|FINANCIAL AID PROGRAMS|
This is a Federal grant based on a family's financial situation. PELL awards may be received by undergraduate students who have not received a bachelor's degree at the time of application. Applications for this award must be made for each academic year by filing a Free Application for Federal Student Aid. Generally, students are required to be enrolled at least half-time.
The Pell Grant is a federal program designed to provide financial assistance to those who demonstrate a need for such funds. Pell grants are intended to be the floor of a financial aid package and may be combined with other forms of aid in order to meet the costs of education. The amount of Pell Grant awarded is determined on the basis of the resources of the student, as well as that of the student's family. Student eligibility depends on several important criteria:
Federal Supplemental Educational Opportunity Grant (FSEOG) is for undergraduates with exceptional financial need, that is, students with the lowest Expected Family Contributions (EFCs) who are also Federal Pell Grant Recipients. An FSEOG award doesn't have to be paid back. FSEOG is awarded to eligible students on a first come, first served basis.
The Federal Direct Stafford Loan is a loan that students borrow from the federal government. A Subsidized Stafford Loan is a need based loan where interest is paid by the government while the student is enrolled at least half time. If a student does not demonstrate “need” via the FAFSA equation, the loan will be offered all or in part as an unsubsidized Stafford loan whereby interest accrues at the point of disbursement while the student is in school. Interest rates are fixed (see below), and there is currently a 1.072% origination fee that is deducted from the funds prior to disbursement. Additional information is available online at www.studentloans.gov .
The table below shows the interest rates for Subsidized Stafford Loans from July 1, 2013 through June 30, 2015.
For dependent students, the annual loan amounts are:
For independent students, the annual loan amounts are:
Loans cannot exceed the cost of attendance less other financial aid.
Please remember to check your Oasis account “to do” list for other items that may be needed to complete your financial aid file.
All loan requirements must be met before student loans will disburse.
The PLUS Loan Program makes loans available to parents of dependent undergraduate students only to pay the educational costs of students who meet the eligible student definition. To receive a PLUS loan for a student, the parent must be the student’s biological or adoptive mother or father. A stepparent may be eligible for a PLUS loan if his or her income and assets would be taken into account in the dependent student’s calculation of Expected Family Contribution (EFC). A legal guardian is not considered a parent for FSA purposes. A parent must meet the same citizenship and residency requirements as the student. The student should apply for need-based aid prior to application for the PLUS loan to be sure the loan could not be replaced with other forms of aid.
This program is designed for students who have additional need which cannot be met by other financial sources. Eligibility is determined by financial need, class schedule, and academic progress.
The College arranges jobs on campus according to availability of funds. Students may earn up to the maximum amount of need when combined with other financial resources. Working hours should not conflict with class schedules. Work-study students must complete W-4 and I-9 forms in the Business Office and related paperwork with the Office of Financial Aid.