Types of Financial Aid
Financial Aid comes in many forms. Here at Mitchell, we participate in aid programs that come from federal, state and institutional sources. Listed below are many of the types of aid that are available at Mitchell College. Your aid package may contain any of these types or a combination of them.
FEDERAL GRANT PROGRAMS
Federal Pell Grant
Federal Pell Grant is a gift award that does not have to be repaid. To qualify you must demonstrate exceptional need and be an undergraduate student enrolled in an eligible degree or certificate program. The maximum annual award for 2015-2016 is $5,775 based on 12 credits (full-time status) per semester. Your Pell Grant award will be pro-rated for less than full-time attendance. There is a federal law which limits the amount students can receive in Federal Pell Grant.
Federal Supplemental Educational Opportunity Grant (FSEOG)
An FSEOG does not require repayment and is based on financial need as defined by the FAFSA. If you are awarded the Federal Pell Grant, you will receive first priority consideration for FSEOG. Awards range from $200 - $4,000 per academic year, depending upon college funding levels.
Federal Work-Study Program (FWS)
The Work-Study Program is a federally funded program allowing qualified students to earn a portion of their financial aid award by working. To qualify you must demonstrate financial need as defined by the FAFSA form. Students can work no more than 15 hours per week at authorized on-campus or off-campus locations. Work-study opportunities are available at various departments on campus. To be hired, a student must complete an interview process. The Federal Work-Study Program provides students with great work experience!
STATE GRANT PROGRAMS
The Governor’s Scholarship Program
This is a grant for Connecticut residents who are pursuing higher education at a private Connecticut institution. There are many other types of programs for state of Connecticut residents. Visit the State of Connecticut’s Department of Higher Education’s web site at www.ctohe.org for more information.
Massachusetts State Grant
This is a grant for Massachusetts residents who are pursuing higher education. The Massachusetts Department of Education determines eligibility for this award. There is an application deadline of May 1. Funding is contingent upon state appropriations.
Other states may also participate in these types of programs. Contact your home state’s Department of Higher Education for more information.
INSTITUTIONAL GRANT PROGRAMS
Each year, Mitchell College awards need and merit institutional aid to many of our students. Need based aid is determined by the information provided on the CSS Profile form. All newly accepted students are reviewed for merit aid based on their admissions application and high school information. There is no separate application form required.
Click here for a list of merit scholarships and grants
FEDERAL EDUCATION LOAN PROGRAMS
In cases where a student’s need cannot be met with other types of financial aid, a Federal Stafford Loan may be recommended. These loans enable a student to borrow funds to finance their educational expenses. These are loans that must be paid back and are paid back according to a payment schedule arranged by the federal government. All federal loans require the completion of the Master Promissory Note which is usually good for 10 years. First time student borrowers at Mitchell College must complete a Loan Entrance Interview before their loan proceeds can be disbursed.
- Master Promissory PLUS Loans (parent loans) and Stafford Loans (student loans) are valid for 10 years.
- The proceeds from PLUS and Stafford Loans are received by the College in two disbursements.
- Usually, PLUS Loans enter repayment sixty days after the second disbursement.
- Subsidized and Unsubsidized Stafford Loans enter repayment for principal and interest approximately six months after leaving school or falling below six credits.
- Interest on an Unsubsidized Stafford Loan starts accruing to the student’s loan balance after the first disbursement.
- The federal government pays the interest on the Subsidized Stafford Loan while the student is enrolled at least half-time.
- The denial of a PLUS loan is required for a student to receive additional Unsubsidized Stafford Loan eligibility unless the student is an independent student as defined by the FAFSA.
Federal Stafford Loan
This program makes low interest loans available to dependent and independent students.
To qualify for the Subsidized Federal Stafford Loan, you must demonstrate financial need. The government pays the interest on this loan while the student is enrolled in school at least half-time.
Unsubsidized Federal Stafford Loan, funding is available to those students who do not qualify for a maximum subsidized Stafford award, and independent students who are seeking additional funding. Eligibility is not based on family income and borrowers are responsible for all interest that accrues from the date of disbursement.
If you are a first time Stafford Loan Borrower at Mitchell College, you must also complete an Entrance Counseling AND a Master Promissory Note. The school will automatically be notified when you have completed both the Entrance Counseling and Master Promissory Note. These requirements can be completed at studentloans.gov. Sign in under "Manage my Direct Loan" and complete all required fields.
Federal Parent Loan for Undergraduate Students (PLUS)
A loan that allows parents of dependent students to borrow up to the entire cost of their child's education minus other financial aid awarded. A simple credit check is required to determine eligibility. Applicants with adverse credit checks will not qualify for funding. Repayment normally begins within 60 days of the second disbursement.
Parents can apply for a Parent PLUS loan and complete a PLUS Master Promissory Note at studentloans.gov available as of May 1, 2016. The parent must sign in under "Manage my Direct Loan"; click “Request a PLUS Loan" and choose “Parent PLUS” to complete an application. If the loan is approved, then you can continue the process by completing the PLUS Master promissory Note under “Complete MPN” and choosing “Parent PLUS”.
If you are denied a PLUS loan, you may have the option of applying with a co-signer. If you do not choose this option, the student will be eligible for additional Unsubsidized Stafford Loan funds of up to $5000, depending on grade level. The school will automatically be notified whether you are approved or denied.
ALTERNATIVE LOAN PROGRAMS
Mitchell College also participates in several alternative loan programs. These are private loans that are based on credit worthiness and income. Generally, these loans offer a higher interest rate and different repayment requirements.
Alternative loans should only be considered after all federal options have been exhausted.
Review the following websites for further information.
Mitchell College subscribes to the following financial aid codes of conduct.
Connecticut Code of Conduct
NASFAA Code of Conduct