When a prospective student or student applies for federal student aid, the information reported is used in a formula established by the U.S. Congress. The formula determines the student’s Expected Family Contribution (EFC), an amount the student and their family are expected to contribute toward education (although this amount may not exactly match the amount a student and their family end up contributing). If the EFC is below a certain amount, a student could be eligible for a Federal Pell Grant or Supplemental Education Opportunity Grant, assuming all other eligibility requirements are met. Please note that applicants who have already obtained their bachelors degree are not eligible for grant money, but may still be eligible for federal stafford loans.
Our Financial Aid Administrator calculates a student’s cost of attendance and subtracts the amount that the student and their family are expected to contribute toward that cost. If there's anything left over, a student is considered to have financial need.
Amounts available vary depending upon dependency classification (an independent student is anyone born before January 1, 1988; married students or students with children are also classified as independent), program length, and need. Sources for aid may come from one or more than one of the following:
Subsidized Stafford Loans are awarded to students who demonstrate financial need. Because the U.S. Department of Education subsidizes the interest, borrowers are not charged interest while they are enrolled in school at least halftime and during grace and deferment periods. Subsidized loan amounts vary from a low of $1,167 for our shortest program to $5,000 for our longest. Interest rate is currently 3.66% for the 2016/2017 award year.
Unsubsidized Stafford Loans are awarded to students regardless of financial need. Borrowers are responsible for paying the interest that accrues during any period. Independent students and students whose parents cannot get a parent PLUS loan have higher unsubsidized loan limits. Unsubsidized loan amounts vary from a low of $1,667 for our shortest program to $8,000 for our longest program. Interest rate is currently 3.66% for the 2016/2017 award year.
PLUS Loans allow parents to borrow on behalf of their dependent undergraduate children who are enrolled. Parents are able to borrow amounts that cover the entire tuition. As with unsubsidized Stafford loans, borrowers are responsible for the interest that accrues on PLUS Loans throughout the life of the loan. PLUS Loans are based on the credit of the borrower therefore we encourage parents to get “pre-approval” should their be a question about credit worthiness. Pre-approval forms are available in our Financial Aid Office. Interest rate is currently 6.31% for the 2016/2017 award year.