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Federal Aid Programs
The following federal aid
programs have specific program requirements that an undergraduate aid
applicant must meet before he/she is determined eligible to receive an
annual award. For a complete listing of the program requirements request a
copy of the "Financial Aid - The Student Guide" brochure from
the College's Financial Aid Office.
Federal Pell Grant Program
The Federal Pell Grant Program
makes funds available to eligible students attending Goldey-Beacom
College. The amount of funds awarded is based upon the student's financial
eligibility. Pell Grant awards in 2008-09 range from $800 to $4,731 per year.
Students interested in applying for the Pell Grant can do so by filing a
Free Application for Federal Student Aid
(FAFSA).
Federal Supplemental Educational
Opportunity Grant Program (FSEOG)
The Federal Supplemental
Educational Opportunity Grant Program is a grant program from which funds
are awarded based upon the student's financial need. Eligibility is
determined according to a need analysis which is calculated from the
information processed on the FAFSA. FSEOG awards range from $100 to $4,000
per year.
Federal Work-Study Program (FWS)
The Federal Work-Study Program
is a federally-funded program through which students with demonstrated
financial need are awarded funds that they may earn by working at jobs on
and off campus. Wages are paid directly to the student on a monthly basis.
Students are required to file a FAFSA to establish eligibility.
Federal Perkins Loan Program
The Federal
Perkins Loan Program is a federally-funded program, which provides
Goldey-Beacom College with funds to loan directly to eligible students. As
with any loan program, the money must be paid back. The loan is
interest-free while the student attends school provided that he/she
maintains at least half-time (minimum six credit hours of graduate and/or
undergraduate course work) enrollment status. Loans made after July 1,
1987, will have a nine-month grace period before repayment begins at an
annual interest rate of five percent. The maximum loan awarded for a
two-year program is $8,000 and for a four-year program is $20,000.
Students are required to file a FAFSA to establish eligibility.
Federal Stafford Loan Program
The Federal Stafford Student
Loan Program makes funds available through a bank. Effective July 1, 2008,
eligible students may
borrow up to $5,500 for the first year of undergraduate study with no more
than $3,500 of this amount in subsidized loans; $6,500 for
the second year with no more than $4,500 of this amount in subsidized
loans; $7,500 for the third and fourth years with no more of this amount
in subsidized loans, provided that
sufficient financial need is demonstrated and at least half-time
(minimum six credit hours of graduate and/or undergraduate course work) enrollment status is maintained. Interest on Federal Stafford Student
Loans may be paid by the federal government (subsidized loan portion) or the borrower
(unsubsidized loan portion) during in-school and grace
periods; the principal is deferred. Repayment of the interest and
principal begins on the first day of the seventh month after the student
terminates his/her enrollment. A new borrower's interest rate is fixed. Students
are required to file a FAFSA before the Master Promissory Note may be
processed. Students interested in borrowing from the Federal
Stafford Student Loan Program are encouraged to review the "About Your
Student Loan..." information.
Independent undergraduate students (and a dependent student
whose parents have applied for but were unable to get a
PLUS Loan
(a parent loan)),
each year
a student can borrow up to $9,500 as a first-year student
(for loans first disbursed on or after July 1, 2008) enrolled in
a program of study that is at least a full academic year. No
more than $3,500 of this amount may be in subsidized loans.
Independent undergraduate students
who have completed their first year of study
and the remainder of your program is at least a full academic
year can borrow up to $10,500 (for loans first disbursed on or
after July 1, 2008). No more than $4,500 of this amount may be
in subsidized loans. Lastly, independent students who have
completed two years of study and the remainder of their program
is at least a full academic year can borrow up to $12,500 (for
loans first disbursed on or after July 1, 2008). No more than
$5,500 of this amount may be in subsidized loans.
Independent undergraduate students who are enrolled in at least
six credit hours during a given semester are eligible for loan
proceeds for that specified semester.The Federal Stafford Student Loan
limits increase when a student enters a Graduate Degree
program. Graduate students are eligible to borrow up to $8,500
in Subsidized Stafford Loan monies and $12,000 in Unsubsidized
Stafford Loan monies. The amount of a student’s subsidized
Stafford loan cannot exceed his/her financial need. The
subsidized loan does not accrue interest while registered at
least half time, but the unsubsidized loan will accrue interest
while the student is enrolled; this interest may or may not be
deferred based on the student’s preference. As with
Undergraduate Stafford Loans, the student must be registered at
least half-time in a minimum of six credit hours in graduate
course work to be eligible for the loan, and a valid
FAFSA and Master
Promissory Note are required. Students interested in borrowing
from the Federal Stafford Student Loan Program are encouraged to
review the "About
Your Student Loan..." information. |
