Thanks for the response.
Do you think the benefit of not using FPP is better than paying $44.17 per credit tuition differential charge.
This is what she was offered for the first year from UF:
Gift Aid Offered
FAS $6,390.00
FL Academic
Education
Stipend $600.00
Benacquisto
First Year $13,940.00
What do you mean by “I’d save the FPP and let it keep growing.”
Does this mean I should keep a hold on FPP (to be used later) or take the refund from the FPP every semster and save for her med school?
How do taxes affect us depending on the combination that we choose from the options below?
1.FPP, BF and Benacquisto (no extra $44.17 per credit tuition differential charge)
2.Benacquisto only (with extra $44.17 per credit tuition differential charge)
For taxes, any amounts you receive that aren’t used for tuition, fees, books might be taxable. If you use the FPP to cover tuition, room, board and fees, anything you get in addition may be taxable to your daughter. It may be fine and she may not owe much, but if she gets $20k and also has a job, she’s going to owe a chunk in taxes. Paying ~$1500 in fees now may be the most savings ($50x30 credits) in the long run.
It’s still a good position to be in. Someone at the school should be able to tell you the best way to use it (or save it). They deal with this all the time.
Per the FL Benacquisto Scholarship Program Fact Sheet:
The highest in-state institutional COA, as reported by the Board of Governors of the State University System, will be used in the calculation of awards for students who attend an eligible four-year independent postsecondary institution.
Does the State assess all COAs and provide the highest COA to all awarded students no matter the school they select or does the awarded student simply receive the COA for the school they select?
@dcrambler You’ll receive the in-state COA (OOS tuition will be waived) of the school you select, as the fact sheet states that the highest in-state institutional COA is for students attending “independent” institutions, or private schools, such as UMiami, where you’ll receive ~20K, not the full COA (although UMiami has other merit scholarships, though idk if they stack with the Benacquisto: this would be something to ask the Admissions Office if you are admitted & receive a merit scholarship from them.)
@dcrambler No problem! I found the following Florida State Legislature definition from a google search which basically says the same thing, but with a ton more words lol:
““Independent postsecondary educational institution” means any postsecondary educational institution that operates in this state or makes application to operate in this state, and is not provided, operated, and supported by the State of Florida, its political subdivisions, or the Federal Government.”
We inquired directly with Rollins College (private) about the amount of Benacquisto she would receive if she were to go there. They weren’t sure and had to check and get back with us. When they did, they told us the amount would be around 27,000.
@twoinanddone At least for this fall she is not going to work any where. I am using FPP for this semester to see how the payment works. When I spoke with FPP, they told me that my current value of our FPP is 14K, this means it appreciated only 3K since 2006, I am still confused how holding on to FPP for later years will save me more than tuition differential $45/Credit, UF per credit price has been $212 for quite some time. An advisor told us that as long as she gets less than 12K per year, she will not owe any taxes.
Trying to remember… people have indicated that FSU, UCF & USF have all indicated that if awarded a Benacquisto but then State funding ends, they’ll honor the scholarship for the remainder of the 4 years, but UF has not said that, correct?
I can confirm that this past year, we have it in writing that UF was not willing to guarantee funding for the full 4 years in the event the Benacquisto was defunded by the state. This is one of the reasons our D20 chose FSU, among others. However, that may not be UF’s position every year, so do your due diligence to make sure you get an answer to this question for yourself this year, if applicable.
@rk1235rk For the purposes of the Benaquisto, they are the same thing. As long as the student makes Finalist and follows the directions for the Florida school chosen, they will be a Scholar & get the Benaquisto. There are a few hoops to jump through paperwork-wise, but it is not hard.
A Florida resident at Rollins would get ~$12k as Bright Futures money, so maybe Rollins is just adding a NMF scholarship to that? You can’t get Benacquisto and Bright Futures, so maybe they are just trying to attract those NMF. Or, the $27k quoted figure might the be top amount a Rollins student could get, so the school is just assuming a NMF would qualify for the top amount?
I think the two private schools on the Benacquisto list, UMiami and Embry-Riddle, do allow stacking of scholarships with the Benacquisto. Why wouldn’t they, as the Benac. money is coming from the state and reducing the funds the schools have to grant to those top students.
I know UMiami allows stacking. I’ve seen them stack their full tuition Presidential Scholarship with Benacquisto to get to full ride. Also seen them add departmental scholarships to Benacquisto.
Hi vistajay. My 22 HS senior has FSU at the top of her list. Toured UF but liked FSU more. Can you tell us more about stacking with Benacquisto at FSU? Hopefully she will also get an honors scholarship and an interview for presidential.