St. Petersburg College ::: Financial Assistance Services

What is Financial Assistance?

Financial assistance is offered based upon financial need as determined by the federal governments’ system of need analysis. There is also financial assistance available to those that do not have need according to federal guidelines but that require assistance in paying for college costs. This aid is primarily in the form of low interest loans.

What is Financial Need?

According to federal guidelines, financial need is based on the following equation:

The information you report on the Free Application for Federal Student Aid (FAFSA) is used to calculate your EFC, which is a measure of your family’s financial strength. The EFC is used to determine your eligibility for federal student assistance. The formula for the EFC calculation is established by law.

The Federal Student Aid Web site offers an informative online tutorial that provides an overview of the financial aid process.

Also, it is your responsibility to apply for any additional assistance for which you may be eligible and to report that assistance to the Financial Assistance Services office.

Main Categories of Financial Assistance

Financial Assistance consists of grants, loans, scholarships, and student employment offered to help a student meet college expenses. The amount and type of financial assistance that a student can receive is determined through federal, state, and institutional guidelines.

Grants and Scholarships

Grants and scholarships are regarded as “gift” assistance and need not be repaid, although they may carry certain provisions to which one must adhere.

The grants are provided through federal and state agencies. A list of available grants can be found in the Steering to Success Guide.

Scholarships are provided through foundations, corporations, private donors and the college itself. Please visit our Scholarships page for more information.

Loans

Loans are offered at low interest rates and can be repaid over an extended period of time. Enrollment requirements depend on the type of loan. Please visit our Loans page for more information.

Student Employment

Student employment is where assistance is offered in the form of a job. The student is paid an hourly rate for work performed. Please visit our Student Employment page for more information.