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GRANTS AND LOANS
Full and Part-Time Students ~ All Campuses

1. GRANTS are monetary awards that do not have to be repaid and are given to a student based on his/her demonstrated financial need (calculated from FAFSA information).

• A. Federal Pell Grant – The amount you receive will depend on your EFC (you’ll find this on your Student Aid Report) and on the cost of attendance, whether you're a full-time or part-time student, and whether you attend school for a full academic year or less.
• B. Michigan Tuition Grant - Designed to assist those students who prefer to attend a private, non-profit college or university in the State. To be eligible, you must complete the FAFSA, be a legal resident of Michigan and be enrolled or accepted as a student at a private non-profit college. Only a limited number of students receive the award so the earlier the student applies for financial aid the better.
• C. Michigan Adult Part-Time Grant (MAPTG) - Designed to provide assistance for qualified adults who enroll in public or private degree-granting Michigan colleges on a part-time basis. Grants of up to $600 per academic year are available for not more than two years of study.

In order to qualify for a grant you must be:

• A Michigan resident for a minimum of twelve months prior to the application date
• Out of high school at least two years
• Enrolled for at least three credit hours, but not more than eleven to qualify

IMPORTANT NOTES:

• You must file a FAFSA before the state aid deadline (March 1 is the deadline for the 2007-2008 academic year) to ensure you will receive priority consideration.
• You must also list a Michigan PRIVATE school first on the FAFSA to ensure you will receive priority consideration.

2. LOANS are money given to a student that must be repaid. Re-payment plans vary. To qualify for a loan, a student must be enrolled at least halftime (6 semester hours) and be degree-seeking. (If you are enrolled in 8-week cycles, register for both cycles at the beginning of the semester.)

• A. Federal Stafford Loan - This is a loan to help the student pay the cost of his or her education. Loan eligibility is determined by a federally approved formula based on family income and determined need.

  Under this program a dependent undergraduate student may be eligible to borrow up to $3,500 (first-year undergraduates), $4,500 (second-year undergraduates) and $5,500 (third- through fifth-year undergraduates) for a total borrowing sum of $23,000. A graduate student may borrow up to $20,500 per academic year (total borrowing sum of $138,500). Independent students may have additional unsubsidized eligibility depending on their grade level and number of credits.

  There are two (2) types of Federal Stafford Loans:

  • Subsidized - The government pays the interest while the student is enrolled at least halftime (6 credits).  Interest starts accruing and repayment begins 6 months after student stops attending school. The current rate is 6.8%.
  • Unsubsidized - Interest bearing loan that starts accruing immediately.  Repayment begins 6 months after student stops attending school.  The current rate is 6.8%..
• B. PLUS – A credit-based loan for parents of undergraduate students. Payment and interest begins immediately. The current rate is 8.5%.
• C. Private Loans
  • Sallie Mae Signature Loan - Credit based loans available to students enrolled at least halftime. Apply online. A student is ONLY eligible to borrow based on Cost of Attendance - Financial Aid.
  • Loans from a personal bank.

3. SCHOLARSHIPS Full-Time UNDG Students ~ ADRIAN CAMPUS ONLY: Contact the Admissions Office Today!