Student Loan Repayment
To make your payments more affordable, repayment plans can give you more time to repay your loans or can be based on your income. (https://studentaid.gov/manage-loans/repayment)
Choose the federal student loan repayment plan that is best for you. For more information visit the following link - https://studentaid.gov/manage-loans/repayment/plans you can use the StudentAid Loan Simulator to get an early look at which plans you may be eligible for and see estimates for how much you would pay monthly and overall. (https://studentaid.gov/loan-simulator/)
Estimated Direct Loan Repayment Amounts
| Initial Debt |
Standard |
Extended |
Graduated |
Income Contingent Income = $15,000 Single |
|
Per month |
Total |
Per month |
Total |
Per month |
Total |
Per month |
Total |
| 3,500 |
50 |
4,471 |
Not Available |
Not Available |
25 |
5,157 |
21 |
6,939 |
| 5,000 |
58 |
6,905 |
Not Available |
Not Available |
40 |
7,278 |
30 |
9,912 |
| 5,500 |
63 |
7,595 |
Not Available |
Not Available |
43 |
8,007 |
33 |
10,903 |
| 7,500 |
86 |
10,357 |
Not Available |
Not Available |
59 |
10,919 |
45 |
14,868 |
| 10,500 |
121 |
14,500 |
Not Available |
Not Available |
83 |
15,283 |
64 |
20,815 |
| 15,000 |
173 |
20,714 |
Not Available |
Not Available |
119 |
21,834 |
87 |
29,685 |
| 18,500 |
213 |
25,548 |
Not Available |
Not Available |
146 |
26,929 |
87 |
35,992 |
| 23,000 |
265 |
31,762 |
Not Available |
Not Available |
182 |
33,479 |
87 |
43,141 |
| 30,000 |
345 |
41,429 |
277 |
83,289 |
237 |
43,668 |
87 |
52,340 |
Florida National Educational Loan
The FNEL is for students who cannot afford to pay tuition in full and/or do not qualify either for Financial Assistance or the deferred payment plan. Contact the Financial Aid Department for more information.
Federal Pell Grant Program
(https://studentaid.gov/understand-aid/types/grants/pell)
A Pell Grant is an entitlement program designed to assist undergraduates in paying for their education. The process occurs in five steps:
- The U.S. Department of Education evaluates applications.
- The Department of Education uses a standard formula in their evaluation, which guarantees equal treatment for all applicants, but it also means that, except for a few specific cases, there are no exceptions made for unique financial circumstances of students or their families. The formula used to determine the Estimated Family Contribution (EFC) is too long to be included in this catalog. However, a pamphlet that describes the formula in detail can be obtained by writing to Federal Student Aid, P.O. Box 84, Washington, DC, 20044.
- Demonstrate financial need. The Department of Education mails an Institutional Student Information Record (ISIR) directly to the student, which the student submits to FNU, even if there is no award.
- Be a high school graduate or hold a GED diploma. The amount of the award is determined by the Estimated Family Contribution (EFC), which is reported in the ISIR.
- Student should pay attention to the effect that receiving Pell Grants for more than one academic year of attendance in Remedial classes or ESL program has on the Lifetime Eligibility Used which at this moment is a maximum eligibility of 12 semesters.
Federal Supplemental Education Opportunity Grant (FSEOG)
Federal Supplemental Education Opportunity Grants (FSEOG) are awarded to undergraduate students with exceptional financial need, with priority given to those who will receive a Federal Pell Grant during the award year. FSEOG funds are limited. (https://studentaid.gov/understand-aid/types/grants/fseog)
To be considered for an FSEOG award, you must submit your Free Application for Federal Student Aid (FAFSA) to the University and complete the financial aid application process with the Financial Aid Office each academic year, by Friday of the second week of your first semester of the year (for continuing students, the first semester of the academic year will generally be the Fall semester; for new or re-entering students, the first semester may be Fall, Spring or Summer).
In order to serve the best interests of our students, FNU allocates a percentage of these funds throughout the award year to be awarded each term for new and continuing students who are ready to be packaged for the award year or the remainder of the award year. First priority for receiving an FSEOG award will be an applicant with the lowest expected family contribution (EFC) who is also a Pell grant recipient during the award year. The annual range of possible FSEOG awards at FNU is currently $100 to $300.
If all Pell grant recipients receive an FSEOG award, the next priority for awarding FSEOG funds would be students with the lowest EFC who are not Pell recipients.