Frequently Asked Questions
What makes an employee eligible for their dependent child to apply?
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.
How is "dependent" defined?
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.
Who is eligible to apply?
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.
How many years can I receive the benefit?
Tuition Exchange scholarships will not exceed a maximum of four years (8 semesters) per eligible student. Students must meet the importing institution’s published standards to continue the scholarship.
Are Tuition Exchange awards guaranteed for all four years?
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.
Is a scholarship guaranteed to all eligible applicants?
No - Family members eligible for Tuition Exchange Scholarships are not guaranteed an award. Scholarships are not fringe benefits; they are competitive awards. Even if you and your family are eligible to apply for an award, you may not receive an award because each institution is obligated to maintain a balance between students sent on the exchange (exports) and students received on the exchange (imports).
How competitive is the admissions process?
Tuition Exchange Scholarships are competitive. In addition to meeting the admissions requirements of the receiving institution, some member institutions have established additional requirements such as higher entrance standards or limit awards to just a few new students each year.
Does being a Tuition Exchange Program recipient guarantee (or affect) my admission to the college?
The benefit should have no effect on admission to the college.
What happens to my benefit if my parent becomes ineligible for the benefit in the middle of a term?
Tuition Exchange 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 Tuition Exchange benefits will continue without penalty until the end of the then current semester.
Should I apply for college admission before, after, or simultaneously with applying for the Tuition Exchange Program benefit?
Students should apply for college admission simultaneously with applying for the Tuition Exchange Program benefit.
Is the Tuition Exchange Program benefit taxable?
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.
What happens to the other types of financial aid that I receive?
Tuition Exchange 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 Tuition Exchange 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 Tuition Exchange scholarship.
I was told I am eligible for the Tuition Exchange Program benefit. Should I expect something in writing from the host institution?
Yes, you should expect a formal letter from the "importing" institution which outlines the value of the benefit and any terms and conditions for receipt and/or continuation of the benefit.
How many awards are there?
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 Tuition Exchange Scholarships awarded if we have more applicants from faculty and staff families (potential exports) than we have student imports.
How much is the award?
For students that will enter a college or university in Fall 2021 the award will be $39,000 or the cost of full tuition, whichever is less. For institutions with tuition greater than $39,000, Tuition Exchange awards will be less than full tuition. Any difference between the Tuition Exchange Program scholarship and actual tuition, plus costs for housing and meals and any other fees, must be paid by the student's family or covered by other sources, if eligible and available.