ADMISSIONS / FINANCIAL AID / LOANS & GRANTS
LOANS & GRANTS
THERE ARE DIFFERENT TYPES OF FUNDING AVAILABLE TO YOU
Federal Pell Grant Program
This program offers financial assistance from the federal government which does not need to be paid back. Eligibility is determined by the federal government via successful completion and submission of the FAFSA and is based upon financial need. The Pell Grant is offered for undergraduate programs of study. Pell Grant awards are issued based on Expected Family Contribution (EFC), Cost of Attendance, and enrollment status. The maximum Federal Pell Grant award is $6,495 for the 2021–2022 Award Year (July 1, 2021, to June 30, 2022).
To complete the FAFSA, log onto www.studentaid.gov and use federal school code: 007459. This is the quickest, easiest, and most preferred way to apply. Students also have the option to download and complete a Paper FAFSA form 2021-2022 Free Application for Federal Student Aid – February 2021 . This form must be mailed directly to the Federal Student Aid Program, P.O. Box 7654, London, KY 40742-7654.
Federal Supplemental Educational Opportunity Grant Program (FSEOG)
Students having the greatest financial need are considered under this program. Priority is given to Federal Pell Grant recipients. Awards made are at least $200 depending upon the availability of funds.
Federal Stafford Loan Program (formerly GSL)
This program is jointly sponsored by lending institutions and federal and state governments. At present, loans are available to students who attend the College at least half-time. The selection of recipients and the amount of the loans are determined by a need analysis made by the College each academic year. The loan amounts vary with program, year in program, and enrollment status. A dependent may borrow an aggregate amount of $31,000. An independent may borrow a maximum of $57,500. Applications are obtained from the College. It is required by federal law that all participants in the Federal Stafford Program have an entrance interview prior to the release of the first disbursement, and an exit interview before commencement or withdrawal from the College for any reason. The purpose of the exit interview is to reaffirm to the student the commitment and obligations to the loan program. It is required for graduation. All students leaving the College for other reasons must schedule an exit interview with the Financial Aid Department.
Federal Direct Stafford Loan Program
The Department of Education oversees this program. Loans are available to students who attend Paier at least Half-Time and maintain Satisfactory Academic Progress (see the Paier College Catalog for standards of SAP). The selection of recipients and the amount of the loans are determined by a need analysis made by the College each academic year. The loan amounts vary by program, year in program, and enrollment status. A qualified dependent student may borrow an aggregate amount of $31,000. An qualified independent student may borrow a maximum of $57,500. Students should contact the Financial Aid Office about application procedures. It is required by federal law that all participants in the Federal Direct Stafford Program have a valid Direct Stafford Loan Entrance Counseling (EC) and Master Promissory Note (MPN) on file, prior to the release of the first disbursement. To complete the EC and MPN, please visit https://studentloans.gov.
Federal Direct Stafford Program participants must also complete an exit interview before participating in Commencement ceremonies. An exit interview is also required if a student falls below Half-Time enrollment or withdraws from the College for any reason. The purpose of the exit interview is to reaffirm to the student their commitment and obligations to the loan program.
Federal Direct PLUS Loans
The Federal Direct PLUS loan is an unsubsidized loan for parents of a dependent student. Parents may borrow up to the student’s estimated cost of attendance, minus any estimated financial assistance per year, for each dependent student who is enrolled at least Half-Time. Parent borrowers may log onto www.studentaid.gov to apply for the Federal Direct PLUS loan or contact the Financial Aid Office to obtain a Parent PLUS Loan Data sheet (paper application).
Note: To be eligible, the borrower must be the student’s biological parent, adoptive parent, or step-parent. Parent borrowers are encouraged to contact the Financial Aid Office for details. Federal Direct PLUS borrowers may also visit the Department of Education website for more information.
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