WORK-STUDY Federal Work-Study (FWS) - is a need-based fund offered to full -time students. Work-study is not credited to the student account like other types of aid. If you are offered work-study, you will have the oppor tunity to secure a job on campus and you will be paid biweekly for hours worked. Students with this offer will receive a late summer email regarding job oppor tunities and the employment process at FSU. STUDENT LOAN PROGRAMS Federal Direct Subsidized and Unsubsidized Loans - These are low- interest loans offered to students enrolled at least half-time (generally 2 courses/semester). Students enter repayment on this loan 6 months af ter they graduate, withdraw, or drop below half-time enrollment. Repayment can be deferred for students enrolled in graduate school , and f lexible repayment plans are offered through the federal government. The f ixed interest rates for the loans are set by the federal government each summer for the upcoming academic year. The f ixed interest rate for the 2022-2023 academic year was 4.99%. There is also an origination fee taken by the federal loan processor at the time of each disbursement. In 2022-2023 this fee was 1.057%. You will need to complete Entrance Counseling and a Master Promissory Note the f irst time you borrow from this program. Students can borrow up to $5,500 through this loan program as a freshman, $6,500 as a sophomore, and $7,500 as a junior and senior. Students that demonstrate f inancial need will be offered some of the loan as a subsidized version; for that por tion of the loan, the federal government pays the interest on the loan while the student is enrolled at least half-time and for the 6-month grace period af ter enrollment. Massachuset ts No Interest Loan (NIL) - is a need-based loan offered to full -time students from Massachuset ts. Eligibility and the offer value are determined by the University. This loan will remain interest free for the life of the loan if the borrower maintains regular repayment. Repayment begins 6 months af ter you graduate or drop below half-time enrollment. You must complete Entrance Counseling and a Promissory Note each year to receive this loan. CONGRATULATIONS ON YOUR ACCEPTANCE! Studies have shown that individuals wi th higher levels of education earn more and are more l ikely to be employed than those wi th a high school diploma alone. On average, a person wi th a college degree can earn over a mi ll ion dollars more than a high school graduate over the course of a l ifetime. The increased job securi ty and earnings potential enjoyed by college graduates may also resul t in l ife benef i ts such as greater access to heal th insurance and retirement plans. There are real benef i ts of higher education for individuals and society, and we applaud your desire to seek postsecondary education. Understanding that you are making a signif icant investment to pursue a bachelor ’s degree, we are prepared to assist you through the process of paying for college, star ting wi th the information provided in this f inancial aid guidebook. Sincerely, Carla Minchello, Director Financial Aid Off ice WE KNOW THAT EARNING YOUR COLLEGE DEGREE IS A HUGE INVESTMENT. FSU’S FINANCIAL AID COUNSELORS ARE READY TO ASSIST YOU WITH ANY QUESTIONS YOU MAY HAVE ALONG THE WAY.
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