Types of Financial Aid

Types of Financial Aid

Financial aid consists of a multitude of sources. Financial aid can be free or require something from you in return. Grants and scholarships usually fall under the title of free or gift aid. Work-study and loans fall in the self-help category – requiring something in return – either work hours for the aid offered or repayment of funds loaned.

Scholarships

Scholarships may be an important resource in your search for assistance in paying for your education. Set aside time early in your college research to investigate and apply for other sources of financial assistance such as community, professional or fraternal organizations, employer and veterans benefits, and scholarship searches online.

A separate application is generally required for each scholarship for which you wish to apply. Check out the links on the Scholarship page.

Endowed Scholarships Application

Grants

Grants are based on financial need and do not have to be repaid. There is no merit requirement, except that students must maintain good academic standing according to the college’s policy. All the grants below are based on the FAFSA application.

Federal Pell Grant
This grant may be used for tuition, fees, books, child care, transportation or other educational expenses. Awards currently range from $580/yr to $5730/yr. Grants for
part-time students are pro-rated according to hours attending. Eligibility is determined by filing the FAFSA.

Federal Supplemental Educational Opportunity Grant (FSEOG)
See Financial Aid Office for qualification

Ohio College Opportunity Grant (OCOG)
This grant provides need-based tuition assistance to Ohio residents in an associate or bachelor degree or nursing diploma program attending an eligible institution. Eligible students must have an Expected Family Contribution (EFC) of 2190 or less with a maximum household income of $75,000. Eligibility is determined by filing the FAFSA.

Loans

Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and home mortgages. You cannot have loans cancelled because you didn’t like the education you received, didn’t get a job in your field of study, or because you’re having financial difficulty. Loans are legal obligations, so before you take out a student loan, think about the amount you’ll have to repay over the years.

These loans are education loans and are part of your total financial aid. Therefore they are subject to limitations related to your year in school and your costs of enrollment. The funds are credited to your account along with other types of aid.

Entrance Counseling and Master Promissory Note click here to complete

National Student Loan Data System (NSLDS) for exit counseling and to review student loans

Work Study

Under work study programs, a student can work part-time to earn money for educational costs. Students are paid for the hours they work. Estimated earnings are determined by the Director of Financial Aid according to the student’s need and the availability of open positions. Earnings are considered part of the financial aid award, and should be used to pay tuition and fee charges if they are not covered by other aid.

Federal Work-Study
Under this program, a student can work part-time to earn money for educational costs in a number of positions. Students are paid biweekly from federal funds allocated to the college. Estimated earnings are determined by the Director of Financial Aid according to the student’s need and available work opportunities. Earnings are considered part of the financial aid award, and should be used to pay tuition and fee charges if they are not covered by other aid.

Students may work off-campus in community service under the Federal Work-Study program. The national “America Reads” initiative encourages students to serve as reading skills tutors in the primary grades of local elementary schools. Other community service possibilities include day care, elementary math tutoring, adult literacy tutoring, or working with local relief agencies. Interested students should contact the Financial Aid Office prior to the start of the semester to allow time for individualized arrangements to be made.

Institutional Work Study
Under this institutionally-funded program, a student can work part-time to earn money for educational costs. Funding for the program is determined on a year-to-year basis. Contact the Financial Aid Office to determine if jobs are available.

Veterans Education Benefits

Chatfield College is approved by the State Approving Agency for Veterans Training for the education and training of veterans. The Director of Financial Aid is the certifying official for veterans at Chatfield. We will help with the initial application for benefits and term-by-term enrollment certifications. In most cases, 45 to 60 days are needed to process the initial application. General information about Veterans educational benefits is available atwww.gibill.va.gov.

If you think you may qualify for VA benefits, click here