Types of Financial Assistance
Many Azure College students use some form of financial assistance to help cover the cost of their education. Between grants and loans, scholarships and work study programs, there are many options available to develop a financial plan.
Grants are financial aid that does not usually need to be repaid. There are criteria you must meet in order to qualify, depending on the aid program:
Federal Pell Grants:
Grants for undergraduate students (who have not earned a prior bachelor’s degree) range from $400 to $5,550 for the award year. The actual amount of the grant is based on the cost of the education, number of hours enrolled and the Federal Pell Grant regulations.
Federal Supplemental Educational Opportunity Grants (FSEOG):
Grants for undergraduate students (who have not earned a prior bachelor’s degree) who show exceptional need; 2012-2013 SEOG is $375 per quarter for those who qualify. The federal government provides the school with a limited pool of money. When the funds are exhausted, no more funds are awarded for the year.
The State of Florida has grant and scholarship programs that provide funding to students who demonstrate financial need or have successfully achieved certain academic qualifications. Recipients are typically required to:
Azure College currently participates in most state-funded programs in Florida
Loans are a form of financial aid that must be repaid, but generally not until students have graduated, enroll less than half time, or stop attending school. Qualification may be based on need and in some cases a credit check may be required.
Federal Stafford Loan Program
Student loans are available through the William D. Ford Federal Direct Loan Program to help pay for college expenses. These are low interest rate loans that must be repaid. Repayment begins six months after the student graduates or drops below half-time attendance (nine quarter credit hours per term). All Stafford Loans are subject to an origination fee assessed by the lender.
Subsidized Stafford Loan
The federal government pays the interest on the loan while the student continues to be enrolled at least half-time.
Unsubsidized Stafford Loan
The student is responsible for the interest on the loan. The student may let the interest capitalize, but Chamberlain College of Nursing suggests that the student pay the interest quarterly. The loan limits for dependent undergraduates per academic year are as follows:
The aggregate loan limit for a dependent undergraduate is $31,000. The aggregate loan limit for an independent undergraduate is $57,500.
How to Apply
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student’s education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution.
With Direct Loans, you:
Completing Your Direct Loan Master Promissory Note (MPN)
Students and parents can complete their loan application online directly through the U.S. Department of Education. You will need the following items:
To complete the Federal Stafford MPN:
Federal Work-Study (FWS) enables students who demonstrate financial need to earn a portion of their educational expenses. (Students must complete the FAFSA to be considered for FWS funds.) In this program, students earn at least the current hourly minimum wage by working at the school or for nonprofit or private for-profit agencies. Azure College helps eligible students locate jobs; certain restrictions apply.
How to Apply
The first step in qualifying for financial assistance is completing and filing the Free Application for Federal Student Aid (FAFSA), which serves as an application for all federal – and most state – student aid programs.
The FAFSA can be filed electronically at http://fafsa.ed.gov be sure to include the Azure College (Federal Code 042166). Azure College’s priority deadline for filing the FAFSA is March 1. The FAFSA should be filed within two weeks of application for admission and must be renewed each year. Prompt submission assures consideration for maximum available financial aid. The information reported on the FAFSA is used to determine the expected family contribution (EFC). Financial aid eligibility is determined by subtracting the EFC from the total estimated educational expenses.
After the FAFSA has been processed, the student will receive a Student Aid Report (SAR). The student and/or family must review the SAR for accuracy and notify the financial aid office of any necessary corrections.
Assistance packages are developed using information from the FAFSA and any supplemental documents. The foundation for all assistance packages is contributions from student and family income and assets. Azure College provides students with award letters indicating the amount of financial aid for which they may be eligible and sources from which the aid may be received.
Reinstated/readmitted students may be considered for financial aid if they meet all eligibility requirements.
Azure College complies with all applicable state and federal equal credit opportunity laws; however, Azure College cannot guarantee financial assistance or credit to any student.
Azure College will help you identify all your financing options, as well as helping you apply for the financial assistance you need. More than 85% of Azure College students receive some form of financial aid. Financial aid is available for those who qualify in the form of federal and private loans, scholarships, grants, and work-study to those who qualify. Contact your student services advisors for more information on all the scholarship options available to you.