Financial Aid Information - Financial Aid
Terms
Award Notification
Notification of a students financial aid eligibility is posted to
the secure Financial Aid Student Toolkit (login through Blackboard).
Academic Course Load
Undergraduate students should be registered for an average of
fifteen credit hours per term in order to graduate in 4 years.
Twelve (12) credits per term is considered the minimum full-time for
any awards requiring full-time enrollment.
 Budget/Cost of Attendance (COA)
Each institution must establish a budget that will be used to award
student aid. Florida State University has budgets based on certain
categories: In-State Undergraduate students, Out-of-State
Undergraduate students, Commuter Undergraduate students, In-State
Graduate students, Out-of-State Graduate students, Commuter Graduate
students, In-State Law students, Out-of-State Law students and
Medical Students. The budget (or Cost of Attendance) includes
estimated costs for tuition (based on 15 credits per term), housing,
food, books and supplies, transportation, and personal expenses
(laundry, toothpaste, clothing, etc.). A student’s actual expenses
will vary, depending on the number of credits he/she enrolls and the
individual’s living expenses.
Default
Default is failure to repay a loan according to the terms agreed
upon when you signed a promissory note. Default also may result from
failure to submit requests for deferment or cancellation on time.
The consequences of default are severe (i.e. garnishing of wages,
bad credit, garnishing of tax refunds, etc.).
Deferment
-
Tuition deferment: An extension of time
to pay tuition due to the university. This must be granted by
the university before the initial tuition deadline each term.
Students must verify that tuition is paid or deferred by the
tuition deadline. Failure to pay or defer tuition will result in
a $100 late fee and possible cancellation of registration.
-
Loan Deferment: A period of time during
which a borrower who meets certain criteria may suspend loan
payments.
Disbursement
Disbursement is the application of funds to the student's account.
If funds are remaining after university charges are paid, then the
student will have a disbursement to them by either electronic funds
transfer to the FSU Card/SunTrust Account, or through a check in the
mail (per their designation on the Disbursement Authorization
Statement).
Eligible non-citizen
Per federal guidelines, eligible non-citizens include:
- U.S. nationals
- U.S. permanent residents who hold either a
I-151, I-551 or I-551 C card or holders of I-94 forms with a
notation of Refugee/ Asylum Granted/ Cuban-Haitian Entrant,
Status Pending or conditional Entrant (if issued before April 1,
1980), or Parolee (if paroled for at least 1 year with evidence
provided to USCIS that residence is for other than temporary
purpose).
Note: The following statuses are ineligible for aid:
- F, G, or J series visa holders
- I-171 or I-464 holders
Expected Family Contribution (EFC)
When a FAFSA is filed with the federal government, the federal
processor uses a formula set up by federal regulation to determine
an "Expected Family Contribution” (EFC for short). This is, in
theory, the amount students and their families are expected to pay
toward school expenses. The federal formula takes into account many
factors, including number of people in the family, number in
college, state of residency (some states have a state tax or sales
tax), and the age of the older parent. The EFC, per federal rules,
is used in calculating the student's eligibility for aid, even if
the family/parents cannot or will not contribute to the student's
education. While costs at different schools will be different, the
EFC will remain the same.
Federal Work-Study
Federal work study is a need-based work program which allows the
student to earn money while enrolled in school. This program is
limited in funding and students are encouraged to complete the FAFSA
early each year (as soon as possible after January 1) to be
considered.
Financial Need
The difference between the Cost of Attendance (COA) at a college and
the Expected Family Contribution (EFC).
Free
Application for Federal Student Aid (FAFSA)
This is the federal application that must be completed for
consideration for federal, state and university grants, work-study
and loans (including the Federal Stafford and Federal Loan for
Parents -PLUS). The FAFSA data is used to determine a student’s need
for need-based aid and EFC.
Loan Entrance Counseling
Per Federal requirements, students are required to complete a loan
counseling session before they receive their first loan disbursement
to advise them of their rights and responsibilities as a borrower.
FSU provides this session online through
Mapping your Future.
Loan Exit Counseling
Per Federal requirements, students who have received a federal
educational loan must complete Loan Exit Counseling upon graduation
or termination of enrollment. FSU provides this session online
through FSU StudentsFirst/FSYou!
Lender
An institution that provides money for loans. Most lenders are
financial institutions, but lenders may also be state agencies or
schools.
Merit-based Financial Aid
Aid awarded based on accomplishments such as academic or athletic
performance.
Need-based Financial Aid
Aid awarded based on a student’s or family’s financial status.
Master Promissory Note (MPN)
This is the binding legal document you sign when you get a student
loan. It lists the conditions under which you are borrowing and the
terms under which you agree to pay back the loan. It will include
information about your interest rate and about deferment and
cancellation provisions. It is very important to read and save this
document because you will need to refer to it later when you begin
repaying your loan. The Master Promissory Note serves as a one-time
promissory note for all of your loans at FSU, as long as they fall
under certain conditions. Contact the Financial Aid Coordinator or
your lender for any questions on the Master Promissory Note.
National
Student Loan Data System (NSLDS)
The National Student Loan database is a federal website that
collects information on individual student loans. By using your
Federal PIN you can get information on federal loan or grant
amounts, outstanding balances, status of loans, and disbursements.
Note: NSLDS is not a real-time database. Agencies update NSLDS on a
monthly schedule so the data shown may not reflect recent changes.
Selected for Verification
A certain percentage of students who complete the FAFSA form will be
selected by the federal processor for verification. The school will
then request required documentation to verify the data reported on
the FAFSA form. This may include federal income tax returns,
verification worksheets and other documents. Notification of
documents requested is posted to the student’s secure Financial Aid
Toolkit, (login through
View your Status).
Student Aid Report (SAR)
Upon completion of your FAFSA, you will receive a Student Aid Report
(SAR). If you complete the online application, this summary will be
provided to you online. If you complete the paper application, this
form will be mailed to you. It is important to review the
information submitted and read all comments noted by the federal
processor as additional information is sometimes required to
complete processing.
Verification Worksheet
A form sent by the school to students who are selected for
verification upon completion of the FAFSA data.
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