Phagans' Colleges are approved by the United
States Department of Education to offer the following federal financial
assistance programs whereby an eligible student is awarded an outright
grant or loan for post-secondary education. To be eligible to receive
financial aid, a student must be enrolled as a regular student on at least
a half-time basis.
The student financial aid programs at
Phagans' Colleges are designed to aid students who would find it difficult to attend college
without financial assistance.
Phagans' Colleges offer the following sources of
financial aid:
Scholarships
Alternative Financing - Sallie Loans
Federal PELL Grant
Federal Supplemental Educational Opportunity Grant
(FSEOG)
Federal Family Education
Loan Programs (Stafford
and PLUS)
Eligibility Requirements: |
• |
Have financial need |
• |
Have a High School Diploma or a General Education Diploma
(GED), or ATB |
• |
Be enrolled or accepted for enrollment as a regular student
working toward a certificate in an eligible program |
• |
Be a U.S. citizen or eligible non-citizen |
• |
Have a valid Social Security Number |
• |
Make satisfactory academic progress |
• |
Register with Selective Service |
• |
Sign a Statement of Educational Purpose and a Certification
Statement on overpayment and default |
|
|
Basics of Determining Financial Aid |
The basis of determining a student’s financial
need will be an analysis of the financial status of the student’s
and/or the parents’ income. This analysis is accomplished by completing
a Free Application for Federal Student Aid (FAFSA) distributed by the
U.S. Department of Education.
These forms are available:
• In High School Guidance Counselor’s Office
• In Financial Aid Office at Phagans' Colleges
• Via U.S. Department of Education’s web site:
• FAFSA on the Web www.fafsa.ed.gov
Financial need is based on:
• Cost of attendance
• Expected Family Contribution
• Financial Need
FEDERAL PELL GRANT
A Federal Pell Grant, unlike a loan, does not have to be repaid. Generally,
Pell Grants are awarded only to undergraduate students who have not earned
a bachelor’s or professional degree. For many students, Pell Grants
provide a foundation of financial aid to which other aid may be added.
FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY
GRANT
A Federal Supplemental Educational Opportunity Grant is for
undergraduates with exceptional financial need – that is, students
with the lowest Expected Family Contributions (EFCs) - and gives priority
to students who qualify for Federal Pell Grants. An FSEOG does not have
to be repaid.
FEDERAL FAMILY EDUCATION LOAN PROGRAM
Stafford Loans are the Department of Education’s major form of self-help
aid for students. Under the FFEL program, the funds for your loan are
lent to you from a private lender (a bank, credit union, or other lender
that participates in the FFEL program).
Types of FFELP Stafford Loans available are:
Subsidized Stafford Loan
A subsidized loan is awarded on the basis of financial need.
You will not be charged interest before you begin repayment or during
authorized periods of deferment. The federal government “subsidizes”
the interest during these periods.
Unsubsidized Stafford Loan
An unsubsidized loan is not awarded on the basis of need. You
will 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.
Students are encouraged to apply for one type or a combination
of the types of financial aid available. |
