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FINANCIAL AID
Types of Financial Aid at Germanna Contact the Financial Aid Office for complete eligibility requirements for all of the financial aid programs listed here. Students must complete the Free Application for Federal Student Aid (FAFSA) to be considered for federal and state financial aid programs. Federal Programs Federal Pell Grant: Federal Pell Grants are awarded to eligible undergraduate students who have not earned a bachelor's or a professional degree. Eligibility is primarily based on the Expected Family Contribution (EFC) from the Student Aid Report (SAR), but is also affected by enrollment status. The EFC must be 5273 or less. The maximum award for the 2011-2012 academic year is $5,550, with a minimum of $555. A minimum of 12 credit hours each semester is required to receive full eligibility, with pro-rated awards going to students with less than 12 hours. Iraq and Afghanistan Service Grant: A student who is not eligible for a Pell Grant but whose parent or guardian was a member of the U.S. Armed Forces and died as a result of service performed in Iraq or Afghanistan after September 11, 2001 may be eligible to receive the Iraq and Afghanistan Service Grant. Eligible students must be under 24 years old or enrolled in college at least part-time at the time of the parent’s or guardian’s death. The grant award is equal to the amount of a maximum Pell Grant for the award year – not to exceed the cost of attendance for that award year. FSEOG (Federal Supplemental Opportunity Grant): FSEOG is for undergraduate Federal Pell Grant recipients with exceptional financial need (i.e., students with the lowest EFCs). Eligible Germanna students receive no less than $100 a year in these funds depending on eligibility, funding level, and the date of application. Federal Work Study: Federal Work-Study (FWS) provides part-time jobs for undergraduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient's course of study. Students are paid by the hour usually twice per month. Wages for the program must equal at least the current federal minimum wage but might be higher, depending on the type of work and the skills required. The amount earned cannot exceed the total FWS award. When assigning work hours, consideration will be given to the student’s award amount, class schedule, and academic progress. Federal Direct Stafford Loan: Direct Stafford Loans, from the William D. Ford Federal Direct Loan Program, are low-interest loans for eligible students to help cover the cost of higher education. Eligible students borrow directly from the U.S. Department of Education. A minimum of 6 credit hours per semester is required. Interest is subsidized while in school and in grace periods for students who demonstrate financial need. Annual limits are based on class level and dependency status and range from $5,500 to $10,500 per year at community colleges. Not all VCCS colleges participate in the federal loan programs. Federal Direct PLUS Loan: Parents of dependent students may apply for a Federal Direct PLUS Loan to help pay their child's education expenses as long as certain eligibility requirements are met. The annual limit on a PLUS Loan is equal to the student's cost of attendance minus any other financial aid the student receives. Not all VCCS colleges participate in the federal loan programs.
On Ramp Grant: Federal financial assistance from Workforce Investment Act Rapid Responds funds is available to assist students who have lost their jobs to enroll in colleges programs to improve their workforce skills and ability to secure new employment. Financial need must be demonstrated and the grant cannot exceed tuition, fees, books, and supplies. The participating colleges currently include Dabney S. Lancaster, Danville, J. Sargeant Reynolds, John Tyler, Lord Fairfax, Mountain Empire, New River, Patrick Henry, Paul D. Camp, Rappahannock, Southside Virginia, Southwest Virginia, Tidewater, Virginia Highlands, Virginia Western, and Wytheville.
State Programs COMA (Commonwealth Grant): COMA is a state-funded grant that provides assistance to undergraduate Virginia residents who demonstrate financial need. Award amounts cannot exceed tuition and fees per academic year. A minimum of 6 credit hours is required each semester in order to receive COMA. VGAP (Virginia Guaranteed Assistance Program): VGAP awards range from $500 up to tuition, fees and books available to undergraduate Virginia residents who graduated from high school with at least a 2.5 grade point average. VGAP also has specific renewal requirements:
CSAP (College Scholarship Assistance Program): CSAP is a state-funded grant which provides assistance to undergraduate Virginia residents with extreme financial need. Award amounts cannot exceed tuition, fees, and books per academic year. A minimum of 6 credit hours is required each semester in order to receive CSAP.
VCCS Programs PTAP (Part-time Tuition Assistance Program): PTAP is a state-funded grant, which provides assistance to undergraduate Virginia residents who demonstrate financial need. Award amounts cannot exceed tuition and fees per academic year. A minimum of 1 credit hour and a maximum of 8 credit hours are required each semester in order to receive PTAP. VCCS Grant: The VCCS Grant provides assistance to Virginia residents at Virginia’s Community Colleges who demonstrate financial need. Award amounts cannot exceed tuition, fees, and books per academic year.
VCCS Tuition Grant: The Tuition Grant program provides tuition and fees at any Virginia community college for high school graduates or general education development (GED) completers in foster care, in the custody of a social services agency, or considered a special needs adoption. A minimum of 6 credit hours is required and financial need must be demonstrated. The grant covers tuition and fees only. Eligibility Requirements Eligibility for federal, state, and VCCS programs is based on financial need and several other factors. The Free Application for Federal Student Aid (FAFSA) must be filed at www.fafsa.gov. Many financial aid programs are awarded on a first-come, first-serve basis so it is important to apply early. The financial aid administrator at the college will determine eligibility. Basic eligibility requirements require that students:
Germanna Programs Germanna Work Program: The Germanna Wage Program provides employment opportunities to students who do not qualify for need based work study. Students must meet the same academic standards as Federal work-study students and have special qualifications which may be used to further the aims and philosophy of the institution. Students are paid bi-weekly. Germanna Local Funds Scholarship: Germanna Local Funds Scholarships are traditionally awarded during the summer session to students that have exhausted their Federal Pell Grant funding for the year and are enrolled at least half-time (6 credits). The awards typically range from $500 for half-time enrollment to $1,500 for full-time enrollment.
Germanna Gaurantee Grant: The Germanna Gaurantee Program is designed to help students "Fill in The Gap" between Federal and State Aid awarded and the cost of attending Germanna. Click here for more details on this program. Other Information Other programs including scholarships exist at each college and can be researched through the individual college websites which can be found at http://www.vccs.edu/CollegeLocator.
Visit the Virginia Education Wizard at https://www.vawizard.org to compare college costs, estimate financial aid eligibility at Virginia’s Community Colleges, and learn more about how to apply for financial aid.
**Notice to all eligible students: Grants received under the State's grant program funded under LEAP (CSAP) or SLEAP (HETAP) are, or may be, Leveraging Educational Assistance Partnership Grants funded by the Federal Government, the State, and, where applicable, other contributing partners.**
Borrowers should visit the lender web sites or contact the lenders directly to apply for an alternative loan and for details on the alternative loan programs. Many lenders allow online applications. The Financial Aid Office may be required to certify eligibility once your application has been approved by the lender. The loan amount that Germanna certifies will be the cost of attendance minus other financial aid, not to exceed the requested loan amount. Loans cannot be certified until the student has registered for classes. Some lenders send checks directly to the student and some lenders send checks to the college. If the loan check is sent to the college once the loan is approved, the college will appliy the loan to the student's tuition statement balence before distributing the loan funds to the student, and after enrollment has been verified. Any refund due to the student from an alternative student loan will be delivered to the student 5 days prior to the beginning of the semester in order to ensure enrollment for the upcoming semester. If loan funds are to be used to pay the tuition balance, funds must be recieved by the college on or before the tuition due date. Best Private Student Loans Borrowers should review this information on Best Private Student Loans found on the finaid.org web site before selecting a lender. Please see the information below about questions borrowers may ask when comparing alternative loan lenders. You should use the lender comparison chart on the finaid.org web site to compare interest rates and terms from many lenders. Tip. Payment amounts are determined by the borrower's credit score. Better credit scores equals lower payments. Payments may be lowered by having a parent with a good credit score co-sign the loan application. Tip. Germanna reccommends comparing lenders for discovering the most attractive interest rates. Lenders typically will not disclose your interest rate until you have completed the loan application and your credit score has been reviewed. If this is the case, contact the lender directly with questions. Applying for more multiple loans can have a potentially negative impact on your credit score. Applying for the Loan In many cases the borrower applies through the lender's web site and the application is certified by the Financial Aid Office. The loan check is sent to the college once the loan is approved and the college applies the loan to the student's tuition statement balence before distributing the loan funds to the student, and after enrollment has been verified. Any refund due to the student from an alternative student loan will be delivered to the student no less than 5 days prior to the beginning of the semester. In some cases the loan check is sent directly from the lender to the student. Please notify the Financial Aid Office once you have received approval from your lender so that the Financial Aid Office can certify the loan. If the lender requires a paper (rather than online) certification you must provide the certification form to the Financial Aid Office. Students often ask the Financial Aid Office for the names of lenders. This is an alphabetic list of some lenders that offer alternative loans. See the section named Best Private Student Loans for a more extensive list. Germanna does not recommend lenders and does not have a preferred lender list. The lenders listed here may not be those with the lowest interest rates or the best terms. Borrowers should check each web site for the most current loan terms.
Wells Fargo
Lenders that do not require Financial Aid Office certification The borrower works directly with the lender and in most cases the loan check is sent directly to the borrower. See the information above about Best Private Student Loans. Lenders for non-credit courses through the Center for Workforce Students taking non-credit courses are eligible to borrow to pay the cost of tuition and books and supplies. The borrower works directly with the lender and in most cases the loan check is sent directly to the borrower. There are several lenders who will make loans to students taking non-credit courses. See the information above about Best Private Student Loans. Student borrowers under age 18 Most states require student borrowers to be at least 18 years old. Parents and, in some cases, other credit worthy adults may borrow on behalf of students who are under 18. See the information above about Best Private Student Loans. Questions borrowers may ask when comparing alternative loan lenders
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