Federal Grants and Loans

Federal Grants

Grants: Money that does not have to be repaid. For more information visit StudentAid.gov/grants

GranT: Does not have to be paid back 

Eligibility and Program Information: For undergraduates with financial need who have not earned a bachelor’s or professional degree; in some cases, a student enrolled in a post baccalaureate teacher certification program may also receive a Federal Pell Grant.

A student can receive a Federal Pell Grant for no more than 12 semesters or the equivalent (roughly 6 years).

Annual Award Amounts (subject to change): Amounts can change annually. The 2017-2018 (July 1, 2017 – June 30, 2018) award amount is up to $5,920.

For Federal Pell Grant details and updates visit StudentAid.gov/pell-grant

Grant: Does not have to be paid back 

Eligibility and Program Information: For undergraduates with exceptional financial need; Federal Pell Grant recipients take priority; funds depend on availability at the school. 

Annual Award Amounts (subject to change): Up to $4000

For FSEOG detail and updates visit StudentAid.gov/fseog

Grant: Does not have to be paid back

Eligibility and Program Information: For undergraduates, post-baccalaureate, and graduate students who are completing or plan to complete coursework needed to begin a career in teaching. As a condition for receiving this grant, the student must sign a TEACH Grant Agreement to Serve in which the student agrees to perform four years of qualifying teaching service and meet other requirements.

Annual Award Amounts (subject to change): Up to $4000

For TEACH Grant detail and updates visit StudentAid.gov/teach

Grant: Does not have to be paid back

Eligibility and Program Information: For students who are not Pell eligible due only to having less financial need than is required to receive Pell funds, and whose parent or guardian died as a result of military service in Iraq or Afghanistan after the events of 9/11.

A student can receive an Iraq and Afghanistan Service Grant for no more than 12 semesters or the equivalent (roughly six years)

Annual Award Amounts (subject to change): The grant award can be up to the maximum Federal Pell Grant amount (see FEDERAL PELL GRANT) but cannot exceed your cost of attendance.

For Iraq and Afghanistan Service Grant detail and updates visit StudentAid.gov/Iraq-Afghanistan

Federal Work Study

Federal Work Study: Money that's earned while attending school that does not have to be repaid. For more information on work-study, visit StudentAid.gov/workstudy 

Federal Work-Study: Does not have to be paid back

Eligibility and Program Information: For undergraduates and graduate students; jobs can be on or off campus and must be applied for through HPU Connect. Money is earned while attending school.

Annual Award Amounts (subject to change): Maximum award amount is determined by the student’s financial need and funds available.

For Federal Work-Study details and updates visit StudentAid.gov/workstudy

Federal Loans

Federal Loans: Borrowed money for college or career school. You must repay your loans, with interest. For more information on loans, visit StudentAid.gov/loans

Loan: Must be repaid with interest 

Eligibility and Program Information: For undergraduate student who have the financial need; the U.S. Department of Education generally pays the interest while the student is in school and during certain other periods; student must be at least half-time. Interest rate is 4.45% for loans first disbursed on or after July 1, 2017 and before July 1, 2018, and fixed for the life of the loan. Borrowers may not receive this type of loan for more than 150 percent of the length of their program of study; the U.S. Department of Education may stop paying interest if a student who received Direct Subsidized Loans for the maximum period continues enrollment.

Annual Award Amounts (subject to change): Up to $5.500, depending on grade level, dependency status and financial need.

For Direct Subsidized loan details and updates visit StudentAid.gov/sub-unsub

Loan: Must be repaid with interest

Eligibility and Program Information: For undergraduate and graduate professional student; student must be at least half-time; financial need is not required. Interest rate is 4.45% (undergraduate) and 6% (graduate or professional) for loans first disbursed on or after July 1, 2017 and before July 1, 2018, and fixed for the life of the loan.

Annual Award Amounts (subject to change): Up to $20,500 (less any subsidized amount received for the same period), depending on grade level and dependency status.

For Direct Unsubsidized loan details and updates visit StudentAid.gov/sub-unsub

Loan: Must be repaid with interest 

Eligibility and Program Information: For parents of dependent undergraduate and for graduate students; borrower is responsible for all interest; student must be at least half-time; financial need is not required. Interest rate is 7% for loans first disbursed on or after July 1, 2017 and before July 1, 2018, and fixed for the life of the loan.

Annual Award Amounts (subject to change): Maximum amount is up to cost of attendance minus any other financial aid received.

For Direct PLUS loan details and updates visit StudentAid.gov/plus

Loan: Must be repaid with interest

Eligibility and Program Information: For undergraduate and graduate students with exceptional financial need. Interest rate is 5% and fixed for the life of the loan. Eligibility depends of the student’s financial need and other eligibility criteria as determined by the school.

Annual Award Amounts (subject to change): Up to $5,500 (undergraduate) and $8,000 (graduate and professional).

For Federal Perkins loan details and updates visit StudentAid.gov/perkins

Alternative/Private Loans

If your federal financial aid does not cover your total budget (or cost of attendance) you may be able to borrow additional funds through alternative loans. This can be helpful to students who have used their full loan eligibility during the Fall and Spring and need funds for Summer term, for those who need additional funds during the school year, or, in some instances, for students who have a prior balance on their student accounts.

Alternative loans are credit based. Students who are borrowing alternative loans may need a co-signer in order to qualify for the loans. You may apply for these loans on-line, and once approved, your lender will contact us to certify the loans for you.

Students are encouraged to use the Fast Choice website for comparative information and for help with understanding your alternative loan options and responsibilities.

 

ALTERNATIVE LOAN LENDERS OUR STUDENT HAVE USED (HISTORICAL LIST)

Loan: Must be repaid with interest 

Eligibility and Program Information: Minimum enrollment to apply: 6 credits; No loans for prior balances.

For Discover Student Loan details and updates visit https://www.discover.com/student-loans/

Loan: Must be repaid with interest

Eligibility and Program Information: No minimum enrollment to apply; May apply to cover prior balances less than 1 year old.

For Sallie Mae Smart Option Loan details and updates visit http://www.salliemae.com/hpu

Loan: Must be repaid with interest

Eligibility and Program Information: No minimum enrollment to apply; No loans for prior balances.

For Wells Fargo Student Loan details and updates visit http://www.wellsfargo.com/student

(Wells Fargo Application Disclosures: http://wfefs.wellsfargo.com/terms/AppDisclsureFilter )

The above lenders are listed based on their proven savings to students and efficient service over the life of the loan. You are welcome to use any lender you choose for your alternative loan. HPU does not endorse any alternative or private loan lender.

LOAN EXIT

Before you withdraw, graduate, or drop below half-time attendance (regardless if you plan to transfer to another school), regulations require that you complete an exit counseling session. The counseling session provides information about how to manage your student loans after college.

Exit Counseling can be completed online with the Department of Education. Click here to complete your exit http://www.studentloans.gov

You will be able to view your cumulative loan data, specific to you, not just for loans you have utilized at HPU but at other schools as well. After you successfully complete online Exit Counseling, you will be able to print notification that you have completed the process and provide documentation to the Financial Aid Office. This information is required prior to the Financial Aid Office signing off on any Petition to Graduate for any student that has received financial aid at HPU.

If you have received funds through the NURSING LOAN or PERKINS LOAN Program, you MUST complete a separate Nursing/Perkins Exit Loan process. These loan funds are borrowed directly from the University and ARE NOT included in the Stafford Loan Exit Counseling process. Please contact the HPU Business Office at (808) 356-5265 or by email at businessoffice@hpu.edu if you have questions about repayment or deferment of your Perkins or Nursing loans.