Full Sail University Student Loan Funds: How It's Done

Full Sail University offers financial aid packages to students, which may include a combination of loans, grants, scholarships, and work-study opportunities. The university has a dedicated financial aid department to guide students through the process of securing funding for their education. Students seeking financial aid are advised to start the process early by completing the FAFSA (Free Application for Federal Student Aid) form. This application determines eligibility for federal student aid, which is monetary assistance from the US Department of Education to help students pay for higher education expenses. The university also offers scholarships and grants, which do not need to be repaid, and provides information on federal loan programs such as the Federal Stafford Loan, Federal Parent PLUS Loan, and Federal Graduate PLUS Loan.

Full Sail University's refund policy

Refunds Due to Cancellations

Students who are not accepted by the University or cancel their enrollment within five business days of Full Sail University's receipt of a signed enrollment agreement are entitled to a 100% refund of tuition and fees. Students who have not visited Full Sail University prior to enrollment can cancel all courses without penalty within three business days following either the regularly scheduled orientation or a tour of the school. Under any other circumstances, the $75 registration fee is retained by the University.

Refunds Due to Withdrawal

Full Sail University has an add/drop period during the first week of each semester. All tuition and fees will be refunded to students who drop a course within this period. After the add/drop period, the tuition and fees for the semester will be charged as follows:

25% of tuition charged during the second week of the semester; 75% of tuition charged during the third week of the semester; and 100% of tuition charged after the third week of the semester.

Refunds will be made within 30 days of the date that Full Sail University determines that the student has withdrawn. The original source of the money dictates the entity to which the money is refunded. In the event of a student’s prolonged illness, accident, death in the family, or other circumstances that make completion of the semester impossible or impractical, the school will attempt to make a fair and reasonable settlement. Full Sail University reserves the right to modify these policies to remain in compliance with any changes in the applicable laws and regulations.

Repayment of Government Program Funds

If a student is terminated, withdraws, or otherwise fails to complete a semester and received financial aid while enrolled, the Federal Government dictates how refunds are repaid. The return of financial aid is dictated by The Return of Title IV Funds calculation policy. If a refund results from this calculation, unearned funds must be returned to the applicable Title IV financial aid fund source. When a student withdrawal involves the repayment of Title IV funds, Full Sail University returns these funds based on semesters. If a student withdraws on or before completing 60% of the semester, a portion of the total Title IV funds awarded will be returned. The Return of Title IV Funds calculation may result in the student owing a balance to the Federal Government and, in some cases, to Full Sail University.

Living Expense Repayment

If a student is provided with living expense funds from a student financial assistance program and fails to complete the semester for any reason, the student must return the unearned funds. If the student fails to satisfy the repayment, they will be ineligible for any further federal student financial aid assistance.

Federal student loans vs. private student loans

Federal student loans are funded by the federal government and are generally preferred over private student loans due to the unique benefits and protections they offer to borrowers. Private student loans are made by a lender such as a bank, credit union, state agency, or a school.

Federal Student Loans

Federal student loans are educational loans that are available through the U.S. Department of Education. They come with a variety of benefits that can make the repayment plan more affordable. The interest rate is the same for all borrowers and tends to be lower than private student loans. Federal student loans are also known for their loan forgiveness options, although not all federal loans can be forgiven. There are three main types of federal student loans:

• Direct Subsidized Loans: Available for undergraduate students with financial needs. They cover all accrued interest while you’re in school and during deferment and grace periods.
• Direct Unsubsidized Loans: Available for both undergraduate and graduate students, regardless of financial need. They don't cover your interest.
• Direct PLUS Loans: Offered to graduate students and parents of dependent undergraduate students. They’re the only type that doesn’t have a dollar-amount cap on how much you can borrow. The cap is based on the cost of attendance minus other financial aid received.

Benefits of Federal Student Loans

• Income-driven repayment plans: The Department of Education offers several income-driven repayment plans, which can reduce your monthly payment to as little as 10% of your discretionary income.
• Few to no credit requirements: Most federal student loans don’t require a credit check at all.
• Discharge in the event of loss or disability: If you become permanently disabled, your federal student loan balance is automatically discharged. Loan discharge also occurs in the event of the student’s or parent's death.
• Generally less expensive: Federal student loans are likely cheaper, especially for undergraduate students who don’t have a stable source of income or a long credit history.
• Access to student loan forgiveness: Federal student loans offer access to different loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness.

Drawbacks of Federal Student Loans

• Upfront fees: The federal government charges an upfront loan fee, which is relatively low for undergraduate students but high for graduate and professional students, as well as parents.
• Loan limits: Undergraduate students are limited in how much they can borrow, which may require them to turn to private student loans.
• No choice of servicer: The Department of Education assigns a loan servicer to you automatically.

Private Student Loans

Private student loans are educational loans offered by private lenders, like banks, credit unions, and online companies. They require a credit check, and your approval and loan terms depend on your creditworthiness. Private student loans offer competitive rates for creditworthy borrowers, but they may not outweigh the benefits offered by federal student loans.

Benefits of Private Student Loans

• Higher loan amounts: Loan limits can vary from lender to lender, but you can generally borrow up to the total cost of attendance.
• Chance for low-interest rates: Graduate or professional students, or parents with excellent credit, may get a lower interest rate through a private lender than the federal government.
• No upfront fees: Private lenders typically don’t charge upfront loan fees.
• Loan terms are more flexible: The standard term for a federal student loan is 10 years, whereas private terms may range from 5 to 20 years.

Drawbacks of Private Student Loans

• Lack of protections: Private lenders don’t offer student loan forgiveness programs, and most don’t offer income-driven repayment plans.
• High-interest rates for most: People with no credit history or a low credit score may end up with a more expensive loan than what the federal government offers.
• Have to search for your own loans: You need to find private loans through lender websites, whereas federal student loans can be applied for through the FAFSA application.

Federal student loans are generally the best starting point due to their protections and benefits, such as fixed interest rates, subsidies, and repayment programs. However, private student loans can be considered if you've exhausted your federal loan limit or if you're a graduate/professional student or a parent with a solid credit score facing higher interest rates on federal loans. Ultimately, the best student loan depends on your financial health, the amount you need to borrow, and how quickly you can repay the loan.

Eligibility for financial aid

To be eligible for financial aid at Full Sail University, you must meet the following requirements:

• Be a U.S. citizen or eligible non-citizen with a social security number.
• Be registered with the Selective Service (if you are a male over the age of 18).
• Present a standard high school diploma or equivalent degree (GED).
• Not owe a refund on any previous government grants, taxes, or be in default on any previous government loans.
• Enroll in one of Full Sail's degree programs.

Additionally, to maintain eligibility for financial aid, students must meet Satisfactory Progress requirements and specific credit-hour/weeks-of-instruction requirements. Students who are not actively attending due to suspension, termination, or withdrawal will not receive award disbursements.

Full Sail University offers various types of financial aid, including grants, loans, work-study programs, and scholarships. Grants and scholarships are forms of aid that do not need to be repaid, while loans are borrowed money that must be repaid with interest. The work-study program allows students to earn money through various job opportunities at Full Sail.

Grants and scholarships

Full Sail University offers a range of scholarships based on different criteria, including academic achievement, financial need, and other factors. The scholarships vary in amount, and interested students can contact the Admissions or Enrollment Team for more information on their eligibility and application procedures. The university's Scholarship Guide is also a valuable resource for exploring these opportunities.

In addition to institutional scholarships, Full Sail University students can benefit from federal grant programs. The Federal Pell Grant Program, for example, assists undergraduates with educational expenses, offering up to $7,395 for the 2023-2024 award year. The Federal Supplemental Educational Opportunity Grant (FSEOG) is another option for undergraduates, with awards of up to $500 for the same period.

State-level grants, such as the Florida Student Assistance Grant (FSAG), are also available for students demonstrating financial need. Additionally, the Florida Bright Futures Scholarship Program offers lottery-funded scholarships for Florida high school graduates with high academic achievements. This program includes five different awards, each with its own eligibility criteria.

With 52% of incoming freshmen receiving scholarships and 58% receiving federal grant aid, Full Sail University demonstrates its commitment to supporting students financially. The average scholarship amount for freshmen is $7,405, while the average federal grant aid is $4,751. These figures highlight the significant financial assistance available to students enrolling at the university.

Work-study positions

Full Sail University's Financial Aid department helps eligible students find work-study positions in many departments. Work-study is a program that allows students to earn money through various job opportunities at Full Sail. Students are not eligible to begin working in work-study positions until they have successfully completed their first month of classes.

The Financial Aid department assists students in finding work-study positions that are a good fit for them. The department also helps students with their finances and ensures they are receiving the correct amount of financial aid.

Students seeking financial aid are encouraged to begin the process early. The first step is to apply for a Federal Student Aid ID. Then, students must complete the FAFSA form, which is used to determine eligibility for Federal Student Aid. After that, students can complete their Online Enrollment Application and begin working on their Admissions Documents. The final step is to review the financial aid results with the Full Sail Enrollment Team.

Full Sail University offers a variety of scholarships, grants, and loans to help students with their financial needs. Scholarships are awarded based on factors such as academic achievement or financial need. Grants are a type of financial aid that typically does not need to be repaid, while loans are borrowed money that must be repaid with interest.

Frequently asked questions