STUDENT FINANCIAL SERVICES

Financial Aid Programs

Federal Pell Grant

The Federal Pell Grant is a federally-funded grant program for undergraduate students who have not earned a bachelor's or professional degree. Federal Pell Grant awards vary in amount each year and are based on financial need and hours of enrollment. Students receiving full-time Pell awards during the fall and spring semesters do not have any remaining entitlement for the summer term. To apply or obtain additional information go to www.StudentAid.eg.gov

Federal Supplemental Educational Opportunity Grant

The Federal Supplemental Educational Opportunity Grant (FSEOG) program is a federally-funded and campus-based grant program. Awards are made to early applicants demonstrating the greatest financial need. Recipients are selected by the Office of Student Financial Services from applications submitted by the deadline.

Academic Competitiveness Grant

The Academic Competitiveness Grant (ACG) is a federally-funded program for full-time undergraduate student who are eligible and receive a Federal Pell Grant. Students also must have completed a rigorous secondary school program of study and be enrolled in a least a two-year academic program acceptable for full credit toward a bachelor’s degree.

Alabama Student Assistance Grant

The Alabama Student Assistance Grant (ASAG) is a state-funded grant made available to Alabama residents demonstrating the greatest financial need. Recipients are selected by the Office of Student Financial Services from applications submitted by the deadline.

Federal Work-Study

The Federal Work-Study (FWS) program is a federally- funded employment program available to qualified students who demonstrate financial need. Students are employed on campus 10 to 20 hours per week. When possible, students are assigned jobs that are related to their major or area of interest.

Federal Community Work-Study

The Federal Community Work-Study (FCWS) program is a federally-funded employment program available to qualified students who demonstrate financial need. Students are employed off campus in local nonprofit, governmental, and county-based organizations. When possible, students are assigned jobs that are related to their major or area of interest.

Stafford Loan

The Direct Stafford Loan (SL) program is a loan program where a student may borrow funds to cover his/her educational expenses. Students may borrow either a subsidized or unsubsidized loan.

A subsidized loan is awarded on the basis of financial need. You will not be charged any interest before you begin repayment or during authorized periods of deferment. The federal government "subsidizes" the interest during these periods.

An unsubsidized loan is not awarded on the basis of need. You'll 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. This will increase the amount you have to repay. If you choose to pay the interest as it accumulates, you'll repay less in the long run.

If you are a first-year student and a first-time borrower, your first payment will not be disbursed until 30 days after the first day that classes begin.

To receive additional information and/or sign your Promissory Note go to www.dlenote.ed.gov.

PLUS Loans

The Direct PLUS loan program provides loans to parents of eligible dependent students who need additional financial assistance in meeting postsecondary educational expenses.  Eligibility is not based on income.  This program is intended to supplement the Stafford Loan Program.

Direct PLUS loans have an interest rate of 7.9 percent for loans first disbursed on or after July 1, 2006.  To apply, receive additional information and/or sign your Promissory Note go to www.dlenote.ed.gov.

Scholarships

Scholarships are awarded yearly on a competitive basis to deserving students through the Foundation Office. Students receiving an academic scholarship must maintain a 3.0 GPA and those receiving a technology scholarship must maintain a 2.5 overall GPA, with a 3.0 GPA in their major.  Additional scholarship information is listed on Calhoun’s web site.

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