Student Services

Financial Aid Programs

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.

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.

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.

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.

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.

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.

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.