Financial Information

Bursar’s Office Information

The activities of the Bursar’s Office includes billing students, recording payments, processing refunds, coordinating payment plans, collecting outstanding balances, and handling transactions affecting accounts receivable.  Each semester the Bursar’s Office is responsible for ensuring that students have met their financial obligations to the University before being permitted to register for classes, move into residential halls, and receive bookstore authorizations. The Bursar’s Office is also responsible for documenting the receipt of funds necessary for processing students’ requests to have official transcripts mailed out. The Bursar’s Office is the final exiting point that each student must clear in order to be graduated from the University.

Tuition, Room and Board Charges

(The 2014-15 Academic Year)

Tuition costs for Fall 2014 and Spring 2015 are based on 12-18 credit hours. Students who enroll in less than 12 credit hours will be charged $560 per credit hour for tuition and $50 per credit hour for their fees. Students who exceed 18 credit hours will be charged the overload fee of $700 per credit hour for each credit that exceeds 18.

Room Reservation Fee

In order to be considered for on-campus housing the student must have paid a $200 room fee and have a clear student account.  New students remit the fee to the Admissions Office. Once a student checks into the residential hall, all charges will remain on the account, even if the student chooses to move off-campus.  The $200 fee is non-refundable and non-transferable.  The fee is assessed each academic year that a student resides on campus. Payment of this fee does not guarantee a room will be available as rooms are assigned on a first come first served basis. Please refer to the Student Life Section of this Catalog regarding the assignment of on-campus housing.

Enrollment Deposit

All first time students are required to pay a non-refundable $100 Enrollment Deposit the first Semester of attendance.

Late Registration Fee

A $100 late registration fee may be charged to the account of any student who fails to complete registration by the end of each Semester’s regular registration period.

The University’s tuition and fee schedule is subject to change by action of the Board of Trustees. However, changes in tuition and fees do not occur during the Semester. Students should obtain a current schedule of tuition and fees from the Bursar’s Office.

Methods of Payment to Bethune-Cookman University

Before the start of each academic year, the University publicizes the deadlines for students to clear their financial obligations. Payment for charges may be made through the following methods:

• Payments can be made with cash, cashier’s check, money order, or traveler’s check.  Personal checks are not accepted. Cash should never be mailed.  Payments should be made payable to Bethune-Cookman University and include the student’s first, middle initial, and last names, student I.D. number or social security number.  Payments should be mailed to:  Bethune-Cookman University, 640 Dr. Mary McLeod Bethune Boulevard, Daytona Beach, Florida, 32114-3099,                 Attn: Cashier’s Office.

• Credit Card payments (American Express, Discover, Visa, or MasterCard) can be made online by accessing the Wildcat Web at www.cookman.edu.  Students will need both their B-CU student I.D. & pin numbers in order to access the Wildcat Web. Third party payments to a student’s account can be made online through the following link: http://www.cookman.edu/payment/index.html

• Payments can also be made in person by visiting the Cashier’s Office (located on the first floor of White Hall, the University’s Administration Building), or by calling the Cashier’s Office at (386) 481-2289 or 2292.

Tuition Management Systems Payment Plan

As a special service to students and their families, the University offers the option to make tuition and room & board payments on a monthly basis through Tuition Management Systems. The Tuition Management Systems Payment Plan is an interest-free alternative to having to make lumpsum payments. If the Tuition Management Systems Payment Plan option is selected, the student/parent must enroll before the start of the Semester and pay a minimum of fifty percent (50%) of the balance due for both tuition and room and board. The remaining balance will be paid monthly through Tuition Management Systems. The cost of books is not included in the Tuition Management Payment Plan. For further information or to enroll, call Tuition Management Systems at (800) 722-4867 to speak with a consultant. You may also review the Tuition Management Systems website at www.afford.com. The Tuition Management Systems Payment Plan is not available during summer sessions.

Bookstore Authorizations

Any student who has financial aid in excess of their Semester tuition, room and board (if applicable), and fee charges may receive a Bookstore Authorization which will allow him or her to purchase their books from the University’s bookstore. Authorizations are issued only at the beginning of each Semester. Students are made aware of the time period when they are able to use their Bookstore Authorizations through the University’s Homepage and email systems. Authorizations may also be given for students who have book funds deposited into their accounts that do not originate from the Office of Financial Aid.

Bookstore charges are posted to the student’s account and funds deducted from either the student’s financial aid or other book deposit funds. Students are permitted to receive an authorization in an amount not to exceed $750. The size of the authorization is contingent on the student’s available funds.  If a student’s financial aid is reduced during the Semester, he or she is still responsible for repayment of any purchases made using Bookstore Authorizations.

Book Scholarships

If a student has been awarded a book scholarship, any credit remaining from the scholarship, after books have been purchased, is not refundable to the student unless a refund has been approved by the benefactor.

University Refund Policy for Fees

Dropping Courses

No adjustment is made to tuition charges when a student drops a course after the last day of the Add/Drop Late Registration Period. It is the student’s responsibility to know the last day to drop courses during Late Registration in order to receive a 100% tuition adjustment in any given Semester. This information is readily available on the University’s Homepage and through the Office of the Registrar. Students may call the office at 386-481-2525. Bursar’s Office Staff and Academic Student Success Coaches are also able to provide students with this information.

Withdrawal from the University

Withdrawal from the University is not accomplished by no longer attending classes. Withdrawing from the University is a process that involves several steps which must be followed in the prescribed order so as to avoid unnecessary expenses and/or failing grades. When a student officially withdraws from the University, a refund or adjustment to tuition will be calculated, if applicable. Students should familiarize themselves with the following Tuition Refund Schedule:

Fall and Spring Semesters:

8-Week Sessions I and II:

Summer Sessions A and B:

1. 100 percent (100%) of tuition charges, if the student withdraws on or before the last day of the Late Registration Period. Room and Board charges are not refundable once a student moves into the residential hall.
2. Up to 90 percent (90%) of tuition charges, if the student withdraws after the last day of Late Registration, but on or before the 5^th day of classes. Room and Board charges are not refundable once a student moves into the residential hall.
3. Up to 50 percent (50%) of tuition charges, if the student withdraws after the 5^th day of classes, but on or before the 8^th day of classes. Room and Board charges are not refundable once a student moves into the residential hall.
4. Up to 25 percent (25%) of tuition charges, if the student withdraws after the 8th day of classes, but on or before the 10^th day of classes. Room and Board charges are not refundable once a student moves into the residential hall.

First-time students are eligible to receive a 100 percent (100%) adjustment/refund of tuition charges, if they withdraw on or before the last day of the Late Registration Period.  A prorated adjustment/refund will be processed if they withdraw after the last day of Late Registration, but on or before the last day of the second week of classes. Room and Board charges are not refundable once a student moves into the residential hall.

Adjustments/refunds will be processed by the Bursar’s Office,  if written notice of withdrawal of enrollment from the University is received from the student or designated staff person and approved prior to the end of the eighth week (returning students) or the tenth week (first-time students) of classes during the Fall and Spring Semesters. The withdrawal must be received prior to the end of the 10^th day of classes (returning students) or the second week (first-time students) of classes during the summer sessions.

There will be no adjustments or refunds for room & board fees, institutional paid charges, waived charges, bookstore charges, late registration fees, housing assessment fees, or fines under the following conditions:

When a student is required to withdraw due to disciplinary action, the student forfeits their legal rights and privileges as a member of the University family. All payments made toward assessed charges are also forfeited.  There will be no adjustments or reimbursement of tuition, room and board charges fees/fines, or bookstore charges.

In addition, there will be no adjustments or reimbursement of charges or payments in the event the operation of the University is suspended at any time as a result of an act of God, strike, riot, disruption, or for any other reason beyond the control of the University.

Students who withdraw from courses after the Late Registration Period may be eligible for a 100% adjustment/refund of tuition and room & board charges (if applicable), bookstore charges & fines/fees excluded, if one or more of the following holds true:

1. Student is called to active military duty.
2. Death of the student or member of his/her immediate family (parent, spouse, child, sibling).
3. Illness of the student of such severity or duration, as confirmed by a physician, that completion of the Semester is not possible.
4. Voluntary or involuntary medical withdrawal requested and deemed necessary by B-CU Administration.
5. Cancellation of the course(s) by the University.
6. Exceptional circumstances, upon approval of the University President or his/her designee.

Return of Federal Title IV Funds

When a recipient of  Federal Title IV grant or loan assistance withdraws from the University during the Semester, the University must determine the amount of the Title IV grant or loan assistance (not including Federal Work Study) that the student earned as of the student’s withdrawal date. Unearned Federal Title IV financial aid funds must be returned to the Title IV Programs.

Keep in mind that when Title IV funds are returned to the program, the student may owe a balance to the institution.

This policy applies to students who withdraw, who are expelled, or who leave the University without notice. The return of funds for these students will be determined according to the following policy:

1. The term “Title IV Funds” refers to the Federal Financial Aid Programs authorized under the Higher Education Act of 1965 (as amended) and includes the following programs: Unsubsidized Federal Direct Stafford Loans, Subsidized Federal Direct Stafford Loans, Federal Direct Parent PLUS Loans, Federal Pell Grants, Federal SEOG grants, Federal TEACH Grant.
2. A student’s withdrawal date is:

a. The date the student began the institution’s withdrawal process (as described in the B-CU catalog) or officially notified the institution of his/her intent to withdraw; or

b. The midpoint in the Semester for a student who leaves without notifying the institution; or

c. The student’s last date of attendance at a documented academically related activity.

3. Title IV aid is earned in a prorated manner up to the 60% point in the Semester.  The amount the student has earned is based on the number of days the student attended classes as compared to the number of days in the entire term which runs from the first day of classes to the published last day of final exams.  No adjustment will be made to Title IV aid after the 60% point in the Semester.
4. In accordance with federal regulations, when financial aid is received by any student, funds will be returned to the Title IV programs in the following order:

Unsubsidized Federal Direct Stafford Loan

Subsidized Federal Direct Stafford Loan

Federal Direct PLUS Loan

Federal Perkins Loan

Federal Pell Grant

FSEOG

Other Title IV Aid Programs

Other Federal, State, Private, or Institutional Aid

The Student

Refund of Credit Balances

Refunds are processed by the Bursar’s Office when a student has resolved all financial obligations against their University debts and their student account reflects a credit balance. Refunds are processed within 14 days after the student’s account reflects a credit balance. Students are responsible for informing the Bursar’s Office of any changes to their addresses.

Through the Wildcat Web located on the University’s website, students have access to review their charges, financial aid, payments, credit balances, refunds issued, and/or any balances that may be due.  If a student visits the Bursar’s Office and requests information about his/her account, the student must present university issued identification or another form of picture identification.

Following the full payment of tuition, fees, and other expenses, Bethune-Cookman University will refund excess payments (excluding any non-refundable financial aid) directly to the student. This is university policy, regardless of whether funds were paid by the student, the student’s parents or any other third party.  Bethune-Cookman University assumes no responsibility for remitting such excess payments to any person other than the student.

Parental Refund Authorization Form

If the student’s account reflects a credit balance that is the result of a Parent Plus Loan or a Sallie Mae Plus Loan, the parent that authorized and signed the loan must submit a notarized Parental Refund Authorization Form to the Bursar’s Office, if the refund is to be issued to the student.  Without the form, the refund will be issued to the parent who authorized and signed the loan and will be mailed to the address on the loan application.

Credit Balance Authorization Form

A Credit Balance Authorization Form must be submitted, if the student or parent (Plus Loan) is requesting Student Accounts to hold a credit balance and apply the funds towards the expenses of a future term within the same academic year.  If the Credit Balance Authorization Form is not on file prior to processing a refund, the refund will automatically be issued.

Billing Statements

The Bursar’s Office will generate billing statements several times during an academic year. The statements will indicate all activity on the student’s account and the remaining balance due.

E-mail notifications are sent to the B-CU student’s e-mail address and authorized parents when the eBill is available to view on-line. We encourage students to view the eBill to make sure there is no balance due. A reminder e-mail will be sent to those students/parents who have not viewed the eBill.

Students are encouraged to use the Wildcat Web to review their accounts as it is the students’ responsibility to be aware of any balances that may be due on their accounts.

Collection of Past Due Balances

If a student has a balance due on his/her account, a “hold” will be placed on the student’s account, and the balance must be paid in full before the student will be permitted to register for the next Semester, reside on-campus, receive a Bookstore Authorization or graduate.

When a student has a past due balance and is not enrolled, the student will not be permitted to receive a transcript.  However, a student with a past due balance, who is enrolled at the time a transcript request is made, will be permitted to receive an “unofficial” transcript.

If the balance is not paid within a year of the date that the balance occurred, the student’s account balance will be turned over to an outside collection agency. The selected agency will actively pursue collection of the bad debt against the student.

Financial Aid Information

Financial Aid is awarded according to an individual’s financial need and/or academic potential. Financial Aid comes in the form of loans, grants, scholarships or part-time on campus employment to be used solely for school related expenses. The University expects students and parents to assume the primary responsibility for financing university costs. Students whose family resources are insufficient to meet the cost of attending the University are encouraged to apply for aid from the University and from federal/state-supported programs administered by the Financial Aid Office.

How Soon to Apply for Financial Aid

Applications are available beginning January 1 of each year and families are encouraged to apply early for financial aid at www.fafsa.gov. Some programs handled by the Financial Aid Office have very early priority dates. Students applying on or before these dates are given top consideration for the programs. Those who apply after these dates will receive aid pending availability.

Basis on Which Financial Aid is Granted

Based on the information provided to the processor by the student and parents, the processor will analyze the family’s financial situation and transmit that information to the Financial Aid Office, enabling it to determine the student’s financial need. Financial aid depends on the amount of federal, state, and institutional funds available at Bethune-Cookman University. To be awarded financial aid, an applicant must (1) show financial need, (2) be accepted or enrolled as a full-time student in an eligible program, (3) be a U.S. citizen or permanent resident, (4) be capable of maintaining a satisfactory academic standing and normal progress toward a degree, (5) be registered with the Selective Service, if required to do so, and (6) have not defaulted on any previous aid.

Evaluation and Award Process

Personnel of the Student Financial Aid Office will determine the student’s allowable educational expenses and the expected family resources. The difference between the two is the demonstrated need. Bethune-Cookman University will try to provide financial aid for all or a portion of the demonstrated need in the form of an award package consisting of loans, grants, scholarships, and/or part-time employment. Selection of students, as well as the types of aid awarded, depends on one or a combination of the following: the demonstrated financial need, the student’s class level, academic promise, available funds, and the date a student’s forms are received by the awarding agencies and the Financial Aid Office.

Award Period

Awards are generally granted for an academic year of two Semesters, fall and spring. The summer session comes after the regular academic year. Aid for the summer session is applied for separately by those who expect to enroll for at least six Hours. Awards are made as funds permit. Students who attend the full academic year may be able to receive assistance from the Federal Direct Stafford Loan or Parent PLUS Loan for summer sessions.

Awards Notice

For students whose financial aid documents are processed before March 24^th, efforts will be made to notify them of their financial aid awards beginning April.  For those students whose financial aid documents are submitted after March 24^th, this is considered our peak season and your processing may not be completed until July.  To view your financial aid status go to https://pfweb.cookman.edu/NetPartner/NetPartnerStudent.

Awards Disbursement

For students with accepted FAFSA with complete documents, your awards will be released to the Bursar Office 30 days after the first day of class.  The Bursar Office then will have 14 days to release the funds to your Wildcat Card. Register for the Wildcat Card at https://wildcatdebitcard.com.

For students without a current FAFSA or a rejected FAFSA or have submitted late required documents or required documents are incomplete, and/or required documents are not received, awarding will be delayed and disbursements will not release.   To view your financial aid status go to https://pfweb.cookman.edu/NetPartner/NetPartnerStudent.  To apply for the Free Application for Federal Student Aid (FAFSA) go to www.fafsa.gov.

Satisfactory Performance Standards

If you receive Federal Title IV student financial assistance, you must demonstrate satisfactory academic progress. Federal Title IV funding includes: Direct Student Loans, Federal PLUS Loans (Parent’s Loan), Federal Work-Study Program, Federal Supplemental Educational Opportunity Grants (SEOG), Federal Pell Grants, and State Grants.

Satisfactory academic progress is defined as meeting or exceeding the minimum number of Semester Hours necessary for the timely completion of the program of study which students are pursuing. Each student must successfully pass a minimum of 70% of the credit Hours attempted during the preceding fall and spring Semesters to satisfy federal program requirements. Students must also pass 24 Semester Hours for Florida programs such as the Florida Student Assistance Grant (FSAG) and the Florida Resident Access Grant (FRAG) Programs. Additionally, a minimum cumulative grade point average (CGPA) of 2.0 for all students must be maintained for Federal programs. For Florida programs, all students must maintain a 2.0 cumulative GPA.

Students’ academic records will be reviewed at the end of each semester by the University. If a student does not achieve satisfactory academic progress, the student will be notified by the Registrar’s Office. An information sheet outlining the satisfactory academic progress standards is available in the Registrar’s Office, Undergraduate Studies Office, and Financial Aid Office.  For more information on meeting the University satisfactory academic progress standards go online to http://www.cookman.edu/financial_aid/sappolicy.html.

Transfer Students

Students who have previously attended other colleges and post-secondary institutions must add the BCU School Code 001467 on the FAFSA. Go to www.fafsa.gov to update the FAFSA.

International Students and Noncitizens

International students are expect to have full financial resources to pay tuition, fee, and room & board.  Federal and state financial aid programs are for United States citizens or for permanent residents of the United States only. International students are not eligible for federal and state aid. They may, however, participate in the University Undergraduate Fellow Employment Program. The financial responsibility of attending the University will be on the student and his family.

Eligible noncitizens or U.S. permanent residents must provide copies of their Alien Registration ID cards to the Financial Aid Office by March 24^th.

Types of Available Aid

Grants

The following grant programs are available only to undergraduate students who are working towards their first bachelor’s degree. These grants do not have to be paid back by the student and, generally, require exceptional financial need.

Federal Supplemental Educational Opportunity Grant (SEOG)

A very limited number of SEOG awards are made to those with exceptional financial need who are also Pell Grant recipients. A typical award ranges from $100 to $1500 per academic year.

To apply for this program, a student must complete the Free Application for Federal Student Aid (FAFSA). The online application should be completed at www.fafsa.gov.  To be given top consideration, the FAFSA must be received by the processor on or before the priority date of March 24^th.

Federal Pell Grant Program

This federally sponsored program provides financial aid to those who need it to attend approved colleges or universities. Awards range from $200 to $5730 per academic year depending on a family’s financial situation.

To apply for this program, a student must complete the Free Application for Federal Student Aid (FAFSA). The online application should be completed at www.fafsa.gov.  To be given top consideration, the FAFSA must be received by the processor on or before the priority date of March 24^th.  The last day of submission is June 30 yearly.  The application should be completed far ahead of the start of a new academic year, August, as possible.   If you are not selected verification we recommend the IRS Data Retrieval option located in the FAFSA at www.fafsa.gov. If you decide not to use the IRS Data Retrieval Tool, we will need the IRS Tax Return Transcript available at http://irs.gov.

Florida Student Assistance Grant Program (FSAG)

This program is available only to full-time students with high financial need. Students and the parents of dependent students must also be Florida residents for at least one year prior to the beginning of classes. Awards range from $200 to $2500 per academic year.

To apply for this program, a student must complete the Free Application for Federal Student Aid (FAFSA). The online application should be completed at www.fafsa.gov.  To be given top consideration, the FAFSA must be received by the processor on or before the priority date of March 24^th.

Florida Resident Access Grant (FRAG)

This program is available to full-time students who have been Florida residents for at least one year prior to the beginning of classes. The one-year Florida residency is also required for the parents of dependent students. Transfer students and renewals must have a 2.0 cumulative GPA on all previous college work. Awards may range up to $3000 per academic year depending on state funding.

To apply for this program, a student must complete the Florida Resident Access Grant Application available online at https://pfweb.cookman.edu/NetPartner/NetPartnerStudent. A student must complete the Free Application for Federal Student Aid (FAFSA). The online application should be completed at www.fafsa.gov.  To be given top consideration, the FAFSA must be received by the processor on or before the priority date of March 24^th.

Florida Academic Scholars Award, Florida Merit Scholars Award, and Florida Gold Seal Vocational Scholars Award

These scholarships are part of the Florida Bright Futures Program. The program rewards outstanding Florida public high school graduates for their academic and vocational achievements. The awards range up to $3200 per year, if sufficient funds are available.  Deadline is determined by the high school graduation date.  High school students should contact their school guidance office for information on eligibility criteria or visit the Florida Bright Futures Program website at http://www.floridastudentfinancialaid.org/SSFAD/factsheets/BF.pdf.

Florida Mary McLeod Bethune Scholarship Fund

This program, offered by the State of Florida, provides financial assistance to Florida high school seniors with a cumulative grade point average of 3.0 or above. An applicant must be a Florida resident and demonstrate financial need. Awards range up to $3000 annually depending on available funds.

To apply for this program a student must complete the Free Application for Federal Student Aid (FAFSA). A student must also submit an application for this program to the Financial Aid Office, postmarked by March 24^th of the senior year of high school.

Air Force ROTC and Army ROTC

ROTC academic scholarships are offered to students who meet specific requirements. These scholarships cover the cost of the University’s tuition and books and provide the student a tax free subsistence allowance each month.

Institutional Scholarships

Bethune-Cookman University scholarships recognize academic excellence. The major purpose of these scholarships is to encourage outstanding students and assist them along the path to leadership and service to humanity.  Institutional scholarships are not refundable.

Who Can Apply?

Since most scholarship awards are merit awards, many require specific grade point averages as well as proof of financial need determined by the FAFSA and other supporting documents. When students are awarded institutional scholarships, they will be required to complete the Scholarship Acknowledgement Form and provide a Letter of Gratitude address to the donor the scholarship awarded, and a Digital Photograph. Students may be eligible for more than one scholarship, depending on their achievements and/or financial need. However, the total scholarship amount cannot exceed their financial need and most will not exceed the tuition and the on campus room/board expenses. In most cases, the specific requirements are set by the donors who provide the scholarship funds. Some of the scholarships are renewable over four years, if students continue to maintain the required grade point average, but are not guaranteed.

Categories of Scholarships

Most scholarships are awarded in one of six categories:

• Academic achievement
• General scholarships
• Scholarships for specific major areas
• Scholarships for students from specific geographical areas
• Scholarships for athletics and performing arts (band, concert chorale, etc.)
• Specific employer and labor union scholarships

How to Apply

Scholarship applicants should apply online at http://cookman.scholarships.ngwebsolutions.com. For information on performing arts scholarships (e.g. band, concert chorale, etc.), students should contact the Music Department. Those interested in athletic scholarships should contact the Athletics Department.

Academic Scholarships

Bethune-Cookman University recognizes outstanding academic achievement in prospective and returning students by offering a range of scholarships to both freshmen and transfer students. For an incoming student, scholarship consideration is based on credentials submitted with the student’s Application for Admission. The University encourages academic excellence by recognizing and rewarding outstanding academic performance. The current academic criteria for each award are included in the Application for Admission. The criteria may also be obtained from the Office of Admissions and the Office of the Provost.

Presidential Scholarships

The Presidential Scholarship is offered to high school graduates who will enter college for the first time. The award covers college expenses (full-time tuition, room, board, and books) that are not covered by federal and/or state financial aid and other non-institutional scholarships. Upon enrollment, students must register for at least 12 Semester Hours (college-credit courses) and maintain a 3.50 cumulative grade point average to renew the scholarship. Under special circumstances (e.g. educational travel abroad) awards may be renewed for a maximum of 10 Semesters of study. Recipients of this award should expect to render a minimum of 45 Hours of peer tutoring per Semester.

Excelsior Scholarships

The Excelsior Scholarship is offered to high school graduates who will enter college for the first time. The award covers the cost of full-time tuition after all federal and/or state financial aid and other non-institutional scholarships have been applied. The award does not cover room and board or books. Students must register for at least 12 Semester Hours (college-credit courses) and maintain a 3.40 cumulative grade point average to renew the scholarship. Under special circumstances awards may be renewed for a maximum of 10 Semesters of study.  Recipients of this award should expect to render a minimum of 30 Hours of peer tutoring per Semester.

Academic Merit Award

The Academic Merit Award provides scholarship aid for a) high school graduates entering college for the first time, b) transfer students with 24 college-credit Hours, and 3) matriculating students who have been enrolled at the University for at least one academic year and have earned at least 24 college credit Hours. Students must register for at least 12 Semester Hours (college-credit courses) and maintain a 3.25 cumulative grade point average to renew the scholarship. The Academic Merit Award is granted on an annual basis, and students must reapply each year. The Academic Merit Award application is available in the Office of the Provost.  Recipients of this award should expect to render a minimum of 20 Hours of peer tutoring per Semester.

Student Employment Programs

Federal Work Study Program (FWS)

This program provides jobs for a very limited number of students with financial need who must earn a part of their educational expenses. For more information on student employment call  (386) 481-2549 or visit the Center for Academic Career and Development located at 325 Dr. Martin Luther King Blvd, Daytona Beach, FL.  The Center for Academic Career and Development arranges jobs on campus or off campus with public or private nonprofit agencies. Students cannot exceed 20 Hours per week, scheduled in a way that will not conflict with their classes. An average award is about $1600 per academic year. Paychecks are processed every two weeks for the Hours actually worked.

To apply for this program, a student must complete the Free Application for Federal Student Aid (FAFSA). On the FAFSA, a student must indicate his or her interest in a “part-time job” or “workstudy.”  This FAFSA application is available at www.fafsa.gov.

Loan Programs

To apply for the following programs, a student must complete the Free Application for Federal Student Aid (FAFSA). This application is available at www.fafsa.gov.

Federal Direct Stafford-Subsidized

This is a low-interest loan made to students by the federal government “directly” or by a private lender (bank, credit union, etc.). Eligibility for a “subsidized” Federal Direct Loan is based on financial need as determined by a federally mandated formula. “Subsidized” means that the federal government will pay the interest on the loan while a student is in school and during specified deferments.

Eligible freshmen may borrow up to $3,500 per year, sophomores up to $4,500; and juniors and seniors may borrow up to $5,500 per year. The maximum allowable undergraduate indebtedness over five years is $23,000.

Federal Direct Loans are disbursed in two installments: one in the fall Semester and one in the spring Semester, after enrollment for each Semester. When the loan is disbursed, a federally required origination fee of 3 percent (which is used to offset administrative costs of the program) is deducted from the loan by the government or bank, along with a nonrefundable insurance fee of up to 1 percent of the principal amount of the loan.

Repayment begins six months after the borrower’s last enrollment on at least a half-time basis.

To apply for this program, a student must complete the Master Promissory (MPN) on the Federal Student Aid Website (FSA). On the FSA site, a student must use the Federal Student Aid PIN to sign in and complete the process.  This MPN is available at www.studentloans.gov.

Federal Direct Stafford - Unsubsidized Loan

The Higher Education Amendments of 1992 created a new program offering “unsubsidized” Federal Direct Loans to students who do not qualify in whole or in part for “subsidized” Federal Direct Loans.

A Federal Direct Unsubsidized Loan is a low interest loan made to students by the federal government “directly” or by a private lender (bank, credit union, etc.). Under this program, the student borrower (and not the federal government) pays the interest that accrues on the loan while the student is in school. Eligibility for a Federal Direct Unsubsidized Loan is determined by the Financial Aid Office using a federally mandated formula.

Eligible dependent freshmen may borrow up to $3,500 per year; sophomores up to $4,500; juniors and seniors may borrow up to $5,500 per year, less any amount of subsidized Direct Loan eligibility. A student who shows a need for only part of an annual subsidized Federal Direct Loan may borrow the remainder through an unsubsidized loan. The maximum allowable loan undergraduate indebtedness over five years is $31,000. Annual and aggregate loan limits for independent students are different.

Federal Direct Unsubsidized Loans are disbursed in two installments: one in the fall Semester and one in the spring Semester, after enrollment for each Semester. When the loan is disbursed, a federally required origination fee of 3 percent (which is used to offset administrative costs of the program) is deducted from the loan by the government or bank, along with a nonrefundable insurance fee of up to 1 percent of the principal amount of the loan.

To apply for this program, a student must complete the Master Promissory (MPN) on the Federal Student Aid Website (FSA). On the FSA site, a student must use the Federal Student Aid PIN to sign in and complete the process.  This MPN is available at www.studentloans.gov.

Federal Direct Stafford PLUS Loan (Parent’s Loan)

The Federal PLUS Loan is a federally insured loan made by private lenders or “directly” by the federal government. Repayment of principal and interest begins 60 days after the loan proceeds have been disbursed. Eligibility for this loan is based on credit-worthiness as determined by the Lender.

The interest rate for the Federal PLUS Loan varies annually (a new rate is effective each July 1), and the rate is based on the 52-week U.S. Treasury Bill rate plus 3.10 percent not to exceed 9 percent.

Federal PLUS Loans are disbursed to the college in two installments: one in the fall Semester and one in the spring Semester, after enrollment for each Semester. When the loan is disbursed, a federally required origination fee of 3 percent (which is used to offset administrative costs of the program) is deducted from the loan by the government or bank, along with a nonrefundable insurance fee of up to 1 percent of the principal amount of the loan.

Parents of dependent students may borrow up to the cost of education minus any financial aid. These loans, in combination with all other aid (including loans), may not exceed educational costs. Financial need is not an eligibility factor.

To apply for this program, a parent must complete the Federal Direct PLUS Loan Application and the Master Promissory (MPN) on the Federal Student Aid Website (FSA). On the FSA site, a parent must use the parent’s Federal Student Aid PIN to sign in and complete the process.  The application and MPN is available at www.studentloans.gov.