Financial Aid

Grants

Grants typically do not have to be repaid and are usually need-based. Applying for grants is done by completing the FAFSA application at the financial aid office or by visiting, https://studentaid.gov/h/apply-for-aid/fafsa.

Two types of grants that may be awarded are the Federal Pell Grant and the Federal Supplemental Educational Opportunity Grant (FSEOG):

• Federal Pell Grant: A Federal Pell Grant is a free grant that does not have to be repaid. The student must complete the FAFSA in order to determine eligibility for the Federal Pell Grant. If the student is eligible for a Pell Grant, the maximum award amount eligibility is $7,395   for 2023–24 award year (July 1, 2023, to June 30, 2024) and for the 2024–25 award year (July 1, 2024, to June 30, 2025).

Loans

Low interest loans may be available to students. A completed FAFSA application must be submitted to determine loan eligibility. Subsidized Loans are need based, while Unsubsidized Loans are not need-based. The school participates in the William D. Ford Direct (Subsidized/Unsubsidized/PLUS) Loan Program:

• William D. Ford Federal Direct Subsidized Loan: A need-based loan from the federal government from which the government pays for the interest on the loan while the student is enrolled in school. Repayment begins six months after the last day of attendance (LDA). The interest rate for all loans disbursed After July 1, 2023, and Before July 1, 2024 will be 5.50% with a 1.059% origination fee which will be deducted for each loan disbursement. For loans new loans disbursed between July 1, 2024 and June 30, 2025 interest rate for the 2024-25 academic year is 6.53%.

• William D. Ford Federal Direct Unsubsidized Loan: A non-need based loan from the federal government where the student is responsible for interest payments on the loan. Students will be responsible for interest payments 30 days from the date of the 1st disbursement. Students have the option to either pay the interest while in school, or have the interest capitalized (deferred) up to six months after the last day of attendance (LDA). The interest rate for all loans disbursed on or after July 1, 2018 will be 5.05% with a 1% origination fee which will be deducted for each loan disbursement.

• William D. Ford Federal Direct Parent Loan for Undergraduate Students (PLUS): This loan is sponsored by the federal government and is not a need based loan. This loan allows for one of your parents to apply in order to help with education costs. Generally, parents can borrow up to the total cost of education, minus any aid already being received. This loan requires a credit check. If your parent is denied a PLUS loan, you may be eligible for an additional Federal Direct Stafford Unsubsidized Loan. The interest rate is fixed at 7.6%.

The Net Price Calculator is a tool that you can use to estimate your “net price” to attend a particular college or university. Net price is the difference between the full cost to attend a specific college, minus any grants and scholarships for which you may be eligible. The cost includes direct charges (tuition and fees, books and kits) and indirect costs (off-campus room and board transportation, and personal expenses).

Please keep in mind that direct costs are set by the school. Indirect costs (off-campus room and board, transportation and personal expenses) depend on the preference and living style of the individual student (for example, a monthly rent for a room in a shared apartment is going to be different than renting one bedroom apartment all by yourself.) This should be kept in mind when reviewing college “net price” calculations which include costs other than tuition and books.