Financial Aid

The purpose of the School Financial Aid Department is to help provide assistance to those students who need funding to pursue their educational goals. Financial Aid programs attempt to close the gap that exists between the cost of your education and the money available from you and your family income, savings or other sources.

Because government funds are limited, the funds you may receive may not always cover all of your educational expenses. As a result the student and/or, if applicable, parents are expected to make a maximum effort in meeting those expenses.

Eligible students that demonstrate a financial need may be offered a FEDERAL GRANT, known as a Pell Grant. Federal Grants are awards that do not have to be paid back to the government.

To simplify Federal Financial Aid is money provided by the government to help the students pay their education.

Eligibility

You are eligible if you:

  • Are a United States Citizen or legal resident

  • Can demonstrate a financial need

  • Are enrolled to attended at least half-time (20 hrs per week)

  • Are making Satisfactory Academic Progress (see page 6)

  • Registered with the Selective Service (for males only), if applicable

  • Don’t owe any money to any of the Federal Financial Aid programs

Programs Available  

DIRECT STUDENT LOANS

The Direct Student Loan is Financial Aid that does have to be paid back; however, the student has a six-month grace period from the time they graduate to start paying back the loan. There is a fixed rate on the loan of 6.8% that starts being charged after the first disbursement to the school is made and will also be charged during the six month grace period for any unsubsidized loan. The monthly payments are very minimal and any amount of money paid over the minimal amount will be credited to the principal amount of the loan. There are four different types of Direct Students Loans. They are as follows:

Direct Subsidized Loans:  

This loan is for students only. Interest is not charged while you are attending school at least half-time, during grace periods, or deferment periods. You must demonstrate financial need in order to be eligible for the loan.

Direct Unsubsidized Loans:  

This loan is for students only. Interest is charged during all periods, including while you are in school, grace periods, and deferment periods.

Direct PLUS Loans:  

This loan is for parents of dependent students. Interest is charged during all periods.

Direct Consolidation Loans:  

This loan is for students and parents that combine different federal student loans into one loan.

With the Direct Student Loan, no one is rejected based on their credit and anyone who qualifies for the Federal Pell Grant automatically qualifies for the Direct Loan.

FEDERAL PELL GRANTS

A Federal Pell Grant, unlike the loans, does not have to be repaid. The Pell Grant is awarded only to undergraduate students who have not earned a Bachelor degree or Professional Degree. For many students the Pell Grant is the foundation to their financial aid to which additional aid may be added.

Sallie Mae Financial Aid

 

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