Types of Financial Aid
Student Employment: Part-time employment of five but no more than ten hours per week on the university campus is available for many students. Priority is given to those who have financial need. Employment opportunities in university departments include office assistants, library assistants, catering assistants, custodians, receptionists, music accompanists, photographers, audio-visual equipment operators, and other similar positions. Earnings are paid the first and third Friday of each month. Graceland participates in the Federal Work-Study Program authorized by the Higher Education Act of 1965 as amended.
Students wishing to work who do not have financial need may apply for employment. These students will be approved for employment according to the needs of the institution.
Federal Supplemental Educational Opportunity Grant (SEOG): The Federal Supplemental Educational Opportunity Grant provides grants to low-income undergraduates with the greatest demonstrated financial need. Graceland University defines low-income as a 0 EFC for SEOG awarding. Priority is given to students who receive Federal Pell Grants. Recipients must maintain satisfactory academic progress. This grant does not have to be repaid. Students may receive SEOG until they earn a bachelor’s degree if they continue to meet the eligibility requirements and funds are available. However, the amount of the grant may change each year according to the family financial situation, availability of funds and changes in awarding guidelines.
Federal Pell Grant: This Federally funded grant program provides grants to low-income undergraduates with the greatest demonstrated financial need. Application is made by completing the Free Application for Federal Student Aid (FAFSA) and submitting it to the Department of Education. The federal government determines the student’s eligibility for this award. The student must maintain satisfactory academic progress. This grant does not have to be repaid.
Teacher Education Assistance for College and Higher Education (TEACH) Grant: The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides grants of up to $4,000 per year to students who agree to teach a high need field in a public or private elementary or secondary school that serves students from low-income families. As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant. IMPORTANT: If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Stafford Loan. You must then repay this loan to the U.S. Department of Education. You will be charged interest from the date the grant(s) was disbursed. Note: TEACH Grant recipients will be given a 6-month grace period prior to entering repayment if a TEACH Grant is converted to a Direct Unsubsidized Loan. Application is made by completing the Free Application for Federal Student Aid (FAFSA) and signing the TEACH Grant Agreement to Serve and completing the counseling. The student must meet certain academic achievement requirements (generally, scoring above the 75th percentile on a college admissions test or maintaining a cumulative GPA of at least 3.25). The student must maintain satisfactory academic progress.
William D. Ford Direct (Subsidized and Unsubsidized) Student Loan Program: Borrowers begin repaying loans six months after ceasing at least half-time enrollment in postsecondary education, unless borrower qualifies for deferment. Cancellation of loans is available for employment in certain designated fields, under certain conditions. This is a loan from the federal government. While eligibility for the subsidized Direct Loan requires proof of financial need, financial need is not a consideration for the unsubsidized Direct Loan. The student must file a Free Application for Federal Student Aid (FAFSA) annually to determine eligibility for participation in this program, and be enrolled at least half-time. The interest rate is determined on July 1st for the succeeding academic year. Borrowers of a Direct Loan are charged a loan origination fee, which charges annually and will be subtracted from the loan proceeds at disbursement.
|Annual Limits for Subsidized/Unsubsidized Loans|
|Dependent Undergraduates||Subsidized||Total (Subsidized & Unsubsidized) |
|Third Year and Beyond||$5,500||$7,500|
|Independent Undergraduates (Also Dependent Students that are eligible for additional Unsubsidized due to Parent PLUS denial)||Subsidized||Total (Subsidized & Unsubsidized)|
|Third Year and Beyond||$5,500||$12,500|
|Aggregate Limits for Subsidized/Unsubsidized Loans|
|Dependent Undergraduates||Subsidized||Total (Subsidized & Unsubsidized)|
|Independent Undergraduates (Also Dependent Students that are eligible for additional Unsubsidized due to Parent PLUS denial)||Subsidized||Total (Subsidized & Unsubsidized) |
Federal Direct Subsidized Loan only: No payments are due from the student and the government pays all interest while the student is in school.
If you are a first-time borrower on or after July 1, 2013, there is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. This time limit does not apply to Direct Unsubsidized Loans or Direct PLUS Loans. If this limit applies to you, you may not receive Direct Subsidized Loans for more than 150 percent of the published length of your program. This is called your “maximum eligibility period.” Your maximum eligibility period is generally based on the published length of your current program .
Federal Direct Unsubsidized Loan only: Repayment on the principal amount of the loan does not begin until six months after the student leaves school or drops below half-time status, BUT the student is responsible for the interest from the date of the last disbursement of the loan. The student may pay the interest monthly or quarterly, or may defer interest payments during school or the six-month grace period. Arrangements for payment are made by the student with the Department of Education. For independent students and dependent students whose parents cannot obtain a Federal Direct Plus Loan the student may have additional unsubsidized loan eligibility.
William D. Ford Federal Direct Parent Loan for Undergraduate Students (PLUS): The Federal Direct Parent PLUS Loan is available to parents of dependent undergraduate students. The student must file a FAFSA. Approval of a PLUS Loan is contingent upon credit approval by the U.S. Department of Education. The parent may borrow up to the cost of attendance minus other financial aid received. The interest rate is determined annually at the time of disbursement. The rate is fixed for the life of the loan. Repayment of principal and interest begins within 60 days of full disbursement, or a deferment may be available to postpone repayment until 6 months after the student graduates or drops below part-time enrollment. The U.S. Department of Education charges a loan origination fee which will be subtracted from the loan proceeds at disbursement.
For more information, please visit https://studentaid.gov/
Iowa Tuition Grant: Iowa Tuition Grant (ITG) is funded by the State and is awarded to Iowa residents that demonstrate need and attend an independent (private) college in Iowa. Application for the Iowa Tuition Grant is accomplished by completing a Federal Application for Federal Student Aid (FAFSA). The FAFSA must be received at the processing center by the July 1 deadline. The student must maintain satisfactory academic progress and ITG is only available for eight full-time semesters or the equivalent.
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