Types of Financial Aid

 
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You may be eligible for federal, state and/or institutional aid programs depending on your financial need.

Financial need is defined as the difference between the amount it will cost you to attend Heritage University and the amount you and your family can afford to pay for college expenses. College expenses include tuition, fees, books, transportation, and personal and living expenses.  Your financial need is determined according to the Free Application for Federal Student Aid (FAFSA). You will need to complete a new FAFSA each year that you will be attending Heritage University and need to receive financial aid.
 
The Financial Aid Office evaluates your financial situation and selects a financial aid package that will meet your needs, to the extent that funds are available. The aid package offered to you may include a combination of grants, scholarships, work-study or loans.
 
Grants and scholarships are funds that you do not need to repay. For information on scholarships, please click here: Scholarships.
Work-study positions are federal or state programs in which you are paid for working on campus or in eligible positions off-campus. Click here for more information.
 
Loans consist of federally funded, low interest loans that you repay with interest.
 
Types of Federal Loans
 
Federal Subsidized Stafford Loan (Federal Family Education Loan Program)
This "need-based" loan currently has a variable interest rate not to exceed 5.6%. Interest does not accrue until repayment begins. Repayment begins six months after a student leaves school or drops below half-time enrollment.
 
According to federal regulation, freshmen may receive a maximum of $3,500. Sophomores may receive a maximum of $4,500. Juniors and seniors may receive up to $5,500. You may be eligible for less depending on your financial need. 
 
If you have received notification that your Stafford Master Promissory Note is available to complete, please click here. You will be redirected to the Department of Education to complete your Master Promissory Note.
 
Federal Unsubsidized Stafford Loan (Federal Family Education Loan Program)
This "non-need-based" loan has the same terms and conditions as the Federal Subsidized Stafford Loan described above, except that students are responsible for interest which accrues while they are in school.
 
This loan is available to students who do not qualify for need-based Federal Stafford Subsidized Loans. Some students may have partial Federal Subsidized Stafford Loans and partial Federal Unsubsidized Stafford Loans because they do not qualify for a full Federal Subsidized Stafford loan.
 
For dependent students, the combination of these two loans cannot exceed the annual loan limits (listed above under Federal Subsidized Stafford Loan) based upon their year in school. For independent students, the combination of these two loans may not exceed $9,500 for freshmen, $10,500 for sophomores and $12,500 for juniors, seniors and those undergraduates getting a second bachelor's degree. 
 
If you have received notification that your Stafford Master Promissory Note is available to complete, please click here. You will be redirected to OpenNet to complete your Master Promissory Note.
 
Federal Perkins Loan
This "need-based" loan has a current interest rate of 5%. Interest does not accrue until repayment begins. Payment begins nine months after a student leaves school or drops below half-time enrollment.
 
Prior to receiving these funds, recipients must sign a promissory note and other forms at the Perkins Loan Coordinator's Office in the Business Office.
 
Federal Parent Loan for Undergraduate Students (PLUS)
This "non-need-based" loan is available to parents of dependent students. The parent is the borrower for this loan.
 
Prior to receiving these funds, you and your parents must sign a promissory note. A credit check will be performed by an agency under contract with the federal government. The interest rate is variable with a maximum of 9%. Repayment begins 60 days after disbursement.
 
If you have received notification that your Stafford Master Promissory Note is available to complete, please click here. You will be redirected to the Department of Education to complete your Master Promissory Note.
 
Additional Information
All of the loans described above are available to you if you are an undergraduate student. If you are a graduate student, you may apply for the Stafford and Perkins Loans, but not the Parent Loans. Loans are federally funded, low-interest loans that must be repaid. If you wish to borrow more or less than the amount that appears on your award letter, you may request an adjustment. Requests must be submitted in writing.
 
First-time Stafford Loan borrowers must complete an online loan counseling interview. To access the online loan counseling, click on the External Resources link on the Financial Aid page. Your entrance interview must take place prior to receiving your loan funds.
 
Also prior to receiving your loan funds, you must sign a Master Promissory Note. Information on how to electronically complete a Master Promissory Note will be sent to you. Once your financial aid file is complete and the appropriate promissory notes have been signed, loan funds will automatically be credited to your student account each semester, provided you are registered at least half time. For undergraduates this means 6 credits a term. For graduate students this means 2 credits a term.
 
Please note that interest rates may change. Ask what interest rate you will be paying when you apply for, and before you accept, a federal unsubsidized financial aid loan.
 
Grants
1. Federal Pell Grant
Amount: up to $5,500 per academic year, as set by federal government.
Qualifications: Demonstration of financial need; undergraduate.
Donor: Federal Government through Congressional appropriation.
Applicable: To any college costs, awarded on basis of cost of college.
Form: FAFSA form, available in high school counseling offices, college admissions and financial aid offices, public libraries, or on the Web at www.fafsa.ed.gov.
2. Washington State Need Grant (WSNG)
Amount: To be set by State Legislature each biennium. Available in limited numbers depending on state funding.
Qualification: Demonstration of extreme financial need for Washington State residents who are at least half-time undergraduate students.
Donor: State of Washington with matching funds from the federal government.
May be used for books, transportation, child care expenses or room and board; or tuition at student's request.
Form: FAFSA.
3. Veterans Benefits 
The University's V.A. Certification Office assists veterans, their dependents and service personnel in obtaining educational benefits from the Veterans Administration.
4. Teach Grant -- Available to those who will enter a teaching profession.
          Amount:  $4,000 per semester up to $8,000 per undergraduate academic year.
          Qualifications: 3.25 GPA or higher and post graduation service requirement of
          4 years.  Grant will convert into a loan if service requirement is not met.
          Form:  Heritage Teach Grant Application.
 
Total financial aid award cannot exceed demonstrated need.
 
Loans
1. Federal Perkins Loan
Amount: Up to $4,000/year, to $20,000 toward baccalaureate degree; $6,000 per year, $40,000 aggregate toward professional or graduate degree (including undergraduate total).
Interest: 5% annually, accruing nine months after leaving college.
Repayment: Begins nine months after leaving college, with 10 years to pay.
Deferment: For Peace Corps, Vista volunteers, military, student status, or hardship.
Cancellation: Under certain teaching situations, social work and law enforcement. Contact Perkins Loan Officer in the Business Office.
Forms: FAFSA and a required loan application through Heritage University Business Office.
 
2. Federal Stafford Loan-Subsidized and Unsubsidized
Amount: Up to $3,500 first year undergraduate, $4,500 second year undergraduate, $5,500 third and fourth year undergraduate, $8,500/year graduate study per academic year.
Interest: Subsidized during enrollment period (for Subsidized Stafford only). Accrues six months after leaving school at set interest rate with 10 years to pay. (Rates set primarily by federal government.) Undergraduates current rate at 4.5%  Graduate students at 5.6% per academic year.
 
Forms: FAFSA, loan application through bank, credit union, or savings and loan
association. Application form will be sent by Heritage University Financial Aid Office through Guarantee Agency. Administrator: Bank, credit union, or savings and loan association. The loans are long-term with low interest rates. Repayment on the long-term loans begins six months after the student graduates, leaves school, or drops below half-time status, with 10 years to repay.
 
3. Unsubsidized Federal Stafford Loan
Long-term loans available for students who do not qualify for Subsidized Stafford or who elect to receive an additional loan. Not available to dependent students except under unusual circumstances.
Interest: Rates are set by the federal government.  
Amount: $6,000 annual loan limit first and second years; $7,000 third, fourth and fifth years. The graduate student limit is to $12,000 per academic year. The annual unsubsidized limit will increase $7,000 in 2010-2011 for the following categories of students:
 a) students with undergraduate degrees who are enrolled in coursework necessary for  a professional credential or certification for employment as a teacher;
 b) students with undergraduate degrees who are enrolled in courses that will prepare them to enter a graduate program.
 
Deferments: Study at half-time or more, unemployment, economic hardship, etc. See Financial Aid Office for complete list.
Repayment: Interest is not subsidized by the federal government; therefore the repayment period begins on the date the loan is disbursed and interest begins to accrue on that day. May be deferred.
 
4. Parent Loan for Undergraduate Students (PLUS):
Unsubsidized loan taken by parent for a dependent student. Terms and conditions similar to Unsubsidized Stafford but parent takes out the loan (not student). Limits: Up to student's budget less other awarded aid.
 
5. Grad PLUS loans are available to qualifying graduate students.
This loan is not based on financial need, so Grad PLUS borrowers can apply for a loan amount up to the full cost of education, less other aid received. However, Heritage University requires that you apply for financial aid before you apply for a Grad PLUS loan. A credit check is required for a Grad PLUS loan.