How Much is Available
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 3.4% for the 2012/2013 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 6.8% for the 2012/2013 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 7.9% for the 2012/2013 award year.