Grants & Loans
Federal Pell Grant
A Federal Pell Grant, unlike a loan, does not have to be repaid. Generally, Pell Grants are awarded only to undergraduate students who have not earned a bachelor’s or professional degree. For many students, Pell Grants provide a foundation of financial aid to which other aid may be added. Students must complete the Free Application for Federal Student Aid (FAFSA), and the amount of eligibility is based on the resulting expected family contribution (EFC).
Federal Supplemental Educational Opportunity Grant
A Federal Supplemental Educational Opportunity Grant (FSEOG) is for undergraduates with exceptional financial need (students with the lowest EFCs) and gives priority to students who qualify for Pell Grants. An FSEOG does not have to be repaid. The school will award aid until funds are depleted.
Federal Work Study
The Federal Work Study (FWS) program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay educational expenses. The program encourages community service and work related to the course of study. Students must complete the FAFSA and have an outstanding financial need. Students interested in the FWS Program must complete a FWS application and submit a resume (if applicable) to the Financial Aid Office. The school will award aid until funds are depleted.
Direct Stafford Loan Program
Direct Stafford Loans are the Department of Education’s major form of self-help aid for students. Students must complete the FAFSA and a Master Promissory Note (MPN). They must also complete loan entrance counseling before they can receive funds and loan exit counseling once they are no longer half- or full-time students. There are maximum annual and aggregate loan limits. Types of Direct loans available are:
- Subsidized Loan
A subsidized loan is awarded on the basis of financial need. Students are not charged interest before they begin repayment or during authorized periods of deferment. The federal government subsidizes the interest during these periods. Students must have an outstanding financial need. The school will determine eligibility.
- Unsubsidized Loan
An unsubsidized loan is not awarded on the basis of financial need. Students will be charged interest from the time the loan is disbursed until it is paid in full. Students may choose to pay the interest while enrolled in school or allow the interest to accumulate. If the interest is allowed to accumulate, it will be capitalized – that is, the interest will be added to the principal amount of the loan and additional interest will be based upon the higher amount. The school will determine eligibility.
- PLUS Loan
Federal PLUS loans are for parent borrowers to assist their dependent student with educational expenses. PLUS loans are unsubsidized. Applicants must consent to a credit check. The interest rate is fixed at 7.9%. Repayment of principal and interest begins within approximately 60 days of full loan disbursement. The yearly loan limit is the cost of attendance minus any other financial aid the student receives. Parents should complete the FAFSA and the CSCC 2011-2012 Federal Direct Parent PLUS Loan Application.
Students are encouraged to apply for one type or a combination of the types of financial aid available.