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Finances
What Programs are Available
Students who apply for federal aid by completing the Free Application for Federal Student Aid (FAFSA) are considered for federal loan and employment programs. The following loans are available to U. S. citizens and permanent residents:
Subsidized Stafford
These loans are awarded based on financial need with the maximum being $8,500 per year. There is no interest or repayment as long as the student is at least a half-time student. Repayment of principal and interest begins six months after the student ceases at least half-time enrollment. The interest rate is fixed at 6.8%.
Unsubsidized Stafford
These loans are awarded without regard to financial need and can range up to $18,500 per year. The actual amount cannot exceed the estimated cost of attendance less other aid, including any Subsidized Stafford Loans. Interest does accrue on these loans while in school but repayment of principal begins six months after the student ceases at least half-time attendance. The interest rate is fixed at 6.8%.
*New* Federal Direct Graduate PLUS Loan Program
The Higher Education Reconciliation Act of 2005 provides for eligible graduate and professional students to receive funds from the Federal Direct PLUS Loan Program (Graduate PLUS). For information on the Graduate PLUS Loan Program go to www.sfa.ufl.edu/programs/gradfdplus.html. If you do not have adverse credit history and wish to apply for funds through this program go to www.sfa.ufl.edu/pub/forms.html to print the for the corresponding academic year, complete and return the form to Student Financial Affairs Office for processing.
Federal Work-Study
Students who wish to use a portion of their need-based eligibility for work may request a Federal Work-Study award from Student Financial Affairs. For a non-need based employment award, students may request OPS state-funded work program.
University of Florida Graduate Grants
A limited number of University of Florida Graduate Grants of up to $2,000 per year were awarded for the first time for the 2002-03 academic year and we anticipate that these grants will be available again for 2007-08. These grants are awarded to students with valid FAFSA information on file with the University prior to March 15th, who demonstrate financial need, and do not have other types of gift aid, such as fee waivers or scholarships, already awarded.
All forms of income must be reported to the financial aid office, including fellowships, fee waivers, and outside private scholarships, since this is factored in when determining the amount of aid to be awarded.
How Do I Apply For Financial Aid?
The Free Application for Federal Student Aid (FAFSA) is the only application required for federal loans, workstudy, and the UF Graduate Grants. You may complete your FAFSA online at http://www.fafsa.ed.gov/. If you have your federal pin number you can do everything online; otherwise, you will need to print and mail in a signature page at the end of the online process. You can request a federal pin number at http://www.pin.ed.gov/.
A paper FAFSA form is available upon request from the MBA Financial Aid Coordinator, Connie Reed, by email at clreed@ufl.edu.
What Happens After I Apply For Financial Aid?
Approximately two weeks after you mail your FAFSA or file online, a Student Aid Report (SAR) will be returned to you. Review the information. If there are any errors, correct them and return the form according to the instructions provided on the SAR. If the information is correct, keep it for your records. If you provide your email address when completing the FAFSA, the federal processor will email you your PIN and SAR within a few days after processing.
Each year about 30 percent of students’ financial aid applications nationwide are chosen for "verification," a process of confirming data supplied by the applicant. UF participates in the Quality Assurance Program, a federal program that allows UF to establish its own verification criteria and determine which student files must be verified. Because of this, please ignore any statement on your Federal Student Aid Report that you are being verified. If your application is selected for UF verification, you will receive a letter from UF explaining what documents to provide. Do not submit any documents unless SFA requests that you do so. If your application is verified, aid funds cannot be disbursed to you until you have submitted all requested documents and the accuracy of your information has been checked.
If you have any questions regarding Financial Aid, please contact the dedicated MBA Financial Aid advisor, Connie Reed at clreed@ufl.edu or 392-1275 ext. 3386.
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