Types of Financial Aid
Financial Aid is money in the form of scholarships, grants, work awards and loans awarded to assist students with paying the cost of a post-secondary education.
Grants (gift aid-no repayment):
Federal Pell Grant: For undergraduate students working toward a first bachelor's degree. The amount of one's grant is determined by the cost of attendance, enrollment status and the Expected Family Contribution (EFC) shown on the Student Aid Report. The lower the EFC is, the higher the award will be. A student with an EFC of 0 (zero) has maximum eligibility. The Pell Grant is presumed to be the first source of aid to the student. Award amounts range from $609 - $5,350 per academic year. Award amounts are prorated if the student is enrolled less than full-time.
Federal Supplemental Educational Opportunity Grant (FSEOG): For undergraduate students who demonstrate exceptional financial need (0 EFC) as determined by the Student Aid Report. Priority is given to students who are eligible for Federal Pell Grant and apply early (prior to May 1). Funding in this program is extremely limited and will be awarded on a first-apply, first-award basis. Award amounts range from $250 - $500 per semester. Students must be enrolled at least half-time (6 credit hours). Award amounts are prorated if the student is enrolled less than full-time.
Florida Student Assistance Grants (FSAG): For eligible Florida residents enrolled full-time in a degree program. For renewal eligibility, students must earn 24 credit hours in the previous fall, summer, and spring. Priority is given to early applicants. Award amounts range from $450 - $900 per semester. Note: Students with documented disabilities may be eligible for FSAG with less than full-time enrollment.
Florida Student Assistance Grants - Career Education (FSAG-CE): FSAG-CE is a need-based grant for eligible Florida residents enrolled at least half time in a Credit Certificate or Vocational Certificate program. Priority is given to early applicants. Award amounts range from $250 - $500* per semester. Awards will vary depending on each student's need and enrollment level. This program has very limited funded. this grant will be awarded on a first-come, first-served basis. For additional details and regulations, please visit http://www.floridastudentfinancialaid.org.
*Amounts may vary based on appropriation of funds from the Florida Office of Student Financial Assistance.
Scholarships (gift aid-no repayment):
CF Scholarships - these scholarships are administered by the Financial Aid Office require the completion of a 2009-2010 CF Scholarship Application which was available March 1, 2009. The priority deadline date for submitting a scholarship application is May 1, 2009, however, applications can still be submitted after the priority deadline. Scholarship applications are available online. Most scholarships require the student to demonstrate financial need on the FAFSA. All scholarships require the student to have a 2.5 GPA or above.
Self-Help Aid (Work and Loans)
- Federal Work-Study: Work-study eligibility is based on established financial need and enrollment in a degree or eligible certificate program. Students must be enrolled at least half-time. Jobs are located on campus and the work schedule is arranged around the student's class schedule. Work-study awards cannot be used to defer fees since the award is earned during the period of enrollment. Funding for this program is extremely limited. Students are paid $6.79 per hour, Child Care $7.25 per hour and America Reads tutor positions (located off-campus) are paid $8.00 per hour. Please see our Federal Work-Study Student handbook for more information.
- Federal Direct Stafford Loan (Subsidized): Students must have financial need to be eligible for the Subsidized Loan and must be enrolled at least half time to remain eligible. The subsidized loan is a federal loan program in which the federal government serves as the lender. The government pays the interest while the borrower is enrolled at least half-time (six credit hours) at an eligible institution and during the grace period. Repayment may be deferred up to six months after the borrower graduates, leaves school or drops below six credit hours. The annual maximums are $3,500 for freshmen and one year programs and $4,500 students enrolled in a two-year program and have completed 30 credit hours. Interest rates are fixed at 6.8% and origination fees (1.5% of loan amount) are charged at the time of each disbursement.
- Federal Direct Stafford Loan (Unsubsidized):The unsubsidized federal loan program in which loan eligibility is the same as Federal Direct Stafford Subsidized, except the unsubsidized loan is NOT based on need, and the borrower is responsible for paying all interest from the time of disbursement until the loan is paid in full. The annual maximum is the same as the subsidized Stafford Loan minus amounts borrowed under that program. Dependent students may borrow up to an additional $2,000 in this program as long as they have need as determined by the federal formula. Independent students may borrow up to an additional $6,000 in this program as long as they have need as determined by the federal formula. The borrower must be enrolled at least half-time to remain eligible. Repayment may be deferred up to six months after graduation, withdrawal, or less than half-time enrollment. Interest rates are fixed at 6.8% and origination fees (1.5% of loan amount) are charged at the time of each disbursement.
- Federal Direct Parent Loan for Undergraduate Students (FDPLUS): A Federal loan program in which parents of dependent students may borrow for the students' education. Dependent students must be in a degree program or in an eligible certificate program. Parents may borrow up to the Cost of Attendance (Budget) minus other financial aid. This loan program does not use the EFC figure and students must be enrolled at least halftime. Repayment is due within 60 days from the date of disbursement. Interest rates are fixed at 7.9% and origination fees (4% of loan amount) are charged at the time of each disbursement. Credit checks for parents are mandatory. In addition to the FAFSA, a separate PLUS application is required and is available upon request.