Types of Financial Aid

The Financial Aid Office is available to advise and assist students with obtaining funds to attend Grace Christian University. The Financial Aid Office seeks to meet the financial needs of our students through grants, scholarships, and loans. Students who believe their resources are inadequate to meet their expenses at Grace Christian University should contact a Financial Aid Specialist. More information can be found at gracechristian.edu/oncampus/tuition-costs/financial-aid.

FINANCIAL AID DEFINED

Financial Aid is financial assistance that helps students and their families pay for college. This financial assistance covers educational expenses including tuition and fees, room and board, books and supplies, and transportation. There are several types of financial aid available, including grants, scholarships, and loans. Once eligibility for financial assistance has been determined, students may be offered a Financial Aid Award Package which includes one or more types of aid.

The Financial Aid Award Package may include the following:

• Scholarship Aid: Awards usually based on academic excellence or merit and not necessarily on financial need.

• Grant Aid: Awards based solely on financial need.

• Loan Aid: Federal loans offered at a low interest rate, which must be repaid to the assigned lender after the student leaves college or drops below half-time enrollment.

• Federal Work Study: Undergraduate and graduate students can earn money from a part-time job to help pay for college expenses.

GRANTS

Federal Pell Grants

A Federal Pell Grant is awarded to eligible students based on their FAFSA results. It does not have to be repaid. This grant is awarded to undergraduate students who have not earned a bachelor degree. The amount of Federal Pell Grant funds a student may receive over their lifetime is limited by federal law to be the equivalent of six years of Pell Grant funding.

Federal Supplemental Educational Opportunity Grant (SEOG)

SEOG funds will be awarded to students with the lowest expected family contributions (EFC) who will also receive Pell Grants in that award year. SEOG funds do not have to be repaid. The Department of Education only provides schools with a limited amount of SEOG funds, so once the funds are depleted, awarding will stop. Valid FAFSA results must be received in the Financial Aid Office to receive consideration.

MILITARY BENEFITS

Grace Christian University accepts educational benefits through the military. These benefits may include GI Bill® and Federal Tuition Assistance. To begin the process of determining any applicable benefits, the student should contact his or her respective educational liaison within the appropriate military organization. Once that action has been taken, the student may contact the Academic Advising Office to proceed with any other applicable processes. For more information, visit gracechristian.edu/online/military.

LOANS

Federal Stafford Loans

Direct Stafford Loans are low-interest federal loans available to students who are attending college at least half-time. The funds are borrowed from the Department of Education through the Direct Loan Program. The amount a student may borrow is based on year in school, dependency status, and enrollment status. The FAFSA is the application for Direct Stafford Loans, but first time borrowers are also required to complete Loan Entrance Counseling and a Master Promissory Note at studentaid.gov. Federal Parent PLUS Loan A parent may borrow a Direct Parent PLUS Loan to help pay the expenses of a child who is a dependent undergraduate student enrolled at least half time. The parent must pass a credit check to be eligible to receive a PLUS Loan. In the event the parent is denied the PLUS Loan due to adverse credit, the student generally becomes eligible to borrow an additional amount in an Unsubsidized Federal Stafford Loan. Parents who wish to apply for a Direct Parent PLUS Loan may visit studentaid.gov.

Private Loans

A student may also obtain private loans from a Private Lender to cover education-related expenses. Students may need a creditworthy cosigner if they have not established credit yet. Usually loans are borrowed to cover the full year, divided between two semesters, but a student could get a loan for just one semester, if needed. Private loans have NO origination fee. For more details, go to: elmselect.com, choose Grace Christian University, then select Undergraduate Loans.