Sources of Financial Aid
The Pell Grant is a federal grant for students who demonstrate exceptional financial need. The Pell Grant does not have to be paid back. Awards range from $287 to $5,550 per year in 2012-13. To receive a Pell Grant, the student must meet all the eligibility requirements, and must be an undergraduate who has not earned a bachelor's degree. If a student receiving a Pell Grant withdraws from college before completing 60% of the semester, the student may be responsible for repaying monies to The College and/or the Federal Government.
Pell Grants are prorated, based on a student's actual enrollment each semester. Pell Grants are subject to a Lifetime Eligibility limit of the equivalent of twelve (12) full-time semesters. Students who have met or exceeded this limit are not eligible to receive additional Pell Grants.
The Supplemental Educational Opportunity Grant (SEOG) is for students who demonstrate exceptional financial need. The SEOG does not have to be paid back. To receive an SEOG, a student must meet all the eligibility requirements, and be an undergraduate who has not earned a bachelor's degree. Limited funds are available and are awarded on a first-come, first-served basis to students enrolled at least half-time (6 credits). Awards range from $100 to $1,000 per year. If a student receiving a SEOG withdraws from college before completing 60% of the semester, the student may be responsible for repaying monies to The College and/or the Federal Government.
Federal Work-Study Program (FWSP) gives students an opportunity to earn money for educational expenses by working at a part-time job at The College. Students typically work as lab, library, and office aides, under the supervision of a faculty or staff member. Off-campus positions in community service agencies are also available. Students are paid at least the current federal minimum wage and are required to sign a confidentiality agreement and to perform assigned work in a responsible and professional manner. Students must meet their course requirements prior to working a work-study job. In most cases, work-study hours are limited to 8-10 hours per week. Work-study recipients must meet all the eligibility requirements, and demonstrate financial need.
Perkins Loans are low-interest (5%) loans made directly through The College with funds from the repayments of previous borrowers. Students may borrow up to $3000, depending on the availability of funds. Repayment begins and interest accrues nine months after the borrower is no longer a half-time student. Students must meet the eligibility requirements, must demonstrate financial need, and must be enrolled at least half-time (6 credits). Students receiving a Perkins loan will be required to do loan counseling and to sign a promissory note. If a student receiving a Perkins loan withdraws from school before 60% of the semester is completed, the student may be required to repay monies to The College.
Direct Student Loans (also known as William D. Ford Federal Direct Student Loans and Stafford Student Loans) are low-interest loans (3.4% and 6.8% in 2012-13) made to students by the United States Department of Education. First Year Students (31 or fewer credits earned) may borrow up to $5,500 ($9500 for independent students) per academic year. Second Year Students (32 or more credits earned) may borrow up to $6,500 ($10,500 for independent students) per academic year. Repayment begins six months after the borrower is no longer a half-time student.
- Direct Subsidized Loans do not accrue interest while the student attends college. Interest (3.4% for loans disbursed in the 2012-13 financial aid year) begins to accrue after the borrower is no longer at least a half-time student.
- Direct Unsubsidized Loans accrue interest (6.8% for loans disbursed in the 2012-13 financial aid year) while the student attends college, and until the loan is fully repaid.
All Direct Loan borrowers must meet all the eligibility requirements listed above, be enrolled at least half-time (6 credits per semester), complete Entrance Loan Counseling and sign a Master Promissory Note. Subsidized Direct loans are only awarded to students demonstrating financial need on the FAFSA. Unsubsidized loans are offered regardless of financial need.
If a student receiving a Direct Loan withdraws from all classes before completing 60% of the semester, the student may be required to repay monies to the Federal Government and/or the College
Additional information, including current interest rates, Master Promissory Notes and Loan Entrance Counseling, is available at https://studentloans.gov.
The Federal Parent Loans for Undergraduate Students (PLUS) program provides funds to the parents of dependent students for educational purposes. The PLUS loan is available to the parents of students without financial need, but the FAFSA is required. Parents may borrow up to the student's cost of attendance, less any financial aid. The student who is a dependent of the borrower must meet all the eligibility requirements listed above and must be enrolled at least half-time (6 credits per semester). The borrower will be required to sign a Promissory Note. The 2010-11 interest rate for PLUS loans is 7.9%.
Additional information, including applications, current interest rates, and Master Promissory Notes is available at https://studentloans.gov.
Alternative Loans are student loans made by private lending institutions. Alternative loans are made to the student, but a cosigner is frequently required. The student applies directly to a lender. The lender will perform a credit check and inform the student if the loan is approved, the interest rate of the loan, origination fees, and whether a cosigner will be required. Like other student loans, alternative loans must be repaid. A Preferred Lender list for alternative loans is at www.elmselect.com/oll/SchoolLenderList/?schoolId=8171
For a complete list of financial aid policies, as well as information about scholarships and other funding sources, visit the financial aid section of the college website.