What is Financial Aid?

Financial aid is money for direct and indirect college expenses. This money comes in three forms:

• Grants which DO NOT have to be repaid
• Loans which DO have to be repaid
• Part-time jobs from which the student earns an hourly wage also known as Federal Work Study.

Students who are awarded financial aid may receive any or all of these forms of aid.

Financial Aid Funds Defined

The college's financial aid program assists students who are unable to meet their expenses entirely from their own family resources. Students must be enrolled in an eligible degree, diploma or certificate program in order to be considered for financial assistance, and must meet both qualitative and quantitative standards for satisfactory progress. These standards are described in the Financial Aid Handbook. Completion of the Free Application for Federal Student Aid form (F.A.F.S.A.) is required for consideration for Pell Grants, Perkins Loans, Work Study, Supplemental Educational Opportunity Grants, Stafford Loans and the New Hampshire Incentive Program. The application is available in the college's Financial Aid Office and at local high schools.

Pell Grant

The Pell Grant is a federally-funded program which assists students with the cost of attending college. A Pell Grant does not have to be paid back. To receive a Pell Grant, the student must be an undergraduate who does not already have a bachelor's degree. Awards are granted on a sliding scale ranging from $400 to $4,050 depending on the family financial position.

Supplemental Educational Opportunity Grant (SEOG)

SEOG Grant awards are made available to students who demonstrate exceptional financial need. A SEOG Grant also does not have to be paid back. To receive a SEOG Grant, a student must be an undergraduate who does not already have a bachelor's degree. Awards at this college range from $100 to $600 per year.

Perkins Loan

Perkins loans are made available to students who demonstrate financial need and are enrolled in at least 9 credits per semester. Perkins Loans are low-interest (5%) loans made through the Financial Aid Office at the College. Students may borrow up to $1,500 per year, depending on the availability of federal funds. Repayment begins and interest accrues 9 months after the date of graduation.

Federal Work Study (FWS)

The Federal Work Study Program (FWSP) gives the student an opportunity to earn money for educational purposes on a part time basis as well as a way to develop skills that are important in a workplace environment. Typically, students work in a variety of college offices within a support role under the supervision of a faculty or staff member. Some off campus positions are also available. Whenever possible, students are placed in roles that compliment their program of study. Students will be paid at least the current minimum wage. Students who qualify for Federal Work Study will be required to perform the work assigned in a responsible and professional manner. A confidentiality agreement must be signed for all work study positions. In most cases, work-study hours are limited to a 10-12 hour work week. Eligible students must demonstrate need and be enrolled in at least 6 credits per semester.

Stafford Loans (Formerly GSL)

Stafford Loans are low-interest loans made to the student by a lender. Freshmen may borrow up to $2,625 per academic year; Senior's may borrow up to $3,500 per academic year. Repayment begins and interest accrues six months after the date of graduation. Eligible students must demonstrate need and be enrolled in at least 6 credits per semester.

New Hampshire Incentive Program (NHIP)

NHIP provides grants for New Hampshire residents attending a college within or outside the state of New Hampshire. Applicants must be at least half-time students and must demonstrate financial need. There is an early application deadline date of May 1 each year.

Federal Parent Loans for Undergraduate Students (PLUS)

Federal Loans for Undergraduate Students are meant to provide additional funds for educational expenses. These loans are made to parents of undergraduate, dependent students. Parents of dependent undergraduates may borrow up to a student's cost of attendance less estimated financial assistance. The interest rate for these loans is variable and set annually not to exceed nine percent (9%). Interested parents will be required to apply for this loan. This loan is credit based.

LEAF Loan

The Loan for Educational Assistance Funding (LEAF) is a private, non-federal loan for NH residents or non-residents enrolled at least half-time (6 credits) in an eligible degree or certificate program at an eligible NH educational institution. Although not required, all students are strongly encouraged to complete the financial aid process at their school before applying for a LEAF Loan.