Various state and federal financial aid programs are available to eligible degree-seeking Quincy University students. Federal and State Grants for 2012-13 are estimated pending finalization of Government budgets. Following are brief descriptions of the major programs.
To be considered for one of these awards, be sure to complete the FAFSA (www.fafsa.gov). QU's FAFSA school code is 001745.
Federal Pell Grant
The value of this grant can range from $555 up to $5550 for eligible students. Application must be made annually with the Free Application for Federal Student Aid (FAFSA) www.fafsa.gov. Undergraduate students, with continuing financial need, may be eligible for renewal of this grant to complete their first baccalaureate degree up to twelve (12) full-time semesters. Quincy University's FAFSA code is 001745.
Federal Supplemental Education Opportunity Grant (FSEOG)
The SEOG grant may be awarded to students who are eligible for a Federal Pell Grant and who applied by the priority date, April 1. Grant amounts depend upon the student's federally calculated financial need. Eligibility is limited to four years leading to the first baccalaureate degree.
Federal Work-Study Programs (FWS)
This program provides part-time, on-campus employment for students with established need. Students on the Federal work-study program usually work between 8 and 12 hours per week. Most jobs are on campus. The Office of Financial Aid will post information about available job opportunities on our website at On-Campus Work Study Jobs.
Students that will be new to the program for 2012-2013 or continuing students that wish to change employment are strongly encouraged to attend the Quincy University Job Fair on August 20,2012.
Federal Perkins Loan
The Perkins loan may be awarded to students with high need who applied by the priority date, April 1. These loans have a fixed interest rate of 5 percent with no fees. Repayment of interest and principal begins nine months after the borrower ceases to be enrolled at least halftime.
First time borrowers must complete an entrance counseling session at http://mappingyourfuture.org/pe. A Master Promissory Note is sent to eligible students with their Award Letter. It must be signed and returned to Quincy University along with a Statement of Rights and Responsibilities before any funds are disbursed to students.
Students will receive a statement each time funds are applied to their Quincy University account indicating the disbursement amount and the student's total debt to the Perkins Loan program.
Federal Stafford Subsidized and Unsubsidized Loan Program
This program enables undergraduate students to borrow annual amounts of $3,500 for freshmen, $4,500 for sophomores, and $5,500 each for juniors and seniors. Dependent undergraduates whose parents can borrow PLUS Loans may borrow an additional annual amount of $2000 through the unsubsidized Federal Stafford Loan Program. Undergraduate dependent students whose parents cannot borrow PLUS Loans and undergraduate students meeting the federal criteria for independent status may borrow for the freshman and sophomore years an additional annual amount of $6000 through the unsubsidized Federal Stafford Loan Program while students at the junior and senior level may borrow up to an additional $7000 per academic year. The interest rate is 3.4 percent on subsidized loans and 6.8 percent on unsubsidized loans. Repayment of Stafford Loans begins 6 months after the borrower ceases to be enrolled at least half-time.
Subsidized Federal Stafford Loans are need based with all interest deferred until enrollment of less than halftime (6 credit hours).
Unsubsidized Federal Stafford Loans are not need based and interest accrues on the loan. Students with an unsubsidized Stafford Loan are responsible for paying the interest while they are in school; however, the student has the option of capitalizing the interest.
Direct Loan borrowers must:
1. Complete the Federal Stafford Loan Entrance Counseling online at www.studentloans.gov Must be completed if you are a new student to QU evenin if you completed it for another institution.
2. Complete a Master Promissory Note at the same website. When you sign the promissory Note, you are agreeing to repay the loan according to the terms of the note. If you complete a MPN in the last 10 years in the Direct Loan program and recieved fund based on it, you will not need to complete a new MPN.
You may check your loan history at: www.nslds.ed.gov/nslds_SA/
Graduate students can borrow up to the cost of education or a total of $20,500 unsubsidized Stafford Loan.
All Financial Aid documentation must be received in the Financial Aid office before your Stafford Loans can be processed including your Entrance Counseling and Master Promissory Note at www.studentloans.gov
Federal Parent Loan for Undergraduate Students (PLUS)
Parents (or step-parents) who need additional funds to assist with educational expenses may borrow up to the cost of education minus any financial aid the student is eligible to receive for the academic year. Parents must complete a Plus Loan Application and Master Promissory Note at www.studentloans.gov. The interest rate is fixed at 7.9 percent. Repayment normally begins 60 days after the loan is fully disbursed. Interest begins to accumulate at the time the disbursement is made. An origination fee of up to 4% may be deducted from the loan proceeds.
Illinois Monetary Award Program (MAP) Grant
The Illinois Student Assistance Commission (ISAC) offers a need-based grant to eligible Illinois residents. Residence status for dependent students is based on parents Illinois residency. Independent students must document Illinois residence for 12 months before the beginning of the academic year. Due to limited funding students are encouraged to apply early to avoid loss of funding.
The maximum MAP Grant for 2012-2013 is estimated to be $4720. Application for the MAP Grant is made by properly completing the FAFSA www.fafsa.ed.gov, listing an Illinois school, and meeting Illinois residency requirement. Eligibility is limited to 135 paid credit hours. Students who have been paid 75 or more credit hours must attain junior status. Quincy University's FAFSA code is 001745.
Vocational Rehabilitation Services
Students having disabilities which limit them vocationally may be eligible for the services of their state's department of rehabilitation. These services include vocational counseling and training, payment of tuition, fees, books, and job placement. Contact your local department of rehabilitation office for details.
Quincy University is approved by the State Approving Agency for educational assistance benefits to veterans and veterans' dependents.
QU's FAFSA code
Quincy University's FAFSA code is 001745.