Types of Financial Aid

 Academic Merit Scholarships/Grants
  • College grants and scholarships that do not need to be repaid and that may require separate applications.
  • Scholarships are usually awarded to students based on merit, such as proven academic performance, success in the arts, or athletic participation.
  • Look for such things as high school GPA, class rank, and SAT/ACT scores.
  • Grants are usually given on the basis of need.

 

Need-based Programs

  • Completion of the Free Application for Federal Student Aid (FAFSA) is required
  • Completion of the CSS Profile may also be required by some institutions - you may register for your personalized PROFILE Application at http://www.collegeboard.com/

 

Grants

  • The Federal Pell Grant
    • Available to undergraduates with high need
    • Awards in 2006-2007 ranged up to $4,050
    • Eligibility and actual amount are determined by the U.S. Department of Education
  • Federal Supplemental Educational Opportunity Grant (SEOG)
    • Provides grants to students with exceptional financial need - those with the lowest Expected Family Contribution(EFC) numbers
    • FSEOG awards range from $100 to $4,000 a year
    • Federal Pell Grant recipients recieve priority for FSEOG awards
  • Academic Competitiveness Grant
    • U.S. citizens awarded Pell Grants and a rigorous secondary school prgram of study are eligible for consideration
  • National SMART Grant - pursuing an eligible major in physical, life, or computer sciences, engineering, technology, mathematics, or a critical - need foreign language.

 

Loans

  • The Federal Perkins Loan
    • Available on the basis of demonstrated financial need
    • Up to $4,000 per year
    • Campus-based program
    • Interest rate is 5% and repayment is 10 years
  • Stafford Loan
    • School determines loan eligibility and delivers loan proceeds to the student
    • Available under Federal Family Education Loan Program with funds provided by lender and the Direct Loan Program with funds provided by the federal government
    • Subsidized Stafford
      • Awarded to students who demonstrate financial aid through the FAFSA
      • The Department of Education pays interest while the student is in school and during grace and deferment periods
    • Unsubsidized Stafford
      • Available to all students who do not demonstrate sufficient financial need, but wish to borrow funds for educational expenses
      • The borrower is responsible for the interest during the life of the loan

 

Work

  • Federal Work-Study Program
    • Allows students to earn money for educational expenses while working an on-campus or off-campus job
    • School distributes earned funds to students

 

Entitlement and Outside Funding

  • Tuition Assistance Grant (TAG)
    • State-funded program designed to narrow the tuition gap between private and public institutions.
    • Must be a resident of Virginia and be enrolled in a Virginia private college in order to receive $3,100 in 2007-2008
  • Virginia Guaranteed Assistance Program (VGAP)
    • For use at Virginia public institutions
    • Need-based