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 | $22,950 | $22,950 | $45,900 |
| Meals | $3,400 | $3,400 | $6,800 |
| Housing | $3,360 | $3,360 | $6,720 |
|
Estimated Direct Costs |
$29,710 | $29,710 | $59,420 |
Direct Costs are the things that will appear on your bill from Florida Tech each semester. Direct costs include:
Tuition: Florida Tech has flat rate tuition, which means that students are charged a flat rate based on their major, so long as they are enrolled in 12-19 credit hours. Students who enroll in more than 19 hours will be charged the per-credit hour rate for each additional credit hour.
Meals: (also known as board): 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 staying off campus are not required to have a meal plan, but can choose to enroll in one if they wish.
Housing: (also known as room): The charges listed on offer letters are estimates, and based on the basic, shared room, shared bathroom quads. Students choose the type of housing that works best for them and are charged accordingly. Students who are not staying on campus (ex: living with family) will not be charged for on-campus housing.
2 - Other estimated costs (books, supplies, travel and personal)
| Fall | Spring | Total | |
|---|---|---|---|
| Other estimated costs | $2,400 | $2,400 | $4,800 |
Indirect Costs are things that are not charged by the university. These charges will not appear on your bill. The estimates are based on an estimate of what the average student might spend during the course of the year while they are enrolled and include things like books, gas, toiletries and other necessities. If you are living off campus, these indirect costs will include estimates for off-campus meal and housing expenses you might have. Actual expenses will vary based on personal needs.
3 - Scholarships and Grants ($35,926)
Gift aid that does not require repayment.
| Fall | Spring | Total | |
|---|---|---|---|
| Panther Fund Academic Grant | $10,500 | $10,500 | $21,000 |
| Panther Fund 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 | $20,582 | $20,582 | $41,165 |
Scholarships and Grants are often referred to as gift aid because students do not have to pay them back. Generally, scholarships are awarded based on Academic Merit, and Grants are awarded based on financial need, as determined by the Free Application for Federal Student Aid (FAFSA).
4 - Your estimated direct cost after gift aid
| Fall | Spring | Total | |
|---|---|---|---|
| Your estimated direct cost after gift aid | $9,128 | $9,128 | $18,255 |
Estimated Direct Cost After Gift Aid is an estimate of how much you will owe Florida Tech for direct costs (tuition, fees, room and board), without utilizing federal student loan options. This figure does not include books and supplies. Additional payment options are available for students who have a balance due after their gift aid and loans. This figure is not your net price. The net price is calculated like this:
(Estimated Direct Costs + Estimated Indirect Costs)-Scholarships and Grants=Net Price
If we use the example in this award letter, the net price for Pete will be:
($53,734 + $4,800)-$35,926 = $22,608
5 - Student Loan Options ($5,500)
If you accept loans, they must be repaid.
| Fall | Spring | Total | |
|---|---|---|---|
| Subsidized Stafford Loan | $1,750 | $1,750 | $3,500 |
| Unsubsidized Stafford Loan | $1,000 | $1,000 | $2,000 |
| Student Loan Options Total | $2,750 | $2,750 | $5,500 |
Student Loans are funds that must be paid back, with interest. Students who complete the FAFSA application qualify for Federal Stafford Loans. These loans are through the Department of Education. The interest rate and origination fee for these loans are set annually by federal law.For more information on the different types of federal student loans, visit our Types of Aid page or studentaid.gov.
6 - Your estimated direct cost after gift aid and student loans
| Fall | Spring | Total | |
|---|---|---|---|
| Your estimated direct cost after gift aid and student loans | $6,378 | $6,377 | $12,755 |
Estimated Direct Cost After Gift Aid and Loans is an estimate of how much you will owe Florida Tech after your grants, scholarships and federal student loans are applied. Additional payment options are available for students who have a balance due after their gift aid and loans.
7 - Additional Aid Options
Additional sources of aid to help you finance your education.
| Fall | Spring | Total | |
|---|---|---|---|
| Enroll in the Panther Payment Plan to split your remaining balance due to the university into four monthly payments each semester. Sign up at floridatech.edu/sfs. |
$1,594.50/month | $1,594.50/month | $12,755 |
| Participate in the Federal Work-Study Program to earn money to help with personal expenses. Visit floridatech.edu/workstudy to apply.$1,250$1,250$2,500 |
$1,250 | $1,250 | $2,500 |
| Pursue a federal PLUS Loan to offset educational expenses. Parents must complete an application by visiting studentaid.gov. |
$6,378 | $6,378 |
$12,755 |
Additional Aid Options are other sources of financial assistance to help students pay their balance with Florida Tech and help with their personal expenses while they are in school. There are some important things to keep in mind:
- Students can sign up for the Panther Payment Plan each semester. Payments are due on the first of the month for the first 4 months of each semester (Fall payments: August-November; Spring Payments: January-April). There is a $30 set up fee.
- The Parent Plus Loan is a loan that the parent applies for on behalf of the student. These loans are only available to parents of dependent students. Parents can apply through studentaid.gov. Origination fees and interest rates apply. The amounts listed on your offer letter (if any) are the maximum amounts that can be borrowed based on your estimated financial aid. Borrowing should be based on your needs and not exceed the amount needed to attend for the year. In other words: borrow conservatively!
- The work study program requires a student to be hired in an eligible work study position. The student works and receive a bi-weekly paycheck, just like any other job. These funds will not be applied to the student's account balance. The difference with a work study position is that the position is partially funded with university dollars and partially funded with federal dollars. A student's earnings may not exceed their annual work study offer amount. For more information, visit floridatech.edu/workstudy.
Tip: Parent PLUS interest and origination fees are greater than the interest and origination fees for federal student loans. We always recommend students utilize their full Federal Direct Stafford Loan eligibility before utilizing this option. - Some students have college savings accounts, such as Florida Prepaid, 529, or other college savings accounts. Students can use funds from these accounts to cover their remaining balance with Florida Tech. For information,contact Student Financial Services.
- Students with Veteran's Education Benefits can use their benefit eligibility to assist with the cost of education. The first step to using Veteran's Education Benefits is to obtain a Certificate of Eligibility (COE) through the Department of Veterans Affairs.
Tip: Students can authorize users to access the billing and payment section of their account by following these steps: Authorizing Users in PAWS
Don't forget about outside scholarships!
Outside Scholarships, which are also referred to as 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 Outside Scholarships page to learn about scholarship search sites and possible scholarship opportunities. We also recommend that students check with religious, extracirricular 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