Financial Aid
What is financial Aid?
Financial Aid is the awarding of grants, loans, and scholarships to students who meet a certain financial need requirement.
What kind of Aid is there available to me?
Aid available to students can be volatile and served on a first come first serve basis. The types of aid available to a student are listed below:
1. Grants: A type of aid that is generally from the state or government. The most widely seen type of grant is the Pell grant.
2. Scholarships: Can be from many sources, the general distinction between Grants and Scholarships is that Scholarships normally have a requirement to fullfill in order to receive and are competitive in nature. For example, the Student Government Patriot Scholarship is exclusive to veterans only! Other Scholarships may have a GPA requirement, community service, or any other such selection criteria.
3. Loans: There are 3 types of loans:
A. Subsidized loan: A loan where you will not accrue interest until 6 months after you graduate
B. An subsidized loan; A loan which you will begin accruing interest once the loan is taken
C. Third Party Loan: A loan through an intermediary such as a bank. These types of loans are similar to an unsubsidized loan.
Why does it matter to Veterans? The VA is covering me.
Financial aid is available to students who show financial need. As a veteran living on the GI bill, expenses are often higher than your BAH can cover. Financial aid exists to help students cover those additional costs. Grants, and scholarships can add up to thousands of dollars and can help in many ways.
Financial Aid is the awarding of grants, loans, and scholarships to students who meet a certain financial need requirement.
What kind of Aid is there available to me?
Aid available to students can be volatile and served on a first come first serve basis. The types of aid available to a student are listed below:
1. Grants: A type of aid that is generally from the state or government. The most widely seen type of grant is the Pell grant.
2. Scholarships: Can be from many sources, the general distinction between Grants and Scholarships is that Scholarships normally have a requirement to fullfill in order to receive and are competitive in nature. For example, the Student Government Patriot Scholarship is exclusive to veterans only! Other Scholarships may have a GPA requirement, community service, or any other such selection criteria.
3. Loans: There are 3 types of loans:
A. Subsidized loan: A loan where you will not accrue interest until 6 months after you graduate
B. An subsidized loan; A loan which you will begin accruing interest once the loan is taken
C. Third Party Loan: A loan through an intermediary such as a bank. These types of loans are similar to an unsubsidized loan.
Why does it matter to Veterans? The VA is covering me.
Financial aid is available to students who show financial need. As a veteran living on the GI bill, expenses are often higher than your BAH can cover. Financial aid exists to help students cover those additional costs. Grants, and scholarships can add up to thousands of dollars and can help in many ways.
How can I make the most of my financial Aid
Financial aid is a very fickle program. Some semesters you can receive thousands of dollars and the next semester a few hundred. The primary determinant of the amount of financial aid you will receive is based on 2 things.
1. Your FAFSA (Free application for student aid) and this is required to be completed. You can click here to be directed to the site. We will go over more in depth later on how to complete this if you need help.
2. FAFSA aid is distributed based on a first come first served basis, make sure to apply ASAP.
FIU now offers early application for FAFSA in October. so be sure to take advantage. You do not need to wait until you fill out your tax return for the new year in January, you may use the current years tax return statement.
IMPORTANT THINGS TO NOTE:
FAFSA is based on your income, the higher your income is the smaller your aid is. The basis of the award is rated on your expected family contribution (EFC). As a veteran you are considered independent, while most other students must wait until they are 24 to be considered independent. This means that when filing for the FAFSA you are only required to show the income you have received.
Additionally, if you are entering FIU within the same tax year that you were in the military it is important that you consider filing a "Professional Judgment." A Professional Judgment takes a look at your tax filing and then reevaluates your aid. Why is this important, consider the following example:
November 2018, Jack has just left the military and has decided to use his Post 9/11 GI benefit. He files his FAFSA and he sees that he has earned a total income of $50,000 last year and is ineligible for financial aid. However, Jack no longer has this position. How can Jack receive financial aid?
Jack can file a Professional Judgement claiming he no longer is employed in the military. If approved, the income will be removed for his tax filing and re-evaluate his financial aid award, based on his current income.
1. Your FAFSA (Free application for student aid) and this is required to be completed. You can click here to be directed to the site. We will go over more in depth later on how to complete this if you need help.
2. FAFSA aid is distributed based on a first come first served basis, make sure to apply ASAP.
FIU now offers early application for FAFSA in October. so be sure to take advantage. You do not need to wait until you fill out your tax return for the new year in January, you may use the current years tax return statement.
IMPORTANT THINGS TO NOTE:
FAFSA is based on your income, the higher your income is the smaller your aid is. The basis of the award is rated on your expected family contribution (EFC). As a veteran you are considered independent, while most other students must wait until they are 24 to be considered independent. This means that when filing for the FAFSA you are only required to show the income you have received.
Additionally, if you are entering FIU within the same tax year that you were in the military it is important that you consider filing a "Professional Judgment." A Professional Judgment takes a look at your tax filing and then reevaluates your aid. Why is this important, consider the following example:
November 2018, Jack has just left the military and has decided to use his Post 9/11 GI benefit. He files his FAFSA and he sees that he has earned a total income of $50,000 last year and is ineligible for financial aid. However, Jack no longer has this position. How can Jack receive financial aid?
Jack can file a Professional Judgement claiming he no longer is employed in the military. If approved, the income will be removed for his tax filing and re-evaluate his financial aid award, based on his current income.