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Grants and Loans

Grants and Loans

You have a variety of options when financing your education, including grants and loans. Explore your choices below. If you have any questions, contact our Family Financial Planner at 785.248.2375. We will help you find a grant or loan program that helps meet your financial needs.

Types of Grants

Federal Pell Grant:  This is the most common type of grant.  The application for this is the FAFSA and the results of that application will dictate how much and whether you are eligible to receive these funds. 

SEOG:  This is a “campus-based” grant program and is awarded to highest-need students on a first-come, first-served basis.  There are limited funds available; file the FAFSA before March 15th for priority consideration, although this does not guarantee you will receive SEOG funds.

Federal TEACH Grant -  This is a “forgivable loan” available to education students who are in specified majors and who agree to work for four years in a high-need field in a low-income school.  All four years of work must be completed within eight years of the student leaving school.  If you meet the terms of this agreement you do not need to repay these funds to the federal government.   To apply for this program, complete the FAFSA, read and submit the Teach Grant Eligibility Document, and complete the online Entrance Counseling and Agreement To Serve via the Department of Education’s website.

Grants and Loans

You have a variety of options when financing your education, including grants and loans. Explore your choices below. If you have any questions, contact our Family Financial Planner at 785.248.2375. We will help you find a grant or loan program that helps meet your financial needs.

Types of Grants

Federal Pell Grant:  This is the most common type of grant.  The application for this is the FAFSA and the results of that application will dictate how much and whether you are eligible to receive these funds. 

SEOG:  This is a “campus-based” grant program and is awarded to highest-need students on a first-come, first-served basis.  There are limited funds available; file the FAFSA before March 15th for priority consideration, although this does not guarantee you will receive SEOG funds.

Federal TEACH Grant -  This is a “forgivable loan” available to education students who are in specified majors and who agree to work for four years in a high-need field in a low-income school.  All four years of work must be completed within eight years of the student leaving school.  If you meet the terms of this agreement you do not need to repay these funds to the federal government.   To apply for this program, complete the FAFSA, read and submit the Teach Grant Eligibility Document, and complete the online Entrance Counseling and Agreement To Serve via the Department of Education’s website.

Types of Federal Direct Student Loans

Subsidized loans – The interest for this type of loan is being paid (“subsidized”) by the federal government while you are enrolled at least half-time. The length of time that the interest will be subsidized is limited for first time borrowers effective July 1, 2013.  The amount you are eligible to receive is determined by a number of factors including; the results of your FAFSA, your grade level and the amount of subsidized loans previously received.  First time borrowers must complete an online entrance counseling session as well as a Master Promissory Note using the Department of Education’s website.

Unsubsidized loans – The interest for this type of loan is either paid by you while you are in school (recommended) or it is “capitalized”.  Interest capitalization is simply adding the accrued interest to the loan amount so that you can pay it later.  However, since this will result in you paying interest on interest, it is a more expensive option.  The amount you are eligible to receive is determined by your dependency status and grade level.

Parent PLUS loans – This loan is credit-based and only available to the parents of a dependent undergraduate student.  A credit check will be conducted each time a new loan is requested.  A parent who does not pass the credit check may elect to obtain a credit-worthy endorser or the student can receive additional unsubsidized student loan funds in his/her own name.  Parents who would like to apply for a Parent PLUS loan need to use their FSA ID complete the online PLUS Application process found at https://studentloans.gov/myDirectLoan/index.action.  First time parent borrowers will also need to complete the PLUS Master Promissory Note.

Graduate PLUS loans – This loan is credit-based and only available if you are enrolled in a graduate program of study.  A credit check will be conducted each time a new loan is requested. If you do not pass the credit check, you may elect to obtain a credit-worthy endorser.  To apply for a Grad PLUS loan, use your FSA ID to complete the online PLUS Application process found at https://studentloans.gov/myDirectLoan/index.action.  First time PLUS borrowers will also need to complete the Grad PLUS Master Promissory Note.

Exit Counseling -  This document will help students who have borrowed money from the Federal Direct Loan and/or Federal Family Education Loan Programs to understand their rights and responsibilities.  This guide covers many topics, including interest rates, repayment options, loan consolidation, forgiveness, forbearance and default.

Private, Non-Federal Student Loans

Before applying for a private loan, be sure that you have taken full advantage of your eligibility for federal financial aid since private loans are generally more expensive.

Note that in most cases, you will be able to get better loan terms if you apply with a credit-worthy co-signer.

As you work through the process of applying for a Private Student Loan, some of the things you may want to ask about are:

  1. Interest rates:
    1. Are they fixed or variable?
      1. If variable, how often do they change?
      2. Is there a cap that the interest rate will not exceed
  2. Fees:
    1. Are there front-end fees and if so, how much are they?
  3. Co-signers:
    1. What will the loan cost with or without a co-signer?
    2. How long will it take before the co-signer is released from the obligation?
  4. Repayment options:
    1. When does repayment begin?
    2. Are payments required while still in school?
    3. Are you allowed to make payments while in school (e.g. interest only)?
    4. What are the repayment terms (e.g. number of years)

In order to help you “shop” for a Private Loan lender, we are providing a complete list of all of the lenders via FASTChoice.  Click on the FASTChoice logo to find out more information.

Private Loan Lender List

FastChoice

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