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 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, 2007, eligible students may borrow up to $3,500 for the first year of undergraduate study; $4,500 for the second year; $5,500 for the third and fourth years, provided that sufficient financial need is demonstrated and at least half-time enrollment status is maintained. Interest on Federal Stafford Student Loans may be paid by the federal government or the borrower 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.

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 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.