Financial Assistance -
Federal Programs
Grants:
Students wishing to get a jump start on their future financial aid
possibilities have a new resource in the U.S. Department of Education's
FAFSA4caster.
The newly launched Web site provides students and families with an early
indication of eligibility for federal student aid by calculating
Expected Family Contribution (EFC). It also aims to foster a better
understanding of the steps involved in working through the federal
financial aid process.
- Federal Supplemental Educational Opportunity Grants
(FSEOG)
FSEOG Grants, like Pell Grants, do not have to
be repaid and are given to undergraduate students with exceptional
financial need as determined by their Student Aid Report (SAR).
There is no guarantee that every eligible student will be able to
receive an FSEOG. This is based on the availability of funds at
each school. Amounts received can vary between $200 to $4,000 per
year, depending upon funds allocated to the college and the number of
students among which the funds are divided.
Loans:
- FFEL Stafford Loans
FFEL
Stafford Loans are either subsidized or unsubsidized. A
subsidized
loan is awarded on the basis of financial need as
determined by the Expected Family Contribution (EFC) number found on
your Student Aid Report (SAR). You will not be charged any interest
before you begin repayment or during authorized periods of deferment
(refer to the Financial Assistance Office). The federal government
"subsidizes" the interest during these periods.
An unsubsidized
loan is not awarded on the basis of need. You'll
be charged interest from the time the loan is disbursed until it is paid
in full. If you allow the interest to accumulate, it will be
capitalized–that is, the interest will be added to the principal
amount of your loan and additional interest will be based upon the
higher amount.
You can receive a subsidized loan and an unsubsidized loan for the
same enrollment period. The amounts that you may borrow will
depend upon whether you are a dependent versus independent student, your
cost of attendance (determined by the college/university that you
attend), and your current grade level.
The maximum Stafford Loan
amount you are eligible to borrow may be found at: http://www.stchas.edu/students/finance/SCCLoanApp.pdf
Other:
- Federal Work-Study
The Federal Work-Study
Program provides part-time jobs for undergraduate and graduate students
with financial need, allowing them to earn money to help defray
educational expenses. To be eligible, you must have provided a
Student Aid Report to the Financial Assistance Office and you must
complete an application for work-study.
- HOPE Scholarship
The HOPE "Scholarship" is not
technically a scholarship. It is a tax credit available to
eligible students during their first two years of post-secondary
education. The tax credit covers 100 percent of the first $1,000
of tuition and fees and 50 percent of the second $1,000 during the
qualified period. Therefore, a total tax credit of $1,500 may be
available in a given year. To be eligible, a student must be
enrolled in a degree, certificate or other program leading to a
recognized education credential (i.e., degree, certificate). In
addition, eligibility is based on family income levels. Individual
filers who earn in excess of $50,000 are ineligible, as are joint tax
filers whose income level exceeds $100,000. Those students who may
receive other types of grants or scholarships that cover all of their
tuition and fees are also ineligible for the HOPE scholarship. If
a grant or scholarship covers any portion of a student's tuition and
fees, the tax credit is reduced by that amount.
St. Charles Community College is responsible for reporting the name,
address, and taxpayer identification number of the student. This
is also the information you use when completing your tax forms for that
year.
To obtain further information pertaining to the HOPE scholarship,
contact your local tax preparer, the IRS, or the Internet address of http://www.irs.gov/individuals/article/0,,id=96271,00.html
Important:
All sources of funding are considered when determining your maximum
amount of eligibility for financial aid. This is including but not
limited to PELL, SEOG, Stafford Loans, Scholarships, A+ Funds, Vocational
Rehabilitation, and any other program participation.
Students receiving federal
financial aid (i.e., Pell Grants, student loans, SEOG, and college
work study) must meet satisfactory academic progress standards. Failure
to meet these standards may cause students to lose their financial
aid
until satisfactory academic progress can be reestablished. Refer
to pages 25-27 in the St. Charles Community College catalog for details,
or contact the Financial Assistance Office, Administration Building
Room
1115, 636-922-8270.
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