Understanding Your Financial Aid Offer
Financial Aid can be difficult to understand, but we're here to help! Your Financial Aid Offer will contain a number of components and some things you might not be familiar with. The example below outlines the different sections of our offer letter and what each component means.
Confused? Contact us!
Note that the information below is not customized, it is a sample aid offer that includes all possible components.
Estimated Direct Cost of Attendance
1 - Estimated Direct Costs
| Fall | Spring | Total | |
|---|---|---|---|
| Tuition and Fees | $24,540 | $24,540 | $49,080 |
| Meals | $3,750 | $3,750 | $7,500 |
| Housing | $3,620 | $3,620 | $7,240 |
|
Estimated Direct Costs |
$31,910 | $31,910 | $63,820 |
Direct Costs are the charges that will appear on your bill each semester. Direct costs include:
Tuition: Florida Tech has flat rate tuition, which means a flat rate is charged based on your major if you take 12-19 credit hours per semester. Students in more than 19 hours will pay an additional per-credit charge for each credit over 19 hours.
Meals: The charges listed on the offer letters are for the unlimited meal plan (A1 or A2). Students are only charged for this meal plan if they are staying on campus or if they elect to sign up for this meal plan. Students living off campus are not required to have a meal plan, but can choose to enroll in one.
Housing: This is an estimate based on a basic, shared room. This cost will vary based on the housing you choose and/or are assigned. You do not pay on-campus housing charges if you live off campus (e.g., with family).
2 - Other Estimated Indirect Costs (books, supplies, travel, personal expenses, and loan fees (borrowers only)):
| Fall | Spring | Total | |
|---|---|---|---|
| Other estimated indirect costs | $2,346 | $2,346 | $4,692 |
Indirect Costs: These are costs not charged by the university and will not appear on your bill. They estimate what an average student spend for books, supplies, personal expenses and, for borrowers, loan fees. Your actual expenses may be different.
3 - Scholarships and Grants (Gift Aid: Money you don't pay back):
This is free money awarded to you to use toward your educational expenses. Generally, Scholarships are based on academic performance (merit), and Grants are based on financial need (determined by the FAFSA).
| Fall | Spring | Total | |
|---|---|---|---|
| Florida Tech Academic Scholarship | $12,000 | $12,000 | $24,000 |
| Florida Tech Grant | $1,500 | $1,500 | $3,000 |
| Federal Pell Grant | $3,697 | $3,698 | $7,395 |
| Federal Supplemental Ed. Grant | $250 | $250 | $500 |
| Florida Medallion Scholarship | $2,385 | $2,385 | $4,770 |
| Florida EASE Grant | $1,750 | $1,750 | $3,500 |
| Florida Student Assist. Grant | $500 | $500 | $1,000 |
| Scholarship and Grant Total | $22,082 | $22,083 | $44,165 |
4 - Your estimated direct cost after gift aid
This is the amount you may still owe the university before using any student loans.
| Fall | Spring | Total | |
|---|---|---|---|
| Your estimated direct cost after gift aid | $9,828 | $9,827 | $19,655 |
5 - Federal Direct Student Loan Options ($5,500)
These are Direct Federal Loans for which you qualify by completing the FAFSA. Not that any loans that are accepted and disbursed must be repaid.
| Fall | Spring | Total | |
|---|---|---|---|
| Direct Subsidized Loan | $1,750 | $1,750 | $3,500 |
| Direct Unsubsidized Loan | $1,000 | $1,000 | $2,000 |
| Student Loan Options Total | $2,750 | $2,750 | $5,500 |
6 - Your estimated direct cost after gift aid and student loans
This is the estimated amount you may still owe the university after all grants, scholarships, and federal student loans are applied.
| Fall | Spring | Total | |
|---|---|---|---|
| Cost After All Aid is Applied | $7,078 | $7,077 | $14,155 |
7 - Additional Aid Options
These options can help pay your remaining bill or cover personal expenses.
- Panther Payment Plan You can split your remaining bill into four monthly payments each semester for a fee.
-
Federal Work-Study Program: Eligible students can apply for a job on campus where, if hired, the student can earn a paycheck. This money is for personal expenses and is not applied to your bill.
- College Savings (e.g., 529, Florida Prepaid) & Veteran's Benefits: Students may use these to cover the remaining balance.
- Veteran's Education Benefits: Students with these benefits can use them to assist with educational costs. The first step to using Veteran's Education Benefits is to obtain a Certificate of Eligibility (COE) through the Department of Veterans Affairs.
- Private Student Loans: Students can pursue a private student loan to offset educational expenses. Borrowers must complete an application through the lender. For help finding lender options, visit the FastChoice tool.
Did you know that students can authorize users to access the billing and payment section of their account? It's easy, just follow the steps on this site: Authorizing Users in PAWS.
Don't forget about outside scholarships!
Outside Scholarships, or external scholarships, are scholarships that students earn from sources other than their college of choice. Florida Tech has a webpage with scholarship opportunities we have found useful for our students; however, there are a lot of scholarships out there. Check out our Private Scholarships page to learn about scholarship search sites and possible scholarship opportunities. We also recommend that students check with religious, extracurricular and community organizations they are affiliated with as well as their parent's employers to see if any scholarship opportunities exist. Keyword searches on the web also provide a plethora of results as well.
Be Aware!
Regardless of how you search, be sure and protect your personal and sensitive information. Never provide bank account information or your social security number to an organization offering a scholarship. You should not have to pay to apply for a scholarship.