Student Services

Financial Aid FAQs

General Questions about Eligibility

How do I apply to receive financial aid at State College of Florida?

What if I do not believe I will qualify for financial aid?  Should I apply anyway?

What is the Federal School Code for State College of Florida?

What is the PIN and how do I obtain it?

What is the Verification process and why was I selected?

Do I have to be enrolled full-time to receive the Pell Grant?

What is financial need and how is it calculated? 

How are the Subsidized and Unsubsidized portions of the Stafford Loans calculated?

What is the difference between a Subsidized and Unsubsidized Stafford Loan?

 

How do I apply to receive financial aid at State College of Florida?

The first step in the application process is to complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov .

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What if I do not believe I will qualify for financial aid?  Should I apply anyway?

Yes!  Even if you do not believe you are eligible to receive the Pell grant, you should still complete the FAFSA.  There are other types of financial aid you may be eligible for. Most scholarships require the FAFSA regardless of Pell grant eligibility.  In addition, if you wish to apply for a Direct Stafford loan, a completed FAFSA is necessary.

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What is the Federal School Code for State College of Florida?

The Federal School Code for State College of Florida is:  001504.  In order for the College to receive your FAFSA information from the federal student aid processor, you must enter this school code on the FAFSA.

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What is the PIN and how do I obtain it?

The Personal Identification Number (PIN) serves as your electronic signature when signing the FAFSA.  It is generated by the Department of Education and may be obtained by going to:  www.pin.ed.gov .  If you have already applied for a PIN, but have misplaced or forgotten it, you may apply for a replacement PIN from the same website.

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What is the Verification process and why was I selected?

Verification is a process in which information on your FAFSA must be verified. Students maybe selected by the U.S. Department of Education or the Institution.

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Do I have to be enrolled full-time to receive the Pell Grant?

No.  Eligible part-time students may receive Pell Grant.

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What is financial need and how it is calculated?

Federal student aid programs such as the Pell Grant and the subsidized portion of Direct Stafford loans, as well as some scholarships, require that a student demonstrate "financial need" in order to qualify.  To determine financial need, the following formula is used:

Cost of Attendance (COA) - Expected Family Contribution (EFC) - Resources = Financial Need

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How are the Subsidized and Unsubsidized portions of the Direct Stafford Loans calculated?

Subsidized Calculation/Over-award

The subsidized Federal Direct Stafford Loan amount cannot exceed the established Cost of Attendance (COA) minus the Expected Family Contribution (EFC) minus the Estimated Financial Aid (EFA) (including any educational loans) received during the loan period. Any decrease in the COA, increase in the EFC or increase in EFA received may result in an over-award.  When an over-award occurs, a reduction of the loan may be necessary. The over-award may require the student to immediately repay loan funds previously received.

Unsubsidized Calculation/Over-award

The unsubsidized Federal Direct Stafford Loan amount cannot exceed the established Cost of Attendance (COA) minus the Estimated Financial Aid (EFA) (including any educational loans) received during the loan period. Any decrease in the COA or increase in the EFA received may result in an over-award.  When an over-award occurs, a reduction of the loan may be necessary. The over-award may require the student to immediately repay funds previously received.

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What is the difference between a Subsidized and Unsubsidized Direct Stafford Loan?

Subsidized Direct Stafford loans are need-based, and the government pays the interest on these loans while you are in school, no interest accrues while the borrower is enrolled an at least half-time.

Unsubsidized Direct Stafford loans are not need-based, and you are responsible for all of the interest that accrues on the loan, including while you are in school.

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