This type of financial aid is based on student financial need as determined by the FAFSA. Sources for grants may be federal, state or institutional. Grants do NOT have to be repaid. Amounts are usually prorated based on actual enrollment and students must be making satisfactory academic progress (SAP) to be eligible.

Some of the grants available to Marygrove students are listed below. Unless otherwise noted, all programs are for undergraduate students and require students to complete a FAFSA and be making SAP. More detailed information about the aid program can be obtained by clicking the link provided.

Federal Pell Grant
Federal Pell Grant is awarded to students based on their Expected Family Contribution (EFC). The full-time award amount for 2009-2010 ranges from $890-$5350 per academic year. The award is prorated based on actual enrollment.
>click here for more information

Federal Academic Competitiveness Grant (ACG)
Federal Academic Competitiveness Grant (ACG) is available to full-time, Pell eligible freshmen and sophomores who have completed a rigorous high school curriculum as defined by the US Department of Education. Freshman award amount is $750 per academic year. Sophomore award amount is $1300 per academic year if the student has a 3.00 cumulative GPA. The award is prorated based on actual enrollment. Eligible students must be enrolled full-time. A final high school transcript is required for award disbursement.
>click here for more information

Federal National Science and Mathematics Access to Retain Talent Grant (SMART Grant)
Federal National Science and Mathematics Access to Retain Talent Grant (SMART Grant) is available to full-time, Pell eligible Juniors and Seniors with a signed major in Biology, Chemistry, Computer Science Information, Accounting Information Systems, Environmental Science or non-teaching Mathematics. Award amount is $4000 per academic year and the student may be eligible for up to eight (8) semesters. The award is prorated based on actual enrollment. The student must maintain a 3.00 cumulative GPA for continued eligibility.
>click here for more information

Federal Teach Grant Program
This grant is available to undergraduate and graduate students who plan to teach in low income school districts in high need subjects (Foreign Language, Math, Reading Specialist, Science and Special Education). It provides up to $4000 per academic year to a maximum of $16,000 for undergraduates and $8,000 graduate students. Student must have a 3.25 cumulative high school GPA and/or score in the 75th percentile on the ACT, SAT or GRE to be eligible. The student must maintain a cumulative GPA of 3.25 to renew. Students who fail to meet the terms of the Teach Grant Program will have the grant convert to an unsubsidized student loan. MAT/TEACHSCAPE STUDENTS ARE NOT ELIGIBLE FOR THE TEACH GRANT.
>click here for more information

Michigan Adult Part-Time Grant
Michigan Adult Part-Time Grant is available to independent students who are Michigan residents and have been out of high school at least two years. The student must be enrolled less than full-time and is eligible for the award for a maximum of four (4) semesters. The maximum award amount is $600 per academic year.
>click here to download .pdf

Michigan Children of Veterans Tuition Grant Program
Michigan Children of Veterans Tuition Grant Program is available to dependent children of disabled or deceased Michigan veterans. The student must be a Michigan resident for at least 12 months, under the age of 26 and be attending a Michigan public or private institution. The maximum award is $2,800 per year full-time and the award is prorated based on actual enrollment. Award is renewable for up to four years, the age of 26 or receipt of $11,200, whichever is less. Students must maintain a cumulative GPA of 2.25 for continued eligibility. Contact the State of Michigan at 888-447-2687 for more information.

Michigan Competitive Scholarship
Michigan Competitive Scholarship is available to needy Michigan residents attending Michigan colleges having earned a composite score of 23 on the ACT. At Michigan private colleges, the award amount varies from $100-$2100 and is available for up to 10 semesters. The award may be adjusted with the receipt of other financial aid, scholarships, educational benefits, etc.
>click here to download .pdf

Michigan Promise
Michigan Promise is a new award available to graduating high school seniors entering college within two (2) years of high school completion. Students who pass the Michigan Merit Exam are eligible for $1000 per year for two years at any Michigan private or public institution and another $2000 with approximately 60 credits earned. Students who do not pass the Michigan Merit Exam are eligible for $4000 with 60 credits earned. No FAFSA or minimum enrollment is required. Student does not have to be making SAP. New students must certify the award with the state of Michigan by November 15th. Students must maintain a 2.5 cumulative GPA for continued eligibility.
>click here for more information

Michigan Tuition Grant
Michigan Tuition Grant is available to needy Michigan residents attending Michigan private colleges. The student must be enrolled at least half-time (6 credits undergraduate, 3 credits graduate). The award is available for up to ten (10) semesters if other eligibility criteria are met. Award amounts vary from $100-$2100 per academic year and may be adjusted with the receipt of other financial aid, scholarships, educational benefits, etc. Students are not eligible for both Michigan Tuition Grant and Michigan Competitive Scholarship. Graduate students may be eligible for this award. Students must file FAFSA by July 1 to be eligible. Marygrove College should be listed first on the FAFSA.
>click here to download .pdf

Michigan Tuition Incentive Program (TIP)
Eligible students are notified by the state of eligibility. Students must activate the award with the state within four (4) years of high school completion. Phase 1 eligible students must be enrolled in an Associates Degree program. Phase 1 TIP currently pays $80 per credit hour plus mandatory fees for up to 80 credits or Associate degree completion. Phase II TIP pays $1000 per year for up to two (2) years. Students must be enrolled at least half-time (6 credits) to be eligible. The student is not required to file a FAFSA.
>click here to download .pdf

FEDERAL STUDENT LOANS

Marygrove College participates in the FFELP/Stafford Loan Program. FFELP/Stafford Loans are federally guaranteed student loans available through private lenders. There are two basic types of federal student loans: Subsidized and unsubsidized loans.

Subsidized loans are awarded to students based on financial need. The interest is paid by the government until six months after the student ceases to be enrolled at least half-time.

Unsubsidized loans are awarded to students regardless of need. The student is responsible for the interest while enrolled and any unpaid interest is capitalized to the loan once the student ceases to be enrolled at least half time.

Both loan programs are guaranteed by the federal government. There is also a limit on the amount a student can borrow. Students must do Entrance Loan Counseling and sign a Master Promissory Note (MPN) before the loan will disburse to the student’s account.

Students are able to select from a number of reputable FFELP/Stafford Lenders. If you are having trouble locating a lender, please contact the Enrollment Center.

Limits are placed on student borrowing based on a number of factors including grade level, financial need, independent/ dependent student status, cost of attendance (COA) and remaining aggregate loan limits. Dependent student annual loan limits are as follows:

• Freshmen (0-31 credits): $3,500 subsidized, $2,000 unsubsidized
• Sophomores (32-63 credits): $4,500 subsidized, $2,000 unsubsidized
• Juniors and Seniors (64+ credits): $5,500 subsidized, $2,000 unsubsidized.
• Graduate Students: $8,500

Independent students and students whose parents are denied the PLUS Loan are eligible for an additional unsubsidized loan in the amounts listed per academic year:

• Freshmen and Sophomores: $4,000
• Juniors and Seniors: $5,000
• Graduate students: $12,000

Aggregate Loan Limits (includes subsidized and unsubsidized federal student loans combined):

• Undergraduate Students: $57,500
• Graduate Student: $138,500 (undergraduate and graduate level loans combined)

There is no aggregate loan limits for PLUS and Grad PLUS loans. Need to find out how much you’ve borrowed? www.NSLDS.ed.gov/nslds_SA/ shows all student and parent loans as well as federal grant information from all schools attended.

FEDERAL PARENT LOANS

Federal Parent Loan (PLUS) loans are available to parents of dependent student to assist with educational related expenses. These are unsubsidized loans with a low fixed interest rate of 8.5%.

The parent may borrow up to the full cost of attendance less any other financial aid (grants, scholarships, work-study, loans) the student is receiving. Approved parents must sign a Master Promissory Note.

Parents begin making payments on this loan 45 days after the loan fully disburses and interest begins accruing as soon as the loan disburses.

The student must be enrolled half-time and be making satisfactory academic progress (SAP) for the parent to be eligible for the loan. Custodial and non-custodial parents can apply. For more information, click here.

FREQUENTLY ASKED QUESTIONS FOR PLUS LOANS

Q. Who is responsible for repayment of PLUS Loans?
A. PLUS Loans are the parent’s responsibility.

Q. What are the benefits of choosing PLUS Loans instead of alternative loans?
A. PLUS Loans offer a fixed interest rate that is tax deductible. Alternative loans often have high variable interest rates that are not tax deductible. Also, alternative loans are considered consumer debt and impact your credit report very differently from PLUS Loans...even if you are the cosigner.

Q. What if I have poor credit?
A. Lenders look at a variety of information to determine credit-worthiness for PLUS loans including credit history, work history and income. Parents are sometimes surprised to see that they have been approved for the loan. Parents who have defaulted on PLUS or student loans or have an active bankruptcy may not be approved.

Q. If I am denied the PLUS what are my options?
A. If a parent is the denied the PLUS, the student will be offered an additional unsubsidized loan for up to $4000 (freshmen/sophomores) or $5000 (juniors/seniors). The parent may also contact the lender to determine if anything can be done to get the PLUS approved.

Q. What if I lose my job and can no longer afford to make payments on my PLUS loan?
A. PLUS loans offer generous forbearance and repayment options. If you are having trouble making your payments contact the lender for information regarding these options. GRAD PLUS LOANS GradPLUS loans are available to graduate students. This is a federally guaranteed unsubsidized loan. The loan is offered at a fixed rate of 8.5%. There is a credit check but no cosigner is required. The borrower must also do Grad PLUS entrance loan counseling.

The student must file a FAFSA, be enrolled at least half-time and be making satisfactory academic progress (SAP) to be eligible.

The student will go into repayment 45 days after the loan fully disburses. However, the student may request an in-school forebearance.

While a student does not have to accept all other financial aid programs offered (federal subsidized and unsubsidized loans), it is recommended that the student do so as federal student loans have more favorable terms.

Benefits to choosing GradPLUS

• Low, tax deductible interest rate
• Take a minimum of 10 days to repay
• No cosigner required
• Loan forgiven if student dies or becomes totally disabled
• May be consolidated with other federal student loans

PRIVATE/ALTERNATIVE LOANS

Alternative Loans are private educational signature loans available through private lenders. Students apply for alternative loans through private lenders and are approved or denied based on the lender’s eligibility criteria.

These are NOT federally guaranteed and interest rates and terms vary from lender to lender. In general, the interest accrues as soon as the loan disburses and varies quarterly. There is no cap on the interest rate and it is generally tied to the LIBOR or Prime rate.

Marygrove College will certify alternative loans for any lender up to the cost of attendance less any other aid received.

It is important to remember that these are NOT federally guaranteed student or parent loans and should ONLY be requested after all other options have been exhausted. If you must apply for an alternative loan, it is recommended that you borrow only what you absolutely need to complete your education.

When choosing a private lender, some key questions to consider:

• What is the minimum enrollment level?
• Must I be making satisfactory academic progress?
• What is the interest rate?
• How does the interest rate vary?
• Is interest tied to the LIBOR or Prime rate?
• When must I begin making payments?
• What are the terms of repayment?
• Are there any forgiveness or forebearance terms?
• Is a cosigner required?
• Can the cosigner be released?

Work-study programs are available to needy students. The federal or state government subsidizes the wages earned by the student.

Students must file a FAFSA and must indicate an interest in work study by answering “1” or “3” for question 26. Students who indicate an interest in work study and who have eligibility will have work-study included on the financial aid award. If you do not have work study on your financial aid award, you may request it in the Enrollment Center.

A number of work-study positions are available for eligible Marygrove students. ISIDORE shows all Marygrove College available work-study positions and the rate of pay. The current range for pay rates is $7.15 to $9.15 per hour. Students must have a login and password to view postings.

Students are not permitted to work more than 15 hours per week. Student schedules are arranged with their supervisor. Students are paid bi-weekly. Students must turn in legibly and fully completed time sheets by 9:30 AM on the Friday ending the pay period. Students who submit late time sheets will not be paid until the following pay date. Students may pick up their pay check from their work study supervisor. Pay checks not retrieved within one week of the pay date are mailed to the student’s current mailing address.

Scholarships are awarded based on a student’s achievement—academic, talent, athletic, etc. Scholarships do NOT have to be repaid.

Scholarships and educational assistance are available from a variety of sources….employers, organizations, banks and credit unions, religious organizations, community foundations and MANY other organizations. A surprising number of scholarships go unused because students don’t ask. ASK your area organizations if they offer scholarships or educational benefits. Find out what the application process and award amounts are. You may be surprised how much money you can get to help fund your education.

Free, reputable scholarship searches are listed below. Marygrove College also offers a variety of academic and talent scholarships.

>> Finaid!

>> Fastweb

>> Scholarships.com

>> Scholarships101

DON’T BE SCAMMED
Some businesses take advantage of students and families trying to find the best ways to pay for college by charging fees for scholarship applications and FAFSA completion. Information and services for assisting students and families with paying for college is available FREE of charge from numerous agencies.
Common scams (pdf) include the following promises:

“GUARANTEED” financial aid
“We’ll do all the work”
“Money back guarantee”

If you believe you have been scammed contact the Federal Trade Commission for assistance.

To be eligible for ALL federal and/or state financial aid (including loans), students must file a Free Application for Federal Student Aid (FAFSA). Marygrove College Title IV School Code is 002284.

Students are eligible for financial aid to complete graduate, second-degree and post-degree certificate programs. How much and what types of aid available depends on the student’s program. Students with questions regarding aid eligibility should contact the Enrollment Center.

Graduate Students (including MAT, SAGE, GRIOT & TASC)
Students enrolled in graduate programs are eligible for financial aid. Students are typically eligible for federal student loans and Grad PLUS Loans. Michigan residents MAY be eligible for Michigan Tuition Grant. These students are also eligible to participate in the Grad PLUS loan program. Students enrolled in graduate degree programs are eligible for up to $20,500 per academic year if they have not reached the graduate aggregate loan limit ($138,500).

Second Undergraduate Degree (including post-degree Teacher Certification)
Students who have earned a Bachelor’s degree may be eligible for financial aid IF they are pursuing a second Bachelor’s degree or post-degree teaching certificate. These students may be eligible for federal student loans if they have not reached the undergraduate aggregate student loan limit of $57,500. Students adding a major or minor to an existing degree or enrolled in Continuing Education programs are NOT eligible for federal or state financial aid, including federal student loans. These students may be eligible for up to $11,500 in federal student loans per academic year.

Certificate Programs
Marygrove College offers a number of aid eligible Certificate programs. Students are eligible for federal student loans at the undergraduate annual loan limit (maximum $10,500 per academic year), if they have not reached the undergraduate aggregate loan limit.

Special Education Certificate
Students who have completed a Bachelors degree and wish to add a Special Education Certificate are eligible for federal student loans at the undergraduate annual loan limit (maximum $10,500 per academic year) if they have not reached the undergraduate aggregate loan limit ($57,500).

Students who have completed a Masters degree and wish to add a Special Education Certificate are eligible for federal student loans at the graduate annual loan limit (maximum $20,500 per academic year) if they have not reached the graduate aggregate loan limit ($138,500). These students are also eligible to participate in the Grad PLUS loan program.

GI Bill (or Veteran Educational Benefits) is available to students from the Veteran’s Administration. These benefits vary depending on the student’s chapter of eligibility. Dependents of disabled and deceased veterans may also be eligible for GI Bill.

Students must contact the Veterans Administration and notify the Registrar’s Office when planning to use the GI Bill. The Registrar’s Office is responsible for certifying student enrollment.

n addition to GI Bill, veterans of the US Armed Forces may be eligible for federal and state financial assistance (grants, scholarships, loans and work study). To be eligible for these programs, veterans must file a FAFSA. Marygrove College Title IV School Code: 002284

VA benefits impact student eligibility for financial aid depending on the student’s chapter of eligibility. Student eligibility will be evaluated on a case by case basis and the financial aid award will be adjusted accordingly.

CONTACT INFORMATION
US Dept. of Veterans Affairs
Regional Processing Office
400 South 18th Street
St. Louis MO 63103-9722
888.442.4551

Education Benefit Inquiries (RightNow Web)

VA-ONCE Help Desk stlvacert@vba.va.gov

Marygrove College Enrollment Verification
Hattie Barnes,
Enrollment Center,
313-927-1754
hbarnes@marygrove.edu

WEB RESOURCES:

>> Michigan Veterans Education and Training

>> GI Bill

>> Free Application for Federal Student Aid (FAFSA)

>> The Fund for Veterans’ Education Scholarship

FOR MILITARY TRANSCRIPTS:

>> Army Transcript Service (AARTS)

>> Community College of the Air Force Transcripts (CCAF)

>> Sailor/Marine American Council on Education Registry Transcript (SMART)

Federal and state governments mandate the establishment and enforcement of a satisfactory academic progress (SAP) policy. Failure to maintain SAP requires the student receive financial aid on a probationary basis or that financial aid eligibility be cancelled all together until SAP as defined by the Office of Scholarships and Financial Aid (OSFA) is met. Students have the right to appeal their status if they have mitigating circumstances they believe prevented them from maintaining or achieving SAP. Students are notified when they are not meeting SAP and told what they must do for continued aid eligibility: Undergraduate students are considered to be making SAP and are financial aid eligible if they:

• Maintain a cumulative GPA of 2.00.
• Complete 67% of cumulative credit hours attempted.
• Do not meet or exceed 192 credits attempted.
• Are in good academic standing with Marygrove College.

Students who consistently fail to meet this standard may jeopardize their eligibility for financial aid, including student loans and work study. The Office of Scholarships and Financial Aid (OSFA) will notify you when your eligibility for financial aid is in jeopardy. The notification will include what you must do to regain eligibility or avoid losing eligibility.

• The OSFA SAP policy may differ from that of Marygrove College. While a student may be considered in “good standing” with Marygrove College, they may not necessarily be making Financial Aid SAP.