Financial Aid Options

Financial aid is money to assist with paying for college. It consists of grants, work-study, loans and scholarships available to those that qualify.

Let me give you a brief overview of the different options available to you.

Types of Financial Aid

Federal Loans

A loan is money you borrow and must pay back with interest.

  • No payments are required while you are in school
  • 6-month grace period after school before payments start
  • No credit check or cosigner required
  • Interest rates are fixed


Types:

  • Subsidized – need based; doesn’t accrue interest while in school
  • Unsubsidized – not need based; accrues interest while in school

Federal Pell Grant and SEOG

Money that does not have to be repaid, except under certain circumstances.


Work Study

Students can work on-campus or at select off-campus sites while in school, and are paid hourly to assist with program cost payments or living expenses.
Work Study is based on availability.


Scholarships

Scholarships are gift aid & do not need to repaid. They can be offered by schools, employers, individuals, private companies, nonprofits, communities, religious groups, professional organizations, and social organizations.

Parent Plus Loan (Dependent Students Only)

The Department of Education looks to your parent(s) first to provide financial support if the entire program is not funded with your eligible loan/grant amounts.

This would be through taking out a Parent Plus Loan. There are some circumstances where we would bypass this requirement such as parents being non-citizens, being on a fixed income (Social ​Security, General Assistance and Unemployment), having adverse credit, active bankruptcy or not working.  Let’s review the details of this loan:

  • Credit check required
  • Fixed Interest Rate
  • Can defer payments for up to 6 months after your child graduates, leaves school or drops below half time
  • Must be U.S Citizen or Permanent Resident

 

Institutional Financing Plans

  • In School Payment Plans (Pay by end of program)
  • Standard Plan (up to 60 months)

 

Private Loans

  • Banks, Credit Unions, Private Lenders, etc.
  • Credit check required
  • Varying interest rates and payment terms by lender
  • Eligible for a $750 tuition credit if Private Loan is secured and an additional $500 with a cosigner