If you’re lucky enough to attend Florida International University in sunny Miami, school expenses are probably the last thing you want to think about. But for most, attending this school isn’t free. Be prepared to pay an average annual cost of $12,427 for your undergraduate education, according to College Scorecard.
Costs and expenses vary for FIU students depending on whether you’re an in-state or out-of-state student, as well as whether you attend school online, live at home but attend locally, or live in a dorm or off-campus apartment. No matter which option you choose, you’ll need to plan ahead and figure out how you’ll pay for your education at Florida International University.
If you and your family don’t have enough savings to cover the cost of your academic program, there are plenty of solutions to help you pay for Florida International University. These options include grants and scholarships, as well as federal work-study and student loans.
This comprehensive guide will help you to understand the costs of FIU, as well as your options for paying for your education.
|Cost of attending Florida International University|
|Annual in-state tuition and fees||$6,558|
|Annual room and board||$10,882|
|Annual total cost||$17,440 for undergrads living in dorms|
|Net cost (after aid)||$12,427|
|Average debt after graduation||$17,228|
|All info current as of Aug. 24, 2018|
The FAFSA: Unlocking financial aid
Many students rely on outside financial help to pay for Florida International University.
Whether this comes from the federal government or state programs, there are many sources of aid available only to students who provide information about their personal and family finances. This information is collected when students complete a Free Application for Federal Student Aid (FAFSA).
The FAFSA unlocks many common types of financial assistance. For example, you won’t be eligible for federal student loans or work-study programs unless you submit the application. Some state programs also require FAFSA completion to be eligible.
You’ll need to complete the FAFSA every year that you want aid. You can submit the application online, but you’ll need personal financial information from your family if you’re a dependent undergrad student.
After submitting the FAFSA, you could become eligible for grants, scholarships, work-study funding, and state and federal loans. Your financial aid award letter from Florida International University will detail the aid available to you.
Grants for Florida International University students
For many students, grants are a great way to pay for Florida International University. Grants are given to you by the government, your school, or other organizations. The money doesn’t have to be paid back.
Florida International University provides details on grants for which FIU students may be eligible. Students from across the country could potentially qualify for Pell Grants or Teacher Education Assistance for College and Higher Education (TEACH) Grants provided by the federal government.
These types of grants can be used to attend any qualifying educational institution, and you don’t have to be a Florida resident to get them. But eligibility for Pell Grants is based on financial need, while TEACH Grants are available only to students who are completing necessary coursework to become teachers and who will teach for at least four years in areas serving low-income students.
FIU students should also look into grants that are offered by the school or state. These include:
- Florida Student Assistance Grants
- Leverage Grants, which are provided by FIU — as well as the following grants — to students with financial need who aren’t eligible for Pell Grants.
- University Grants, which are provided to students who submit their FAFSA and have financial need.
- Tuition Differential Grants, which are provided to students with exceptional financial need.
- Upper Division Full Time Grants, which are provided to undergrads with demonstrated financial need who have completed the College-Level Academic Skills Test.
Students can find more free sources of funding using our guide to state grants.
Scholarships for Florida International University students
FIU students can also find free funding through scholarships offered by the federal or state government, FIU, private donors, or other organizations. Scholarships don’t have to be repaid and can be either merit-based or need-based, or both.
Need-based scholarships are typically available to students with demonstrated financial need. Merit-based scholarships may be open to everyone. Eligibility is based on having certain academic credentials, having a particular talent, or meeting other specific requirements.
Some scholarships FIU students may be eligible for include:
- Florida Bright Futures Scholarship Program
- First Generation Scholarships
- FIU Merit Scholarships
- Benacquisto Scholarship Program
Students can learn more about different scholarships available to FIU students by visiting the school’s scholarship information page. The FIU Foundation also allows students to apply for scholarships online.
Scholarships and grants are rarely enough to cover the full cost of Florida International University, but students can also get funds to pay for their education through participating in federal work-study.
Federal work-study is a program in which the federal government subsidizes wages of qualifying students, paying a portion of the wages that the student earns. Students must complete the FAFSA to become eligible. Their financial aid award letter will detail how much work-study funding they’re allowed to receive. Work-study positions end when funding is depleted.
Florida International University students are not permitted to work more than 20 hours a week in a work-study job while classes are in session. Jobs may be on campus or off, but off-campus work is eligible only if the job is in the public interest and if the employer is an approved community work-study site.
Students can find out about work-study jobs through the careers page or by visiting the Handshake portal to search for opportunities and apply for jobs. Students can speak with FIU Human Resources to discover career opportunities at the Modesto A. Maidique Campus at 11200 SW 8th St. PC 224 and at the Biscayne Bay Campus at 3000 NE 151st St. HL 322.
Federal student loans
Ideally, students would be able to put together enough money from savings, grants, scholarships, and work-study opportunities to avoid borrowing money for school. But for most students, this isn’t possible.
If you’ll be borrowing money to fund your education at FIU, it usually makes sense to exhaust your federal loans first. Federal student loans are often preferable to alternative sources of funding, such as private loans, because federal loans come with important borrower protections.
For example, federal loans allow for income-based repayment plans, in which payments are capped based on your earnings. Also, the Public Service Loan Forgiveness program makes qualifying students eligible for loan forgiveness if they work in a public service job and make 120 on-time payments.
Federal loans also have fixed interest rates and fees set by the federal government. Except for PLUS Loans, you don’t need to have good credit to qualify. The federal government even subsidizes interest for Direct Subsidized Loans while you’re in school, as well as when loans are deferred after graduation.
Not all federal loans are the same, although all offer important borrower protections. The table below shows the different types of federal education financing that students may be eligible to receive.
|Loan type||Eligible borrowers||Interest rates for loans disbursed on or after July 1, 2018||Fees for loans disbursed on or after Oct. 1, 2018||Is interest subsidized?|
|Direct Subsidized Loans||Undergrads with demonstrated financial need, regardless of credit history||5.05%||1.062%||Yes|
|Direct Unsubsidized Loans||Undergrads and grad students regardless of need or credit history||5.05% for undergrads; 6.60% for grad students||1.062%||No|
|PLUS Loans||Graduate students and parents of undergrad students who don’t have adverse credit||7.60%||4.248%||No|
Florida International University student loans
Florida International University provides details on different loans that students could be eligible for to help fund their education. The school’s list of loans includes Federal Direct Loans, PLUS Loans, and private loans.
FIU doesn’t provide any long-term loans of its own, but the school does provide short-term tuition loans that must be repaid within 45 days. These loans are intended to help students meet deadlines for paying tuition.
Emergency loans of up to $500 a semester are also available to enrolled students with unforeseen financial emergencies. If you can provide documented proof of expenses, there is a $10 service fee and the loan must be repaid within 30 days.
Private student loans
After exhausting free sources of funds and federal loans, you may find that you need more money to pay for Florida International University. If that’s the case, private student loans may be the answer.
Private loans don’t have all the borrower protections of federal loans. You’ll have to repay these loans regardless of whether you work in public service since there’s no loan forgiveness. Options for pausing payment through forbearance are likely to be more limited, and there’s no income-based repayment option.
But private student loans can provide educational funding at a reasonable interest rate if you have good credit. Because there are no standardized rates or repayment terms (as there are with federal loans), it’s often wise to shop around among different lenders and compare offers. Our list of private student loan lenders can help you get started in your search for the best private loan.
You’ll also need good credit and proof of income to qualify with reputable lenders. If you can’t qualify on your own, you may be eligible if you have a cosigner who is willing to sign for the loans and promise to repay them if you don’t.
The bottom line: Paying for Florida International University
Attending Florida International University can be costly, but there are ways to fund your education using both free sources of money and loans you have to pay back.
Always try to pay for as much of your school costs as possible using grants, scholarships, savings, and money from a work-study job so that you can graduate with a smaller debt. Your future self will thank you when your student loan payments are smaller.
Need a student loan?Here are our top student loan lenders of 2019!
|1 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicants ability to supply the necessary information for submission.
2 Important Disclosures for CollegeAve.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
Information advertised valid as of 2/1/2019. Variable interest rates may increase after consummation.
3 Important Disclosures for Discover.
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
5 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank, Member FDIC. ©2019 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
6 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
7 Important Disclosures for CommonBond.
A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.
8 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|4.23% – 13.23%1||Undergraduate and Graduate|
|4.20% – 11.44%2||Undergraduate, Graduate, and Parents|
|4.84% – 13.49%3||Undergraduate and Graduate|
|4.50% – 10.11%*,4||Undergraduate and Graduate|
|4.25% – 13.25%5||Undergraduate and Graduate|
|5.85% – 6.99%6||Undergraduate and Graduate|
|3.95% – 9.81%7||Undergraduate, Graduate, and Parents|
|4.45% – 12.42%8||Undergraduate, Graduate, and Parents|