Financial Aid Information

Types of Financial Aid
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There are a variety of financial aid sources. Students should start early, Sophomore/Junior year, looking for scholarship and financial aid opportunities they may qualify for.

Scholarships: Provided by all types of businesses and organizations, scholarships are usually based on a selection criteria. Grades, extracurricular activities, family history, test scores and other things can be used to select students for scholarships. This form of financial aid does NOT have to be repaid.

Grants: Colleges, Universities, non-profit organizations and others offer grants to students who have a financial need for the funds. These funds do NOT have to be repaid

Student Loans: Students and parents can take out loans to pay for college expenses; however, it is important to find out the details of the loan you are excepting. Interest rates, pay back terms and eligibility vary drastically from one loan to the next.


Where to Start Looking for $$$$
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Scholarships and Grants
Private scholarships and grants can be awarded at various ages. Start by researching what scholarships are available. Be sure to look for scholarships and grants that are not just limited to High School Seniors. Start early as many of these applications require that you complete an essay along with other forms.

The links listed to the right are just a few of the scholarship search engines available on the internet. Caution: Some sites try to charge you for searching, avoid these as there are many great free sites that give you the same information.

Bright Futures and Florida Financial Aid
Your senior year it is important to fill out the Florida Financial Aid Application. This MUST be completed by December of your senior year to receive the Bright Futures Scholarship. Filling out this application also puts you in for other scholarships as well, so fill it out even if you think you are not eligible for Bright Futures. Bright Futures requirements are posted on the Bright Futures website, but remember, the higher your GPA the more money you may be eligible for. Your Bright Futures GPA is not the same as your high school GPA. It is calculated based on ONLY the 15 core academic classes and the top award requires 75 community services hours. The school district will submit your information (GPA, courses and community service hours) twice during your senior year. The first time in December allows seniors to be given an early award statement. As long as the spring semester of your senior year does not disqualify you, you will receive that award. Those students who do not meet the eligibility requirements at the December submission will have an opportunity to meet the requirements for the June submission; however, this could significantly delay your award. It is best to meet all requirements by December to ensure that you do not have to pay for your first semester of college.


Federal Financial Aid
Federal Financial Aid is also available for almost everyone. The amount and the types of awards you receive depend on your parents income. You could be eligible for scholarships, grants, student loans or work study. Before completing this application, your parents must complete their taxes. (They do not necessarily have to file first, but they need to know the income amounts very closely to what it will be when they do file.) This form needs to be completed in the spring of your senior year. You must select which colleges you are considering attending. Each college has different deadlines and different types/amounts of financial aid available. They use this federal form to put together a financial aid package for you individually. If you have not decided on a college by this point, you can select a number of colleges and see which ones offer you the best financial aid package that fits you and your families needs. The earlier you complete this step the better., but you need to wait until your parents have all of their W-2’s so that they can give accurate financial information. Caution: Make sure you are on the official site. Many websites imitate the federal financial aid site and ask you to pay to submit your application. The official application is free.


Student Loans
There are several types of student loans. When you complete the Federal Financial Aid form (FAFSA) you may be offered government guaranteed student loans. These come in two types; subsidized and unsubsidized. Subsidized loans do not accrue interest while the student is enrolled at least half time (6 credits) in college. Unsubsidized loans accrue a minimal interest while the student is enrolled in school. Regardless of which type of loan you decide on, neither require payments to be made while the student is enrolled as a student (at least half time). The college’s individual financial aid package will most likely give you a choice and you may need to take some funds with both types of loans, depending on your situation. There are maximum amounts that a student may use each year in college, so be sure to check with the financial aid office.

Private student loans are also a possibility, if you have need of more financial aid money. Most financial institutions and banks have a student loan option that either the student or the parent can apply for. Be sure to carefully check their loan eligibility requirements and payback conditions before selecting a private student loan.