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Accepting Award – Loans and Grants

What is the Federal Pell Grant?

The Federal Pell Grant is gift assistance that is funded and awarded by the federal government. Recipients must be enrolled in an undergraduate program leading to a first bachelor's degree and meet all other eligibility criteria required for receipt of federal assistance, including Satisfactory Academic Progress (SAP). To receive a Pell Grant, an eligible student's Expected Family Contribution (EFC) must be less than or equal to the maximum figure established by the federal government for the academic year. EFC is determined from the information reported on the FAFSA.


What is the Federal Pell Grant?

The Federal Pell Grant is gift assistance that is funded and awarded by the federal government. Recipients must be enrolled in an undergraduate program leading to a first bachelor's degree and meet all other eligibility criteria required for receipt of federal assistance, including Satisfactory Academic Progress (SAP). To receive a Pell Grant, an eligible student's Expected Family Contribution (EFC) must be less than or equal to the maximum figure established by the federal government for the academic year. EFC is determined from the information reported on the FAFSA.


How do I apply for a Pell grant?

Your eligibility for a Pell grant determined when you completed your FAFSA.

What is the FSEOG grant?

The Federal Supplemental Educational Opportunity Grant (FSEOG) is free assistance funded by the federal government and awarded by Bellevue University. The FSEOG is for undergraduates with exceptional financial need and low Expected Family Contribution (EFC). Priority consideration is given to students who receive the Federal Pell Grant, meet the priority deadline, and demonstrate the greatest financial need. Recipients must meet all the eligibility criteria required for receipt of federal assistance, including Satisfactory Academic Progress (SAP).


What's the difference between a FSEOG and a Federal Pell Grant?

The US Department of Education guarantees that each participating school will receive enough money to pay the Federal Pell Grants of its eligible students. There's no guarantee every eligible student will be able to receive a FSEOG; students at each school are paid based on the availability of funds.

How do I qualify for the Nebraska Opportunity Grant (NOG)?

You must be a resident of the state of Nebraska and must be PELL eligible. The award is given to students with the highest unmet need. This award does not have to be paid back. You also must be enrolled at least half-time to qualify.

Where can I get free information about state student aid?

Free information about state programs may be obtained from the 'state education agency' (usually in the capital of your state). You may also contact our office for phone numbers and addresses.

What are DIRECT LOANS?

Bellevue University students who file the FAFSA and meet federal requirements may borrow funds under several Direct Loan programs, as determined by the Office of Financial Aid. Since a student loan must be repaid after graduation or withdrawal from the college, it represents a serious commitment on the part of the student.


William D. Ford Federal DIRECT LOAN PROGRAM

Student loans with fixed interest rate of 6.8% for subsidized and unsubsidized loans.

  • Subsidized is need-based; the government subsidizes the interest while you are enrolled.
  • Annual maximums for subsidized loans are: $3,500 (year 1), $4,500 (year 2), $5,500 (year 3) and $5,500 (year 4)
  • Unsubsidized is not need-based; you will be charged interest until the loan is paid in full. If you allow interest to accumulate, it will be capitalized and added to the principal.
  • Repayment begins six months after graduation, dropping below half-time, or withdrawal, and is for 10 years.
  • Interest may be tax-deductible.
  • The Department of Education has various repayment options. For further information about repayment, go to http://www.federalstudentaid.ed.gov/.
  • A student who enters into public service employment can have any remaining balance on Federal Direct Loans forgiven after 10 years of repayment while in public service work.
  • 0.25% interest rate reduction for automatically debiting your payment from your checking account when you begin repayment
  • Federal funds cannot be disbursed until all attendance has been verified for the term and the students Satisfactory Academic Progress has been reviewed.
  • The federal government deducts a 1% loan fee from each disbursement.
  • First-time borrowers must complete Entrance Counseling before the first disbursement at www.studentloans.gov.
  • First-time borrowers must complete the Master Promissory Note (MPN) before the first disbursement at www.studentloans.gov.

NOTE: If you are a returning student and previously borrowed a Federal Direct Loan, you DO NOT need to complete a new MPN.

The following charts show the annual and aggregate limits for subsidized and unsubsidized loans.

Year Dependent Students (except students whose parents are unable to obtain PLUS Loans) Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)

First-Year Undergraduate (0-29 credit hours completed) Annual Loan Limit

$5,500—No more than $3,500 of this amount may be in subsidized loans.

$9,500—No more than $3,500 of this amount may be in subsidized loans.

Second-Year Undergraduate (30-59 credit hours completed) Annual Loan Limit

$6,500—No more than $4,500 of this amount may be in subsidized loans.

$10,500—No more than $4,500 of this amount may be in subsidized loans.

Third-Year and Beyond Undergraduate (60+ credit hours completed) Annual Loan Limit

$7,500—No more than $5,500 of this amount may be in subsidized loans.

$12,500—No more than $5,500 of this amount may be in subsidized loans.

Graduate or Professional Students Annual Loan Limit

Not Applicable (all graduate and professional students are considered independent)

$20,500 (unsubsidized only)

Aggregate Loan Limits

Dependent Undergraduate Student

$31,000 (no more than $23,000 of which may be subsidized)

Independent Undergraduate Student or Dependent Student Whose Parent is Ineligible for PLUS

$57,500 (no more than $23,000 of which may be subsidized)

Graduate/Professional Student

$138,500 (no more than $65,500 of which may be subsidized)

**Authorized by Ensuring Continued Access to Student Loans Act of 2008 (H.R. 5715) Effective for Stafford loans first disbursed on or after July 1, 2008

What is the difference between subsidized and unsubsidized Federal Direct loans?

Subsidized Federal Direct Loans are based on financial need, and the government pays the interest to the lender while you are in school at least half-time, as well as during any deferment periods. Unsubsidized Federal Direct Loans, on the other hand, are not based on need, and borrowers are responsible for all interest accrued on the loan. Interest payments can be deferred until graduation and then will be capitalized and added to principal of the loan. You also can make payments on the interest while in school by contacting your lender.


Am I eligible for my books prior to the start of my classes?

What is a Book Waiver?

A book waiver allows eligible students to purchase all or a portion of their books from the Bellevue University Bookstore using their excess financial aid funds. The amount spent is then added to the student's tuition account to be paid for when their aid is disbursed to their student account.

Who is eligible for a Book Waiver?

Students must have their financial aid award complete. If their combined Federal Direct Student Loans, Pell, SEOG, and Nebraska Opportunity Grants exceed the cost of their tuition and fees, they may qualify for a Book Waiver to help with the cost of books.

How much can a student receive?

The maximum total allowable waiver is $600 each semester, or the total of their excess funds, whichever is less. Book waiver amounts are subject to change due to changes in enrollment, academic standing, or status.

How do students request a waiver?

No earlier than 30 days prior to a student's class start, a student can contact OneStop Service Center at 800-756-7920, option 0, or OneStop@bellevue.edu

Alternative and Private Loan Options

There are a variety of private loans available for educational purposes to Bellevue University students. The Financial Aid office strongly encourages you to borrow Federal student loans first. We also strongly encourage students to complete a FAFSA to determine if they are eligible for other Title IV programs, such as Grants or Federal Work Study.

Alternative loans are credit based loans. The student is the borrower for the alternative loans, however, in some cases, a credit –worthy cosigner is required.

Alternative loans are subject to meet all disbursement criteria, which includes: attendance verification, enrollment status, and Satisfactory Academic Progress (SAP).

Borrowing less than the maximum loan amount offered

There is a maximum loan amount that students may be eligible for each year. Often times the loan amount that a student is offered is more than what is needed to satisfy the tuition and fees. Close consideration should be paid to the amount of a loan the student wishes to take in order to keep their overall debt load at a minimum for their education. A student has the ability to decline all or a portion of a loan they are offered.

Differences between Federal Student Loans and Private Loans

Federal Student Loans Private Student Loans

You will not have to start repaying your federal student loans until you graduate, leave school, or change your enrollment status to less than half-time.

Many private student loans require payments while you are still in school.

The interest rate is fixed and is often lower than private loans—and much lower than some credit card interest rates. View the current interest rates on federal student loans. https://studentaid.ed.gov/types/loans/interest-rates

Private student loans can have variable interest rates, some greater than 18%. A variable rate may substantially increase the total amount you repay.

Undergraduate students with financial need will likely qualify for a subsidized loan where the government pays the interest while you are in school on at least a half-time basis.

Private student loans are not subsidized. No one pays the interest on your loan but you.

You won’t need a cosigner to get a federal student loan in most cases.

You may need a cosigner.

Interest may be tax deductible.

Interest may not be tax deductible.

Loans can be consolidated into a Direct Consolidation Loan. Learn about your consolidation options. https://studentaid.ed.gov/repay-loans/consolidation

Private student loans cannot be consolidated into a Direct Consolidation Loan.

If you are having trouble repaying your loan, you may be able to temporarily postpone or lower your payments.

Private student loans may not offer forbearance or deferment options.

There are several repayment plans, including an option to tie your monthly payment to your income.

You should check with your lender to find out about your repayment options.

There is no prepayment penalty fee.

You need to make sure there are no prepayment penalty fees.

You may be eligible to have some portion of your loans forgiven if you work in public service. Learn about our loan forgiveness programs. https://studentaid.ed.gov/repay-loans/forgiveness-cancellation

It is unlikely that your lender will offer a loan forgiveness program.

Free help is available at 1-800-4-FED-AID and on our websites.

The Consumer Financial Protection Bureau's private student loan ombudsman may be able to assist you if you have concerns about your private student loan.

Cohort Default Rate

Each year the U.S. Department of Education calculates a cohort default rate on Federal Direct Loans by institution. A cohort default rate by definition is the percentage of a school's borrowers who enter repayment on certain Direct Loans during that fiscal year and default within the cohort default period (the end of the following fiscal year for a three-year rate).

  • Bellevue University’s current Cohort Default Rate is 7.6%.
  • National Average Default Rate is 14.7%
  • 71.5% of our student population participates in Financial Aid funding.

I only attend part time; can I still receive financial aid?

You must be attending half time to be eligible for financial aid. Your enrollment status (full time, ¾, or ½) determines the amount for grant and loan money you are eligible for.

Undergraduate Students:
12 Week Term, 11 Week Term, 10 Week Term
Full-time = 8 credit hours
¾ Time = 6 credits hours
½ Time = 4 credit hours

18 Week Term
Full-time = 12 credit hours
¾ Time = 9 credits hours
½ Time = 6 credit hours

6 Month Term
Full-time = 12 credit hours
¾ Time = 9 credits hours
½ Time = 6 credit hours

Graduate Students:
Full-time = 6 graduate credit hours
½ Time = 3 graduate credit hours


How do I calculate how much I owe to secure my classes for each term based on my pending/anticipated Financial Aid?

Once financial aid funds are disbursed to your account as pending/anticipated aid, you can subtract the terms aid amount from your terms "Charges Due." The calculated difference is either the amount you owe the university or the amount the university will refund to you.


What can I do if I do not have enough funds to cover my total term balance?

Prior to the university payment due date, students can select a payment plan to cover the amount owed.


What is the Federal Work-Study Program?

This program provides financial assistance to students through part-time employment on and off campus. Students with documented unmet need may participate in the work-study program. A work-study award is the total amount of money that a student may earn during the school year. If a student is hired in a work-study position, his or her earnings are drawn from the work-study award. Depending on hours worked during the year, a student may or may not earn the total amount awarded. Federal Work-Study offers off-campus community service job opportunities in a variety of fields and locations. Students eligible for work-study assistance are encouraged to contact the Student Financial Services Office early in the school year. Positions are limited.


Where do I apply for Federal Work Study?

To use Federal Work Study you should indicate so on your FAFSA.

If you didn't select FWS on your FAFSA but would like to pursue that as a financing option please send a written request to finaid@bellevue.edu

Will I be notified of acceptance or denial of Federal Work Study?

If your request for Federal Work Study is accepted you will be notified and sent a link to complete an application for opportunities within the University.

Thanks for your interest in Bellevue University.

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