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FKCC Facts

Frequently Asked Questions Information for Future Students at the Florida Keys Community College in Key West, FL

Frequently Asked Questions

•  Students who have earned Bright Futures while in High School should contact the Florida’s Office of Student Financial Assistance to activate an account to track their scholarship award and eligibility http://www.floridastudentfinancialaid.org/ssfad/bf/ 
• A summary of scholarship awards and conditions can be found at http://www.floridastudentfinancialaid.org/ssfad/factsheets/BF.htm   
• Florida Academic Scholars and Florida Medallion Scholars are eligible to receive a $78 per credit hour award at FKCC. Students will be responsible for payment of $18.37 per credit hour plus any lab fees at the time of registration.
• Florida Vocational Gold Seal recipients are eligible to receive $58 per credit hour. Students will be responsible for $38.37 per credit hour plus any lab fees at time of registration. 
• Approximately 45 days before the beginning of each term, FKCC’s Financial Aid Department will post scholarship awards to student accounts that appear on the eligibility list for FKCC provided by the state of Florida. If you are a transfer student from another institution, you must direct Florida’s Office for Student Financial Assistance to make your Bright Futures award available at FKCC.
• Students who appear on the eligibility list that have not completed the FKCC college application will not receive an award until they become degree seeking.
• If you withdraw from a class that you received a Bright Futures scholarship award from, you will be required to pay FKCC back for the credits that you withdrew. Florida’s Office of Student Financial Assistance will terminate future eligibility if the outstanding balance is not paid.

•  FKCC's Federal School Code is 001485.

• The FAFSA stands for Free Application for Federal Student Aid.
• You need to fill out the FAFSA to be eligible for grants, work-study jobs, and student loans.
• You can apply online at www.fafsa.ed.gov.
• To complete your application, you will need a pin number to electronically sign your FAFSA. This is to ensure your privacy and security. You can obtain your pin at www.pin.ed.gov.

• The Free Application for FAFSA is available every year on January 1st.
• You should apply early even if you are not planning to start school until the summer or fall. That way you can figure out how you are going to pay for school before you begin. The latest date a student can apply for financial aid is June 30thof the following year However, a student must have valid ISIR data/paper SAR at the institution prior to the last day of enrollment at that campus to be considered for payment

• You should complete the FAFSA even if you think you may not qualify for federal financial aid. You never know what you might receive. -In order to be considered eligible for these programs, you must meet the following eligibility requirements:
• You must have a high school diploma, General Education Development (or equivalency), or have passed an independently administered "Ability to Benefit" test approved by the U.S. Department of Education.
• You must be enrolled in an eligible program leading to an associate degree, certificate or transfer to a university.
• You must be a U.S. citizen or eligible non-citizen.
• You must submit all required forms and documents requested by the Financial Aid Office.
• You must meet and maintain satisfactory academic progress requirements for financial aid.
• You must have financial need (except in the case of unsubsidized loans), as demonstrated by a completed FAFSA and financial aid office review.
• You must be in compliance with the Selective Service if you are a male. For males between 18 and 25 years of age, you must be registered.
• You do not owe a refund or repayment on a federal grant.
• You cannot be in default on a federal educational loan.
• You must have a valid Social Security number. If you are a dependent student, your parent is not required to have a valid Social Security Number.
• You have not been convicted of possession or selling illegal drugs while enrolled and receiving financial aid.

• Yes. Go to FAFSA.gov

• Yes.
• You must apply for Financial Aid each year. You can apply online at www.fafsa.ed.gov. The online FAFSA application is easy to complete. The computer program will walk you through all the questions you need to answer.
• Best of all it won’t cost you anything to apply. To complete your application, you will need a pin number to electronically sign your FAFSA.
• This is to ensure your privacy and security. You can obtain your pin at www.pin.ed.gov.
• Finally you should know that the FAFSA is available every year beginning January 1st. You are encouraged to apply early.

• No,
• However, you do have to be admitted and registered to receive financial aid

• Having a fourth yr bachelor’s degree will disqualify you from receiving federal financial aid.

• No -In some cases if you are eligible for Financial Aid, the amount of aid you receive will be determined by the number of credits you are enrolled in.
• Be aware that some grants and loan programs do require students to be enrolled at least half-time or full-time in order to be eligible.

• Yes if you are determined to be an eligible non-citizen The following types of non-citizens are eligible for federal financial aid:
• US Permanent Residents with a Permanent Resident Card (I-551) or Conditional Permanent Resident (I-551C) or those with an Arrival-Departure Record (I-94) showing the destinations of Refugee, Asylum Granted, Parolee or Cuban- Haitian Entrant or those with an Immigration Court document approving Asylum or documentation or entering the U.S. under provisions of the Victims or Trafficking and Violence Protection Act are eligible for federal financial aid.

• No. There are, however a number of privately funded scholarship programs for International students. Go to www.iefa.orgto explore your options.

• Do you have dependents, other than your children or spouse, who live with you and who receive more than half of their support from you?
• Are both of your parents deceased, or were you a ward or dependent of the court until age 18?
• Are you a veteran of the U.S. Armed Forces?
• Are you currently serving on active duty in the Armed Forces other than training?
• Are you an emancipated minor as determined by a court in your state?
• Are you in a legal guardianship as determined by a court in your state?
• Did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless?
• Did a director of an emergency shelter program determine that you were an unaccompanied youth who was homeless?
• Did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or sere self-supporting and at risk of being homeless?
• If you answered Yes to any of these questions, then you will be considered "Independent" and will not be required to submit parent information on the FAFSA.

• You are an independent student if you answer yes to any of the following questions:
• Are you 24 years old?
• At the beginning of the school year, will you be working on a master's or doctorate program?
• As of today, are you married or separated?
• Do you have children who receive more than half of their support from you?

• If your family income will change for the coming year, you may request a Special Circumstances or Unusual Circumstances application in the Financial Aid Office after you file your FAFSA and complete all of your documentation.
• Based upon the information you provide, the Financial Aid staff may use estimated income to determine eligibility for programs -In addition, your family's Adjusted Gross Income can also be reduced because of unusual medical expenses, K-12 school tuition costs, the support of an extended family member that does not reside with the family, or unusual debt related to a bankruptcy, adoption, divorce, etc.

• You can contact the IRS at 1-800-829-1040 to request a free copy of your tax information. -If a tax preparer submitted your taxes for you, contact him or her to get a copy of what was submitted. Please be sure to request your W2 wage transcript too!!!

• Yes. You can still apply for financial aid using the FAFSA even if you did not file a tax return because your income was too low.
• When filling out the FAFSA, you must indicate that you did not file taxes.
• You must also indicate how much you earned for the year.

• If you have not received a Student Aid Report (SAR), you should call the Federal Student Aid Information Center at 1-800-4FED-AID.
• You will have to provide them with your date of birth and Social Security number so that your identity can be verified.
• You can also write to:
• Federal Student Aid Programs PO Box 4038 Washington, DC 52243-4038
• Or contact us at 305-809-3253

• The term EFC stands for: Expected Family Contribution.
• Your Expected Family Contribution (EFC) is the number that's used to determine your eligibility for federal student aid.
• The EFC is not the amount of money that your family must provide.

• An Award Notification Letter is a letter notifying financial aid applicants of the types and amounts of aid offered, as well as the responsibilities and conditions of each award.

• Students are selected at random or by system edits at the U.S. Department of Education. -If you are selected for verification, you must submit tax returns and other proof of data provided on the FAFSA.

• Pell Grants are federally-funded, need-based, cash grants given to college students to help pay for college.
• Pell Grants can be awarded up to $5,550 for the 2010-2011 school year.
• Pell Grants do not have to be paid back.
• Fill out the FAFSA to be considered for a Pell Grant.
• Any Pell Grant-eligible student whose parent or guardian died as a result of military service in Iraq or Afghanistan after Sept.11, 2001 will receive the maximum award amount. The student must be under 24 years old or enrolled at least part-time in college at the time of their parent's or guardian's death.

• Federal Work-Study is a program that provides jobs for students who demonstrate financial need.
• Eligible students are placed into work-study jobs, usually on campus. -To be considered for a Federal Work-Study job, you must complete a FAFSA.

• You should complete the FAFSA to be considered for federal loans, such as the Subsidized and Unsubsidized Stafford Loans. Some colleges also offer 5% Perkins Loans.

• Accepting a Stafford loan that is included in your financial aid award package should not affect other types of aid you have been awarded.

• The government pays the interest on a Subsidized Stafford loan as long as you are enrolled in school at least half-time or are in your grace period.
• Your loan will enter repayment six months after graduation or dropping below half-time status. Typically, a student who is taking 6 or more credits is considered half-time.
• It is important to check the enrollment status requirements at your school to be certain you are enrolled at least half-time.

• There are two types of Stafford Loans. Subsidized and unsubsidized. As a student loan borrower you may be eligible for one type or a combination of both subsidized and unsubsidized.

• Both subsidized and unsubsidized student loans are loans from the federal government for students pursing higher education.
• If you receive a subsidized Stafford loan you do not have to pay the interest while you are in school or during grace and approved deferment periods. During these periods, the government pays the interest for you on your subsidized loan.
• However with an unsubsidized loan your interest will begin to accrue immediately upon disbursement of your loan. You have the option of making interest payments while you are in school or waiting until after your grace period. If you wait to pay your interest until after your grace period all accrued interest will be capitalized. This will increase the balance of your loan. If you have the extra money while in school, it is a good idea to make your interest payments.

• The interest rate on Subsidized Stafford loans for undergraduate students disbursed between July 1, 2009 and June 30, 2010 is 5.6%.
• The interest rate on Subsidized Stafford loans for undergraduate students disbursed between July 1, 2010 and June 30, 2011 is 4.5%. The interest rate on Unsubsidized Stafford loans is fixed at 6.8%

• As a dependent undergraduate student you are eligible for up to the following annual loan amounts depending on your financial aid award package:
• As a Freshman, you are eligible for up to $3,500.
• As a Sophomore you are eligible for up to $4,500.
• As a Junior and Senior you are eligible for up to $5,500 per academic year.
• As an independent undergraduate student or a dependent student whose parents have applied for but were unable to get a PLUS Loan (a parent loan), you are eligible for up to the following:
• As a Freshman you are eligible for up to $9,500 with no more than $3,500 being a subsidized loan.
• As a Sophomore you are eligible for up to $10,500 with no more than $4,500 being a subsidized loan
• As a Junior and Senior you are eligible for up to $12,500 per academic year with no more than $5,500 being a subsidized loan.
• As a graduate or professional student you are eligible to borrower up to: $20,500 per academic year with no more than $8,500 being a subsidized loan.

• No. A credit check is not required to receive a Stafford Loan.

• The PLUS Loan is an educational loan provided by the Federal Government to parents of dependent students.
• The PLUS Loan is designed to help students who have financial need to pay for educational expenses while attending college.
• To be eligible for a PLUS Loan, parents must pass a credit check and must be either:
• a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen.
• Students must be enrolled at least half-time in an eligible program of study.
• The interest rate on the PLUS Loan is fixed at 7.9% at colleges that use the Federal Direct Loan Program.

• The Service members Civil Relief Act (SCRA), establishes a maximum interest rate of 6% on debts incurred by a service member, or the service member and the service member’s spouse jointly, before the service member enters military service.

• To qualify for the 6% interest rate cap, you need to provide your lender a written notice and a copy of the military orders calling you to military service or extending your military service.

• If you borrowed a Direct Loan, no interest will accrue for up to a period of 60 months if you meet one of the following conditions:
• You are serving on active during war or other military operations or national emergency
• You perform qualifying National Guard duty during war or other military operations or national emergency ABS serve in an area of hostilities for which service qualifies for special pay.
• The Military Service Interest waiver applies to Direct Loans first disbursed on or after October 1, 2008.
• FFEL Program loans first disbursed on or after October 1, 2008 (including Consolidation loans that repaid FFEL or Direct loans first disbursed on or after October 1, 2008) are also eligible for the Military Service Interest Waiver when included in a Federal Direct Consolidation Loan.

• There are a number of ways the tax code helps people afford college.
• The federal government offers federal tax benefits, tax credits, tax deductions and savings incentives that can offset college costs. According to the IRS, here is how each program works:
• A tax credit reduces the amount of income tax you may have to pay.
• A deduction reduces the amount of your income that is subject to tax, thus generally reducing the amount of tax you may have to pay.
• Certain savings plans allow the accumulated interest to grow tax-free until money is taken out (known as a distribution), or allow the distribution to be tax-free, or both.

• The Hope Credit is a tax credit which helps parents and students pay for college. Eligibility for the Hope Credit is dependent on family income.
• According to the IRS, you can use the Hope Credit in your freshmen and sophomore years only and you must be enrolled at least half-time. To be eligible for the Hope Credit, you must meet all of the following requirements:
• You pay qualified education expenses of higher education.
• You pay the education expenses for an eligible student.
• The eligible student is either yourself, your spouse or a dependent for whom you claim an exemption on your tax return.

• The Lifetime Learning Credit helps parents and students pay for a college education.
• A credit of up to $2,000 per year ($4,000 for students in Midwestern disaster areas) can be taken for qualified education expenses paid for all students enrolled in eligible educational institutions.
• According to the IRS, you can generally claim the Lifetime Learning Credit if all three of the following requirements are met:
• You pay qualified education expenses of higher education.
• You pay the education expenses for an eligible student.
• The eligible student is either yourself, your spouse or a dependent for whom you claim an exemption on your tax return.

• According to the IRS, you can choose to claim either the Lifetime Learning Credit or the Hope or American Opportunity Credit .
• If you pay qualified education expenses for more than one student in the same year, you can choose to take credits on a per-student, per-year basis.
• This means that, for example, you can claim the Hope or American Opportunity Credit for one student and the Lifetime Learning Credit for another student in the same year.

• Under the American Recovery and Reinvestment Act (ARRA), parents and students may qualify for the American Opportunity Credit to pay for college expenses.
• The American Opportunity Credit modifies the existing Hope Credit for tax years 2009 and 2010, making it available to a broader range of taxpayers, including many with higher incomes and those who owe no tax.
• This credit allows for four years of qualified expenses and includes course materials as a qualified expense.
• The maximum annual credit is $2,500 per student.

• Using the Tuition and Fees Deduction, you may be able to deduct higher education expenses for yourself, your spouse or your dependent on your federal income tax return.
• Depending on your income, the Tuition and Fees Deduction can reduce the amount of your income subject to tax by up to $4,000.
• According to the IRS, you will not be eligible to take advantage of the Tuition and Fees deduction if any of the following apply:
• Your filing status is married filing separately.
• Another person can claim an exemption for you as a dependent on his or her tax return.
• Your modified adjusted gross income (MAGI) is more than $80,000 ($160,000 if filing a joint return).
• You were a nonresident alien for any part of the year and did not elect to be treated as a resident alien for tax purposes.
• You or anyone else claims an education credit for expenses of the student for whom the qualified education expenses were paid.

• You may qualify for a tax deduction of up to $2,500 just for paying your student loans.
• The Student Loan Interest Deduction allows you to deduct up to $2,500 of student loan interest paid during the year. Interest paid on loans you received for your spouse’s or child’s education may also be deducted. This deduction is available regardless of whether you itemize deductions on your federal tax return.
• According to the IRS, to claim the Student Loan Interest Deduction you must meet the following criteria:
• You must have been enrolled at least half time in a degree granting program during the time of the loan.
• Your modified adjusted gross income (MAGI) is less than $70,000 ($145,000 if filing a joint return)
• You are not being claimed as a dependent on your parent’s tax return

• The Coverdell Education Savings Account (ESA) helps parents and students save for education.
• It can be used to pay for a student’s post-secondary or K-12 education expenses.
• Contributions to a Coverdell ESA are limited to $2,000 per year for taxpayers with a modified adjusted gross income (
• MAGI) of less than $110,000 ($220,000 if filing a joint return).
• Coverdell ESA deposits grow tax free until distributed.
• However, the beneficiary will not owe tax on the distributions if they are less than a beneficiary’s qualified education
• expenses at an eligible institution.
• This benefit applies to qualified higher education expenses as well as to qualified elementary and secondary education expenses

• Contributions and earnings grow tax-free and distributions are not federally taxed as long as they are used for qualified higher education expenses. Under some plans, earnings may also grow tax free from state income tax. There is no income limit for contributors.

• Broadly speaking, there are two types of student loans
• Federal loans and private loans.
• Federal loans, whether they are administered directly through the federal government or through a private lender, are known by such as names as Stafford, Perkins, and PLUS.

• Interest is the amount you must pay in addition to the original amount of the loan. This original amount is known as the principal.