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Federal Pell Grant
 The Federal Pell Grant provides financial assistance that does not have to be repaid by eligible students. Application is made by completing the Free Application for Federal Student Aid (FAFSA). The Federal Pell Grant program provides grants to full-time and part-time undergraduate students and may be used at any eligible college or university. The award may vary according to the number of credit hours you are enrolled. You must be enrolled for at least twelve hours per semester to receive a full award. The maximum award for the 2011-2012 academic year is $5,550. Federal Pell Grant eligibility is based on need and the funding level approved by Congress.

Federal Supplemental Education Opportunity Grants (SEOG)
The Federal SEOG program is for students who show exceptional financial need. Students showing exceptional need, who are Pell Grant eligible and non-residents have highest priority status. These limited federal funds are dependent on Congressional appropriations and are awarded by the University in varying amounts.

Federal TEACH Grant
The Federal TEACH Grant is for students that will be teaching in a low-income school and in a high need field of study. The student could receive a grant of up to $4,000 for four years as an undergraduate and for two years as a graduate.

To qualify for a TEACH Grant you must:

    • Be a U.S. citizen or eligible non-citizen

    • Complete the FAFSA; however, financial need is not a requirement

    • Score above the 75th percentile on ACT/SAT or maintain a GPA of at least 3.25

    • Be enrolled as an undergraduate or a graduate student

    • Be enrolled in coursework that is necessary to begin a career in teaching in an identified high need field

    • Sign a TEACH Grant Agreement to Serve (ATS) to teach in a low-income school and in a high need field full-time for four academic years within eight calendar years after completion or withdrawal from the academic program for which the TEACH Grant was received. ATS is located at http://www.teach-ats.ed.gov. If service obligation is not met, the grant funds will be converted to a Federal Direct Unsubsidized Loan that must be repaid with interest charged from the date of each TEACH Grant disbursement.

Federal Direct Loans
A Federal Direct Loan is a long-term, fixed rate loan made to students by the U.S. Department of Education. Typically, every student who files a FAFSA is eligible to borrow a Federal Direct Loan. Students may qualify to have a portion of their federal loan eligibility subsidized based on their financial need as determined by the FAFSA. A student must be enrolled at least half-time (six credits) to be eligible to receive a Federal Direct Loan.

Subsidized

The Federal Direct Subsidized Loan is awarded to students who demonstrate financial need as determined by the FAFSA. Interest on a Federal Direct Subsidized Loan is paid by the federal government while the student is enrolled at least half-time (six credits). Interest rate is 3.4%

Unsubsidized

The Federal Direct Unsubsidized Loan is not a need-based loan. Interest accrues on this loan prior to repayment. the student has the option to make interest payments during the in-school period, or to allow the accrued interest to be capitalized (added on) to the principal balance. Interest rate is 6.8%

  • Annual and Aggregated Limits

    • Dependent Annual Limit

$5,500--freshman (up to $3,500 may be subsidized)

$6,500--sophomore (up to $4,500 may be subsidized)

$7,500--junior and senior (up to $5,500 may be subsidized)

    Independent Annual Limit--Dependent annual limit plus:

$4,000--Freshman and sophomore (always unsubsidized)

$5,000--junior and senior (always unsubsidized)

    Aggregate Limit

$31.000--dependent limit (no more than $23,000 may be subsidized)

$57,500--independent limit (no more than $23,000 may be subsidized)

  • Fees and Repayment Terms

Fees                                                                         

1% origination fee with an immediate .5% rebate at disbursement. Rebate is retained if student makes first 12 payments on time

 

Repayment Terms

Typically 10 years, begins six months after student graduates or drops below half-time enrollment (fewer than six credits)

 

How to Obtain a Federal Direct Loan

The Financial Aid Office at Briar Cliff automatically awards Federal Perkins and Direct Loans based on financial aid eligibility, which is determined by the FAFSA.

Federal Direct Loans
To obtain a Federal Direct Subsidized and/or Federal Direct Unsubsidized Loan, students must accept the loan(s) on their award letter.

All first time borrowers are required to complete a Master Promissory Note (MPN) in order to borrow funds through the Direct Loan Program. To complete the MPN, please visit www.studentloans.gov.

Entrance counseling is also required by the federal government for first time borrowers. To complete an entrance counseling session, visit www.studentloans.gov.

Federal Direct PLUS Loan
A Federal Direct PLUS Loan is an excellent option for families who need to borrow beyond the Federal Direct Loan limits.

This low-interest loan can be used by parents to borrow on behalf of dependent undergraduates. A credit check is required and performed by the U.S. Department of Education. The interest rate is fixed at 7.9%.

Eligibility is limited to the cost of attendance (as determined by Briar Cliff) minus any other financial aid the student is receiving.

To apply for a Federal Direct PLUS Loan, please contact the Financial Aid Office.

Iowa Tuition Grants (ITG)
The ITG is available to qualified Iowa residents who are enrolled in at least three credit hours at a private institution in Iowa. The ITG is based on need, and students must have a FAFSA at the federal processors by July 1, 2011, to be considered. The maximum ITG was $3,500 for the 2011-2012 academic year. In the event that available state funds are insufficient to pay the full amount of each approved grant, the Iowa College Student Aid Commission has the authority to administratively reduce the award.

Work-Study Program
Briar Cliff University’s Work-Study Program allows eligible students to earn up to the amount shown on the financial aid award at a part-time job on or off campus. Awards are based on calculated need as determined by information provided on the FAFSA. Need-based employment is funded by the Federal Work-Study Program. Employment earnings are paid twice each month directly to the student for hours worked and DO NOT show as credit on the tuition bill. Briar Cliff will host a job fair during the first week of classes. Students may sign up and visit with interested employers.