State & Federal Programs
Various state and federal financial aid programs are available to eligible degree-seeking Quincy University students. Following are brief descriptions of the major programs.
Federal Pell Grant
The value of this grant can range from $890 up to $4731 for eligible students. Application must be made annually with the Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov. Undergraduate students, with continuing financial need, may be eligible for renewal of this grant during the time necessary to complete their first baccalaureate degree. Quincy University's FAFSA code is 001745.
Federal Supplemental Education Opportunity Grant (FSEOG)
The SEOG grant may be awarded to students who are eligible for a Federal Pell Grant and who applied by the priority date, April 15. Grants range from $500 to $1500 depending upon the student's federally calculated financial need. Eligibility is limited to four years leading to the first baccalaureate degree.
Academic Competitiveness Grant (ACG)
The ACG grant provides up to $750 for first-year undergraduate students and up to $1,300 to second-year undergraduates. This grant is available to eligible students receiving a Pell Grant. First-year students must have completed a rigorous secondary school program of study; second-year students must have a minimum cumulative GPA of 3.00 based on a 4.00 scale for their first academic year.
National Science and Mathematics Access to Retain Talent Grant (SMART)
The SMART grant provides up to $4000 per year to eligible students for each of their third and fourth years. To be eligible students must receive a Pell Grant, have a minimum cumulative GPA of 3.00 based on a 4.00 scale, and be enrolled in an eligible major.
Federal Work-Study Programs (FWS)
This program provides part-time, on-campus employment for students with established need. Students on the Federal work-study program usually work between 8 and 12 hours per week. Most jobs are on campus. The Office of Financial Aid will post information about available job opportunities on our website at On-Campus Work Study Jobs .
Students that will be new to the program for 2008-2009 or continuing students that wish to change employment are strongly encouraged to attend the Quincy University Job Fair.
Federal Perkins Loan
The Perkins loan may be awarded to students with high need who applied by the priority date, April 15. These loans have a fixed interest rate of 5 percent with no fees. Repayment of interest and principal begins nine months after the borrower ceases to be enrolled at least halftime.
First time borrowers must complete an entrance counseling session at http://mappingyourfuture.org/pe. A Master Promissory Note is sent to eligible students with their Award Letter. It must be signed and returned to Quincy University along with a Statement of Rights and Responsibilities before any funds are disbursed to students.
Students will receive a statement each time funds are applied to their Quincy University account indicating the disbursement amount and the student’s total debt to the Perkins Loan program.
Federal Stafford Subsidized and Unsubsidized Loan Program
This program enables undergraduate students to borrow annual amounts of $3,500 for freshmen, $4,500 for sophomores, and $5,500 each for juniors and seniors. Students may select any lending institution. The interest rate is 6.8 percent. Repayment of Stafford Loans begins 6 months after the borrower ceases to be enrolled at least half-time.
Subsidized Federal Stafford Loans are need based with all interest deferred until enrollment of less than halftime (6 credit hours).
Unsubsidized Federal Stafford Loans are not need based and interest accrues on the loan. Students with an unsubsidized Stafford Loan are responsible for paying the interest while they are in school; however, the student has the option of capitalizing the interest.
First time borrowers must:
- Complete the Federal Stafford Loan Entrance Counseling online at http://mappingyourfuture.org/se
- Then complete a Master Promissory Note with the lender you select.
You can check on the status of your loan at: www.elmproduction.com/ELMBORRC/prepareLogin.do
You may also check your loan history at: www.nslds.ed.gov/nslds_SA/
Graduate students can borrow up to the cost of education or $8500 Subsidized Stafford Loan and $12,000 Unsubsidized Stafford Loan, a total of $20,500.
Please complete an entrance loan counseling session at: http://mappingyourfuture.org/se and a Master Promissory Note with the lender you select.
Federal Parent Loan for Undergraduate Students (PLUS)
Parents (or step-parents) who need additional funds to assist with educational expenses may borrow up to the cost of education minus any financial aid the student is eligible to receive for the academic year. Borrowers may select any lending institution. Parents may obtain a "Plus Pre-Approval" and Master Promissory Note from their lender. The interest rate is fixed at 8.5 percent. Repayment normally begins 60 days after the loan is fully disbursed. Interest begins to accumulate at the time the disbursement is made. An origination fee of up to 4% may be deducted from the loan proceeds.
Parents may obtain a Plus Pre-Approval and complete a Master Promissory Note from the lender of your choice. Additional information on the PLUS loan program is available at http://mappingyourfuture.org/paying/plusguide.htm
Illinois Monetary Award Program (MAP) Grant
The Illinois Student Assistance Commission (ISAC) offers a need-based grant to eligible Illinois residents. Residence status for dependent students is based on parents Illinois residency. Independent students must document Illinois residence for 12 months before the beginning of the academic year. Due to limited funding students are encouraged to apply early to avoid loss of funding.
The maximum MAP Grant for 2008-2009 is estimated to be $4968. Application for the MAP Grant is made by properly completing the FAFSA www.fafsa.ed.gov, listing an Illinois school, and meeting Illinois residency requirement. Eligibility is limited to 135 paid credit hours. Students who have been paid 75 or more credit hours must attain junior status. Quincy University's FAFSA code is 001745.
Illinois Incentive for Access Program
Funded through the Illinois Student Assistance Commission (ISAC), this program offers grants of $500 for one year to all eligible Illinois residents with first year standing and federally calculated expected family contributions (EFC) of "zero".
Vocational Rehabilitation Services
Students having disabilities which limit them vocationally may be eligible for the services of their state's department of rehabilitation. These services include vocational counseling and training, payment of tuition, fees, books, and job placement. Contact your local department of rehabilitation office for details.
V.A. Benefits
Quincy University is approved by the State Approving Agency for educational assistance benefits to veterans and veterans' dependents.
QU's FAFSA code
Quincy University's FAFSA code is 001745.
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