Types of Financial Aid

Financial aid is available in the form of grants, scholarships, work-study, and loans. Grants are usually based on financial need and do not have to be repaid. Scholarships are usually awarded for academic merit or achievement and do not have to be repaid. Work-study positions are jobs that enable students to earn funds to assist with educational expenses. Loans usually must be repaid in cash. Student loan programs have varying rates and repayment provisions.

The Free Application for Federal Student Aid (FAFSA) must be completed to apply for all need-based federal, state, and institutional sources of financial aid.

In general, students must be enrolled at least half-time to receive financial aid. However, some aid programs require students to enroll in and maintain full-time status. The following are the major financial aid programs that Daytona State's Financial Aid Services Office administers:

A. Grants

Federal Pell Grant - Funded by the federal government, this need-based grant is designated for undergraduate students working toward a first bachelor's degree. The amount of grant a student is eligible to receive is determined by the cost of attendance, the Expected Family Contribution (EFC), the length of the program of study and the student's enrollment status. The cost of attendance includes such items as tuition, fees, books and supplies. The EFC is derived from the information supplied by the student on the FAFSA. Eligible students enrolled in a program of study that is less than 30 weeks per academic year (fall and spring semesters) will receive a prorated Pell award. Eligible students enrolled in a program of study that is less than 24 college credits or less than 30 vocational credits (900 clock hours) per academic year (fall and spring semesters) will receive a prorated Pell award. For Pell Grant awarding purposes (applicable to college credits), 12 college credits per semester is considered full-time enrollment; 9-11 college credits per semester is considered three-quarter time enrollment; 6-8 college credits per semester is considered half-time enrollment; and 1-5 college credits per semester is considered less than half-time enrollment. Pell Grants range from $598-$5,815 for full-time attendance during an academic year. (For Pell Grant purposes, an academic year consists of 30 weeks during which a student may complete 24 college credits or 30 vocational credits [900 clock hours]). The maximum time frame that a student would be eligible to receive a Federal Pell Grant is 12 semesters of full-time enrollment (600 percent). Students taking pre-requisite courses are not eligible for Pell Grants.

Federal Supplemental Educational Opportunity Grant (FSEOG) - Funded by the federal government, this need-based grant is designated for undergraduate students working toward a first bachelor's degree. Eligibility is based on exceptional financial need. Funds are limited.

Florida Student Assistance Grant (FSAG) - Funded by the state, this need-based grant is designed for eligible Florida residents enrolled in college credit degree programs working toward a first bachelor degree. Award levels are based on state appropriations and vary each year. Specific renewal requirements must be met. Funds are limited.

Renewal Requirements for FSAG

• Must have a 2.0 cumulative GPA. (Only college credit courses are calculated in the GPA; remedial classes are excluded.)
• Full-time students must have successfully completed 12 credit hours for each semester for which an award was received;
• Three-quarter time students must have successfully completed nine credit hours for each semester for which an award was received;
• Half-time students must have successfully completed six credit hours for each semester for which an award was received;
• May receive an award of up to nine semesters within a period of six consecutive years after receipt of the first FSAG award.

Daytona State Need Grant - Funded by the College, this need-based grant is designated for undergraduate students who have not previously completed a baccalaureate or professional degree and who are pursuing the AA, AS, BAS or BS degree or eligible college credit certificate programs. [Due to extenuating circumstances, an exception may be made to award the Daytona State Need Grant to a student who has completed a baccalaureate or professional degree.] Eligibility is based on financial need. The maximum grant per semester is usually $1,000. Funds are limited.

Daytona State Vocational Need Grant - Funded by the College, this need-based grant is designated for undergraduate students who have not previously completed a baccalaureate or professional degree and who are enrolled in an eligible post-secondary adult vocational certificate program. Eligibility is based on financial need. The maximum grant per semester is usually $1,000. [Due to extenuating circumstances, an exception may be made to award the Daytona State Need Grant to a student who has completed a baccalaureate or professional degree.] Funds are limited.

Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant - Funded by the Federal Government, this grant is for undergraduate students in the B.S. in Education degree in a high need field such as Bilingual Education and English Language Acquisition, Foreign Language, Mathematics, Reading Specialist, Science, Special Education, and other identified teacher shortage areas. Students must have at least a 3.25 cumulative grade point average. The maximum grant per semester is up to $2,000 for full-time attendance. Due to sequestration, the award amount may be reduced. In exchange for receiving a TEACH Grant, the student must agree to serve as a full-time teacher in a high -need field in a public or private elementary or secondary school that serves low-income students. The student must teach for at least four academic years within eight calendar years of completing the program of student for which he/she received a TEACH Grant. If the student fails to complete this service obligation, all amounts of TEACH Grants that were received will be converted to a Federal Direct Unsubsidized Loan. The student must then repay this loan to the U.S. Department of Education. The student will be charged interest from the date the grant was disbursed. For more information, please visit the website.

Iraq and Afghanistan Service Grant – Funded by the Federal Government, this grant is for undergraduate students who have not previously completed a baccalaureate or professional degree, and are not eligible for a Federal Pell Grant based on the Expected Family Contribution. To be eligible for the grant, the parent or guardian of the student was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11, and the student was under 24 years old or enrolled in college at least part-time at the time of the parent's or guardian's death. The grant is equal to the amount of a maximum Pell Grant for the award year, but cannot exceed the cost of attendance for that award year. Due to sequestration, the award amount may be reduced.

B. Scholarships

Air Force Scholarships - ROTC - The USAF offers ROTC academic scholarships to students who meet specific requirements. These scholarships cover the cost of tuition and books, and up to a $500 cash monthly stipend. For more information contact AF ROTC, Embry-Riddle Aeronautical University, 600 S. Clyde Morris Boulevard, Daytona Beach, Florida 32114-3900 or call (386) 226- 6880.

Athletic Scholarships - Daytona State offers a limited number of scholarships to students who are participating in specified activities through the Athletic Department. Students must enroll full-time in a program leading to an AA, AS, BAS, or BS degree, and follow the Standards of Progress. Students are strongly encouraged to complete the FAFSA. The Athletic Department determines which students are eligible for the scholarship. The amount of the scholarship varies each year.

Cultural Arts Scholarships - These scholarships will pay a portion of a student's tuition for classes in the areas of music, drama, or dance. Scholarships are awarded on a semester-by-semester basis, pending availability of funds. The performing arts department determines which students are eligible. The amount varies each year. Funds are limited.

SGA Scholarship - Daytona State offers a limited number of scholarships to students who are participating in the Student Government Association. Students are strongly encouraged to complete the FAFSA. The Assistant Dean of Student Activities determines which students are eligible for the scholarship. The scholarship amount varies with each position. Funds are limited.

Publication Scholarship - Daytona State offers a limited number of scholarships to students who are participating in student publications. Students are strongly encouraged to complete the FAFSA. The Assistant Dean of Student Activities determines which students are eligible for the scholarship. The scholarship amount varies with each position. Funds are limited.

Activities Scholarship - Daytona State may offer a limited number of scholarships to students who are participating in cheerleading. The Assistant Dean of Student Activities determines which students are eligible for the scholarship. The scholarship amount varies. Funds are limited.

Florida Bright Futures Scholarship Program - Funded by the Florida Lottery, scholarships are awarded to Florida high school graduates who demonstrate high academic achievement. This scholarship program has three award levels - the Florida Academic Scholars Award, the Florida Medallion Scholars Award, and the Florida Gold Seal Vocational Scholars Award. Applications, application deadlines and eligibility criteria are available from high school guidance counselors. The amount of the Bright Futures Scholarship is determined each year by the Florida Legislature. Students must be enrolled in a minimum of six college credits for fall and/or spring. Specific renewal requirements must be met.

Daytona State College Foundation Scholarships - The Daytona State College Foundation provides scholarships to students who might otherwise not be able to afford a college education. The Foundation offers scholarships that have been established by outside donors. Listings of these scholarships, with their own specific criteria as established by the donors, are available each semester and are posted on the Daytona State Financial Aid website, (daytonastate.edu/finaid/), as is the on-line scholarship application process. Please contact the Financial Aid Office at (386) 506-3370 for additional information on Foundation scholarships.

Other State of Florida Programs - Additional scholarship programs such as Rosewood Scholarship and Scholarships for Spouses/Children of Deceased/Disabled Veterans are available. Students should contact their high school guidance counselors or the Florida Office of Student Financial Assistance for criteria, applications and deadlines.

C. Work

Federal Work-Study (FWS) - The FWS program provides part-time employment to students who have financial need. Students are paid an hourly rate and are placed in jobs on campus or in community service jobs off campus. Work schedules are arranged around the student's class schedule. Students work an average of 20 hours per week. Funds are limited. For student employment opportunities...Click here!

Institutional Work-Study (IWS) - Daytona State's IWS program provides part-time employment to students. Students are paid an hourly rate and are placed in jobs working on campus. Work schedules are arranged around the student's class schedule. Students work an average of 20 hours per week. Eligibility is not based on need. Funds are limited. For student employment opportunities...Click here!

Florida Work Experience Program (FWEP) - The Florida Work Experience Program provides eligible Florida students the opportunity to secure part-time work experiences, which are complementary to and reinforce their educational program and career goals. Specific GPA and earned credit hour requirements must be met. FWEP is awarded to students demonstrating need. Funds are limited. Specific renewal requirements must be met. Funds are limited.

D. Direct Loans

Loans usually must be repaid in cash. It is important that students budget their money effectively and borrow responsibly. Student loan programs have varying rates and repayment provisions. Loan payments to students are made in two disbursements. A student attending for the academic year (fall and spring semesters) will receive the loan proceeds of one-half of the total loan amount in two disbursements (one disbursement in the fall and one disbursement in the spring). A student attending one semester (fall or spring) will receive the loan proceeds of one-half of the total loan amount in two disbursements in that one semester. Per Federal regulations, the second half of the loan may not be disbursed until a minimum of one-half of the semester has elapsed. [NOTE: Students in vocational credit (clock hour) programs are not eligible for the second disbursement until the student has successfully completed the required weeks of attendance and clock hours.] A loan disbursement will not be made after a student ceases to be enrolled in at least six credit hours. A student must submit a Direct Loan Request Form to the Financial Aid Services Office to request a subsidized/unsubsidized loan.

The loans available at Daytona State are listed below:

Federal Direct Subsidized Loan – Federal Direct Subsidized Loans are made by Department of Education and eligibility is based on financial need. The loan's interest rate is 3.76% percent for loans first disbursed on or after July 1, 2016 and before July 1, 2017. Students must be enrolled in an eligible program at least half-time, and enrolled in courses required by that program. First-year students may be eligible to borrow up to an annual maximum of $3,500. Students who have successfully completed their first year (30 earned college credits) may borrow up to an annual maximum of $4,500.* The maximum loan amount will be reduced utilizing a proportional pro-ration for those academic programs less than 24 college credits or 30 vocational credits (900 clock hours) and/or 30 weeks per academic year (fall and spring semesters). There is a 1.069% origination fee which will be deducted from the gross amount of the loans disbursed on or after October 1, 2016 and before October 1, 2017. Loan repayments generally begin six months after the student graduates, leaves school, or drops below half-time enrollment.

*BAS or BS students admitted at the junior or senior status to the program may borrow up to the annual maximum of $5,500.

IMPORTANT INFORMATION FOR FIRST-TIME BORROWERS:

Beginning with the 2015-2016 academic year, the Moving Ahead for Progress in the 21st Century Act established a time limit on Direct Subsidized Loan eligibility for first-time borrowers. A first-time borrower is a student who has no outstanding balance of principal or interest on a Direct Loan or FFEL (Federal Family Education Loan) as of July 1, 2014, or the date the borrower obtains a Direct Loan after July 1, 2014.

First-time borrowers will no longer be eligible for a Direct Subsidized Loan once the student has received the Direct Subsidized Loan for a period that is 150 percent of the published length of the student's current educational program (as determined by years). Below are examples of the 150-percent maximum eligibility periods for Daytona State College degree and certificate programs:

A first-time borrower who loses eligibility for additional subsidized loans as a result of reaching the maximum eligibility period also loses the interest subsidy on subsidized loans received on or after July 1, 2014 for all periods if the student did not complete the program and continues enrollment in the same program or enrolls in another program of the same or shorter length. The loss of the interest subsidy would be effective on the date of the continued or new enrollment.

Please Note: The determination of the 150-percent limit on Direct Subsidized Loan eligibility is not the same as the financial aid standards of satisfactory academic progress maximum time frame of 150 percent for completion of a degree or certificate program. The financial aid standards of satisfactory academic progress maximum time frame is based on 150 percent of the program length as determined by total attempted credits.

Federal Direct Unsubsidized Loans – Federal Direct Unsubsidized Loans are available for students who do not qualify, in whole or in part, for Federal Direct Subsidized Loans. Students must be enrolled in an eligible program at least half-time, and enrolled in courses required by that program. The loan's interest rate is 3.76% for loans first disbursed on or after July 1, 2016 and before July 1, 2017. There is a 1.069% origination fee which will be deducted from the gross amount of the loans disbursed on or after October 1, 2016 and before October 1, 2017. Dependent students may be eligible to borrow an additional $2,000 unsubsidized Direct Loan per year. Independent students may be eligible to borrow up to an annual maximum of $6,000* in additional Federal Direct Unsubsidized Loans if remaining eligibility exists. The maximum loan amount will be reduced utilizing a proportional pro-ration for those academic programs less than 24 college credits or 30 vocational credits (900 clock hours) and/or 30 weeks per academic year (fall and spring semester). With few exceptions, the Unsubsidized Loan's terms and conditions are the same as Subsidized Stafford Loans. However, the government does not pay the interest during in-school and deferment periods. The student is responsible for paying the interest.

*BAS or BS students admitted at the junior or senior status to the program and determined to be independent may borrow up to the annual maximum of $7,000.

Federal Direct Parent PLUS Loans - Federal Parent Direct PLUS Loans enable parents with good credit histories to borrow for educational expenses of their dependent children. Students must be enrolled in an eligible program at least half time, and enrolled in courses required by that program. The interest rate is 6.31% for loans first disbursed on or after July 1, 2016 and before July 1, 2017. There is a 4.276% origination fee which will be deducted from the gross amount of the loans disbursed on or after October 1, 2016 and before October 1, 2017. Parent PLUS borrowers may borrow up to the cost of education minus any estimated financial assistance the student has been, or will be, awarded for the period of enrollment. Borrowers generally must begin repayment on the loans within 60 days after the funds are disbursed. The borrower may request a deferment of repayment if the student is enrolled at least half time.

Please Note: When a student accepts a loan as part of his/her award, the student must understand that he/she is incurring a serious financial obligation. The student must repay the loan in full, along with all interest and additional fees (collection, legal, etc.). It is very important that the student realize that loan payments must be made in the future to satisfy this obligation. Students who want to borrow on a Federal Direct Loan while at Daytona State College will be required to complete loan entrance counseling and loan exit counseling to review repayment obligations.

To apply for a federal Direct Subsidized/Unsubsidized Loan, the student must first complete a FAFSA. After the student receives a financial aid award, the student can submit a Direct Loan Request Form to the Financial Aid Services Office to request a subsidized/unsubsidized loan. Allow approximately four to six weeks from the initial date of completion of the Direct Loan Request form for processing of the loan to be completed.

Before borrowing under one or more of the Direct Loan Programs, always investigate the possibility of scholarship assistance.

Award amounts and program availability may be subject to change after this information is printed based on federal and state appropriations.