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Types of Financial Aid

Types of Financial Aid

Federal Financial Aid

Federal Financial Aid is awarded based on "need" and provided as a grant by the federal government. When a student applied for financial aid, the information reported on the Free Application for Federal Student Aid (FAFSA) is used to calculate the Expected Family Contribution (EFC). The EFC is used to determine the student's eligibility for federal student aid and other types of financial aid. The amount of federal financial aid that the student receives depends on the student's EFC, cost of attendance, enrollment status, enrollment date and whether the student attends for a full academic year. George Stone's academic year is defined as 900 clock hours and 36 weeks of instructional time for full-time enrollment.

 

 

PELL Grants

PELL Grants are available to students demonstrating financial need. A FAFSA must be completed electronically at www.FAFSA.ed.gov. Please include George Stone's school code 016280. Eligibility is determined by the Financial Aid Office.

 

PELL Grant Disbursements

Attendance directly affects the timing of disbursements for PELL grant students. A student must meet minimum attendance hours before PELL grants are disbursed. Disbursement dates may vary depending on the length of time taken to complete the required attendance hours and is determined by the actual number of attended hours. In addition, a student must maintain SAP (Satisfactory Academic Progress) requirements to receive a disbursement. If a student withdraws from school, the PELL disbursement is recalculated based on the amount of assistance earned during the payment period.

 

Satisfactory Academic Progress (SAP)

Federal regulations require students to maintain SAP requirements to maintain financial aid eligibility. The financial aid office at George Stone will monitor a student's academic progress at the end of each payment period. SAP standards at George Stone consist of the following qualitative and quantitative measures of progress:

  • Maintain 83 percent cumulative attendance for the duration of student's enrollment; a student placed on Attendance Probation shall also be placed on Pell Warning.
  • Complete the coursework associated with the clock hours in a payment period with a passing grade of C (numeric equivalent of 70) or better.

​In addition, a student with excessive absences resulting in the inability to complete their program within 150% of the program hours will be withdrawn. If the student is not meeting SAP for their program, a financial aid warning will be issued for the next payment period. Students placed on warning will remain eligible for financial aid for the warning period. 

 

Students who fail to maintain SAP during their warning period will no longer be eligible for financial aid. There will be no appeal process or probation period. Reinstatement of financial aid that has been terminated requires the student to attend a subsequent warning period, not to exceed one payment period, and maintain SAP. Fees must be current for reinstatement. 

 

Orientation for students is provided online during the application process and is required prior to enrollment. SAP policies and procedures are referenced in the orientation; however, it remains the student's responsibility to be aware of the SAP policy and the consequences of failing to maintain SAP.

 

 

 

Return of Title IV/Repayments

When a student is withdrawn from a program, the Financial Aid Administrator has 30 days from the withdrawal date to complete appropriate paperwork. With the completion of the appropriate paperwork, GSTC's Financial Manager and the District Finance Office has 15 days to return the monies to the Department of Education (DOE). During the application/interview process, each student is made aware of potential financial obligations and consequences for completing and/or withdrawing before a payment period is completed.

Upon withdrawal the letter is sent to the student informing him/her of the balance owed to GSTC and the consequences of the failure to pay the balance owed. If the debt is with GSTC, the student is informed that they will not be allowed to register again until debt is cleared. If the overpayment is with the Federal Government, the student is informed they will not be eligible for Title IV aid until the overpayment is cleared. They are also given a due date of 45 days from the date on the letter to pay the overpayment to GSTC or set up acceptable payment arrangements.Failure to comply with these requirements will result in a referral of the debt to the DOE.

If the student receives less Pell Grant monies than the amount earned, GSTC will make a disbursement of the earned aid that was not disbursed if student has met all eligibility requirements. GSTC will credit a student's account with a post withdrawal disbursement for current tuition and fees. Earned funds in excess of tuition/fees will be provided to the student. GSTC will notify the student within 30 days of the withdrawal as to the amount of Title IV disbursement available. GSTC will disburse the funds to the student within 45 days of the date the school determines the student withdrew. If the student cannot be located, or refuses the funds as per a written and signed statement, the funds will be returned to the Federal Pell Grant Program.

 

Florida Student Assistance Grant

Florida Student Assistance Grants (FSAG) are state funded grants which may be awarded to eligible students who demonstrate financial need pending state budget approval. All prospective students must complete a FAFSA. Eligibility is determined by the Financial Aid Office.

 

 

Florida Prepaid

Florida Prepaid is accepted at George Stone. Please provide your card or letter of verification when enrolling. 

 

 

Student Financial Assistance Fund (SFAF)

The Student Financial Assistance Fund is available to provide tuition assistance to eligible students who demonstrate financial need who are enrolled in non-Pell eligible programs. Assistance is awarded based on availability of funds. All prospective students must complete a FAFSA. Eligibility is determined by the Financial Aid Office.

 

 

Vocational Rehabilitation

Vocational Rehabilitation is a service to conserve the working usefulness of persons with impairment who have reasonable expectations of becoming employed. Students who may qualify for vocational rehabilitation aid to attend George Stone are encouraged to contact the office of Vocational Rehabilitation. 

 

 

Workforce Innovation and Opportunity Act (WIOA)

Workforce Innovation and opportunity Act (WIOA) funds are available for individuals who are financially and/or educationally disadvantaged. WIOA can assist eligible students with tuition, books, and supplies. Students who may qualify for WIOA are encouraged to contact the WIOA office.

 

 

Student Loan Programs

George Stone Technical Center does not participate in any federal student loan programs. 

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