What types of Financial Aid are available?

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 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 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, and 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 as half-time enrollment; and 1-5 college credits per semester is considered as less than half-time enrollment. For Pell Grant awarding purposes (applicable to vocational credits,) 15 vocational credits (450 clock hours) per semester is considered as fulltime enrollment. The full-time award is prorated for all vocational credits less than 450 clock hours.

Pell Grants range from $400-$4,731 for ful-ltime 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]).

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. The maximum grant per semester at Daytona State is $150. Funds are limited.

Florida Student Assistance Grant (FSAG) – Funded by the state, this need-based grant is designated for eligible Florida residents enrolled in college credit degree programs. 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.)
• Ful- 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 9 credit hours for each semester for which an award was received;
• Half-time students must have successfully completed 6 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;
• Must have completed 67 percent of all attempted classes.
• Must have not withdrawn from all Fall classes or received F grades due to non-attendance.  (Applicable to Spring eligibility)

Daytona State Need Grant – Funded by Daytona State, 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, AAS, AS, BAS or BS degree or eligible post-secondary adult vocational certificate programs. Eligibility is based on financial need. The maximum grant per semester is $1,000. Funds are limited.

Daytona State Vocational Need Grant – Funded by Daytona State, 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 postsecondary adult vocational certificate program. Eligibility is based on financial need. The maximum grant per semester is $1,000. Funds are limited.

Bureau of Indian Affairs (BIA) Higher Education Grants - Funded by the U.S. BIA.  These funds are available to students pursuing the AA degree who demonstrate need.  Eligible students must be a member of, or at least one-quarter degree Indian Blood descendent of a member of, a federally recognized American Indian tribe that is served by BIA.  

For more information contact BIA at (202) 208-3710 or visit the website at http://www.doi.gov/bureau-indian-affairs.html

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, plus provide the student $250 tax free subsistence allowance per month. 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, AAS, AS,BAS, or BS degree, and follow the Standards of Progress. Students must complete the FAFSA. The Athletic Department determines which students are eligible for the scholarship. The amount of the scholarship varies each year.

Performing Arts Scholarships – These fee waivers will pay a portion of a student's tuition for classes in the areas of music, drama or dance. Fee waivers 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.

SGA Scholarship - Daytona State offers a limited number of scholarships to students who are participating in the Student Government Association. Students must 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 must 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 offers 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, eligibility criteria and award amounts are available from high school guidance counselors.  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, grants, and loans 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 Web site.  (http://go.daytonastate.edu/Scholarships/). The Financial Aid Services Office is located in Building 100 on the Daytona Beach Campus.  Foundation scholarship lists and on-line application process are available at the Financial Aid Services Office or at the Question and Answer Centers at each campus.  Please contact the Supervisor of Foundation Scholarships at (386) 506-4442 for additional information.

Other State of Florida Programs – Additional scholarship programs such as Seminole/Miccosukee Indian Scholarship and Scholarships for Children of Deceased or 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.

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.

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 the students’ 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.

D. 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 both Fall and Spring Semesters will receive one disbursement of one-half of the total loan proceeds per semester (as long as a minimum of half-time [six credits] enrollment is maintained).  A student attending one semester (Fall or Spring) will receive the loan proceeds of one-half of the total loan amount in two disbursements.  Per Federal regulations, the second half of the loan may not be disbursed until a minimum of one-half of the semester has elapsed.  A loan disbursement will not be made after a student ceases to be enrolled in at least six credit hours.

 The loans available at Daytona State are listed below:

Federal Subsidized Stafford Loan – Federal Subsidized Stafford Loans are made by a lender such as a bank or credit union. Eligibility is based on financial need. The loan's interest rate is currently 6.8 percent. Students must be enrolled in an eligible program at least half-time. 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 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). The lender will charge a 1½  percent origination fee. The Guarantee Agency may charge a maximum 1 percent loan default fee. Loan repayments generally begin six months after the student graduates, leaves school or drops below half-time enrollment. Loans are not available for the summer semester at Daytona State. 

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

Federal Unsubsidized Stafford Loans – Federal Unsubsidized Stafford Loans are available for students who do not qualify, in whole or in part, for Subsidized Federal Loans. Students must be enrolled in an eligible program at least half-time. Independent students may be eligible to borrow up to an annual maximum of $4,000* in additional Federal Unsubsidized Stafford 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. The lender will charge a 1½ percent origination fee. The Guarantee Agency may charge a maximum 1 percent loan default fee.  Loans are not available for the summer semester at Daytona State.

*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 $5,000.

Federal Parent PLUS Loans – Federal Parent 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. The loans are made by lenders such as banks or credit unions who charge a 3 percent origination fee. The lender also may collect a loan default fee of 1 percent. The interest rate is fixed at 8.5 percent. 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.

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 accept a Stafford Loan while at Daytona State will be required to complete loan entrance counseling  and loan exit counseling to go review repayment obligations.

To apply for a federal Stafford Loan, the student must first complete a FAFSA. The student will be notified via the award letter of loan eligibility and must complete  a Federal Stafford Master Promissory Note (MPN) each year. Allow approximately four to six weeks from the initial date of the loan application for processing to be completed.  If the student is a first-time borrower, he/she will have to make the decision regarding the choice of student loan lenders.

Emergency Loans- Emergency loans are provided by Daytona State to assist students who are experiencing extreme financial hardships that have a direct impact on his or her ability to function in the classroom.  This financial hardship, if not addressed, usually reduces the student’s quality of life and that of dependent family members.

Emergency loans are handled by the Financial Aid Services Office.  A student may apply for an emergency loan to purchase required course equipment and other supplies that are not available in the Daytona State College bookstore.  Also, emergency loans, by referral, are available to pay for a student’s licensure examination.

Students requesting emergency loans are asked to complete an application in the Financial Aid Services Office located on the Daytona Campus in Building 100, or the student may contact the Coordinator of Emergency Loans at (386) 506-3013 for additional information.

Before borrowing under one or more of the Federal Family Education Loan Programs, investigate the possibility of grant and/or scholarship assistance available from the state of permanent residency. Award amounts and program availability may be subject to change after this information is printed, based on federal and state appropriations.

rev. 3-03-08