Financial Aid Office

Affording the Best Education

College is a significant investment of money, time and energy; but this investment increases lifetime earnings, broadens career options and enriches a lifetime.

Tuition, fees, supplies and other academic charges cover the cost of educational instruction but housing, transportation, living expenses and personal costs complete the full educational cost picture. The cost of providing education instruction is generally the same at independent institutions and public universities. Both have classrooms, maintain buildings, construct residence halls, equip computer facilities, stock libraries, pay faculty, and provide student services. Public universities receive a state government subsidy that covers around 75% of a student's educational instruction costs. The independent institution's students who are Floridians receive a more modest state resident's grant, the Florida Residents Access Grant (FRAG).

The 28 independent colleges and universities must therefore work hard to make their degree offerings. And they do. Financial assistance helps pay a student's independent education costs. The average, annual financial aid package at ICUF institutions is more than $11,000 a year. ICUF institutions award financial aid to more than 80% of their students. Many students are able to fully pay their educational instruction costs with these financial aid packages.

The term financial assistance includes aid from; the federal government; state government; private foundations/corporations/organizations; and the institutions themselves. The three main types of financial aid are:

low-interest loans;
scholarships (need-based, academic, athletic, cultural, residency and others);
work-study employment on or off-campus.

Financial aid packages are carefully designed at each campus by financial aid staff to meet each student's individual needs. Generally, these financial aid packages include a combination of several types of assistance depending on: family resources; calculated need; academic-athletic-artistic merit; government funding; Florida residency and other factors.

Federal Assistance
Most federal financial assistance is based on "financial need," which is the difference between the cost of attending a particular college and the amount that a family is expected, under federal guidelines, to pay. Many factors are utilized in determining the level of financial aid for which a student qualifies. Family income, debts, number of family member in college and other factors are taken into consideration.

The federal government sponsors several student financial assistance programs, including the Federal Pell Grant Program, the Perkins Loan Program, and the Stafford Student Loan Program. To apply for federal financial assistance students should complete the Free Application for Federal Student Aid (FAFSA). The form is available from high school counselors, financial aid staff and on-line.

Federal Pell Grant - Need-based award depends on an undergraduate student's Expected Family Contribution (EFC), cost of attendance, and whether the student is full or part-time. The maximum Pell Grant is $3,750

Federal Perkins Loan - Low-interest loan for undergraduate and graduate students with exceptional financial need. Undergraduates may borrow up to $4,000 a year based on availability.

Federal Supplemental Education Opportunity Grant (FSEOG) - An undergraduate with exceptional financial need who receives the Pell Grant may receive up to $4,000 additional funding, based on need and availability.

Federal Unsubsidized/Subsidized Stafford Loan - To receive a subsidized loan the student must have financial need. The federal government pays interest during the time the student is attending school and for six months after graduation. To receive an unsubsidized loan the student must pay the interest accrued on the loan which may be deferred until after graduation.

Federal Parent Loan for Undergraduate Students (PLUS) - Available to all families regardless of income. Loan made to parents which may be the cost of attendance minus any financial aid received. Repayment begins 60 days after receipt of funds.

Federal ROTC Tuition Scholarship - Enrollment in a Reserve Officer Training Corps program may cover all or part of tuition, fees, and books, along with a monthly allowance.

Federal Work Study - Provides jobs for undergraduate and graduate students with financial need. It encourages community service work and work related to a student's course of study.

The federal government also allows tax deductions, tax credits and tax advantaged savings programs to pay for higher education. Publication 970 from the Internal Revenue Service described tax benefits for higher education in detail and can be obtained on-line or by calling 1-800-TAX-FORM.

Hope Scholarship Tax Credit - Parents of dependent students or independent students may claim a tax credit equal to 100% of the first $1,000 of tuition and fees (less grants, scholarships and tax-free tuition benefits) paid and 50% of the second $1,000 paid in tuition and fees. The credit is only available of the first two years of college. Students and families unable to claim Hope Scholarship Tax Credits or Lifetime Learning Tax Credits may still be able to deduct qualified education expenses from their taxable income.

Lifetime Learning Tax Credit - Undergraduate, graduate and continuing education credit covering 20% of the first $5,000 in tuition and fees (less grants, scholarships ad tax-free tuition benefits). Credit increases to 20% of the first $10,000 in 2003.

Individual Retirement Accounts (IRAs) - Education IRA/After tax investment of $500 per year per child that can be withdrawn for education with interest income tax-free. Roth IRA/Individual may invest up to $3,500 (depending on age) after taxes. Withdrawals for educational expenses are tax-free if distributions are made at least five years after the Roth IRA was establishes and taxpayer is age 59 ½ or older. IRA Penalty-Free IRA Withdrawal/Taxpayers may withdraw funds from an IRA without penalty, for their own education expenses or those of a spouse, child or grandchild.

Student Loan Interest Deduction - A student or parent may take a tax deduction for interest paid during the first 60 months of repayment on student loans. Deduction is available even for taxpayer does not itemize other deductions.

Prepaid Tuition Programs & Tuition Savings Plans - Many states including Florida have had prepaid tuition programs that can be applied to independent institutions. Such pre-paid scholarship plans are tax-free. These state plans have been reorganized and expanded as "529" plans. They allow after-tax contributions to structured state savings plans that are tax-free. Coverdall Education Savings Accounts allow up to $2,000 to be invested after taxes in tax-free savings accounts. Withdrawal may be used for K-12, undergraduate or graduate education expenses.

Employer-Provided Tuition - Up to $5,250 contributed by an employer for an employees undergraduate or graduate costs. This income can be excluded from the employees annual income calculation.

Florida Assistance
Florida state government also provides several student financial assistance programs that assist Floridians with higher education costs. These programs are merit-based, needs-based, residency-based and specialized awards.

Florida Bright Futures Scholarships - Funded with lottery revenues, Bright Futures Scholarships include Florida Academic Scholars, Florida Gold Seal Vocational Scholars and Florida Merit Scholars awards. These merit-based scholarships reward Florida high school graduates, regardless of financial need, who have academic achievement in high school, high SAT-ACT scores and fulfilled high school course requirements. Information is available on the Florida Department of Education website at www.firn.edu/doe.

William I Boyd, IV, Florida Resident Access Grant (FRAG) - This grant helps Florida residents attend independent colleges and universities instead of enrolling at public universities. Totaling nearly 3,000 per year based on Legislative appropriations, the FRAG helps students and independent institutions while saving state taxpayers the more costly public university attendance subsidy. Eligibility requirements include legal Florida residency for parents and students and full-time student status.

Florida Student Assistance Grant (FSAG) - The state grant is awarded to undergraduates who demonstrate financial need. Eligibility requirements include Florida residency and full-time student status. Awards ranges up to 1,000 as determined by state appropriation.

Florida Pre-Paid Tuition Plan - Jose Marti Scholarship Challenge Grant Fund - This scholarship is awarded to Hispanic citizens or descendents of Hispanic U.S. citizens and eligible non-citizens residing in Florida who are in need of assistance. The student must be enrolled full-time in either an undergraduate or graduate program and have a minimum cumulative GPA of 3.0. Eligibility is determined by the Florida Department of Education.

The Minority Teacher Loan Program - This forgivable loan program will assist in the completion of the third and fourth year of an education student study if the student commits to teach in highly-demanding Florida classrooms.

Florida state government also provides several student financial assistance programs that assist Floridians with higher education costs. These programs are merit-based, needs-based, residency-based and specialized awards.

Florida Bright Futures Scholarships - Funded with lottery revenues, Bright Futures Scholarships include Florida Academic Scholars, Florida Gold Seal Vocational Scholars and Florida Merit Scholars awards. These merit-based scholarships reward Florida high school graduates, regardless of financial need, who have academic achievement in high school, high SAT-ACT scores and fulfilled high school course requirements. Information is available on the Florida Department of Education website at www.firn.edu/doe.

William I Boyd, IV, Florida Resident Access Grant (FRAG) - This grant helps Florida residents attend independent colleges and universities instead of enrolling at public universities. Totaling nearly 3,000 per year based on Legislative appropriations, the FRAG helps students and independent institutions while saving state taxpayers the more costly public university attendance subsidy. Eligibility requirements include legal Florida residency for parents and students and full-time student status.

Florida Student Assistance Grant (FSAG) - The state grant is awarded to undergraduates who demonstrate financial need. Eligibility requirements include Florida residency and full-time student status. Awards ranges up to 1,000 as determined by state appropriation.

Florida Pre-Paid Tuition Plan - Jose Marti Scholarship Challenge Grant Fund - This scholarship is awarded to Hispanic citizens or descendents of Hispanic U.S. citizens and eligible non-citizens residing in Florida who are in need of assistance. The student must be enrolled full-time in either an undergraduate or graduate program and have a minimum cumulative GPA of 3.0. Eligibility is determined by the Florida Department of Education.

The Minority Teacher Loan Program - This forgivable loan program will assist in the completion of the third and fourth year of an education student study if the student commits to teach in highly-demanding Florida classrooms.

Foundations/Corporations/Organizations
There are many national and state foundations that offer scholarship assistance. In Florida, the Florida Independent College Fund assists independent colleges and universities secure funding from federal, state, business, foundation and local sources to fill gaps in student financial assistance packages.

In addition students can find a surprising number of other scholarships offered by high school and school district foundations, civic organizations, churches, fraternities and sororities, clubs, businesses, corporate foundations, employers, labor unions and professional groups.

Institutional Assistance
Although all colleges and universities use the same federal and state guidelines to determine ability to pay, each college has it own policy regarding how much grant assistant it will provide. ICUF institutions provide generous assistance, often supplementing government grants with institutional grants. Because independent institutions are committed to enrolling students from all backgrounds and making independent education affordable, the institutions themselves finance more than $200 million in such grants each year from their own resources. Many institutions provide their own athletic, cultural and academic scholarships along with local foundation, corporate and community awards. The ICUF schools, for example award nearly 2,000 arts scholarships each year.

A plus for independent education is that students get their bachelors degree and graduate on-time in four years. In sad contrast at public universities that are often less costly per year, students often take six or seven years to complete. Complex degree requirements, required classes that aren't available and changing offerings slow students in public universities, waste time and drive up students' costs. Graduating on time saves thousands of dollars in extra tuition and fees and it allows students to start graduate school or a good-paying job sooner.

Furthermore, independent colleges and universities have smaller classes. The average ICUF class size is 19 students and 85% of all classes have fewer than 30 students. Two-thirds of faculty members teach 9 credit hours or more instead of depending on teaching assistance to provide instruction. Most students, working with financial aid staff can work out a financial aid package and afford an independent education.

The combination of financial assistance, graduation in four years and quality faculty attention makes independent education a compelling and affordable education option. From an independent college or university you can go anywhere!

Financial Aid Offices Online

Barry University Office Division of Enrollment Services
Beacon College Office of Financial Aid
Bethune-Cookman University Office of Financial Aid
Clearwater Christian College Office of Financial Aid
Eckerd College Office of Financial Aid
Edward Waters College Office of Student Financial Services
Embry-Riddle Aeronautical University Financial Aid Office
Flagler College Office of Financial Aid
Florida College Office of Financial Aid
Florida Hospital College of Health Sciences Financial Aid Office
Florida Institute of Technology Office of Financial Aid
Florida Memorial University Office of Financial Aid
Florida Southern College Office of Financial Aid
Hodges University Office of Financial Aid
Jacksonville University Office of Admissions and Financial Aid
Lynn University Office of Student Financial Services
Nova Southeastern University Office of Student Financial Aid
Palm Beach Atlantic University Office of Financial Aid
Ringling College of Art and Design Office of Admissions and Financial Aid
Rollins College Office of Financial Aid
Saint Leo University Office of Financial Aid
Southeastern University Office of Financial Aid
St Thomas University Office of Financial Aid
Stetson University Office of Student Financial Planning
University of Miami Office of Financial Assistance Services (OFAS)
The University of Tampa Office of Financial Aid
Warner Southern College Office of Student Financial Services
Webber International University