There are four main types of financial aid: grants, scholarships, work-study and loans. The money comes from many sources. We have listed just a few for your information.
Federal Pell Grants: The Pell grant program (Free Application for Federal Student Aid - FAFSA) is a federally-sponsored aid program designed to provide assistance to those who show financial need to attend a postsecondary educational institution. This grant is gift aid and does not have to be repaid. The award is based on the student’s financial resources and the schools' actual cost of education according to a federally established formula.
Federal Supplemental Educational Opportunity Grants (FSEOG): This program is designed to provide assistance for qualified students who have exceptional financial need. The amount of the grant will depend upon the degree of need and should not exceed $2,000 per academic year at Chipola. This is a grant and does not have to be repaid.
FLORIDA BRIGHT FUTURES SCHOLARSHIPS
The Legislature has mandated the following requirements to the Bright Futures Scholarship Programs:
The Florida Department of Education requires that all recipients of the Bright Futures Scholarship must file a Free Application for Federal Student Aid (FAFSA). the FAFSA must be complete and error free, resulting in a valid EFC with no FAFSA verification being required by the state for these funds.
Beginning with the 2009-2010 high school graduates, the Bright Futures Scholarship only allows restoration after the first year of funding and only for GPA deficiency.
The Florida Department of Education requires that students reimburse to Chipola College the Bright Future Award amount received for courses withdrawn from after the last day of late registration and drop/add. This amount must be repaid before the student will be allowed to register for the following semester. The student's record will be placed on hold if the repayment is not made by the deadline.
Students are now required to earn at least 24 semester hours, or a prorated number of hours if the student was previously enrolled less than full time. (3/4 time - 18 hours; 1/2 time - 12 hours). You do not have to be enrolled in 12 hours to use your Bright Futures Scholarship. You must be enrolled in a minimum of six college credit classes for your Bright Futures to pay. Bright Futures will not pay for any remedial courses.
The Florida Academic Scholar and the Florida Medallion Scholarship are for 120 hours. The Florida Gold Seal Vocational Scholarship is for 72 hours.
Renewal criteria requires a 3.0 GPA for the Florida Academic Scholar and a 2.75 for the Florida Medallion and Florida Gold Seal Scholarships.
The Florida Gold Seal Vocational Scholars will NOT renew as a Florida Medallion Scholar after the first year.
The Bright Futures scholarship will no longer pay for any lab costs, processing fees or book allowances.
2009-2010 high school graduates and thereafter eligible for Bright Futures: May ONLY restore their award (during summer or a subsequent renewal period at the end of spring term) if the award is lost due to insufficient GPA in the first year of funding. Students are terminated from the scholarship if the award is lost due to insufficienct hours in the first year of funding.
The 2012 Florida Legislature made changes to the statute (Section 1009.536, Florida Statutes) governing the Florida Gold Seal Vocational Scholars (GSV) award for he 2012-2013 academic year of funding affecting initial students graduating from high school in 2011-2012 or thereafter.
Students who have graduated from high school in 2010-2011 will NOT BE AFFECTED by these changes.
Beginning with the 2011-2012 high school graduation class, the Gold Seal Vocational Scholar award is limited up to 72 hours in a technology degree education (AS), or up to 72 hours or 2160 clockhours for a career certificate program.
Bright Futures eligible students must enroll and accept their first award within the first three years after high school graduation or forfeit the scholarship.
After a first award has been accepted, students may then be funded for up to five years from high school graduation or the program completion, whichever comes first.
Students may be funded at either a Florida public or private educational institution that is eligible to participate in Bright Futures and offers these programs.
Florida Gold Seal Vocational Scholars is a merit based scholarship program for students who have earned the Gold Seal Vocational endorsement. The Gold Seal Vocational Scholars will no longer be allowed to enroll in the Associate in Arts degree programs or Baccalaureate degree programs. They may only use up to 72 hours in a technology degree education program (AS), or up to 72 hours or 2160 clock hour for a career certificate program (PSAV). Initial GSV 2011-2012 high school graduates will be paid $38 per credit hour or $1.27 for clock hour programs for the Career Certificate Programs. They will be paid $47 per credit hour for the A.S. program.
Returning Gold Seal Vocational students are not restricted to the degree types above and may be funded at the institution and in the program of study of their choice. They will be paid $47 per credit hour for an Associate in Arts Associate in Science, or $1.57 per hour for clock hour programs. They will be paid $51 per credit hour for the Baccalaureate programs.
Florida Medallion Scholars is a merit based scholarship program for students with outstanding high school academic achievement. At Chipola, this scholarship will pay $61 per credit hour for the Associate in Arts and Associate in Science degrees, $51 per credit hour for the Baccalaureate program and $1.57 per hour for an eligible certificate or vocational program.
Florida Academic Scholars is a merit based scholarship program for students with outstanding high school academic achievement. At Chipola, this scholarship will pay $61 per credit hour for the Associate in Arts and Associate in Science degrees and $69 per credit hour for the Baccalaureate program. It will pay $2.03 per hour for an eligible certificate or vocational program.
The Florida Top Scholar will be awarded $43 per creidt hour or $1.43 per vocational clock hours.
Children of Deceased or Disabled Veterans Scholarship: For dependent students of deceased or 100% disabled veterans. Scholarship will pay 100% of tuition and fees.
The Florida Department of Education offers a number of scholarships for Florida residents. Please consult the Florida Department of Education website: www.floridastudentfinancialaid.org.
FEDERAL WORK STUDY
Federal Work-Study (FWS): provides part-time employment for students with financial need. Work is limited to a maximum of 15 to 20 hours per week, paid at minimum wage. Depending upon the availability of funds, students may also work during the summer term. The FAFSA must be completed to participate in this program.
FEDERAL DIRECT STAFFORD STUDENT LOANS
Federal Direct Subsidized Stafford Student Loan is a need based loan designed for students for whom the costs of education may be a burden. Students may be eligible to borrow up to $3500 during their freshman year, $4500 during their sophomore year, and $5500 during their Junior and Senior years at Chipola College. These loans are interest free while the student is enrolled at least half-time. Interest is paid by the Federal Government during periods of deferment. Repayment begins six months after a grace period during which the student is not enrolled less than half time. (There has been a temporary elimination of the interest subsidy during the six month grace period effective on new Direct Stafford loans for which the first disbursement is made on or after July 1, 2012, and before July 1, 2014. Interest for these loans begins to accrue as soon as a student is no longer enrolled at least half time. For the 2012-2013 academic year, the interest rate is fixed at 3.4% for loans disbursed on or after July 1, 2012. The FAFSA must be completed to participate in this program.
Federal Direct Unsubsidized Stafford Student Loan is a non need based loan designed for students who may not demonstrate financial need but who require assistance to attend college. Terms are the same as for the Federal Direct Subsidized Stafford Loan except that the student is required to pay the interest while in school, or have the interest capitalized into the loan for repayment after graduation or dropping below half time status. The interest rate for loans disbursed on or after July 1, 2012 is fixed at 6.8%. Repayment of the principal may be deferred until the student is no longer attending college at least half-time. The FAFSA must be completed to participate in this program.
According to Federal Regulations for Federal Direct Stafford Loans, Chipola College must delay payment to all first-time borrowers until 30 days after the first day of class. Students should note this delay in payment and make the appropriate financial arrangements. Students interested in obtaining Direct Loans must contact the Financial Aid Office to pick up a loan application packet with instructions. Student loan borrowers must have a completed a Master Promissory Note (MPN) and an entrance counseling session at www.studentloans.gov prior to receiving any loans. The Master Promissory Note (MPN) defines the conditions under which you are borrowing and the terms under which you agree to pay back the loan. The purpose of the Direct entrance counseling session is to ensure you fully understand your rights and obligations as a borrower. Prior to leaving Chipola College, Federal Direct Stafford loan borrowers are required to undergo exit counseling. Loan recipients who graduate or drop below half-time status or will not return to Chipola College must go to www.studentloans.gov and complete the exit counseling session.
(Exit Only) If a student has contacted the school or the lender regarding a dispute that has not been resolved, the student may contact the Department of Education's Student Loan Ombudsman's Office. An Ombudsman is available as a neutral party to work with the student and all parties involved to assist in resolving disputes. The DE Ombudsman may be contacted at the address below
Office of the Ombudsman - Student Financial Assistance - UCP #3 Fourth Floor - 830 First Street, Northeast - Union Center Plaza #3 - Washington, DC 20005
FEDERAL DIRECT PARENT'S LOAN FOR UNDERGRADUATE STUDENTS (PLUS Loans)
is a loan made available to parents of dependent undergraduate students. The Federal Government does not pay interest accruing on PLUS Loans. The interest rate is fixed at 7.9%.
As a veteran you may be entitled to certain benefits, and be eligible to participate in certain programs. For information, please contact the Office of Veterans Affairs in Building A or call the V.A. counselor at 850-718-2290.