Federal Supplementary Educational Opportunity Grant (SEOG) Federally sponsored, campus-based grants which are awarded based on need and the availability of funds to Pell-eligible students.
Federal Perkins Loan A low-interest loan program made possible through an annual allocation to the College by the Department of Education, a contribution by the College, and repayments from previous borrowers. The College determines eligibility for a Perkins loan based on demonstrated financial need and the availability of funds. A promissory note must be signed before funds can be advanced. The annual interest is currently 5%, but interest does not accrue while the borrower is enrolled at least half-time. Repayment begins nine months after a student ceases to enroll at least half time. Contact the Financial Aid Office for details concerning possible loan cancellation and deferment provisions for students who become teachers in certain designated schools or who go into VISTA, the Peace Corps, or the U.S. Armed Forces.
Federal College Work Study Program This program, supported by a combination of Federal and College funds, provides employment opportunities on campus and in the community for students who demonstrate need. Students may not work more than twenty hours per week during periods of enrollment and are paid by check at least once a month for the hours they have worked.
Federal Subsidized Loan Program This is a need-based loan program which is available to matriculated students enrolled for at least 6 credits per semester from commercial banks and guaranteed by the states
and Federal Government. The maximum loan is $3500 per year for freshmen, $4,500 per year for sophomores, $5,500 for juniors and seniors. The interest rate is 6.0% for 2008-2009. Interest does not accrue and repayment does not begin until six months after the borrower ceases to enroll at least half time. An insurance fee of 1 % as well as
a 1% origination are deducted when the loan is disbursed.
Federal Unsubsidized Loan Program Students who do not qualify for a subsidized Stafford loan or only qualify for a partial one may borrow funds through this program up to the applicable loan limit. Interest is not subsidized by the Federal Government and therefore must either be paid by the student while still in school or may be capitalized (added to the principal). This program provides additional loan eligibility beyond subsidized Stafford amounts for independent students. Independent students may receive both subsidized and unsubsidized Stafford loans as follows: Freshman year, $7500, Sophomore year, $8,500; Junior and Senior years, $10,500, for a combined aggregate limit of $56,000 for undergraduate study. Dependent students whose parents have been denied a PLUS loan may also borrow additional funds, through this program. Freshmen and Sophomores may borrow up to $4,000 and Juniors and Seniors may borrow up to $,5000. New for 2008-2009 is a provision that allows all students, irrespective of grade level, to borrow an additional $2000 in unsubsidized loan.
Federal Parent Loans for Undergraduate Students (PLUS) Through this program parents of dependent students may borrow up to the cost of attendance less any estimated financial aid. Interest rate is fixed at 8.5%. Repayment of principal plus interest begins 60 days after 2nd disbursement unless the parent chooses the option to defer payments until after graduation.
Veteran’s Benefits The College is accredited for the receipt of benefits by veterans or their eligible dependents. Application for these benefits and applicable documentation must be submitted to the Registrar.