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 FEDERAL PELL GRANT For the current academic year, Federal Pell Grants range from $400 to $4,310. You must have a very low expected family contribution in order to be eligible. Filing the FAFSA is all that is necessary to apply. Grants do not have to be repaid. Pell Grant recipients may also be eligible for two new federal grants:
Funds for this program are limited, so grants are awarded only to a small number of students who have already qualified for the Pell Grant. SEOG awards range from $100 to $4,000 a year. No additional application is necessary.
This program allows you to work on campus to earn dollars for educational expenses. Most jobs pay minimum wage. You would work an average of 7.5 hours a week and receive payroll checks twice each month, earning about $1,300 per year. Not all eligible students are awarded work because funds are limited.
This program also has limited funding, and loans are available only to the neediest of students. Qualified students can borrow up to $4,000 a year and repayment begins nine months after graduation. The loan is interest-free while you are in college; interest during repayment is five percent.
Like the Perkins Loan, the Nursing Loan is drawn from very limited funds. It is available only to select students with significant financial need who are nursing majors. Maximums are $2,500 for freshman and sophomore years and $4,000 for junior and senior years. It is also interest-free for as long as you are in school and carries a five percent interest charge thereafter. Repayment begins nine months after graduation.
All students can borrow money through the Federal Stafford Loan Program, provided a FAFSA is filed. Students who qualify for the Subsidized Stafford Loan do not have to pay any interest for as long as they are in school. Repayment begins six months after graduation. Up to a three percent origination fee may be taken out at the bank before each semester's funds are disbursed. Students who do not show financial need can borrow under the Unsubsidized Stafford Loan Program. Interest accrues while you are in college at a fixed interest rate of 6.8 percent. It may be paid quarterly or allowed to accrue and be added to the principal before repayment begins. You will have increasing eligibility to borrow from the Federal Stafford Loan Programs with these annual maximums:
If you file the FAFSA, your Financial Aid Award Letter from UE will automatically include a Stafford Loan eligibility amount and indicate whether you qualify for the subsidized or the unsubsidized version. You may accept or decline all or part of the loan. If you accept, you must complete a separate Stafford Loan Acceptance Form which UE will provide. Students who use the Stafford Loan for four years at the maximum amount will have a total loan debt of $19,000, which translates to a monthly payment of about $218 per month, assuming the student never paid more than their minimum payment for the entire 10-year repayment period. Below is a sample repayment chart for the Stafford Loan Programs.
STATE OF INDIANA GRANTS If you are an Indiana resident, you may qualify for the Higher Education Award to attend either a public or private Indiana college. An additional award, the Freedom of Choice Grant, is available for students attending a private college and who qualify for the Higher Education Award. The maximum combined grant at the University of Evansville for 2007-08 is $10,992, but state grant amounts vary depending on whether students are high school Indiana Academic Honors Diploma recipients, fulfilling Core 40 requirements or neither. To apply for these grant programs for Indiana residents, your completed FAFSA must be received by the federal processor no later than March 10, 2008. This grant program is available to Indiana students who enrolled in the program during the seventh or eighth grade. The program guarantees free tuition to a public college in Indiana for students who successfully fulfill their Twenty-first Century Scholar pledge. A unique program created by the University of Evansville - the First Choice Award - offers recipients a generous award, almost covering our tuition. Academically talented students may be offered the First Choice Achievers Award, which covers full tuition. Some students qualify for additional financial aid from federal or outside sources which may be used toward fees, room, meals, and books. The First Choice Award is a combination of Indiana State Grants and University of Evansville funds. Qualified students must apply for admission to the University of Evansville and have their high school counselor certify their status as a Twenty-first Century Scholar. UE' s application fee is waived for Twenty-first Century Scholars. UE Assistance The University provides grants (aid that does not have to be repaid) to students who demonstrate need according to the FAFSA. We have many programs with a variety of titles, some honoring the generous friends and alumni whose gifts have made this aid possible. Eligibility for UE need-based aid is established by information we gather on the Application for Admission and the FAFSA. A program available to first-time college students at the University of Evansville is called the Kentucky Indiana Partners Scholarship (KIPS). This scholarship will match a student’s eligibility for the Kentucky Educational Excellence Scholarship (KEES), but is based on financial need. Eligibility for this award will be determined by the Free Application for Federal Student Aid (FAFSA) and relative academic information. Students will receive notification at the time official financial aid awards are sent out in early April. |
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