The assistance available for undergraduate students in the School of Professional and Adult Studies include Federal PELL Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), North Carolina Legislative Tuition Grant, Federal Stafford Loans and Federal Perkins Loans.

Need-Based Grants:

Federal Pell Grant

The Pell Grant is a federal grant that provides funds up to $3,750 for 2001-02 based on the student’s financial need. Eligibility is determined by completing the Free Application for Federal Student Aid (FAFSA). Pell Grant funds will be credited directly to your student account at the beginning of your award year and at the midpoint of that year. Award amounts and dates are indicated on the award letter.

North Carolina Student Incentive Grant (NCSIG)

The NCSIG is a need-based, 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 prior to March 15 of the award year to be considered for the NCSIG funds. Awards are made by state agencies.

Federal Supplemental Educational Opportunity Grant (FSEOG)

Only the "neediest" undergraduate students can receive these federal grants. 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. Funding is extremely limited.

Non-Need-Based Grants:

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 $1800 for the 2000-2001 academic year. You must complete a North Carolina Legislative Tuition Grant Form (.pdf) to apply for the NCLTG. If the student is awarded the grant, the funds will be credited directly to the student’s account upon receipt from the state. These funds generally arrive the end of November and March. Students must have 12 credit hours in the award period to be eligible. Please refer to your award letter for guidance; an LTG form will be included if you are eligible. If you are attending a program at the Hickory or Philip Morris sites, you are not eligible to receive NCLTG.

Loans:

Federal Stafford Loan

Variable interest rate loans, with a cap at 8.25%.

Loans are funded by private lenders but regulated by the federal government. Repayment begins 6 months after the student borrower ceases to be enrolled or drops below 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 student loan entrance counseling before receiving Federal Stafford Loan funds. Go to http://www.mapping-your-future.org to complete your entrance counseling.

The amount of loan funds a student may borrow depends upon his/her academic grade level at the time of awarding, remaining financial need, and dependency status. If you are awarded a loan, this does not mean you are approved for the loan. You must complete a master promissory note and be approved by a lender. A credit check will be conducted by the lender. Once your loan has been processed, you can check disbursement amounts and dates by logging into www.usagroup.com.

Students may want to look for outside scholarships that they can use at Montreat College. Two places to look for scholarships are www.finaid.org and www.fastweb.com.