Types of Financial Aid

Paying for college is not always easy. College costs rise each year and many students and their families need some form of financial assistance to help pay these costs. The following suggestions will help facilitate the financial aid process.

Financial aid is money provided by various agencies (federal, state and local governments, public and private postsecondary institutions, community organizations, and private corporations or individuals) to help students meet the costs of attending college.  It includes gift aid (grants and scholarships) and self‐help (loans and student employment).

 

Learn about student loans, grants, scholarships, and work study to see which works best for you!
Learn about student loans, grants, scholarships, and work study to see which works best for you!

 

GRANTS

Grants listed on this page are programs administered and/or awarded through the Florida A&M University Office of Student Financial Aid. Grants are gift aid awarded to students who demonstrate financial need. Grants do not have to be repaid. Students can apply for the Federal Pell Grant, the Federal Supplemental Educational Opportunity Grant and the Florida Student Assistance Grant by completing the FAFSA. (*note: there needs to be some links in the Accordian Sections. This is mostly explaianations of what the grants are but not how or where to apply for them)

A need-based federal grant administered by FAMU. Pell Grants are awarded only to undergraduate students (those who haven’t earned a bachelor’s degree). The Pell Grant award is prorated based on the number of credit hours enrolled per semester.

This grant does not have to be repaid.

A federally funded need-based grant administered by FAMU. Unlike Pell Grants, the amount of the FSEOG award you receive depends not only on your financial need but, also on the amount of other aid you get and the availability of funds at the University.

This grant does not have to be repaid.

Students can obtain part‐time employment to assist in meeting their college costs and, if possible, gain work experience in a field related to their chosen profession. Jobs may or may not require special skills.

This is a need-based work program offered to students enrolled full-time. You must work to earn the money awarded and will receive payments bi-weekly. 

(Federal Workstudy Student handbook.pdf)

Provides grant funding to undergraduate students enrolled at state universities who demonstrate financial need and whose parents have not earned baccalaureate degrees. To be considered, a student must submit a completed FAFSA by March 1. Students are awarded based on demonstrated need, FAFSA application date, and the availability of funds.

Eligibility: The student must:

1. Meet Florida residency requirements for receipt of state aid and be a U.S. citizen or eligible non‐citizen.

2. Not have previously received a baccalaureate or higher degree.

3. Be a first generation college student.

- A student is considered "first generation" if neither of the student's parents earned a college degree at the baccalaureate level or higher.  

- A student would also be eligible if he/she regularly resided with and received support from only one parent who did not earn a baccalaureate degree;

 

4. Be accepted at a state university or college.

5. Enroll for a minimum of six credit hours per term as a degree‐seeking undergraduate student.

6. Meet additional eligibility requirements as established by the postsecondary institution.

7. Submit, if applicable, an application to the institution by the deadline established by the institution.

8. Demonstrate financial need by submitting a completed FAFSA error‐free by the deadline specified by the
institution.  

The Florida Department of Education provides scholarships based on high school academic achievement. The Florida Bright Futures Scholarship Program is comprised of the following three awards:

Florida Academic Scholars Award (FAS) –including Academic Top Scholars award (ATS), Florida Medallion Scholars Award (FMS), and Florida Goal Seal Vocational Scholars Award (GVS).

The student must meet Florida’s residency requirements, be a U.S. citizen or eligible non-citizen, and meet specific coursework and minimum grade point average (GPA) and test score requirements. Renewal is contingent upon meeting certain grade point averages as required by the Florida Department of Education.

To view your Florida Bright Future visit their WEBSITE or call 1-888-827-2004

A need-based grant program provides assistance to Florida degree-seeking, resident, undergraduate students who demonstrate substantial financial need.

To be considered you must file a Free Application for Federal Student Aid (FAFSA).

To be eligible for renewal the following year, the student must have earned the required credits (at least 12 credit hours each term) and an institutional cumulative GPA of 2.0 on a 4.0 scale.

Students are awarded based on demonstrated need, FAFSA application date and the availability of funds.

Provides financial assistance to undergraduate students who meet academic requirements and demonstrate financial need. Available funds are contingent upon matching contributions from private sources on behalf of eligible institutions. M.M.B. is a decentralized State of Florida program, which means that each institution determines application procedures, deadlines, and student eligibility.

A separate application is required and can be obtained HERE This scholarship program has limited funding.

Congress created the TEACH Grant Program that provides grants of up to $4,000 per year to students who will commit to teach in designated high need fields in a public or private elementary or secondary school that serves students from low-income families.

Funding is based on federal appropriations.

 

SCHOLARSHIPS

Scholarships are based on academic or athletic achievement, but financial need may also be considered. Scholarships are considered gift aid because they do not have to be paid back. Scholarships are awarded by states, institutions, departments, private companies, and individuals. *NOTE: These need to be sorted through and better organized. I've put them in ABC order for now. Some of the links are outdated/broken. Also, the remaining links will need to be turned into 'quick links' instead of having the URL off to the side.

 

 

 

LOANS

Student loan programs offer long‐term, low‐interest educational loans, which may allow students to defer repayment until after graduation, withdrawal, or termination of attendance. Students must file the FAFSA to be considered for any federal loan program.   

 

Annual Loan Limits for Direct Stafford Loans
       

Dependent Students

(whose parents were not denied PLUS loan)

Subsidized
Stafford Loan
Unsubsidized Stafford Loan Total Limit for Academic Year
1st Year Undergrad.
(Freshman)
$3, 500 $2,000 $5,500
2nd Year Undergrad.
(Sophomore)

$4,500

 $2,000

 $6,500
3rd Year Undergrad.
(Junior)
$5,500 $2,000 $7,500
4th Year Undergrad.
(Senior)
$5,500 $2,000 $7,500
       

Independent Students

(and dependent students whose parents were denied a PLUS loan)

Subsidized
Stafford Loan
Unsubsidized Stafford Loan Total Limit for Academic Year
1st Year Undergrad.
(Freshman)
$3,500  $6000 $9,500
3rd Year Undergrad.
(Junior)
$4,500 $6000 $10,500
3rd Year Undergrad.
(Junior)
$5,500 $7000 $12,500
4th Year Undergrad.
(Senior)
$5,500 $7000 $12,500
       
Graduate Students Subsidized Stafford Loan Unsubsidized Stafford Loan
Total Limit for Academic Year
    N/A $20,500 $20,500

Interest Rate after july 1, 2019 and before July 1, 2020:

  • Direct Subsidized Stafford Loan (Undergraduate): 4.53%
  • Direct Unsubsidized Stafford Loan (Undergraduate): 4.53%
  • Direct Unsubsidized Stafford Loan (Graduate): 6.08%
  • Direct PLUS Loans (Parent, Graduate or Professional Students): 7.08%

Please visit www.NSLDS.ed.gov to keep track of your loans borrowed or contact 1.800.557.7394

Federal Direct Loan and Graduate PLUS student borrowers are required to complete mandatory online counseling for Florida A&M University (FAMU).  The purpose of loan counseling is to provide students with information regarding their rights and responsibilities as borrowers.  Entrance Loan Counseling reinforces the commitment that comes with the acceptance of a student loan and to help students understand how to better manage their student loans for educational purposes.  Exit Counseling is designed to prepare you for the repayment of your student loans and help you with personal financial management.  It is important for all borrowers to realize that student loans are not grants or scholarships and they must be repaid upon graduation or withdrawal.

You will need to have a personal identification number (PIN) to access the entrance and exit counseling website.  If you used a PIN to apply for federal financial aid, you should use that PIN to complete entrance counseling.  If you have forgotten your PIN and need it reissued or if you need to obtain a PIN

If you have any problems completing the online counseling or have any questions, call the Office of Financial Aid at 850-599-3730.


Entrance Counseling
  • All first-time Federal Direct Stafford and Graduate PLUS loan borrowers must complete entrance counseling prior to receiving their first loan disbursement. 

  • You may complete this process by following the link on your “TO DO LIST" on iRATTLER

  • Students who previously completed entrance counseling for FAMU are not required to complete entrance counseling for each academic year.

  • The Office of Financial Aid receives results of entrance counseling from the Department of Education.

  • Federal Direct Stafford and Graduate PLUS loans will not disburse until entrance counseling has been completed.

  • Entrance counseling takes approximately 20-30 minutes to complete.

Exit Counseling
  • All student borrowers are required by Federal Law to complete exit counseling on the web upon graduation, withdrawal, failing to return for a subsequent semester, or enrollment as a less than half-time student. 
  • Failure to complete exit counseling will result in a hold being placed on the student's file.
  • Student borrowers must complete exit counseling to obtain a degree and/or an official transcript from the Registrar’s Office.
  • Exit counseling takes approximately 30-40 minutes to complete
How to Budget

Financial literacy begins with budgeting and it can be a lot easier to budget when you have money to budget with. Take these simple steps:

Step 1 - Review Your Finances

Money Comes In Money Goes Out

Paycheck

Housing and utilities

Family Food
Friends Clothing
Savings Transportation
Child support Insurance
  Loans, payments, and other debts and expenses.
  Savings
   

Step 2 – Needs vs. Wants.

Needs  Wants

Housing

Computer

Food

Internet

Clothing

Cell phone/smart phone;

Medical needs/dental visits

Movies, cable and steaming services

 

Car

 

Vacations/ trips

 

Pets

 

(i would argue that computer, internet, and a phone are all necessities for students today)

Step 3 – Why Do You Spend Money And How To Save.

Poor Financial Behavior Budgeting Strategy

Impulse buying

Put yourself on an allowance (Budget!)

Buying name-brand Buy generic or previously owned
Not knowing where money goes Keep track of how much you spend
Paycheck spent before you pay your bills Use direct deposit to save

Step 4 – Create A Budget That Works For You.

Creating your budget is nothing more than simple math. Deduct your expenses (needs) from your income and you will know how much you have left to spend on your "wants" (spending money).

Monthly incom

–  30% of monthly income (for taxes and other deductions)
–  Monthly expenses (including savings)                              .

= Spending money


How to Save

People agree that having a budget and saving is a good thing but find it difficult to do so every month. But it is possible to save for your short and long-term goals, for emergencies, and even retirement.

Ways To Save

  • Reduce housing budget   ~   Reduce household expenses
  • Reduce food bills   ~   Reduce utilities/cell phone bills
  • Reduce transportation costs   ~   Reduce miscellaneous expenses

The 70-20-10 Rule

 One easy way to save is to follow the 70-20-10 Rule.

  • 70% for living expenses (rent, food, clothing, gasoline)
  • 20% for savings
  • 10% for retirement

  • or  10% for debt (student loans, car payments, credit cards)
  • or  5% for emergencies (car repairs, medical expenses, unemployment
  • and 5% for specific goals (vacation, car, tuition, computer)

FEDERAL LOAN PROGRAMS

The Florida A&M University (FAMU) Office of Financial Aid administers several loan programs for students who are U.S. citizens or eligible non-citizens. These are loans that must be repaid and students should only borrow what they need. Additionally, students must meet eligibility requirements of the specific loan program, be in good standing with the University and meet Satisfactory Academic Progress (SAP). All students must complete the general loan requirements before any loans will be disbursed. The loan process begins with filing a FAFSA . (School Code 001480)

Florida A&M University participates in the William D. Ford Federal Direct Loan Program (Direct Loan). The Direct Loan program allows students to borrow funds directly from the U.S. Department of Education. All Federal Stafford and PLUS loans certified by Florida A&M University will be processed as direct loans, including loans for continuing students who previously obtained a loan from a lender via the Federal Family Education Loan Program. There is no longer a need for students to select a lender, as all loans will be directly funded by the U.S. Department of Education.

New loan origination fee rates for the first disbursement of all loans made on or after October 1, 2019 (?) are: 

  • Direct Subsidized and Unsubsidized Loans—1.059%
  • Direct PLUS Loans—4.236%

 All origination fees are deducted from the principal amount when the loan is disbursed.


INTEREST RATES ARE DIFFERENT THAN LOAN ORIGINATION FEES.   FIXED INTEREST RATES FOR DIRECT LOANS FIRST DISBURSED ON OR AFTER JULY 1, 2019 AND BEFORE JULY 1, 2020:

Type Classification Percent
Direct Subsidized Loans and Direct Unsubsidized Loans Undergraduate 4.53%
Direct Unsubsidized Loans Grad or Professional 6.08%
Direct PLUS Loans Parents & Grad or Professional Students 7.08%

Following your acceptance of a loan on the Award Notification Letter, you will need to complete the required loan Master Promissory Note. The MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years).

All student and parent loan borrowers must complete a William D. Ford Direct Loan Program MPN. Failure to complete this requirement will prohibit your loan from disbursing to your student account. Borrowers, who completed a MPN with a previous lending institution, must have a valid MPN on file with the Direct Loan Program before loan funds may be disbursed.

The Master Promissory Note is your promise to repay your loan debt and must be completed before any funds can be sent to the school.

Entrance Counseling
  • All first-time Federal Direct Stafford and Graduate PLUS loan borrowers must complete entrance counseling prior to receiving their first loan disbursement.
  • You may complete this process by following the link on your “TO DO LIST" on iRATTLER
  • Students who previously completed entrance counseling for FAMU are not required to complete entrance counseling for each academic year.
  • The Office of Financial Aid receives results of entrance counseling from the Department of Education.
  • Federal Direct Stafford and Graduate PLUS loans will not disburse until entrance counseling has been completed.
  • Entrance counseling takes approximately 20-30 minutes to complete.
Exit Counseling
  • All student borrowers are required by Federal Law to complete exit counseling on the web upon graduation, withdrawal, failing to return for a subsequent semester, or enrollment as a less than half-time student.
  • Failure to complete exit counseling will result in a hold being placed on the student's file.
  • Student borrowers must complete exit counseling to obtain a degree and/or an official transcript from the Registrar’s Office.
  • Exit counseling takes approximately 30-40 minutes to complete

To view your loan history, access the National Student Loan Data System (NSLDS) and log into your account. Once you're logged on, you should see your loan history on your dashboard. The NSLDS is a centralized database that stores information on all federal loans. Students are strongly encouraged to review their loan history periodically. 

Federal Stafford Loans

Florida A&M University processes all Stafford Loans in the William D. Ford Federal Direct Loan Program. There is no need for students to select a lender.

Students attending FAMU may apply for two types of Federal Stafford student loans:

  1. The Federal Subsidized (financial need required) Stafford Loan - A need based loan which means the interest is paid by the Federal Government while you are enrolled in school as at least a half time student, or during the grace period, or during periods of an authorized deferment. 
  2. Federal Unsubsidized (financial need not required) Stafford Loan - A non-need based loan which means the student is responsible for paying the interest while in school, or during deferment periods, or during the repayment period. The student can elect to pay the interest of the loan while in school or request to have the interest payments postponed while in school. If the student elects to have the interest payments postponed while in school, the interest will be capitalized (added to your principal) once you enter repayment status. 

Both the Subsidized and the Unsubsidized Federal Stafford Loans have a variable interest rate that may adjust each July 1st. Federal Stafford Loan eligibility is included in students’ financial aid award packages. In order to receive the Federal Stafford Loan, students must accept the award(s) via their iRattler accounts.

Eligibility

To apply for a subsidized or an unsubsidized Stafford Loan you must meet the following requirements:

  • File the FAFSA 
  • Be a U.S. citizen or eligible non-citizen
  • Have a high school diploma or equivalent
  • Be classified as degree seeking student at FAMU in an eligible program
  • Undergraduate/Graduate students must be enrolled for at least half-time (6 credit hours) at FAMU at time of disbursement.
  • Maintain FAMU’s standards for Satisfactory Academic Progress (SAP)
  • Complete verification (if selected)
  • Complete the online Entrance Loan Counseling
  • Satisfy all selective service requirements
Federal Stafford Loan Step-by-Step Process
  1. Accept or decline loans via iRattler Account 
  2. Sign Master Promissory Note – All students must have a valid Master Promissory Note (MPN) for new loans. To complete a MPN, you will be required to use your Department of Education-issued FSA ID. If you do not have a FSA ID, you may request one from the official https://fsaid.ed.gov. To electronically sign your MPN, go to studentaid.gov.
  3. Complete Entrance Loan Counseling (new students only)
Parent Loan for Undergraduate Students (PLUS)

Parent Loan for Undergraduate Students (PLUS Loans) are low cost federal loans taken out in the parent’s name for a dependent student. These loans are used to cover the cost of education expenses that are not satisfied by other aid, i.e. PELL Grants or Stafford Loans. This loan has a variable interest rate (currently 7.08%) that may adjust each July 1st, but cannot exceed 9%.

Parents are eligible based on their credit history, not income. Parents must meet the credit criteria of the William D. Ford Federal Student Loan Program to receive the PLUS loan. Additionally, parents must complete the Parent PLUS Loan Request Form and submit it to the Office of Financial Aid to initiate the PLUS loan process. A credit check will be performed once the form has been submitted. 

Eligibility
  • To apply for a PLUS loan you must be the biological parent; adoptive parent; or step-parent of a dependent undergraduate student who meets the following requirements:
  • File the FAFSA 
  • Be a U.S. citizen or eligible non-citizen
  • Have a high school diploma or equivalent
  • Be classified as degree seeking student at FAMU in an eligible program
  • Be enrolled as at least a half-time student (6.0 credit hours) at FAMU at time of disbursement
  • Maintain FAMU’s standards for Satisfactory Academic Progress (SAP)
  • Complete verification (if selected)
  • Satisfy all selective service requirements
Federal Parent PLUS Loan Step-by-Step Process  
  1. Complete and Submit PLUS Loan Request as well as your Master Promissory Note for the PLUS loan at  studentaid.gov. You will be required to use your Department of Education-issued FSA ID. If you do not have a FSA ID, you may request one from the official FSA ID website. https://fsaid.ed.gov

Direct PLUS loans are non-need based financial aid offered to the parents of undergraduate students and to students enrolled in degree-seeking graduate/professional programs. PLUS loans allow graduate students and parents of undergraduate students to borrow up to the student’s Cost of Attendance to assist with educational expenses.

The amount of a PLUS loan a student or parent may be eligible to receive is included in each student’s initial financial aid package. The PLUS Loan amount is determined by subtracting all other financial aid resources from the student’s Cost of Attendance.

Eligibility
  • In order to receive a PLUS loan the borrower must receive credit approval from the U.S. Department of Education.
  • Borrowers with an adverse credit history may not be approved for a PLUS loan.
  • In the case of adverse credit history, the borrower may be able to utilize an endorser with no adverse credit history as a co-borrower.
Graduate Student Direct PLUS Loan

Graduate/professional students are eligible to apply for a credit based Graduate PLUS Loan through the financial aid office at Florida A&M University.

This loan will be offered as an award on your student financial aid Award Notification Letter and is the maximum amount of funds you are eligible to request during that academic period. If you wish to apply for this loan, you must complete the Graduate PLUS Loan Request Form and submit it to the Office of Financial Aid.

A credit check will be performed once the form has been submitted. Graduate PLUS Loans will be certified for those borrowers who are credit-approved by the William D. Ford Federal Loan Program.

All Graduate PLUS Loan Borrowers must complete Loan Entrance Loan Counseling before loan funds can be released. Students who previously completed entrance counseling for Florida A&M University are not required to complete new entrance counseling.

Eligibility

To apply for a Graduate PLUS loan you must meet the following requirements:

  • File the FAFSA 
  • Complete a Florida A&M University PLUS Loan Request Form
  • Be a U.S. citizen or eligible non-citizen
  • Have a high school diploma or equivalent
  • Be classified as a graduate degree seeking student at FAMU in an eligible program (this includes Law students)
  • Be enrolled as at least a half-time student (6 credit hours) at FAMU at time of disbursement
  • Maintain FAMU’s standards for Satisfactory Academic Progress (SAP)
  • Complete verification (if selected).
  • Complete the online Entrance Loan Counseling
  • Satisfy all selective service requirements
  • Meet the credit criteria of the William D. Ford Federal Direct Loan Program
Federal Graduate PLUS Loan Step-by-Step Process
  1. Complete and Submit Graduate PLUS Loan Request at studentaid.gov.
  2. Sign Master Promissory Note – All students must sign a Master Promissory Note (MPN) for new loans. To complete an MPN, you will be required to use your Department of Education-issued FSA ID. To electronically sign your MPN go to studentaid.gov.
  3. Complete Graduate PLUS Loan Entrance Counseling (new students only)

Alternative loans are private educational loans that are available from private lenders and offer additional financial assistance to students who have exhausted all other sources of funding for their education.

How to apply for alternative loans

Please contact your preferred lender for additional information regarding eligibility requirements and a loan application. Upon approval by your lender, the Financial Aid Office will be electronically notified and the certification for the loan will be completed.

For additional information on Federal Student Loans, please visit National Student Loan Data System (NSLDS)

For information regarding the Official Loan Cohort Default Rate please visit Official Cohort Default Rate Search and enter the school OPEID number 001480

 

 

Have You Filed Your FAFSA?

The entire financial aid process starts with filing a Free Application for Federal Student Aid (FAFSA). The 2021-2022 FAFSA is now available, and you can use your 2018 tax information to complete the application.

The entire financial aid process starts with filing a Free Application for Federal Student Aid (FAFSA).
The entire financial aid process starts with filing a Free Application for Federal Student Aid (FAFSA).

The priority filing date for FAMU is January 1. New applicants should complete the regular FAFSA, while returning students can submit a renewal FAFSA.

Complete the FAFSA® Form