Federal Student Loans
FAFSA
In order to start receiving loans or grants, a student must follow the steps below to complete their Federal Student Aid Application online. New Students need to apply for aid by March 1 while continuing students must resubmit their FAFSA by April 15th each year.
There are 3 easy steps that each student must follow in order to file their FAFSA.
- Getting your PIN
The PIN is a four-digit number that is issued to you by the Department of Education. A student must have a PIN to complete and sign their FAFSA electronically and to receive the status of their application - Complete your FAFSA at fafsa.ed.gov.
- Monitor your FAFSA.
St Edwards should receive the results of the applications 2-3 days after it has been processed. If it has been more than two weeks and the student has not received a response the student should contact the Federal Student Aid Information Center for assistance.
St. Edwards provides detailed information on obtaining student loans at http://think.stedwards.edu/studentfinancialservices/freeapplicationfederalstudentaid.
Grants and Subsidized and Unsubsidized Loans
The FAFSA allows a student to apply for government grants that do not have to be paid back and government loans that have to be paid back starting 6 months after your date of graduation. The amount a student may burrowed on an annual basis is determined by the student’s grade level:
| Dependent Undergraduates* | |
| Freshman (0 to 29 earned hours) | $5,500 |
| Sophomore (30 to 59 earned hours) | $6,500 |
| Junior (60 to 89 earned hours) | $7,500 |
| Senior (90+ earned hours) | $7,500 |
| Independent Undergraduates* | |
| Freshman (0 to 29 earned hours) | $9,500 |
| Sophomore (30 to 59 earned hours) | $10,500 |
| Junior (60 to 89 earned hours) | $12,500 |
| Senior (90+ earned hours) | $12,500 |
| *Dependency status for federal financial aid purposes is determined by criteria set by law, and typically involves a student’s age, marital status, or degree program (master’s vs. bachelor’s). If you were required to include parent information on your FAFSA, then you are considered a dependent student. |
Subsidized Student Loans
The Department of Education pays the accruing interest on this loan while the student is enrolled in school at least half time. This type of loan is awarded based on the student’s financial needs in relation to the school’s cost of attendance. Not all students will qualify for this type of loan because it is largely tied to income. The interest rate is currently at 4.66%
Unsubsidized Student Loans
The student is responsible for the accruing interest on this loan. The interest rate for this loans is currently at 4.66%.
It is important to remember that while your loan is officially in deferment when you are in school, the interest that accrues will capitalize (become part of your debt) if you don’t make payments before graduation. That added debt will in turn accrue interest. You may want to consider setting up small payments to cover the interest if you have unsubsidized loans.
Government Parent Credit Based Loans
Through the Department of Education, parents of dependent undergraduate students may apply for credit-based loans. This allows parents to burrow up to their student’s full cost of attendance minus any other aid the student is receiving. This loan has a current interest rate of 7.21%.
Student Credit Based Private Loans
St. Edwards along with Elm Resources provides information on different alternative loan programs. These loans are private loans from banks and institutions; therefore they set their own criteria, interest rates, processing fees, and repayment terms. These particular types of loans require students to meet fairly high credit standards or to have a cosigner.
Read more on student loans at http://think.stedwards.edu/studentfinancialservices/loans1.
Merit Scholarships
This scholarships are available for New College Students who have a cumulative SEU GPA of 3.5 and have at least 18 SEU credit hours. The application deadline is April 1. A committee of New College faculty evaluates these applications. Scholarships may be used for the following school year.
Brown Scholarship
Students must be enrolled in the New College program and have at least at 3.0 SEU GPA. Students must also have at least 33 SEU credit hours. Another stipulation is that the student completed 6 SEU credit hours during the Fall Semester and register for 6 SEU hours for the Spring 2014 semester. Students must complete a community service proposal for one of the following semesters: Fall 2014, Spring 2015, or the 2014-2015 Academic Year. Consideration is based on the student’s past community service and academic success. The amount a student is awarded is based on the community service proposal.
Read more about scholarships at http://think.stedwards.edu/studentfinancialservices/scholarships.
Fastweb.com
This website has valuable scholarship information, as well as financial aid and student loan information. For students who are looking to land their dream job, there is a section for career planning.
Navigating New College 