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BCOMP/HCM/Social work financial aid policies

In order to have eligibility determined for any of the federal and state need-based grants and/or federal loan programs, students must complete the Free Application for Federal Student Aid (FAFSA), listing Bluffton as one of the recipients. The federal school code number for Bluffton is 003016. Students should apply at www.fafsa.gov.

Grant assistance

Federal and state grants are awarded based upon a variety of factors, but most often on the basis of the program rules and/or demonstrated financial need.

Federal Pell Grant - The Federal Pell Grant is a need-based grant awarded to eligible undergraduate students. Awards for the 2012-13 award year range from $602 to $5,550.  Eligibility is determined by the expected family contribution (EFC) as calculated on the FAFSA.  This grant is available to full-time and less than full-time students.  The Federal Government recently passed into law a provision which limits a student's lifetime eligibility to 12 semesters (or its equivalent).

Ohio College Opportunity Grant - The Ohio College Opportunity Grant (OCOG) is a need-based tuition assistance program available to Ohio residents enrolled in a degree program at an eligible institution.  Eligible students must have an expected family contribution (EFC) of $2,190 or less with a maximum household income of $75,000.  The 2012-13 award for a full-time eligible student is $2,280.

William D. Ford Federal Direct Loan Programs

Federal Direct Loans are guaranteed low-interest loans for students attending school at least half-time. Subsidized loans are available to students who qualify based on need. Unsubsidized loans are not based on need or income. Therefore, students and families of all income levels have access to federally guaranteed funds for college. Eligibility is determined both by need and the number of transfer credit hours a student brings into the program.

All first-time direct loan borrowers at Bluffton must complete Entrance Loan Counseling and a Master Promissory Note at Studentloans.gov.

        Federal Direct Subsidized Loans

• Need based loan
• No interest while a student is registered for at least six credit hours
• Fixed interest rate of 3.4%
• 1% origination fee
• Repayment on the principal begins six months after completing program of study or dropping below six credit hours
• Recent changes in federal law eliminates the interest subsidy provided during the six-month grace period for loans disbursed between July 1, 2012, and July 1, 2014. Students receiving a subsidized loan during this timeframe will be responsible for the interest that accrues on the loan during the grace period. If a student does not pay the interest accrued, the interest will be added (capitalized) to the principal amount of their loan when the grace period ends.
• More information on federal direct loans, including income-based repayment options

        Federal Direct Unsubsidized Loans        

• Non-need based loan
• Interest begins as soon as the loan is disbursed
• The student may choose to make interest only payments while in school or choose to have the interest capitalized
• Fixed interest rate of 6.8%
• 1% origination fee
• Repayment on the principal begins six months after completing program of study or dropping below six credit hours
• More information on federal direct loans, including income-based repayment options.

It is important to note that students are subject to aggregate (maximum) loan limits. Students who have borrowed at previous institutions must be aware of remaining eligibility according to these aggregates. For dependent borrowers, the aggregate limit is $31,000 with no more than $23,000 of this amount in subsidized loans. For independent borrowers, the limit is $57,500 with no more than $23,000 in subsidized loans. To obtain your current student loan debt, log on to your account at:  www.nslds.ed.gov.

Annual  loan limits are as follows:

Dependent students are only eligible for subsidized and unsubsidized loan amounts, not the Additional Unsubsidized, unless parents cannot get a PLUS loan.

Private Education Loans - Students may find that they need resources in addition to those listed on the award letter. There are private education loan programs available to students which are not based on need. Additional information about private loans is available online or in person at the financial aid office. Select the FastChoice link under private education loans.

Employer Assistance - An increasing number of employers provide educational assistance benefits to their employees. Students should check to see if their employer provides educational assistance. Students must notify the Bluffton University financial aid office of any employer assistance that they receive.