Top 5 Financial Aid Questions
College & Financial Aid
When students apply for admission to a university, they consider the cost of the university's tuition and fees. These costs are often the deciding factor in which school a student attends, or if the student attends at all. Costs of tuition vary from university to university. Each university also has its own policies for awarding financial aid, the money provided by the college, the state or federal government, or private agencies to help students pay educational costs. Unfortunately, many students don't apply for financial aid or college because they believe they can't afford it.The role of the college financial aid office is to help students and families (1) cover the cost of tuition and associated educational expenses and (2) understand the financial aidprocess by dispelling concerns and answering questions.
My parents don't have much income, so how can I afford college?
ANSWER: Don't assume you can't afford college. The goal of the financial aid system is to provide all students the opportunity to attend college regardless of the family's financial status by making up the difference between college costs and what the family can afford. College costs covered include not just tuition and fees, but also housing, meals, books, supplies, transportation, and personal expenses.
How will I know if I am eligible for aid and what type I can receive?
ANSWER: To find out if you are eligible, you must complete a Free Application for Federal Student Aid (FAFSA). After you apply you will receive you SAR (Student Aid Report), which will give you an Expected Family Contribution (EFC). Your EFC is used to calculate your financial aid eligibility. Based on your eligibility, the types of aid that you may receive are grants, need-based scholarships, loas, and work-study.
Since I may not be eligible, why should I apply?
ANSWER: Again, don't assume that you cannot afford college. UF takes many factors into account when awarding aid, including family income, but also such things as the number of members in your family and the number attending college. The only way to tell if you are eligible is to apply. If you don't apply, you may miss out. Fill out the FAFSA to find out what type of aid you may qualify for. Don't wait to be admitted to apply. Applying after the "on-time" deadline will affect the amount and types of financial aid you receive.
I don't want to get into debt—why should I take out a loan?
ANSWER: All federal student loans have low-interest rates, usually less than that offered by banks, as well as options for low or graduated repayment amounts when you graduate. A student loan is definitely an obligation, something you have to pay back, but it is only one piece of the overall puzzle. Most students receive a "package" of aid that is a balance of scholarships, grants, loans, and work. While you will want to keep your loan balance low, you may need a loan to attend school.
Will completing a FAFSA affect my outside scholarships (Florida Bright Futures, Florida Prepaid, Target Scholarship, Coca Cola Scholarship, National Merit, etc.)?
No, filling out the FAFSA will not affect any of your outside scholarships . All funds obtained by a student's own merit and efforts are guranteed to the student. If you complete a FAFSA, you will receive your entire scholarship, plus any additional amount for which you qualify according to your EFC.