Frequently Asked Questions

Frequently Asked Questions

Q: How do I know how much financial aid I am getting?

A: As an undergraduate student, you are considered for merit-based FLorida Tech scholarships as part of the admission process. The rest of your financial aid "package" is determined after you file a FAFSA, (www.fafsa.ed.gov,) and we receive the electronic record from the Federal Department of Education. The final product, your financial aid award letter, is sent to you by mail. Normally we begin sending award letters to new freshmen and transfer students by the first week in March -- sooner if the new Federal regulatory changes are available to update our data system. For returning students, we generally must wait for Spring grades to be posted before preparing award letters.

Your financial aid awards may also be seen online in PAWS, the Panther Access Web System. Since PAWS data is a real time reflection of your student records, any award information you see prior to receiving your award letter may be incomplete, and not indicative of your final award package.

Q: When will I receive my financial aid?

A: If you are registered for a full time class load and you have satisfied all outstanding financial aid requirements -- check on PAWS -- all your aid should pay into your student account the Wednesday evening before the first day of Fall (and Spring) semester classes. Florida Tech scholarships and Florida student aid will not pay if you haven't'registered for a minimum of 12 credit hours, Federal loans will pay with a half-time class load. If you are a returning student whose grades did not pass Florida Tech Satisfactory Academic Progress standards last semester, your appeal letter must be reviewed and approved before finanical aid will pay into your student account.

Normally, Fall semester is when most problems occur because it is the first semester in the new FAFSA Aid Year, there are more students with requirements documents to review and there is always human procrastination prompting people to avoid addressing their requirements until the last minute. Take care of those requirements early and avoid the extra stress when classes begin.

Note: Even though financial aid was deposited in your account and has paid tuition, campus room and board and books from the campus book store, you will not have access to any remaining balance until after the second week of classes. The first two weeks of each semester is the period when students can drop classes or withdraw and receive a full tuition refund. Consequently, you must plan for funds other than financial aid during those two weeks to cover any expenses that are not charged directly to your student account.

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Q: What financial aid is available to graduate students?

A. Graduate students -- registered for a minimum of 6 credit hours or in a 3 credit hour "full load" course -- are generally eligible for student loans. These consist of Federal Stafford Loans, Federal Graduate PLUS Loans, and private student education loans -- click here to learn more about the differences.. You may also want to review the loan processing information in FAQs for Federal Aid as well as on our home page Important Announcements tab . Although the Financial Aid Office records graduate assistanship contracts as financial aid, the actual award and administration of the teaching and research assistantships is handled by each college department.

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Q: Why does PAWS show that I still have an outstanding requirement for the Stafford Entrance Interview after I successfully completed it online?

A. Our Florida Tech Banner data system is not automatically updated from the USAFunds website where you complete the Entrance Interview. Our staff periodically downloads a report of the students who have completed the Entrance Interview and manually updates the Florida Tech data system. Consequently, it may take 3 to 5 days to update our data system. If you do not see a PAWS update after 5 business days, email the Financial Aid Office (finaid@fit.edu) and we will follow up on it.

Q. My parents faxed in my Verification documents and Florida Data Form yesterday, but PAWS still shows them as outstanding requirements. What happened to my documents?

A. If the status in PAWS was "Pending Review", your document was received and scanned in as an electronic record where it will soon be reviewed by a Financial Aid Counselor to determine if it truely satisfies the outstanding requirement. If it does, the counselor will change the status to "Complete." If there was a problem with the documents, you may see a status of "Pending - see RHACOM," inwhich case you may receive a phone call from the Financial Aid staff (RHACOMM is a screen in our data system where staff members can record comments about a student problem or an action they have taken, etc.). If the status in PAWS is still "Required," your documents may be in the que to get scanned electronically. During certain times of the year, it may take 3 to 5 days for incoming documents to get scanned and ready for a counselor to review. During those same periods it is not uncommon for the counselors to also need extra time to review the backlog of incoming documents. The last few weeks before a semester begins always present the largest volume of incoming documents.

Q: I transferred and I am now in repayment on my previous student loan. How do I get my payments deferred while I am attending Florida Tech?

A: First, you must be admitted to a degree seeking program at Florida Tech and registered for a minimum of 6 credit hours or a graduate student in a 3 credit hour "full load" course. Next, download, complete and return the appropriate deferment request, along with the name and address of your lender to the Financial Aid Office: If you are the student use the In-School Deferment Request. If you are not a student, but the parent of a student for whom you have an outstanding Parent PLUS loan, use the Parent PLUS Borrower Deferment Request. If you have more than one lender, you will need a separate form for each.

Q: Can I get financial aid for Summer classes?

A: Florida financial aid, such as Bright Futures, and Florida Tech merit scholarships are not available for Summer classes. Normally the only financial aid available for Summer is Federal student loans, but beginning Summer 2010, those eligible to receive Federal Pell grants will be able to get a Pell grant for Summer classes. You must te registered for at least 6 credit hours to be eligible for Federal student loans, unless you are a graduate student taking a 3 credit hour "full load" course.

In most cases, Summer financial aid is not included in students' financial aid packages. Consequently, students attending Spring classes should plan to contact the Financial AId Office at least 30 days before Summer classes begin. If possible, register for Summer classes before contacting the Financial Aid Office.

New students entering in the Summer semester, which begins in May, need to file two FAFSAs: a current Aid Year FAFSA for the Summer semester and a new Aid Year FAFSA for the Fall semester. You should file the FAFSA 6 to 8 weeks before classes begin in case your FAFSA is selected for verification and you have to provide tax documents.

Q: I have a negative balance in my student account. What does it mean?

A: A negative balance, or credit balance, means that your have funds available to pay future school charges made against your student account. You may also choose to withdraw some or all of the balance for personal living expenses, but do not plan on using it for rent, utility deposits or other expenses that come due in the first two weeks of class. During the first two weeks of class students can drop classes or withdraw and get a full tuition refund. Consequently, students cannot withdraw their account balance during that period. To learn more about the student refund policy, follow this link to the Office of Student Accounting Account Refunds webpage.

Q: Where can I find more information about billing procedures and making payments?

A: Start with the Student Financial Services FAQs .

Q: When must I file a FAFSA?

A: In general, you should plan to file your FAFSA at least 6 to 8 weeks before your first scheduled class -- and be sure to check out the FAFSA Tips hyperlink on our home page to avoid the common mistakes that can prevent your financial aid from paying on time. The Federal Financial Aid Year runs from July 1st through June 30th and a new FAFSA must be filed for each Aid Year inwhich you wish to be considered for Federal student fInancial aid. You can determine which FAFSA to file based on the first class day of the term. or semester, for which you are registering. For example, if you are registering for a term that begins before June 30,, 2009, you need to file the 2008-2009 FAFSA. If you are registering for a term that begins after July 1, 2009, you need to file the 2009-2010 FAFSA.

For undergraduate FAFSA filers, the University's priority consideration deadline for Fall and Spring financial aid is March 1st of each year. Keep in mind that financial aid packages for new and transfering students can not be completed until after we have received the FAFSA electronic record. In order to meet the March 1st date, you can file a FAFSA with estimated tax information and update the FAFSA after filing your taxes for the year.

Q: Do I need to complete the FAFSA every year?

A: Yes, a new FAFSA must be filed for each Aid Year inwhich you wish to be considered for Federal Student Financial Aid..

Q: Why have I been selected for verification and what do I do now?

A: The Federal Department of Education selects approximately one third of all FAFSA's for the process of verification. To satisfy the verification requirement the student must provide the Florida Tech Financial AId Office with tax records (signed Form 1040 pages only without schedules and attachments) that verify the tax information submitted on the FAFSA. In addition, the student must provide a signed copy of the appropriate Federal Dependent (or Independent) Verification Worksheet.

Note: For the purpose of receiving Federal Student Financial Aid, the determination of dependent or independent status is based on specific Federal crieria. The FAFSA website (http://www.fafsa.ed.gov/) offers a worksheet to help you make that determination -- look on the home page for the hyperlink that reads, "Determine Your Dependency Status."

If you were selected for verification, you should have received with your award letter a Federal Verification Worksheet that matches the dependency status you identified on your FAFSA. You can also fill out the worksheet online and print it for signature from our financial aid website -- look for the clipboard icon on the home page or look under Resources in the left navigation pane and follow the "Forms" hyperlink.

Q: How do I apply for a Federal student loan?

A: You must complete the FAFSA (www.fafsa.ed.gov) to be eligible for any Federal student aid. You must also be accepted to a degree seeking academic program at Florida Tech. Once we receive the electronic FAFSA record for a new or transferring undergraduate, and confirm admission status, our counselors prepare the student's financial aid "package." If eligible for a subsidized and/or unsubsidized Stafford loan, the maximum eligible loan amounts will be offered to the student in the financial aid "package." The student must then accept the offered loan in PAWS, select a lender, complete a Master Promissory Note (MPN), and complete an Entrance Interview. The particulars of this process are summarized in the Important Announcements tab on our Home Page and on the Loan Providers list for Stafford Loans, also on this website.

The parents of undergraduate students can also take a Federal education loan, the Parent PLUS, These loans are not included in the student's financial aid "package" or in the financial aid award letter. The Parent PLUS loan is subject to a credit check, but if the parent cannot pass the credit check, their student will become eligible for an increased Stafford loan (unsubsidized). For particulars about a Parent PLUS loan application, see the Loan Providers list for Federal PLUS Loans on this website.

Graduate students may be eligible for Stafford loans and the Grad PLUS loan. Like undergraduate students, only Stafford loans will be included in the graduate student's financial aid "package." For particulars about a Grad PLUS loan application, see the Loan Providers list for Federal PLUS Loans on this website.

Q: What is the difference between Subsidized and Unsubsidized Stafford Loans?

A: The Federal Stafford Loan program includes two different loans. The subsidized loan is need-based and eligiblity is based on information provided in the FAFSA. The government pays the loan interest while the student remains in school and maintains at least a half-time class load. The unsubsidized loan is available to students who do not meet the FAFSA needs test. The student is responsible for all interest on unsubsidized loans beginning on the date of each incremental loan disbursement. When the student signs a Master Promissory Note with a lender, the options of paying the interest while in school or adding the in-school interest to the loan principle will be offered to the student..

Q: I have been offered a certain amount in loans but I only want to take a portion of what I have been offered. Can I do that?

A: Yes, when you accept your loan in PAWS, you will have an option to accept the amount offered or a lesser amount. Keep in mind that the amount offered is normally for both the Fall and Spring semesters and Federal regulations dictate that the amount be disbursed in two payments at the beginning of each semester.

If you choose a lesser amount and later find that you need more, just ask the Financial Aid Office to make an application for your remaining eligiblity. Another option is to obtain the whole amount for Fall and then reassess your needs for the Spring semester. If you find you will not need all of the scheduled Spring amount, just ask the Financial Aid Office to reduce your Spring disbursement. It is best to do such changes soon after the Thanksgiving break.

Q: Why is the amount I received from my loans not exactly what I asked to borrow?

A: Federal regulations specify the up front fees a lender may charge on Federal student loans. Private student loans are also subject to up front fees, but these fees are not regulated by the Federal government. That is one reason it is always best to take full advantage of Federal student loans before considering a private loan. You should plan that 2.5%. to 3.5% of each loan disbursement will be used to pay fees.

Q: What is an Entrance Interview?

A: The Entrance Interview is a requirement associated with each type of Federal student loan: Stafford, Grad PLUS and Perkins. The process provides the student with information about a legal financial obligation that many students will undertake for the first time in their lives. You must complete this requirement before your loan will pay into your student account. The good news is that you can conveniently satisfy your requirement on the web -- look for the hyperlinks on our Home Page Important Announcements tab.

Q: What is an Exit Interview?

A: The Exit Interview is another Federal student loan requirement that applies when you withdraw from school or graduate. It is a refresher course about the student's legal financial obligation. The Exit Interview also provides information about the student's rights and options and it seeks updated contact information from the student. The reequirement can be completed online -- look for the hyperlinks on our Home Page improtant Announcements tab.

Q: How do I verify my Florida residency?

A; The Florda Department of Education requires institutions to verify student claims of Florida residency before disbursing Florida financial aid to students. Proof of Florida residency consists of signing a certification, such as Florida Tech's Florida Data Form, and providing an official state document to establish that legal residence has been maintained for 12 consecutive months prior to the first day of classes of the academic term for which assistance is requested. Acceptable state documents include a voter's registration card or a driver's license. Dependent students must provide an official state document for one of their parents or a legal guardian and the same person must sign the Florida Data Form certificate.

Note: Florida uses the Federal criteria for determining dependency status. The FAFSA website (www.fafsa.ed.gov) offers a worksheet to help you make that determination -- look on the home page for the hyperlink that reads, "Determine Your Dependency Status."

If you are a new freshman or transfer student who was awarded Flordia student financial aid, you should have received wtih your award letter a Florida Data Form. You can also fill out the form online and print it for signature from our financial aid website -- look for the clipboard icon on the home page or look under Resources in the left navigation pane and follow the "Forms" hyperlink.

Once your Florida residency has been verified by Florida Tech, you should not need to verify it again unless other facts, such as subsequent FAFSA information, indicate that your residence may have changed.

Q. I heard that the Florida Legislature changed Bright Futures awards this year. How is that going to affect me?

A. There were two significant changes that directly affect Florida Tech recipients of the Bright Futures Scholarships (see note).

Awards are now based on the number of credit hours you are actually taking rather than being a fixed amount per term.
- Florida Academic Scholarship - $126 per semester hour
- Florida Medallion Scholarship - $ 95 per semester hour.
- Florida Vocational Gold Seal - $ 95 per semester hour.
- Florida Challenger Astronaut Scholarship - $ 54 per semester hour.
The university is now required to reduce the award for every class a student drops, no matter when the drop occurs.

Since students must now pay for dropped classes ("W' grades), it is even more important to stay on top of your classes and seek help immediately if you have a problem class. Our advise -- take what you can pass and pass what you take.

Note: Bright Futures includes four award programs: Florida Academic Scholars Award, Florida Medallion Scholars Award,Florida Gold Seal Vocational Scholars Award and Academic Top Scholars Award (the latter is referred to at Florida Tech by it's previous name of Florida Challenger Astronaut Scholarship).