Frequently Asked Questions Information for Current Students at the Florida Keys Community College in Key West, FL
Frequently Asked Questions
2012-13 Guide to Federal Student Aid (PDF)
2012-13 Steps to Student Aid (PDF)
What information do I need when I fill out a FAFSA?
Am I an Independent or Dependent student?
Who is my 'parent' when I fill out the FAFSA?
Where can I find out more information about Bright Futures?
Disbursement – How is aid paid to me & when?
Student financial aid such as Pell, SEOG and Direct Loans are awarded to student accounts as authorizations and/or memos. Approximately 4 weeks after the term starts, financial aid is paid to student accounts through the disbursement process.
There is an EXCEPTION for student loans:
· Students that request a loan for one term will receive their funds in 2 disbursements. The 1st payment will be made on the normal disbursement date and the 2nd payment will be made roughly 60% after the beginning of the term.
On DISBURSEMENT DAY, the Financial Aid and Business Offices will be busy with the following tasks:
· Verify student attendance/enrollment - loan funds are not paid to students that have less than 6 credit hours of attendance
· Calculate student credit balances from financial aid and student term payments
· Subtract all student charges for tuition, fees, books
· Calculate refunds after term charges
· Generate refund checks
· Mail checks to students
What is FKCC’s federal school code?
FKCC's Federal School Code is 001485.
What is the FAFSA?
The FAFSA is the Free Application for Federal Student Aid.
You need to fill out the FAFSA to be eligible for grants, work-study jobs, student loans and scholarships.
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.
When should I apply for financial aid?
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. 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.
How do I know if I qualify for financial aid?
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.
I do not think I will qualify for financial aid. Should I still apply?
Yes. Many scholarships and state grants require completion of the FAFSA at www.FAFSA.gov
Do I have to reapply for financial aid each year?
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.
Do I have to wait for admission before applying for financial aid?
No, but you do have to be admitted and registered to receive financial aid.
I have a four year bachelors degree. Should I still apply?
Having a four year bachelor’s degree will disqualify you from receiving federal financial aid at FKCC.
Do I have to be enrolled full-time to receive 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, scholarships and loan programs do require students to be enrolled at least half-time or full-time in order to be eligible.
If I am a Non-U.S. Citizen can I still receive financial aid?
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.
Are international students eligible to receive state or federal financial aid?
No. There are, however a number of privately funded scholarship programs for International students. Go to www.iefa.org to explore your options.
What if my financial situation has changed since I filed my FAFSA?
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.
I lost my tax information. What can I do?
You can contact the IRS at 1-800-829-1040 to request free transcripts of your tax return and W2(s). If a tax preparer submitted your taxes for you, contact him or her to get a copy of what was submitted.
I did not file a tax return because my income was too low. Can I still apply for financial aid using the FAFSA?
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.
I submitted my FAFSA over 4 weeks ago, but have not heard anything. What should I do?
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.
What does 'EFC' stand for?
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.
What is an Award Notification Letter?
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.
How are students selected for verification?
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.
What is a Pell Grant? How can I get one?
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 2011-12 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.
What is a Federal Work Study job?
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 and a Federal Work Study Application.
Can I deduct my tuition from my federal taxes?
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.
What is the Hope Credit?
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.
What is the Lifetime Learning Credit?
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.
How many federal tax credits can I take advantage of?
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.
What is the American Opportunity Credit?
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.
What is the tuition and fees deduction?
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.
What is the student loan interest deduction?
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
What is the Coverdell Education Savings Account?
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
What is a 529 College Savings Plan?
A 529 College Savings Plan allows parents to save for college costs.
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.
What if I am a student at FKCC but I want to take a course or courses at another institution?
Students can only receive financial aid through one institution at a time. If you want to take courses elsewhere temporarily you must complete the Transient Student Association Application at www.facts.org and a Consortium Agreement. It is the students responsibility to transfer funds received to pay funds due else where. FKCC does not pay fees at other institutions directly.
What do I need to do to allow a third party (parent, spouse, etc) to discuss details of my student account with FKCC?
The Family Educational Rights and Privacy Act (FERPA) does not allow details of a students account to be disclosed to a third party without wrtten permission from the student. A completed FERPA Consent Form must be submitted to Enrollment Services before staff members will discuss any specific details regarding a student.