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Financial Aid Programs and Disbursement

Student Financial Services

Federal Pell Grant:  The Pell Grant is a federally funded grant program for undergraduate students who have not earned a bachelor’s or professional degree.  Pell Grant awards vary in amount each year and are based on financial need and hours of enrollment.  Enrollment status is as follows: Full-time = 12 or more credit hours, ¾ time = 9 – 11 credit hours, ½ time = 6 – 8 credit hours and less than ½ time = 5 or below.  Recipients may charge tuition and fees to their Pell Grant Account. Students with small entitlements will be required to pay the difference. Students may charge books and supplies to his/her Pell Grant during the published dates. After the Drop/Add period ends, any remaining funds will be disbursed after the fourth week of the semester.

Students who enrolled in classes with start dates after the first day of classes (hybrid, distance education, and/or weekend) may not be eligible to receive their remaining balance check until after these classes begin. 

NOTE: To receive a Pell Grant disbursement, you must be enrolled and attending classes in compliance with the satisfactory academic progress policies at the time of disbursement. This disbursement schedule is subject to change. Updates will be posted in the semester class schedule.


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.  The FSEOG checks will be processed and mailed to students approximately three (3) weeks after the official Drop and Add Period ends. SEOG awards are based on full-time enrollment (12 or more hours) status. If the student's hours are less than full-time the semester award amount will be prorated.


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.  The Office of Student Financial Services from applications submitted by the deadline selects recipients. T he ASG checks will be processed and mailed upon receipt of funds from the Alabama Commission on Higher Education in Montgomery. 


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.  Time sheets are due in the Student Financial Services office on the 15th day of each month unless otherwise notified. Timesheets turned in after this date will result in payment the following month. Checks are available on the last working day of the month.  Apply Online Now.


Stafford Loan:  The Stafford Direct Loan (SDL) 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 based on 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.  Federal Stafford Loans will have fixed interest rate of 6.8 percent beginning July 2006.  An unsubsidized loan is not awarded based on need.  You will 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 his higher amount.  This will increase the amount you have to repay. If you choose to pay the interest as it accumulates, you will repay less in the end.  Recipients may charge tuition, fees, books and supplies to their loan account. If the award is more than the account balance, a disbursement will be generated and issued to the student in the form of a check. If the award is less than the account balance, the student will be billed for the remaining amount of the account.

First time borrowers cannot receive the first installment of a loan until they have been in attendance at Calhoun for 30 days.

Federal regulations require multiple disbursements for one semester loans. The second disbursement cannot be delivered until mid-point of the semester.

Students who enrolled in classes with start dates after the first day of classes (hybrid, distance education, and/or weekend) may not be eligible to receive their remaining balance check until after these classes begin. 

NOTE: To receive a loan disbursement, you must be enrolled and attending classes in compliance with the satisfactory academic progress policies at the time of disbursement. Students receiving federal student loans grades are evaluated at the end of each semester. This disbursement schedule is subject to change. Updates will be posted in the semester class schedule.


Federal Direct PLUS Loan Program:  The Federal 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 Federal Stafford Direct Loan Program.  A parent may receive an amount not to exceed the student’s estimated cost of attendance minus any financial aid the student has been or will be awarded during the period of enrollment. There are no aggregate limits.  Interest Rates for Federal Direct PLUS Loans are 7.9 percent for which the first disbursement is made on or after July 1, 2006.  Disbursement information is the same as the Stafford Loan above.


Academic Scholarships:  Scholarships are awarded yearly on a competitive basis to deserving students through the Calhoun Foundation office. Students receiving an academic scholarship must maintain a 3.0 GPA.   Recipients may charge tuition and fees to their scholarship account. Checks for remaining balances will be issued after the tuition refund period. Recipients of Calhoun Foundation and other scholarships not awarded by College must contact the donor for specific requirements of the award.