1. When can I apply for financial aid?

You should apply for financial aid at the same time you apply for admission. Processing time is a minimum of four weeks.

All students are eligible to apply for Federal Stafford loans. Additionally, undergraduate students who do not have a previous Bachelor’s degree are eligible to apply for a Federal Pell Grant and the North Carolina Legislative Tuition Grant (NCLTG).

3. What forms will I need to complete or provide to Montreat College to apply for financial aid?

• Montreat College Financial Aid Application

• Free Application for Federal Student Aid (FAFSA) (see Tips for Completing the FAFSA)

• Montreat College Verification Worksheet

• Stafford Loan Application

• Student Loan Entrance Interview Form (for first-time Montreat students only). Go to http://www.mapping-your-future.org to complete.

• Signed copy of your (and spouse/parent if applicable) Federal income tax return and W2's (only need 1040 or 1040EZ; do not need attachments, schedules, or addendums), if requested by Financial Aid. 

We only need Financial Aid Transcripts (FAT) for any educational institution you have attended within the past 6 months. We need the FAT even if you did not receive aid at the institution.

If you have completed a FAFSA for this current award year and it was processed by another school, we can request the results from the Department of Education. You will not need to complete the form again this award year. We will need two items from the Student Aid Report (results from the FAFSA sent to you by the Department of Education). You will need to call this office with the DRN, a four-digit number and the trankey, your social security number followed by four figures. These are located on the top right corner of your Student Aid Report.

You need to complete the Montreat College Financial Aid Application and the Application for the North Carolina Legislative Tuition Grant. You will receive the NCLTG application with your award letter.

All financial aid paperwork, including the FAFSA, should be sent directly to the Financial Aid Office at the following address:

Office of Financial Aid
Montreat College
P.O. Box 1267
Montreat, NC 28757

Montreat College’s Title IV code is 002948.

9. When will I be awarded financial aid?

The financial aid office will be able to award you once the following criteria have been met:

• All paperwork has been completed accurately and returned to us

• The FAFSA has been processed and verified

• The student has been accepted by student services

• The student’s class schedule has been produced by student services

No, you may only receive financial aid from one college.

11. Are there any other sources for grants and scholarships besides the federal and state grants and loans already mentioned?

You may search the following internet addresses:

• http://www.finaid.org

• http://www.fastweb.com

• http://www.ed.gov/offices/ope/

• http://www.nasfaa.org

• http://www.cfi-nc.org

Pell is a grant offered to assist students who have an excessive financial need. The exact amount of eligibility is determined by the Department of Education.

The maximum amount available is $4,050 for the 2005-06 award year.

If you are eligible for the PELL Grant, you will receive an award letter informing you of the disbursement dates of this grant.

First, you must have lived in North Carolina for at least 12 consecutive months. Second, you cannot have already earned a Bachelor’s degree. Third, you must meet enrollment requirements. LTG is disbursed twice a year. To receive the first disbursement, you must be enrolled full time on October 1. To receive the second disbursement, a student must be enrolled full time during approximately the last week in January. You must continue your full time status through the entire award period. Amounts for the LTG are determined by the North Carolina Legislature and vary from year to year. You are not eligible for LTG if your courses meet in the Hickory or Phillip Morris sites.

Once in the fall and once in the spring. It will be applied to your account sometime in late November and again in early March if eligibility is met.

These loans carry a variable interest rate with an 8.25% cap. The Subsidized loan’s interest is paid by the government throughout the time you are in school until six months after you leave or drop below half time enrollment. The Unsubsidized Stafford Loan’s interest begins to accrue 60 days after the check is sent to Montreat College by the lender. There is an option to pay on this interest while in school. For both loans there is an origination and guarantee fee, which is taken out of the proceeds of the loan by the lender and is equal to 4% of your total loan amount requested.

First year independent students can borrow a maximum of $6,625. Second year students have $7,500 available. Third year students and those beyond in the undergraduate program have a maximum of $10,500 available.

19. What are the qualifications to be considered an independent student?

The federal government classifies you as an independent student if you meet one of the following criteria:

• you are 24 years old

• you are married

• you are a graduate student (member of a master's program)

• you have legal dependents other than a spouse

• you are an orphan or ward of the court

• you are a veteran of the U.S. Armed Forces

First year dependent students have a maximum amount of $2,625. The second year $3,500 is available. The third year and beyond $5,500 is available. A dependent student’s parents could qualify for a federal PLUS loan. The parents are eligible for the cost of the student’s education for the loan period less any other aid received. The PLUS loan interest rate is capped at 9%. The loan is based on "credit worthiness" as determined by the lender. Repayment begins 60 days from the date of disbursement by the lender.

Graduate students are eligible to borrow up to $18,500 for each academic year of their program.

Following your start in class, Montreat will certify eligibility for your student loan. (If you have not been awarded, have not returned your loan application, or have not verified the amount you want to borrow, we cannot process your loan until all these issues are settled.) Pending approval of your loan, your first loan disbursement will arrive to your account in Charlotte within two weeks. Your second loan disbursement will arrive halfway into your award period.

Approval for student loans is given by the lender and the government guarantee agency. Most students will receive loans even with poor credit history. Only those students who have had serious credit problems such as bankruptcy may be denied. If you have defaulted on previous student loans, you will be denied. You should contact your previous lender and clear the loans before attempting to receive any more student loans.

If you withdraw from a class, you must contact the financial aid office. Most changes in classes or cohorts will drastically affect your aid, sometimes to the point of cancellation.

25. Can I get my prior loan(s) deferred?

If you are registered and attending courses, you can have previous Federal college loans deferred. Contact your previous lender for a deferment form and send it to the Registrar’s Office in Montreat. The Registrar will return it to your lender. The lender will then contact you on the decision to grant the deferment.

26. What happens if I withdraw from a course or the program?

A withdrawal form must be completed and submitted to Student Services, and the Financial Aid Office must be notified. If the withdrawal results in your having completed more than 60% of the current half academic year, you are eligible to keep the financial aid for that period. If the withdrawal results in your having completed 60% or less of the current half academic year, the Financial Aid Office will do a federal calculation to determine the amount of aid that must be returned. If the withdrawal is within the first half of your academic year, all second disbursements will be canceled.