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Applying For Aid
Loan Information
Part of a student‘s financial aid package from Heidelberg will include a student loan payable after graduation. Student loans are part of a student‘s self-help portion of their award. The two loan programs available to Heidelberg students are the Federal Perkins Loan and the Federal Stafford Loan. Parents also have a loan program available to them to help meet the cost of higher education, the Parent Loan for Undergraduate Students (PLUS).The Federal Perkins Loan is a low interest (5%) loan to help students with exceptional need. Heidelberg is the lender. The school makes the loan with federal funds and a shared contribution. Repayment begins and interest accrues nine months after graduation. Payment is made quarterly. Freshman and sophomore students receive priority with amounts varying up to $2000 per year.
The Federal Stafford Loans (subsidized and unsubsidized)are the Department of Education's major form of self-help aid for students. Heidelberg participates in the Federal Family Education Loan (FFEL)Program. First-year students can borrow up to $2625, sophomores can borrow up to $3500 and juniors and seniors may borrow to $5500. Four preferred lenders are identified from which students are asked to choose. All lenders are fully serviced through Great Lakes Higher Education Corporation (GLHEC). There are two types of Stafford Loans; subsidized and unsubsidized. A subsidized loan is awarded based on need. No interest is charged during the in-school period and for 6 months after graduation or below half-time status. The unsubsidized loan is not awarded based on need. Students are responsible for the interest that accumulates during the in-school and deferment period. The interest rate is variable but capped at 8.25%. The rate is adjusted each year on July 1.
The Parent Loan for Undergraduate Students (PLUS) is available to parents of dependent undergraduate students. Borrowers are eligible to borrow up to the cost of education minus the student‘s financial aid. Parents must have good credit. PLUS funds are disbursed through electronic funds transfer (EFT) to the school and directly applied to the student's account. Repayment begins 60 days after the second disbursement and is over a ten year repayment schedule. The current minimal annual repayment is $600, or $50 per month. The variable interest rate is established July 1 and is capped at 9%. Heidelberg has identified four preferred lenders from which parents are encouraged to choose.
Student Alternative Loans
The Key Alternative Loan, offered by Key Bank USA, allows the student to borrow using a credit worthy cosigner. No payments are required while the student attends college at least half-time. Interest is capitalized once prior to repayment. Repayment begins six months after the borrower graduates or is no longer enrolled full-time. Repayment is up to 10-20 years depending on the amount owed. The student may borrow up to the cost of education minus financial aid. The minimum loan amount is $500 and the aggregate limit is $80,000 for undergraduate borrowers. For additional information, or to request a loan application call 1-800-683-7890.
The Sallie Mae Signature Loan is through Fifth Third, provides the opportunity for students to borrow the needed funds to attend college with a credit worthy cosigner. This student may borrow up to the cost of education minus financial aid. No payments are required while the student is enrolled at least half-time. Interest accrues and is capitalized once at repayment. Repayment begins six months after the borrower graduates or is no longer enrolled at least half-time. Repayment is 15-25 years with a minimum $50 monthly payment required. For additional information or to request a loan application call 1-800-695-3317. The Fifth Third lender code is 508780.
Financial Aid For Graduate Students
The Federal Student Loan Programs are available to graduate students who are enrolled in a program leading to a degree*, enrolled as a half-time student (at least 5 semester hours), and complete the Free Application for Federal Student Aid (FAFSA). The Department of Education will compute an Expected Family Contribution (EFC) which the Financial Aid Office will use to determine Federal Stafford Loan eligibility.*students enrolled in the LPCC program only do not qualify for federal assistance.
Financial Aid Programs Available
A Subsidized Stafford Loan is a low interest, need-based loan made through a bank for graduate study. The Federal government pays the interest while you are in school and for six months after. The loan maximum is $8500 per year. The interest rate is variable but capped at 8.25%. The rate is adjusted each year on July 1.An Unsubsidized Stafford Loan is a market rate non-need based loan made by a bank. This loan cannot exceed $10,000 per year. You are responsible for paying the interest that accrues from the time you borrow through repayment. The interest can be paid as you go or capitalized and paid later. The interest rate is variable but capped at 8.25%. The rate is adjusted each year on July 1.
NOTE: We recommend students who have previously borrowed through the Federal Stafford Loan Program to stay with the same lender. New borrowers are encouraged to choose from our preferred lender list.
Other Sources
A limited amount of Federal Perkins Loan and College Work-Study are available to graduate students. Those students interested should contact the Financial Aid Office.For further information, or to request a FAFSA, contact the Financial Aid Office at 1-800-925-9250, or 1-419-448-2293. Our office is located on the first floor of College Hall. Our mailing address is 310 E. Market St., Tiffin, OH 44883.
Financial Aid For Part-Time Undergraduate Students
Students interested in receiving financial aid must file the Free Application for Federal Student Aid (FAFSA). The Department of Education will compute an Expected Family Contribution (EFC) which we use to determine your Federal eligibility. It is our policy to administer aid one semester at a time for all students attending on a part-time status.All federal financial aid programs require that students be enrolled in programs leading to a degree, certificate, or some other educational credential in order to be considered for assistance.
Federal Pell Grant
A Pell Grant is a need-based award that does not have to be repaid. These grants currently range from $400 - $3,038 per academic year. Students with the greatest need are awarded these grants.Federal Subsidized Stafford Loans
A Subsidized Stafford Loan is a low interest, need-based loan made through a bank. We have a list of five preferred lenders with whom we prefer you borrow. A student must be attending at least half time. Loan maximums range from $2625 per year for the first year to $5500 per year for students who have obtained junior class status.Federal Unsubsidized Stafford Loans
An Unsubsidized Stafford Loan is a market rate non-need based loan made by a bank. These loans cannot exceed $4000 for freshman and sophomore status, or $5000 for junior and senior status per year. Repayment of interest begins on final date of disbursement of the loan. You may defer repayment of interest if you meet certain conditions.Part-Time Ohio Instructional Grant
The Part-time Ohio Instructional Grant is a need-based award that does not have to be repaid. This is a state-funded program with awards varying from $200-$4000 per academic year. The Financial Aid Office administers these funds.Veterans Programs
If you are a veteran, reservist, or active member of the U.S. Armed Forces, contact your local veterans office or speak with your education services officer about military educational assistance benefits. The veteran certifying official is the Director of Financial Aid.Employer-Provided Assistance
An increasing number of employers provide educational assistance benefits to their employees. Check with your employer to see if they provide this benefit.Tuition payment plans are available to help spread tuition costs over the term.
Students with employer tuition reimbursement may defer payment until reimbursement is received from the employer. This option is available at no additional cost to the student or to the employer.
Contact the Financial Aid Office with questions at 419-448-2293 or 1-800-925-9250.
Financial Aid Estimator Service
Heidelberg College offers a Financial Aid Estimator Service to students and parents to help with each family's unique financial planning. Heidelberg understands the concern parents have about financing higher education. We hope this service will provide you with an early, realistic picture of your total costs and also allow ample time to explore all available financial aid opportunities. To print a copy of the Estimator, click here.Heidelberg offers financial assistance based upon academic achievement, special circumstances, and financial need. Although the primary responsibility for paying for higher education rests with the family, Heidelberg awards over $7 million of college funds each year to eligible students.
To receive an estimate of your financial aid eligibility, please complete the attached worksheet and return it to the Financial Aid Office by January 1, 2006. This estimate will be based on your 2005 income and assets, the Federal Government needs-analysis formula, and our college budget. All information is kept confidential. After January 1, we will be preparing for our official financial aid awarding process and encourage you to file the 2006-2007 Free Application for Federal Student Aid.
Please return the completed estimator to:
Heidelberg College
Financial Aid Office
310 E. Market St.
Tiffin, OH 44883
Fax:419-448-2296
Questions??
If you would like individual financial or academic counseling, a staff member of the Admission or Financial Aid Office would be happy to meet with you. Please call our Admission Office at 1-800-HEIDELBERG to make an appointment.
Contact Information
Heidelberg College
Financial Aid
310 E. Market St.
Tiffin, OH 44883-2462
telephone: (419) 448-2293
facsimile: (419) 448-2296
toll free: (800) 925-9250
Internet: financial-aid@heidelberg.edu
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Heidelberg College | 310 E. Market St. | Tiffin, Ohio 44883-2462 | 1-800-925-9250 webmaster@heidelberg.edu | Copyright 2007 |
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