What is federal financial aid?
The U.S. Department of Education’s federal financial aid programs are the largest source of student aid in America, providing nearly 70% of all student financial aid. Financial aid may be available to make education beyond high school financially possible.
Financial aid is available for students who qualify and are enrolled in eligible programs at participating schools. Aid is intended to assist you with covering your educational related expenses while you are pursuing your degree. The three most common types of aid are grants, loans and work-study and are granted on a financial need basis.
How do I apply for federal financial aid?
The Free Application for Federal Student Aid (FAFSA) is the first and most important step in order to determine eligibility. Below is a link to the application for financial aid. You must submit the application online.
What is FAFSA?
The Free Application for Federal Student Aid (FAFSA) calculates your Expected Family Contribution (EFC). The EFC determines your eligibility for need-based aid. Items that will affect need-based aid eligibility from year to year include:
- Income and/or assets
- Number of family members residing in the household
- Number of family members in college
What are the different types of federal financial aid?
- Grants are a type of financial aid that do not have to be repaid. Generally, grants are for undergraduate students and the grant amount is based on need, cost of attendance and enrollment status. Schiller International University participates in the Federal Pell Grant and Federal Supplemental Educational Opportunity Grant programs.
- The Pell Grant program is the largest of the federal student aid grant programs and provides a “foundation” of financial aid to which assistance from other federal and non-federal sources may be added. The Pell Grant is available only to students who have not received a baccalaureate degree. The maximum annual grant for an academic year may not exceed $5,730. (This fluctuates from year to year according to Congressional appropriation.) The Pell Grant amount that is disbursed varies in accordance with your enrollment status.
- The Federal Supplemental Educational Opportunity Grant (FSEOG) program provides need-based grants to undergraduate students to promote access to postsecondary education. Priority is given to those students with “exceptional need” (those with the lowest expected family contributions at the institution), especially those who are also Federal Pell Grant recipients.
- Federal Direct Loan Program Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans.
- Federal Work-Study lets students work to earn money while enrolled in school to help pay for education expenses. Federal Work-Study is only available for students who qualify based on financial need and are enrolled at the Florida campus. Work-Study jobs are available throughout the Florida campus and we offer flexible schedules to meet your needs. Off-site opportunities are also available through the America Reads/America Counts program, in conjunction with the Pinellas County Schools system. Eligible students work as tutors within the local elementary school system.
What determines my eligibility for financial aid?
In general, a student is eligible for federal aid if s/he meets the following requirements:
- You must be accepted and classified as degree seeking at Schiller International University in an eligible program.
- Enrolled at least half-time in any eligible degree program.
- Demonstrate financial need. Filing of the FAFSA application is required to determine need.
- You must not be in default on any federal educational loan or owe repayment on a federal grant at this or any other institution.
- You must be a U.S. citizen or an eligible non-citizen (e.g., resident alien).
- You must have a high school diploma or GED certificate.
- A male applicant must be registered with Selective Service, if applicable. Male citizens of the U.S. and male immigrant aliens 18 through 25 years old must be registered with the U.S. Selective Service System to be eligible for federal financial aid.
- You must maintain Schiller’s Standards of Satisfactory Academic Progress.
What if I am not eligible for financial aid?
If you are denied federal financial student aid, you may apply for private loans. Private loans are an option to those students who do not qualify for other types of federal financial assistance, or assist with defraying education related expenses that exceed the amount of financial aid received from federal, state, or other sources. Private loans are available to U.S. citizens, eligible non-citizens and also international students, at the discretion of the lender. Private loan programs are not affiliated with any federal financial assistance programs and are, therefore, generally more expensive. Approval of a private student loan application is based on credit worthiness, including debt-to-income ratio and credit history.
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