STUDENT FINANCIAL AID

South Florida Institute of Technology offers Financial Aid Assistance for those who qualify. The Financial Aid Assistance Programs are supported by the U. S. Department of Education. These programs are designed to help applicants who have limited financial resources by providing funds in the form of grants. This financial assistance is primarily for students whom would not otherwise be able to continue their education. Award of federal financial assistance as described above is conditioned on the availability of funds and on the financial need of the applicant.

Financial Aid Program

The Pell Grant is an entitlement program available for those who need it to attend a post secondary educational institution. The amount of the Pell Grant entitlement is determined on the basis of the cost of education at the institution attended and the actual number of credits for which the student is enrolled. Students can reapply annually for Pell consideration. All students receive a copy of The Student Guide for Financial Aid, which is distributed by the U.S Department of Education.

Federal Pell Grant

A Federal Pell Grant does not have to be repaid. Federal Pell Grants are awarded only to undergraduate students who have not earned a bachelor’s or professional degree. Awards can range up to $4,731.00 per academic year and are based on the financial need of the family or individual and the cost of education.
Students are notified of their Federal Pell Grant eligibility through an Institutional Student Information Record (ISIR). This report is electronically transmitted directly to the Institute by the federal processor. The U.S. Department of Education employs a uniform formula to evaluate the information contained on the student aid application and to determine the index of need. In order to receive an award, the ISIR must be reviewed and eligibility confirmed by the Financial Aid Office.

Federal SEOG

A Federal Supplement Educational Opportunity Grant (FSEOG) is for undergraduates with exceptional financial need, which means students with the lowest Expected Family Contributions (EFC). This program gives priority to students who receive Federal Pell Grants. Students can receive between $100 and $4,000 a year depending on when they apply, their level of need, and the funding level of the school. An FSEOG does not have to be repaid.

Federal Work Study Program

The Federal Work-Study Program provides jobs for undergraduate and graduate students with financial need by allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student’s course of study. Employment is part-time only. An application can be made through the Institute’s Financial Aid Department. Eligibility is based on financial need and the availability of funds.

Private Loan

Students may also be eligible for an private loan. Students can apply for the institutional unsecured loan, with a term from 1-15 years to cover a portion or all of his/her school tuition. Eligibility for the loan is based on the individual’s credit score. The loan application may take 24/48 hours to be approved. There is no prepayment penalty. The minimum loan amount is $1,000.00. Payments begin 30 days after disbursement and 60% of the tuition (not to exceed $6,000.00) can be included in the loan for other associated educational costs. Students will be charged interest on the loan. The interest rate and total repayment amount is disclosed on the loan contract. Applications are available in the Student Financial Aid office.