There are many types of aid available to help you pay for the costs of tuition and fees at Florida Memorial University. Our Financial Aid Office will work hard to make sure you are informed about the many types of aid available to you and guide you through the process of securing financial assistance.

Grants

Undergraduate students who have not received a bachelor’s degree may apply for the grant programs listed below:

Federal Pell Grant Program

This is a grant available to undergraduate students who demonstrate financial need based on the Federal Methodology Formula. Undergraduate students may receive a Pell Grant award up to $5,645 per year.

Effective 2012-2013, no student will be eligible to receive more than 12 semesters or its equivalency of Federal Pell Grant.

Federal Supplemental Educational Opportunity Grant Program (FSEOG)

This is a grant available to undergraduate students who demonstrate exceptional financial need. Only a limited amount of FSEOG can be awarded each year due to funding constraints.

The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program

The TEACH grant is a federally funded program created by the College Cost Reduction and Access Act (CCRAA).It became effective beginning with the 2008-2009 award year. The TEACH grant provides up to $4,000 a year in grant assistance to students who plan on becoming a teacher and meet certain specified requirements. If a student who receives a TEACH grant does not complete the required teaching, the grant must be repaid as a Direct Unsubsidized Loan under the William D. Ford Federal Direct Loan Program. For more information regarding the (TEACH) Grant contact Dr. Mildred Berry; (305) 623-1444.

Florida Resident Access Grant (FRAG)

The William L. Boyd, IV, Florida Resident Access Grant (FRAG) Program is a State grant that provides tuition assistance to Florida undergraduate students attending an eligible private, non-profit Florida college or university. Based on the 2012-2013 academic year students were awarded $2,149 for the academic year.

Initial Eligibility Requirements to Receive Funding

The student will:

  • Be a Florida resident and a U.S. citizen or eligible non-citizen. A student’s residency and citizenship status are determined by the postsecondary institution. Questions regarding such status should be directed to the financial aid office or admissions office of the institution the student plans to attend.
  • Not owe a repayment or be in default under any state or federal grant, loan, or scholarship program unless satisfactory arrangements to repay have been made.
  • Not have previously received a baccalaureate degree.
  • Enroll for a minimum of 12 credit hours per term at an eligible Florida college or university in a baccalaureate degree program.
  • Meet Florida’s general eligibility requirements for receipt of state aid.
  • Not be enrolled in a program of study leading to a degree in theology or divinity.

Applying for an Award:

Student Award Renewal:

  • A renewal applicant must have earned a minimum institutional cumulative grade point average (GPA) of 2.0 on a 4.0 scale, and earned the equivalent of 12 credit hours for each term an award was received during the academic year.
  • Eligibility is determined at the end of the spring semester of each academic year. Credit hours earned during the previous summer may be counted toward the total number of credit hours required.

For more information regarding FRAG visit the State of Florida website at www.floridastudentfinancialaid.org/SSFAD/factsheets/FRAG.htm

FSAG

The Florida Student Assistance Grant (FSAG) Program is a need-based State grant program available to degree-seeking, resident, undergraduate students who demonstrate substantial financial need and are enrolled in participating postsecondary institutions in the State of Florida. Based on the 2012-2013 academic year students were awarded $1,900 for the academic year.

Initial Eligibility Requirements to Receive Funding

The student will:

  • Be a Florida resident and a U.S. citizen or eligible non-citizen. A student’s residency and citizenship status are determined by the postsecondary institution. Questions regarding such status should be directed to the financial aid office or admissions office of the institution the student plans to attend.
  • Not owe a repayment or be in default under any state or federal grant, loan, or scholarship program unless satisfactory arrangements to repay have been made.
  • Not have previously received a baccalaureate degree.
  • Enroll for a minimum of 12 credit hours per term.
  • Meet Florida’s general eligibility requirements for receipt of state aid.
  • Annually submit the Free Application for Federal Student Aid (FAFSA), complete and error free.
  • Student Award Renewal:

    • A renewal applicant must have earned a minimum institutional cumulative grade point average (GPA) of 2.0 on a 4.0 scale, and earned the equivalent of 12 credit hours for each term “an award was received during the academic year.
    • Eligibility is determined at the end of the spring semester of each academic year. Credit hours earned during the previous summer may be counted toward the total number of credit hours required.

    For more information regarding FSAG visit the State of Florida website at:

    www.floridastudentfinancialaid.org/SSFAD/factsheets/FSAG.htm

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    Federal Work-Study Program

    The Federal Work-Study (FWS) Program provides part-time, on-campus employment to students with financial need. Work-Study is usually awarded to students in combination with other forms of financial aid, which enables them to meet their educational expenses without incurring burdensome indebtedness. The program is also intended to broaden the range of job opportunities for qualified students.

    The Federal Government requires that we do not pay a student less than minimum wage of $7.79 an hour.

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    Loans

    Federal Direct Loan

    A federal student loan, made through the William D. Ford Federal Direct Loan Program, for which eligible students and parents borrow directly from the U.S. Department of Education. Direct Subsidized Loans, Direct Unsubsidized Loans, Direct Parent PLUS Loans are types of Direct Loans. Students must complete a FAFSA application and be enrolled at least half time in order to be considered for these loan programs.

    Subsidized Loan

    A loan based on financial need for which the federal government pays the interest that accrues while the borrower is in an in-school, grace, or deferment status. For Direct Subsidized Loans first disbursed between July 1, 2012, and July 1, 2014, the borrower will be responsible for paying any interest that accrues during the grace period. If the interest is not paid during the grace period, the interest will be added to the loan’s principal balance. Award amount are based on classification:

    Direct Subsidized Loan Limits

    Undergraduate students
    Year Dependent 1
    1st-year $3,500
    2nd-year $4,500
    3rd- and 4th-year $5,500
    Aggregate $23,000

    Unsubsidized Loan

    A loan for which the borrower is fully responsible for paying the interest regardless of the loan status. Interest on unsubsidized loans accrues from the date of disbursement and continues throughout the life of the loan.

    - What’s the difference between Direct Subsidized Loans and Direct Unsubsidized Loans?

    In short, Direct Subsidized Loans have slightly better terms to help out students with financial need.

    Here’s a quick overview of Direct Subsidized Loans:

    • Direct Subsidized Loans are available to undergraduate students with financial need.
    • Your school determines the amount you can borrow, and the amount may not exceed your financial need.
    • For a subsidized loan, the U.S. Department of Education pays the interest
      • while you’re in school at least half-time,
      • for the first six months after you leave school (referred to as a grace period*), and
      • during a period of deferment (a postponement of loan payments).

    Here’s a quick overview of Direct Unsubsidized Loans:

    • Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
    • Your school determines the amount you can borrow by considering the cost of attendance and other financial aid you receive.
    • For an unsubsidized loan, you are responsible for paying the interest during all periods.
    • If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

    Direct Parent PLUS Loan

    A loan made by the U.S. Department of Education to parents of dependent undergraduate students for which the borrower is fully responsible for paying the interest regardless of the loan status. PLUS loans have a fixed interest rate of 7.9 percent. There is a 4 percent origination & guarantee fee. Repayment of principal and interest begins no later than 60 days after the final annual disbursement of the loan. The PLUS application and master promissory note (MPN) may be completed online at www.studentloans.gov.

    Alternative Lenders

    Non-Federal Private/Alternative loans are private loans made through lending institutions. The loans are not part of the federal government programs. Alternative loans are more expensive than federal government guaranteed loans and should only be used when all other funding options have been exhausted. Research all possibilities for scholarships, grants, work-study and federal loan programs before borrowing from an alternative loan program. Free or lower-cost Title IV federal, state, or institutional financial aid may be available in place of or in addition to, a private education loan.

    Please note: A private education loan may reduce eligibility for free or lower-cost federal, state, or institutional financial aid

    You are strongly encouraged to pursue the availability of free or lower-cost Federal financial aid

    If you determine you need an alternative loan, we recommend that you review the many alternative loan lenders and research their policies and loan terms to decide the lender of your choice. The best way to locate alternative loan lenders is to do an internet search for “private student loans”. Our office cannot suggest nor recommend an alternative lender.

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    Scholarships

    Florida Memorial University Academic Honors Scholarships

    New first time freshman and transfer students who wish to be considered for an FMU scholarship must first complete the entire admissions process.

    • Final high school cumulative un-weighted GPA of 3.3 to 3.49 – $2,000/year
    • Final high school cumulative un-weighted GPA of 3.5 or better- $Full Tuition
    • SAT Math & Verbal combined test score of 900 or better, or ACT Composite test score of 21 or better – $2,000/year
    • Transfer students – Final university/community college cumulative GPA of 3.3 or better -$2,000/year

    Please note: Students must maintain the minimum qualifications while attending Florida Memorial University to continue to receive their specified scholarship. For more information you can contact (305) 626-3750.

    Athletic Scholarships

    To be considered for an FMU Athletic scholarship student must complete the entire admissions process and have a minimum GPA/transfer GPA of a 2.0; SAT Math and Verbal combined test score of 860 or ACT composite score of 18.

    The following are lists athletic programs with available scholarships:

    1. Baseball (Men)
    2. Volleyball (Women)
    3. Basketball (Men and Women)
    4. Track and Field (Men and Women)
    5. Soccer (Men and Women)

    For more information you can contact Ms. Brenda Osborne, Athletic Administrative Assistant: (305) 626-3166.

    Music Scholarship

    Florida Memorial University offers scholarships for our renowned Music program. Students interested in joining the music program and possibly earning a scholarship must meet all admission requirements. For more information regarding the music scholarship you may contact Mr. Melvin White, Director of Music: (305) 626-0092

    State Grants/Scholarships

    Much like the federal government, the state of Florida provides its residents with a variety of funds to help meet the escalating costs of higher education. Florida resident students may visit www.floridastudentfinancialaid.org/SSFAD/home/uamain.htm for more information.

    Other Scholarship Opportunities

    Register at www.UNCF.org and apply for all scholarship/grants applicable to you

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