The key to financing your education is to start
planning early and keep your options open. The more you know about
how financial aid works, the better prepared you will be to pay for
college.
There are many different programs available to help
you cover the cost of higher education. Most Florida Tech students
qualify for a combination of merit-based scholarships, need-based
grants, educational loans, and school-year employment programs.
The financial aid system works on the principle
that parents and students should contribute to the cost of college
to the extent they are able. If they are unable to contribute the
entire amount, financial aid is available to help meet the remaining
cost.
| |
What it
costs to attend |
| minus |
What your family can contribute |
|
| equals |
Your financial need |
|
Here's an example of how this works. Based on your FAFSA,
let's say that your family can contribute $5,000 a year and you are
looking at three colleges:
Example
of Financial Need Formula
|
| |
School A
|
School B
|
School C
|
| Cost |
$5,000
|
$12,000
|
$25,000
|
| Family Contribution |
$5,000
|
$5,000
|
$5,000
|
| Financial Need |
$0
|
$7,000
|
$20,000
|
Since your family contribution stays approximately
the same at all colleges, you could have a higher level of financial
need at a higher cost college compared to a less expensive college.
As financial need increases, funds for financial assistance can also
increase.
Families who demonstrate financial need can receive
a financial aid package that may include a combination of gift aid
(scholarships and grants) and self-help (loans and employment) to
meet their need.
The following is a profile of currently
enrolled students at Florida Tech who are receiving some
sort of Financial Assistance* (federal, state, and university).
| Family Income |
Average Gift Aid |
Average Loan |
Average Work Study |
| $0 - 25K |
$15,558
|
$9,054 |
$1,436 |
| $25K - 50K |
$14,182
|
$10,032 |
$1,456 |
| $50K - 75K |
$12,385
|
$10,051 |
$1,428 |
| $75K - 100K |
$11,007
|
$10,481 |
$1,301 |
| $100K - 125K |
$11,566
|
$10,521 |
$1,381 |
| Over 125K |
$9,849
|
$13,105 |
$1,500 |
*For
more information on current tuition rates and additional
costs, visit our Web site at www.fit.edu/ugrad/costs_scholarships
|
We request that each student file the FAFSA (Free
Application For Federal Student Aid) prior to any award of financial
assistance from Florida Tech. The FAFSA is
available at www.fafsa.ed.gov/
Apply for admission to Florida Tech. Financial aid is only awarded
to admitted, degree-seeking students.
-
Complete and submit the Free Application for
Federal Student Aid (FAFSA). Full financial consideration will
be given to students who apply before the priority deadline of
January 15. Request that a copy of your student aid report be sent to
Florida Tech by listing our Title IV code on the FAFSA. Our Title
IV code is 001469. For ease of completion and quicker processing,
apply online at www.fasfa.ed.gov. Paper forms may be obtained
at your local high school, community college or university after
December 1.
At Florida Tech, over 70 percent of our students
qualify for some sort of financial assistance. Your best source of
information about these programs is the Office
of Financial Aid. Financial Aid advisors are available to help
you find the resources you need to meet your bottom line.
Office of Financial Aid web site http://www.fit.edu/financialaid/index.html
You may call the Florida Tech Financial Aid Message Line at (800) 666-4348
or send a request via E-mail to FinAid@fit.edu
|
