For Dependents Of Florida Tech Employees Wishing To Attend A Tuition Exchange Institution
Florida Institute of Technology is a member of the Tuition Exchange, Inc. (TE), a national scholarship exchange program for dependent children of full-time faculty and staff, with members from over 600 U.S. colleges and universities. This is a tremendous opportunity for Florida Tech families when a dependent child wants to pursue a full-time undergraduate major not offered by the University with a TE member private college or university. But, it’s important to realize this is a scholarship program not a guaranteed benefit.
Colleges and universities participating in this program may cover full tuition for participants from other member institutions. Some partner institutions also waive room and board. For students that will enter a college or university in Fall 2020, the award will be $37,000 or the cost of full tuition, whichever is less. For institutions with tuition greater than $37,000, Tuition Exchange awards will be less than full tuition. Any difference between the Tuition Exchange Program scholarship and actual tuition, plus costs for room and board and any other fees, must be paid by the student's family or covered by other sources, if eligible and available.
The primary obligation of Florida Tech and each member institution is to maintain a balanced student exchange pattern. That means keeping a reasonable match between students from Florida Tech going to other private schools (exports) and students coming to Florida Tech from other private schools (imports). A member institution may import as many as it wishes. It may not however, export more than it imports. Because of that, Florida Tech may have to limit the number of TE Scholarships awarded if we have more applicants from faculty and staff families (potential exports) than we have student imports.
Florida Tech has established a detailed list of procedures and priorities to help make this program as easy and fair to all employees as possible. Participants need to know, from the beginning, that there are many factors which affect a student’s ability to begin and remain in the program.
Please note: The guidelines for children of full-time faculty and staff attending Florida Institute of Technology are unchanged by Florida Tech’s participation in the Tuition Exchange. Please see the Office of Human Resources for details.
- Eligible Employee: Any currently employed Florida Institute of Technology full-time faculty or staff, who has completed at least one (1) calendar year of full-time service at Florida Institute of Technology. The one-year anniversary must be by August faculty contract date preceding the use of a TE Scholarship.
- Dependent Child: Any child born to an employee, legally adopted by an employee, or for whom legal guardianship can be documented. The Internal Revenue Code definition of dependent status shall apply in all cases.
- Applicant: The dependent child of an eligible employee who has applied as a first-time freshman for full-time, undergraduate study to a private college or university that participates in the TE program. Scholarships are not granted for undergraduate degree programs available at Florida Tech, graduate, non-degree study, study abroad or second undergraduate degrees. Summer session programs are also excluded from this scholarship.
- Maximum Scholarship: TE scholarships will not exceed a maximum of four years (8 semester or 12 quarter tuition remission “units” or “slots”) per eligible student.
- Tuition Exchange Liaison Officer: Jay Lally, Director of Financial Aid.
B. Tax Issues
- Tuition Exchange participants should seek guidance from their own tax and legal professional advisers. For basic information consult www.IRS.gov Publication 970, Tax Benefits for Education.
- By November 1 of the current academic year, dependent children of Florida Institute of Technology faculty and staff who are seeking admission to a partner private institution will complete the Tuition Exchange application.
- The TE Liaison Officer will verify the eligibility and seniority of the employee/parent.
- By November 1 of each academic year, Florida Institute of Technology will be given the number of “units” available for the upcoming academic year. The number of available “units” or “slots” will be determined by the current number of Florida Institute of Technology “imports” and “exports”; correspondingly, these will vary from year to year. Slots will be assigned to applicants. These will correspond to the number of scholarships available.
- By November 15 of the current academic year, the selection of TE (export) candidates will be made. If the number of applicants is equal to the number of TE scholarships available, each applicant will be given the opportunity to apply for a TE scholarship. If the number of applicants exceeds the number of TE scholarships, candidates will be selected as follows: First priority will be given to students holding a TE scholarship who are already enrolled in a member institution. The student must also be in good academic standing (at least a 2.6 on a 4.0 scale) and continuing to pursue a degree program not offered at Florida Tech. Second priority will be given to applicants based on employment seniority of the parent/guardian. Seniority is based on the number of years of consecutive full-time service at Florida Institute of Technology. A family can be awarded one new TE Scholarship based on seniority. If both parents and/or guardians are Florida Tech employees, those persons may not combine their years of service. However, each employee retains his/her right to independently participate in the TE Program. For employees who have already received Tuition Exchange benefits, seniority ranking will be reduced by one year of employment for every two units of tuition exchange benefit received. Seniority ranking will be reduced at the time of the initial award, presuming that all units of the benefit will be used. At a time when it is determined that an initial allocation will not be fully used, the seniority ranking will be adjusted at that time. Applicants who are not selected as TE recipients will be placed on a waiting list as alternates for the upcoming academic year in accordance with the priority ranking outlined above. In the event that a TE recipient chooses to attend a non-TE institution or otherwise forfeits the right to receive a TE scholarship, alternates may be reconsidered for any available slots.
- The TE Liaison Officer certifies the eligibility of selected applicants to apply for a TE scholarship. Notifications of award will be made by letter or email.
- Selected applicants must accept the TE scholarship award in writing by April 1, for the upcoming academic year and notify the TE Liaison Officer of the decision to enroll in a TE member institution. Applicants who do not meet this requirement will forfeit their awards to alternates on the waiting list.
- Eligibility to apply for a TE scholarship is determined solely by Florida Institute of Technology. However, TE scholarships are granted by the host institution. Florida Institute of Technology cannot guarantee that any applicant, no matter how well qualified, will receive a TE scholarship from the host institution that may choose to restrict its imports if their number exceeds exports.
- Continued participation in the program is contingent upon maintaining a GPA of at least 2.6 on a 4.0 scale, as well as meet the importing institution’s publish standards. Each recipient who is awarded a TE scholarship must submit an academic transcript to Florida Tech’s TE Liaison Officer one month after the end of each spring semester. Thereafter, recertification to each host private school will be notified by Florida Tech through the Tuition Exchange electronic procedure.
- Students will ordinarily be able to remain in the program for up to four years, but continued participation depends upon yearly certification of eligibility, the student continuing to pursue a degree program not offered at Florida Tech, the student’s adequate academic standing at the host institution, and Florida Institute of Technology’s ability to attract sufficient “imports” to offset or balance its “exports”. Accordingly, recertification will be completed by the TE Liaison Officer and processed in a timely manner every year. Florida Tech hopes to be able to continue students on the TE for their enrollment time at their host institution.
- If a TE recipient takes a leave of absence, withdraws from school, studies abroad or graduates, the student must notify the TE Liaison Officer at both Florida Institute of Technology and the host institution immediately.
- TE applicants who qualify to receive aid from other sources (excluding loans) in excess of 50% of the total cost of tuition, room, board, and fees are not eligible to receive a TE scholarship. For example, if a student should receive an academic or talent scholarship from an institution for a full scholarship, the student would not be eligible for a TE scholarship.
- TE scholarship recipients will not be eligible for a grant-in-aid or tuition remission from Florida Tech while they hold a TE scholarship.
- TE benefits will not be terminated if the employee retires, dies, or becomes totally disabled. In the event of termination of employment (voluntary or involuntary), the TE benefits will continue without penalty until the end of the then current semester.
- Florida Institute of Technology reserves the right to modify these Guidelines to insure an appropriate balance between “import” and “export” students.
- It is the responsibility of the applicant for Tuition Exchange Benefits to assure that all required application and response times are met. Applicants not adhering to specified deadline dates will not be eligible for participation in the program.
- Florida Institute of Technology reserves the right to modify or terminate this program at any time.