Sources of Financial Aid


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Sources of Financial Aid

 

A variety of grants and loans are available to students.  Federal and State Grant and Loan guidelines are established by federal and state agencies and are not subject to alteration by the Financial Aid Office. 

Students receiving financial aid may not receive aid beyond the calculated need based on standard need analysis. Any source of assistance must be identified to the Financial Aid Office (scholarships, tuition reimbursement, private loans or grants, etc.) in order to determine aid eligibility.

 

Federal Aid

 

Pell Grant

This is a federal grant program based solely on need (EFC).  Students are not required to repay these monies. The amount of the grant is determined by the student’s need, enrollment and the cost of attendance at the school and is disbursed by semester. The Pell Grant is not available to students with baccalaureate degrees.  The maximum PELL Grant award for the 2009-2010 award year (July 1, 2009 to June 30, 2010) is $5,350. Students must be enrolled a minimum of 3 credit hours.

 

Pell Grants are limited to 18 semesters (or equivalent) for students who first receive a Pell Grant on or after July 1, 2008. Only the amount (or percent) of time that a student is enrolled will count against that time limit.

 

The Academic Competitiveness Grant

The Academic Competitiveness Grant is available for first year students who graduated from high school after January 1, 2006, and for second year students who graduated from high school after January 1, 2005. The Academic Competitiveness Grant award is in addition to the student's Pell Grant award.

An eligible student may receive an Academic Competitiveness Grant (ACG) of up to $750 for the first academic year of study and up to $1,300 for the second academic year of study.

 

To be eligible for each academic year, a student must:

·        Be a U.S. citizen;

·        Be a Federal Pell Grant recipient;

·        Effective July 1, 2009, be enrolled at least half-time (6 hours) in an associate’s, bachelor’s, or combined undergraduate/graduate (if it includes at least three years of undergraduate education) degree program or in a two-academic year program acceptable for full credit toward a bachelor’s degree;

·        Be enrolled in the first or second academic year of his or her program of study at an eligible institution;

·        Have completed a rigorous secondary school program of study (after January 1, 2006, if a first-year student, and after January 1, 2005, if a second-year student);

·        If a first-year student, not have been enrolled previously as regular students in an ACG-eligible college program when they were still in high school and were at or below the age of compulsory attendance; and

·        If a second-year student, have successfully completed their first year and have a cumulative GPA of at least 3.0 on a 4.0 scale.

 

Federal Stafford Loan (subsidized and unsubsidized)

Stafford Loans are loans which must be repaid and are available on either a subsidized or unsubsidized basis.  The maximum annual amounts are $3,500 for freshmen, $4,500 for sophomores or an aggregate total of $31,000 for dependent students. The aggregate limit for independent students is $57,500 for undergraduate study. Eligible dependent students may borrow up to an additional $2000 yearly. Eligible independent students may borrow up to an additional $6,000 yearly.

 

The subsidized loan

·        Based on financial need

·        Federal government paying interest to the lender while the student is in school at least 6 credit hours and for 6 months after graduation. 

·        Fixed interest rate of 5.6% for the 09-10 academic year

 

The unsubsidized loan

·        Not based on need

·        Interest accrues while the student is in school

·        Interest payments can be made 

·        Fixed interest rate of 6.8% for the 09-10 academic year

 

New borrowers

·        Complete Online Entrance Counseling and a Master Promissory Note at http://www.aultmancollege.edu/financialaid/onlineloanapplication.aspx.

·        If you are a first-year undergraduate student and a first-time borrower, we do not disburse your first loan payment until 30 days after the first day of your enrollment period.

o       This practice ensures you won’t have a loan to repay if you don’t begin classes or if you withdraw during the first 30 days of classes.

 

Grade level for Stafford loans is based on the institution in which you are enrolled. Students must be enrolled at least half-time (6 credit hours).

 

PLUS-Parent Loan for Undergraduate Students

This credit-based loan program is available to parents of eligible dependent undergraduate students.  The loan can be used to pay the “Expected Family Contribution” (EFC) portion of the student’s education expenses and cannot exceed the cost of attendance.  Students must be enrolled a minimum of half-time (6 credit hours) and should the number of credit hours change, so may the loan amount. The PLUS loan allows a parent to borrow the total cost of undergraduate education including tuition, room and board, and any other eligible school expenses, minus any aid the student is receiving in their name.

           

The PLUS loan

·        Not need based

·        Repayment begins either 60 days after the loan is fully disbursed or six months after the student graduates or ceases to be enrolled on at least a half-time basis.

o       Please note: the parent must apply for deferment of payments.

·        3% origination fee and a 1% federal default fee

·        Fixed interest rate of 8.5%

o       Interest may be tax deductible

 

State Aid

 

Ohio College Opportunity Grant (OCOG) 

Effective for the 2009 – 2010 academic year, the Ohio College Opportunity Grant program is available only to students enrolled in an Ohio public institution. Alternatively, the state of Ohio will provide eligible private institutions with a state block grant to provide additional financial aid to students who demonstrate the highest levels of financial need. Aultman College will work carefully to disburse state funding in conjunction with other institutional, federal and private aid to best meet the financial need of as many eligible students as possible.

 

Ohio Nursing Education Assistance Loan Program (NEALP)

The Nurse Education Assistance Loan Program (NEALP) provides up to $1,500 per year for up to four years to qualifying Ohio applicants enrolled in an approved Ohio pre-licensure nurse education program for at least half-time study (or accepted for enrollment). In exchange, to qualify for loan cancellation, recipients must be employed full-time as a registered nurse or licensed practical nurse in the State of Ohio for a minimum of five years after graduation.

Applications can be submitted 14 days after completing the FAFSA at https://nealp.regents.state.oh.us/cgi-bin/nealp/nealp_student_cgi. Notification of acceptance or denial for NEALP funding will be sent by the Ohio Board of Regents on or after September 1.

Pennsylvania State Grant Program

Pennsylvania Higher Education Assistance Authority (PHEAA) sponsors a need-based state grant program for undergraduate Pennsylvania residents who will be enrolled at least half-time (6 credit hours per semester) during the academic year. The maximum out-of-state grant award for a non-veteran student is up to $600. Veterans are eligible for maximum out-of-state awards of up to $800.

Social Service Programs

Bureau of Vocational Rehabilitation (BVR)

Educational assistance may be available for students with special needs. Call the Canton (330-438-0500) or Akron (330-643-3080) BVR Office for additional information.

 

Workforce Initiative Association (WIA formerly JTPA) and Trade Adjustment Act (TAA)

Assistance for individuals who recently lost jobs, are entering the workforce after an extended period of unemployment, new to the workforce, under-employed, laid-off or changing job direction. Students must complete the FAFSA to determine eligibility for grants before being considered for WIA and TAA funding. For additional information about WIA and TAA and eligibility requirements, contact the Stark County Employment Source at 330-433-9675 or your local county office. For a complete list of Ohio’s Workforce Information Center One-Stop websites, visit http://jfs.ohio.gov/workforce/jobseekers/OneStopWebSites.stm.

 

 

AmeriCorps

A national service program that provides tuition assistance in exchange for community service. Interested students should contact the AmeriCorps National Service Office at 1.800.942.2677 for additional information.

 

Veteran’s Services

The United States Armed Services, both active duty and reserves, have developed programs to assist enlistees in obtaining a college education. Veterans and/or their dependents may be eligible to receive benefits for their education. Students should contact their area recruiter for additional information.

 

PLUS-Parent Loan for Undergraduate Students

This credit-based loan program is available to parents of eligible dependent undergraduate students.  The loan can be used to pay the “Expected Family Contribution” (EFC) portion of the student’s education expenses and cannot exceed the cost of attendance.  Students must be enrolled a minimum of half-time (6 credit hours) and should the number of credit hours change, so may the loan amount. The PLUS loan allows a parent to borrow the total cost of undergraduate education including tuition, room and board, and any other eligible school expenses, minus any aid the student is receiving in their name.

           

The PLUS loan

·        Not need based

·        Repayment begins either 60 days after the loan is fully disbursed or six months after the student graduates or ceases to be enrolled on at least a half-time basis.

o       Please note: the parent must apply for deferment of payments.

·        3% origination fee and a 1% federal default fee

·        Fixed interest rate of 8.5%

o       Interest may be tax deductible

 

State Aid

 

Ohio College Opportunity Grant (OCOG) 

Effective for the 2009 – 2010 academic year, the Ohio College Opportunity Grant program is available only to students enrolled in an Ohio public institution. Alternatively, the state of Ohio will provide eligible private institutions with a state block grant to provide additional financial aid to students who demonstrate the highest levels of financial need. Aultman College will work carefully to disburse state funding in conjunction with other institutional, federal and private aid to best meet the financial need of as many eligible students as possible.

 

Ohio Nursing Education Assistance Loan Program (NEALP)

The Nurse Education Assistance Loan Program (NEALP) provides up to $1,500 per year for up to four years to qualifying Ohio applicants enrolled in an approved Ohio pre-licensure nurse education program for at least half-time study (or accepted for enrollment). In exchange, to qualify for loan cancellation, recipients must be employed full-time as a registered nurse or licensed practical nurse in the State of Ohio for a minimum of five years after graduation.

Applications can be submitted 14 days after completing the FAFSA at https://nealp.regents.state.oh.us/cgi-bin/nealp/nealp_student_cgi. Notification of acceptance or denial for NEALP funding will be sent by the Ohio Board of Regents on or after September 1.

Pennsylvania State Grant Program

Pennsylvania Higher Education Assistance Authority (PHEAA) sponsors a need-based state grant program for undergraduate Pennsylvania residents who will be enrolled at least half-time (6 credit hours per semester) during the academic year. The maximum out-of-state grant award for a non-veteran student is up to $600. Veterans are eligible for maximum out-of-state awards of up to $800.

Social Service Programs

Bureau of Vocational Rehabilitation (BVR)

Educational assistance may be available for students with special needs. Call the Canton (330-438-0500) or Akron (330-643-3080) BVR Office for additional information.

 

Workforce Initiative Association (WIA formerly JTPA) and Trade Adjustment Act (TAA)

Assistance for individuals who recently lost jobs, are entering the workforce after an extended period of unemployment, new to the workforce, under-employed, laid-off or changing job direction. Students must complete the FAFSA to determine eligibility for grants before being considered for WIA and TAA funding. For additional information about WIA and TAA and eligibility requirements, contact the Stark County Employment Source at 330-433-9675 or your local county office. For a complete list of Ohio’s Workforce Information Center One-Stop websites, visit http://jfs.ohio.gov/workforce/jobseekers/OneStopWebSites.stm.

 

 

AmeriCorps

A national service program that provides tuition assistance in exchange for community service. Interested students should contact the AmeriCorps National Service Office at 1.800.942.2677 for additional information.

 

Veteran’s Services

The United States Armed Services, both active duty and reserves, have developed programs to assist enlistees in obtaining a college education. Veterans and/or their dependents may be eligible to receive benefits for their education. Students should contact their area recruiter for additional information.

 

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