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Resources for Grants, Loans, and Scholarships

OverviewVA BenefitsBooksGrantsScholarshipsLoans

Please View the Following Aid Information

We recommend being very wary of any sites that charge you for assistance for financial aid.

The government sites end in .gov and do not charge fees.

To see your aid when it is applied to your account, as well as your charges, please go to the Student Accounts Office Page.

Note: All state and federal aid awarded is an estimate and is subject to change per regulations.

Most state and federal grants and scholarships are awarded based on information you provide on the Free Application for Federal Student Aid (FAFSA).

Information on North Carolina state grants and scholarships may be found at www.cfnc.org.

Information on federal grants and scholarships may be found at studentaid.ed.gov.

All questions regarding V.A. payments or other V.A. questions should be directed to Records and Registration at registrar@montreat.edu.

Contact the U.S. Department of Veteran Affairs at (888) 442-4551 or visit the website at www.gibill.va.gov.

For Book Vouchers:

Students in the School of Arts and Sciences should contact Student Accounts.

Students in the School of Professional and Adult Studies should contact SPAS Student Accounts.

Federal Pell Grant (PELL)*

The 09-10 Pell Grant is a federal grant that provides funds up to $5350 based on the student’s financial need. Eligibility is determined by completing the Free Application for Federal Student Aid (FAFSA). Disbursements will be made directly to your student account at the beginning of each payment period.

The 2010-11 Pell grant will provide funds up to $5550.

Federal Supplemental Educational Opportunity Grant (FSEOG)*

FSEOG grants are awarded by the school’s financial aid office. To qualify, a student must also be a recipient of a Pell Grant. Eligibility is determined by completion of the FAFSA and need.

North Carolina Legislative Tuition Grant (NCLTG) *

The NCLTG is a state grant that is awarded to North Carolina residents who attend an independent college. This grant is awarded up to $1,821 in the 09-10 award year, and may be in $925, $896, $672, or $694 payments depending on schedule and credit hours.

You must complete a NCLTG. state grant application, FAFSA, the Montreat Lifetime Financial Aid Application (for SPAS) and other requested paperwork to apply for the NCLTG.

If the student is awarded the grant, the funds will be credited directly to the student’s account after the funds are received from the State. Students may loose their NCLTG if they fail to complete the classes they have been awarded for.

Funding is subject to change after award letters have been sent to students based on state funding elligibility. This could happen during any time of the year per the State of North Carolina.

North Carolina Contractual Grant (SCSF) *

The NC Contractual Grant is a need-based state grant. Eligibility is determined by completing the FAFSA and school determination of cost. The student must also be a North Carolina resident.

North Carolina Student Incentive Grant (NCSIG) *

The NCSIG is a state-run financial aid program for state residents. North Carolina receives matching funds from the federal government to help fund the program. Applicants must complete the FAFSA to be considered for the NCSIG funds. Awards are made by state agencies, not by Montreat College.

The Academic Competitiveness Grant (ACG)*

The ACG is for first-year college students who graduated from high school after January 1, 2006, and for second-year college students who graduated from high school after January 1, 2005, and other qualifications listed here . An ACG provides up to $750 for the first year of study and $1,300 for the second year.

National Science & Mathmatics Access to Retain Talen Grant (SMART) *

The SMART Grant is available during the third and fourth years of undergraduate study to full-time students who are eligible for the Federal Pell Grant and who are majoring in physical, life, or computer sciences, mathematics, technology, engineering, a foreign language determined critical to national security or other qualifications listed here. The student must also be enrolled in courses necessary to complete the degree program. Students must fulfill the requirements of the intended eligible major in addition to maintaining a cumulative grade point average (GPA) of at least 3.0 in coursework required for the major.

The Teachers Education Assistance for College and Higher Education (TEACH) *

Montreat College does not currently participate in The TEACH Program, but may in future years.

*All state and federal aid awarded is an estimate and is subject to change per regulations

Most state and federal grants and scholarships are awarded based on information you provide on the Free Application for Federal Student Aid (FAFSA).

Information on North Carolina state grants and scholarships may be found at www.cfnc.org.

Information on federal grants and scholarships may be found at http://studentaid.ed.gov.

Scholarships are available in a wide variety of forms. They may be based on need, ability, grades, profession, heritage, etc. Every scholarship has unique conditions as to who may apply and/or the eligibility criteria. Additional scholarship information may be found by visiting one of the websites listed below.

Currently, no institutional scholarships are available to SPAS students, but all students (SPAS and SAS) may apply for outside scholarships. We also suggest going to your local churches and organizations for personal scholarships that they may offer.

Please be wary of using any website that charges you for assistance for Financial Aid.

Most legitimate sites are free.

Some websites with scholarship information are:

www.fastweb.com
www.cfnc.com
www.fastforwardmedia.com
www.finaid.org/scholarships/other.phtml
www.finaid.org/finaid/awards.html
www.petersons.com
www.collegeboard.com
www.finaidfacts.org

The North Carolina Lottery Scholarship (NCL) *

The Lottery is a state-run financial aid program for state residents. Applicants must complete the FAFSA prior to March 15 of the award year to be considered for the funds. Awards are made by state agencies, not Montreat College. Awards are based on class schedules.

The Education Access Rewards North Carolina Scholarship (EARN)

*EARN was sestablished to provide grants to dependent eligible students to enable them to obtain an education beyond the high school level. The 09-10 maximum grant for which a student is eligible is $4,000 per academic year. The student must enroll full-time for the first time at an eligible North Carolina college or university within seven months of graduation from a North Carolina high school or home school or receipt of a GED from a North Carolina institution.

Special Scholarships (for SAS students only):

Athletic Scholarships
Music Scholarships
Church Matching Scholarships
Greybeard Players Theatrical Scholarships
Visual Art Scholarships
Trustee Scholarships
Rachel Henderlite Scholarships
Child of Alumnus
Child of Minister
Board of Visitors Scholarship
Keystone Scholarship
Glade Valley Scholarship

Endowed Scholarships (for SAS students only):

Endowed scholarships are the source of Montreat College's general scholarship or grant aid awards. Financial aid awards generally combine money available from several of these funds, and applicants should not apply for specifically named scholarships.

Virginia Abrams Memorial Scholarship
Akzona Scholarship
Elizabeth Humphries Anderson Scholarship
Verda Zoulean Anderson Scholarship
Anonymous Scholarship Fund
Florence M. Arrowood Scholarship
Tres Bailes Scholarship
Dr. and Mrs. Ira P. Baumgartner Scholarship
Beaty Seneca High School Scholarship
Blakemore Sisters Scholarship
Alice Seitz Bogie Scholarship
John B. Bradley Work Scholarship
Mr. and Mrs. Herbert Spencer Browning Scholarship
Margaret Lancaster Bryan Scholarship
Mary Anderson Burwell Scholarship
H. Jenks & Mildred Caldwell Scholarship
Class of 1939 Scholarship
Class of 1942 Scholarship
Class of 1944 Scholarship
Margaret "Peggy" Conger Byrd Scholarship
Rachel H. Cooper Scholarship
Winnie E. Coxe Scholarship
Becky and C. Grier Davis Scholarship
Walter Powell Davis Scholarship
B. Hoyt Evans Scholarship
Dana Beck Fancher Scholarship
Mr. and Mrs. P.K. Ferree Endowed Scholarship
First Presbyterian Church of Kannapolis Scholarship
Nancy Boyd Garrison Scholarship
James Gettys & Agnes Ezell Endowed Scholarship
Sue O. Gilkerson Scholarship
Ben Hill Griffin, Jr. Scholarship
Willie Hines Gwaltney Scholarship
Evelyn Maxwell Harris Scholarship
Clarence Hoeper Scholarship
Margaret McElwee Holt & Ralph Manning Holt, Sr. Scholarship
Elizabeth Hoyt Alumni Work Scholarship
S.W. and Mary Huddleston Scholarship
Harvey B. and Mary B. Hunter Scholarship
William and Mary Eleanor Hurt Scholarship
Lola E. Johnston Scholarship
B. Everett & Katherine M. Jordan Scholarship
Mr. and Mrs. Jeter J. Kennedy Scholarship
George Kercher Scholarship
Mickey Lane Scholarship
Mr. and Mrs. Stanhop Lineberry Scholarship
R.J. Maclellan Charitable Trust Scholarship
MacMillan-Williams Scholarship for Christian Education
Annie J. Maxwell Scholarship
Elizabeth Maxwell Scholarship
Ruby McElwee Scholarship
Mary W. and Foster G. McGaw Scholarship
Matthew McGowan Scholarship
Dr. J. Rupert McGregor Scholarship
Mr. and Mrs. A.A. McLeod Scholarship
Mr. and Mrs. Robert H. Moore, Sr. Scholarship
Arthur N. & Irene Morris Scholarships
Dr. John T. Newton and Dr. David L. Parks Biblical Scholarship
Helen H. Pamplin Scholarship
Partners in Christ Forest Hill Presbyterian Church Scholarship
H. Coleman & Lucy Matheson Payne Scholarship
Bruce R. Powers Scholarship
Charles Rathbun, Sr. Work Scholarship
George and Nita Roughgarden Scholarship
William and Effie Rule Scholarship
Alfred Scarborough, Jr. Memorial Scholarship
Robert Lee Scarborough, Jr. Scholarship
W.A.L. Sibley Scholarship
Winston Hall Sibley Scholarship
Elizabeth Sloan Scholarship
George H. and Helen W. Smith Scholarship
John I. Smith Scholarship
Ludi Loftis Spencer Scholarship
Margaret H. Spencer Scholarship
Claude Fisher Thomason, Sr. Scholarship
Patrick A. Thrift Scholarship
George Anderson & Lottie Parker Toland Scholarship
Silas M. & Catherine S. Vaughn Scholarship
Margaret Wade Scholarship
Edith Warren Music Scholarship
Agnes C. Watkins Scholarship
Sprinza Weizenblatt Scholarship
David Lee Wells Memorial Music Scholarship
Westminster Presbyterian Church Scholarship
Steve & Jane White Scholarship
Elizabeth Wilson Scholarship
Mary T. Wyatt Scholarship
Winnie A. Coxe and Agnes Watkins Scholarship
Mattie Lee Gillespie Scholarship
Dan Hubbel Memorial Scholarship
Lucy McGregor Memorial Scholarship
Mary S. McLeod Scholarship
Thomas McPheeters Scholarship
S. W. Newell Scholarship
Mary Willie Tate Scholarship
Frances W. Thompson Scholarship
Robert C. & Sadie G. Anderson Scholarship
Champion International Scholarship
Glade Valley School Scholarship
James G.K. McClure Educational and Development Fund
Frank H. & Annie Bell Wilhelm Perry Memorial Scholarship
Reynolds Missionary Scholarship
Lettie Pate Whitehead Scholarship Fund

Federal Stafford Loan

The Master Promissory Note ("MPN") is a multi-year binding document that must be signed by the student borrower before Montreat College can certify the loan. The MPN states the terms and conditions of the loan including repayment schedule, interest rate, deferment, and cancellation policy.

Due to the multi-year feature of the MPN you will be able to receive Federal Stafford Loans without having to sign additional promissory notes as long as you remain eligible for Federal Direct Stafford Loans for up to 10 years.

Federal Regulations require all first time Direct Loan borrowers to also complete an Entrance Interview (EI) for Federal Direct Stafford Loans in order to be eligible to receive loans. It too will remain valid for up to 10 years after your first disbursement of Direct Loans.

You should keep a copy of your document for your records until your loan has been repaid.

If you have loans at another college, you will need to do a new MPN and Entrance Interview through Montreat College.

These variable interest rate loans have a cap of 8.25%. Loans are funded by private lenders but are regulated by the federal government. Repayment begins 6 months after the student borrower ceases to be enrolled at least half-time. Borrowers have up to 10 years to repay, depending on the amount borrowed. The subsidized portion is based on financial need, while the unsubsidized portion is available without regard to need. The loan amount may not exceed the cost of attendance. First-time borrowers are required to complete an entrance interview on-line before receiving Federal Stafford loan funds. The amount of loan funds a student may borrow depends upon his/her academic grade level, remaining financial need, and dependency status.

Both the MPN and Entrance Interview (both required for loans) may be completed here. If you have difficulties with the Direct Loan Website, you may contact 1-800-557-7394 for assistance.

Federal Parent Loan for Undergraduate Students (PLUS)

Low-interest (variable for new borrowers) loans are funded by private lenders but are regulated by the Federal Government. This loan program is available to parents of undergraduate students. Parents may borrow up to the cost of attendance minus financial aid. Repayment usually begins 60 days after funds are disbursed. For more information about this loan program, please see our Other Helpful Links on the side menu.

You can apply for an Undergraduate PLUS loan here.

Federal PLUS Loan for Graduate Students (PLUS)

Low-interest (variable for new borrowers) loans are funded by private lenders but are regulated by the Federal Government. Graduate students may borrow up to the cost of attendance minus financial aid. Repayment usually begins 60 days after funds are disbursed. For more information about this loan program, please see our Other Helpful Links on the side.

You can apply for a Graduate PLUS loan here.

Federal Perkins Loan

These low interest loans are funded by the federal government and previous borrowers' repayments. Loan eligibility is based on financial need. Repayment begins 6 to 9 months after the student borrower ceases to be enrolled at least half-time. First-time Perkins Loan borrowers receive information about debt management before receiving loan funds. Minimum payments are $40 per month. Borrowers have up to 10 years to repay the loan, depending on amount borrowed. Annual limits apply. Students who receive a Perkins Loan on their award letter must report to the Business Office in Gaither Hall to sign their promissory note. Eligibility is determined by completion of the FAFSA.

Private Loans

Private Education loans are credit-worthy loans available to students who need additional loan funds in excess of what the federal government supplies in order to bridge the gap between cost of attendance and the amount of federal, state and institutional aid that a student is awarded. These loans are offered by private lenders. Unlike federal loans, Private Education loans require a new application each time a student wishes to borrow a private loan. The school has composed a comprehensive neutral list to help make informed borrowing decisions.

**NEW LAW-Effective February 14, 2010

As a result of the Truth in Lending Act (TILA) of 2009, borrowers will be required to submit a Private Education Loan Applicant Self-Certification to their lender before funds can be disbursed. Your lender will provide you with this form when you apply for the Private Alternative loan. You can also locate the Self-Certification form online at

http://www.ifap.ed.gov/dpcletters/attachments/GEN1001A-AppSelfCert.pdf.

Please keep in mind that due to these new requirements, your Private Alternative Loan disbursement may be delayed as required by this new law.

Private Educational Loans (Lenders):

Wells Fargo
www.wellsfargo.com/student
1-800-378-5526

Citi-Asssit Loan
www.studentloan.com
1-800-967-2400

Chase
www.chasestudentloans.com
1-800-487-4404

Discover
www.discoverstudentloans.com
1-877-728-3030

Fifth Third Bank
www.53.com
1-800-222-7192

Suntrust Education Loan
www.suntrusteducation.com
1-866-763-6350

Sallie Mae
www.salliemae.com
1-888-272-5543

PNC Bank
www.pnconcampus.com
1-800-762-10014

US Bank
www.usbank.com
1-800-375-4494

Regions Bank
www.regions.com
1-800-858-7822

Additional Information on Loans

Information regarding the Stafford Loan Forgiveness Program for Teachers may be found here.

Information regarding student loan discharge or reduction may be found here.

Some Tax Guide Information may be found here.

Interest Rates

Federal Loan Interest Rates (effective 7/1/10 - 6/30/11)

Stafford
4.50% fixed undergraduate subsidized
6.80% fixed undergraduate unsubsidized

6.80% fixed graduate subsidized
6.80% fixed graudate unsubsidized

Parent & Grad Direct PLUS
7.90% fixed

You may view Stafford Loan amounts and limits at http://ifap.ed.gov.

More information on Stafford Loan annual limits may be found at www.finaid.org.

Applying for Aid Keystone Scholarship What to do When Work Study Forms (SAS) Aid Sources FAFSA Verification Tips for Completing FAFSA