Aid Sources

We work to help you secure financial aid packages that are as individualized as your situation. Here, we’ll cover available sources for aid, including VA benefits, grants, scholarships, loans, and work-study programs.


Financial aid options

VA Benefits

We accept VA benefits including Chapters 30, 33, 35 and the Yellow Ribbon program (only our traditional student population qualify for the YR program). All questions regarding VA payments or other VA/military questions should be directed to the VA School Certifying Official at You can also contact the U.S. Department of Veterans Affairs at 1.888.442.4551 or visit their website at


Federal Pell Grant (PELL)
The 2012–2013 Pell Grant is a federal grant that provides funds up to $5,550 based on 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.

Federal Supplemental Educational Opportunity Grant (FSEOG)
FSEOG grants are awarded by our financial aid office based on financial need. To qualify, you must also be a recipient of a Pell Grant and have completed the FAFSA.


Scholarships may be based on items like need, ability, grades, profession, and heritage. Every scholarship has unique requirements and eligibility criteria. The following websites may be helpful in your search for scholarships:

Keystone Scholarship
This scholarship is available for undergraduate students enrolled in our School of Arts and Sciences. It is based primarily on academic achievement. Additional funds may be awarded after the FAFSA is filed to determine need. View more information on the Keystone Scholarship.

North Carolina Need-Based Scholarship (NCNBS)
This scholarship is restricted to students with financial need. Eligibility is determined by the NC State Educational Assistance Authority, and awards are based entirely on the FAFSA form—you must file the FAFSA to be eligible. For more information about the North Carolina Need-Based Scholarship, visit


Federal Stafford Loan
Federal loans are commonly used. To apply, you must complete the FAFSA. If awarded, you will receive a Master Promissory Note (MPN). The MPN is a multi-year binding document that must be signed before your loan can be certified. The MPN states the terms and conditions of your loan, including a repayment schedule, interest rate, deferment, and cancellation policy. Due to the multi-year nature of the MPN, you’ll 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 ten years. You should keep a copy of all documents for your records for (at least) the duration of your repayment period. Here are some additional details:

  • To be eligible as a first-time Direct Loan borrower, federal regulations require that you complete an Entrance Interview for Federal Direct Stafford Loans. It will remain valid for up to ten years after your first disbursement of Direct Loans.
  • 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 percent.
  • Loans are funded by private lenders but are regulated by the federal government.
  • Repayment begins six months after you cease to be enrolled at least half-time.
  • Borrowers have up to ten 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.
  • The amount of loan funds you may borrow depends upon your academic grade level, remaining financial need, and dependency status.

Federal Perkins Loan
These low-interest loans are funded by the federal government and by previous borrowers’ repayments. You apply by completing the FAFSA, and loan eligibility is based on financial need. Annual limits apply. Here are the details:

  • First-time Perkins Loan borrowers receive information about debt management before receiving loan funds.
  • Students who receive a Perkins Loan on their award letter must report to the Business Office in Gaither Hall to sign their promissory note.
  • Repayment begins six to nine months after you cease to be enrolled at least half-time.
  • Minimum payments are $40 per month.
  • You’ll have up to ten years to repay the loan, depending on amount borrowed.

Private Loans
Private education loans are credit-worthy loans available to students who need 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 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. We have a comprehensive neutral list of lenders to help you make informed borrowing decisions. Find it here.

Work Study

You can earn money toward your education while contributing to the campus community and building your resume. Work-study positions are located on campus and do not require transportation. Most positions pay $7.25 per hour and require about 10 hours per week. Timesheets are due on the 5th of each month, and payday is around the 15th of the following month. Unfortunately, there are many more students eligible for work positions than there are positions available—a work-study position is not guaranteed. A complete listing of available positions are made available in June.  All students who have accepted their work study award by June 1st, will be notified of these openings.

If you have transportation and the heart to serve the community, you might also consider applying for a community service position. These positions contribute to the vibrant communities that helps us thrive—in Black Mountain, Ridgecrest, and Montreat. 

Corporate Advantage Program

Our Corporate Advantage Program is designed to promote higher education within North Carolina corporations and companies in order to help build the leaders of tomorrow. Through the program, the Montreat College School of Adult and Graduate Studies strives to sign an agreement with local corporations and companies for the promotion of the various adult degree programs that we offer.

We’ve arranged for partnerships with a variety of corporations in your area to offer a 10% tuition discount to employees who enroll in a specified program through the School of Adult and Graduate Studies. Check with your supervisor to see if we’ve partnered with your corporation, and don’t hesitate to contact us with any questions.

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