private organizations. For more information on what federal grants are available and what the eligibility requirements are, visit the Grants section of the U.S. Department of Education’s (DOE) Student Aid site.
  • Student Loans: Federal student loan programs are a great way to borrow the money you need for school at a low interest rate. You also do not have to worry about paying it back until after you graduate! In the past year there have been many changes to federal student loan programs, to learn more visit the DOE’s Student Loan site.
  • Federal Work Study: This is considered “campus-based aid,” where students work part-time on campus in return for a wage to help pay for tuition. For more information, visit this page on campus-based aid.

Often, the FAFSA is even used by states and organizations to determine if you qualify for need-based scholarships.

This chart sums up the type of aid that is offered through the U.S. Department of Education.

Federal Student Aid Program

Type Of Aid

Program Details

Maximum Award Amounts

Federal Pell Grant

Grant (not repaid)

Available almost exclusively to undergraduates students.

Annual - $5,550 (for calendar year July 1, 2010 to June 30, 2011)

Federal Supplemental Educational Opportunity Grant (FSEOG)

Grant (not repaid)

For undergraduate students with exceptional financial need.
Priority is given to Federal Pell Grant recipients.

Annual - $100-$4,000 depending on school funds availability

Federal Work-Study

Earned (not repaid)

For undergraduate and graduate students (not available to international students).
Student coordinates with school to find eligible employers.
Jobs can be on campus or off campus.
Students are paid at least minimum wage.

None

Federal Perkins Loan

Loan

Funds provided directly by and repaid to school.
Determined by financial need & fund availability.
Interest rate is five percent.

Annual - $5,500 undergraduate / $8,000 graduate & professional

Subsidized FFEL or Direct Stafford Loan

Loan

Interest paid by lender while student is in school or period of deferment. Available to all undergraduate or graduate students with financial need attending at least half-time.

Annual - $3,500-$8,500 depending on grade level

Unsubsidized FFEL or Direct Stafford Loan

Loan

Interest paid or accrued by borrower while student is in school or in grace or deferment period.
Available to all undergraduate or graduate students with financial need attending at least half-time.

Annual - $5,500-$20,500 (less any subsidized amounts received for the same  year) depending on grade level

FFEL or Direct Parent PLUS Loan

Loan

Interest paid or accrued by borrower for length of loan.
Available to parents of dependent students (borrower must not have negative credit history).

Lifetime – Cost of attendance minus any other financial aid received

Researching Scholarships

Due to more students enrolling in college, scholarship and grant committees have seen an increase in applicants. This translates into a more competitive environment for scholarship applicants. Scholarship committees have been asking for highar GPAs, more community service and exemplary academic records.

You're probably wondering what this means for students? I’m sure you’ve already figured out that it means you're going to have to work harder. Here are some tips that might help:

  • Find scholarships that are aimed towards a smaller group of possible recipients. This can include:
    • - Scholarships for specific subject areas or careers.
    • - Scholarships for specific geographic locations.
    • - Scholarships for specific subject areas or careers.
  • Apply to more scholarships – yes, this is takes time but it is completely worth it! Here are some sites that will help you find them:
  • Prepare in advance – as you research scholarships think of the future as well. You may not be able to apply this year, but you can work on being eligible next year!

School’s Financial Aid Office

Many times the schools themselves are the best places to get information about financial aid. A great place to go for advice on paying for school is the school’s financial aid office. The professionals who work there know about any special scholarship programs that the school may have. They may also have information about potential state aid or if you are a veteran or military service member, they can help you with your G.I. Bill paperwork.

When you are speaking with these professionals, make sure you ask about the following if they are applicable to your situation.

  • Programs for retraining the unemployed. In South Florida, many of the career colleges have partnerships with the South Florida Workforce office. In many cases, you may be able to apply for a program that will pay for most, or even all, of your tuition. Visit the Workforce training page for more information.
  • Florida Association of Postsecondary Schools and Colleges. Many South Florida schools are members of FAPSC. This organization has a scholarship program that includes $1000, $5000 and full tuition scholarships. You can get more information about this on their scholarships page.
  • Tuition Discounts. Many schools offer tuition discounts, especially to veterans or military service members. Discuss your situation candidly with the financial aid professional and there may be something that they can do to help cut the costs of schooling.
  • Florida State Aid. The state of Florida has its own programs that offer grants and scholarships to those who are eligible. You can find more information on the Florida Department of Education web site.

Even if you get small amounts of aid, every little bit helps! It is hard work, but with a combination of all these types of aid you might be surprised at home much money in tuition you save. Whatever your situation may be, never let the costs of school keep you from getting education that may help improve your life and you!