Financial Aid: Assistance Available to CCPS Students
Federal Pell Grant
The Federal Pell Grant Program provides need-based grants to low-income undergraduate students to promote access to postsecondary education. Grant amounts are dependent on: the student’s expected family contribution (EFC); the cost of attendance (as determine by the institution); the student’s enrollment status (full-time or part-time); and whether the student attends for a full academic year or less. Students may not receive Federal Pell Grant funds from more than one school at a time.
Financial need is determined by the U.S. Department of Education using a standard formula, established by Congress, to evaluate the financial information reported on the Free Application for Federal Student Aid (FAFSA) and to determine the family EFC.
Access Missouri Financial Assistance Program
Administered by the State of Missouri, students must meet all requirements for this award as established by the Missouri Department of Higher Education. Students should contact the Missouri Department of Education to determine eligibility for this award, as final eligibility rulings are determined by the State. Additional information can be accessed at http://dhe.mo.gov/ppc/grants/accessmo.php.
Loans are available to students and/or their parents to assist in paying for college expenses. A student must repay the loan after graduation or withdrawal or upon the schedule determined by the lender. Before agreeing to a loan, a student should carefully review all terms and conditions of the loan, which includes, interest rates, repayment terms, and the amount of monthly payments.
Federal Direct Student Loan
Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans.
Subsidized direct loans are available based on financial need that is determined by a cost of attendance and the EFC on the FAFSA. A loan is “subsidized” when the government pays the interest during the following periods:
- While enrolled in school at least half-time;
- During the six-month grace period after attending school less than half-time;
- During periods of authorized deferment.
Unsubsidized direct loans are not based on financial need and may be available to students who file a FAFSA, regardless of income. Since this loan is not subsidized by the government, the student is responsible for all interest that accrues during in-school, grace and deferment periods. The student may choose to make interest payments while in school or may defer (and accumulate) the interest until repayment.
Direct subsidized and unsubsidized loans may be prorated under certain conditions. Prorated loan limits are used when a borrower’s remaining period of enrollment, until completion of his or her academic program, is less than an academic year in length.
This loan program represents an agreement between the university student and the U.S. Department of Education. Loan monies will not be released to the student until all qualifiers are fully met. The loan will be wire-transferred from the Department of Education to the student’s account as early as the fourth week of school. After receipt of funds, if a credit exists Drury will send a refund to BankMobile approximately 10 days later. Any change in enrollment before the add/drop period may result in a recalculation of loan eligibility. Only classes that are required by the student to complete their program of study will be considered in the loan calculation.
Federal Direct Parent Plus Loan Program
The Parent Plus loan is a credit based loan borrowed by the parent of an undergraduate, dependent student. It is a credit based loan. The parent is responsible for repayment, which begins 60 days after funds are fully disbursed OR a deferment can be requested by the parent by contacting the Department of Education. Maximum amount eligibility is based on the cost of attendance minus other financial aid. Drury University policy states that any refund that is a result of the Parent Plus Loan will be disbursed directly to the student. These loans carry an interest rate that is subject to change once a year as established by the federal government. They also have an origination fee. The application can be accessed at studentloans.gov.
Alternative (private loans) may be available to all students to meet educational expenses not covered by other financial aid. These loans are credit based, and students should exhaust Federal Student Loan eligibility before applying for additional private loans. They cannot be consolidated with Federal Student Loans and the interest rates are based on credit and lender policy.