Federal Assistance - Grants and Loans

Application for federal student aid programs is made by filing the Free Application for Federal Student Aid (FAFSA) or Renewal Application. The FAFSA is available in the high school guidance office or the Simpson College office of financial assistance. The preferred method for filing the FAFSA is over the internet at www.fafsa.ed.gov. There is no charge to the student or the parent for processing of the FAFSA. Be sure to list Simpson College on the FAFSA with the school code of 001887.

Federal Pell Grants are awarded to help high need undergraduate students pay for their post secondary education. This grant provides a maximum of $4,731 in grant money for the 2008-2009 academic year.

Federal Supplemental Education Opportunity Grants (SEOG) are given to undergraduate students with exceptional financial need, as determined by Simpson College. Grant awards depend on individual need and the amount of funds made available to the institution.

Federal Perkins Loans are low interest (5%) loans made by Simpson College directly to students. Loans are awarded based on financial need and availability of funds.

Subsidized Federal Stafford Student Loans enable you to borrow from a bank, savings and loan association, credit union, or other participating lender. You may apply for a loan if enrolled or accepted for at least half-time enrollment at Simpson College. The maximum per year you may borrow as a freshman is $3,500, as a sophomore is $4,500 and as a junior or senior is $5,500.

The loan is interest free during the time you are in school. However, repayment must begin within six months after graduation, withdrawal, or if you drop to less than half-time enrollment. Repayment must be completed within 10 years. The interest rate for loans disbursed after July 1, 2008 is at a fixed interest rate of 6.0%. Loans disbursed prior to July 1, 2006 are at a variable rate, not to exceed 8.25%.

Some deferment of payment options are available for the Federal Stafford Student Loan. These options should be discussed with your lender.

Unsubsidized Federal Stafford Student Loans follow all the same guidelines as the Subsidized Federal Stafford Student Loan except it is not based on need and the student is responsible for the interest while in school. All students are awarded a base $2000 unsubsidized Stafford Loan, which is in addition to the base subsidized Stafford Loan described above. Students classified independent for financial aid purposes may borrow up to an additional $4,000 per year during their freshman and sophomore years and up to an additional $5,000 per year during their junior and senior years in unsubsidized loan funding.

In choosing a Preferred Lender List, Simpson College reviewed Lender Loan Program Surveys from all lenders who responded to the Iowa College Student Aid Commission by the due date of the survey. These lenders were scored by a lender selection committee. Scores were then calculated and lenders were chosen to be on our Preferred Lender List according to the score each lender or servicer earned. We chose to list the top three lenders on our list. Each lender offers different benefits to their student loan borrowers. We have chosen not to list those benefits here, but to instead provide the links to their websites so that you may make an informed decision.

We want to remind students that they may choose to use any lender they wish, not only those listed on our Preferred Lender List. Simpson College will make every effort to receive your federal funds with no delays no matter whom you choose as a lender. We are committed to providing excellence to you.

Stafford Loan Entrance Counseling
It is a federal government requirement that students complete a student loan entrance counseling session prior to obtaining a Federal Stafford Student Loan. To complete your entrance counseling requirement, visit the Mapping Your Future web site at: Entrance Counseling

This student loan counseling session will prepare you for proper management of your student loan, helping you make the most of your higher education. True/false questions are given throughout the counseling session, and you must provide correct answers before being allowed to proceed. Upon completion of the student loan counseling session, you must complete an online form. This form is then sent to Simpson College via e-mail, notifying the office of financial assistance you have met the loan counseling requirement.

Federal Plus Loans enable the parent to borrow from a bank, savings and loan association, credit union, or participating lender. Maximum loan limits are determined by the cost of education minus financial aid.

The interest rate will be a fixed interest rate of 8.5%.

All Federal Plus Loan applications must be certified by the office of financial assistance at Simpson College prior to the loan application being sent to the lending institution. Completed applications should be returned to the office of financial assistance for certification.

Interested borrowers should contact the office of financial assistance at Simpson College.


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Federal Assistance Application for federal student aid programs is made by filing the Free Application for Federal Student Aid (FAFSA) or Renewal Application. The FAFSA is available in the high school guidance office or the Simpson College office of financial assistance. The preferred method for filing the FAFSA is over the internet at www.fafsa.ed.gov. There is no charge to the student or the parent for processing of the FAFSA. Be sure to list Simpson College on the FAFSA with the school code of 001887. Federal Pell Grants are awarded to help high need undergraduate students pay for their post secondary education. This grant provides a maximum of $4,731 in grant money for the 2008-2009 academic year. Federal Supplemental Education Opportunity Grants (SEOG) are given to undergraduate students with exceptional financial need, as determined by Simpson College. Grant awards depend on individual need and the amount of funds made available to the institution. Federal Perkins Loans are low interest (5%) loans made by Simpson College directly to students. Loans are awarded based on financial need and availability of funds. Subsidized Federal Stafford Student Loans enable you to borrow from a bank, savings and loan association, credit union, or other participating lender. You may apply for a loan if enrolled or accepted for at least half-time enrollment at Simpson College. The maximum per year you may borrow as a freshman is $3,500, as a sophomore is $4,500 and as a junior or senior is $5,500. The loan is interest free during the time you are in school. However, repayment must begin within six months after graduation, withdrawal, or if you drop to less than half-time enrollment. Repayment must be completed within 10 years. The interest rate for loans disbursed after July 1, 2008 is at a fixed interest rate of 6.0%. Loans disbursed prior to July 1, 2006 are at a variable rate, not to exceed 8.25%. Some deferment of payment options are available for the Federal Stafford Student Loan. These options should be discussed with your lender. Unsubsidized Federal Stafford Student Loans follow all the same guidelines as the Subsidized Federal Stafford Student Loan except it is not based on need and the student is responsible for the interest while in school. All students are awarded a base $2000 unsubsidized Stafford Loan, which is in addition to the base subsidized Stafford Loan described above. Students classified independent for financial aid purposes may borrow up to an additional $4,000 per year during their freshman and sophomore years and up to an additional $5,000 per year during their junior and senior years in unsubsidized loan funding. In choosing a Preferred Lender List, Simpson College reviewed Lender Loan Program Surveys from all lenders who responded to the Iowa College Student Aid Commission by the due date of the survey. These lenders were scored by a lender selection committee. Scores were then calculated and lenders were chosen to be on our Preferred Lender List according to the score each lender or servicer earned. We chose to list the top three lenders on our list. Each lender offers different benefits to their student loan borrowers. We have chosen not to list those benefits here, but to instead provide the links to their websites so that you may make an informed decision. We want to remind students that they may choose to use any lender they wish, not only those listed on our Preferred Lender List. Simpson College will make every effort to receive your federal funds with no delays no matter whom you choose as a lender. We are committed to providing excellence to you. Stafford Loan Entrance Counseling It is a federal government requirement that students complete a student loan entrance counseling session prior to obtaining a Federal Stafford Student Loan. To complete your entrance counseling requirement, visit the Mapping Your Future web site at: Entrance Counseling This student loan counseling session will prepare you for proper management of your student loan, helping you make the most of your higher education. True/false questions are given throughout the counseling session, and you must provide correct answers before being allowed to proceed. Upon completion of the student loan counseling session, you must complete an online form. This form is then sent to Simpson College via e-mail, notifying the office of financial assistance you have met the loan counseling requirement. Federal Plus Loans enable the parent to borrow from a bank, savings and loan association, credit union, or participating lender. Maximum loan limits are determined by the cost of education minus financial aid. The interest rate will be a fixed interest rate of 8.5%. All Federal Plus Loan applications must be certified by the office of financial assistance at Simpson College prior to the loan application being sent to the lending institution. Completed applications should be returned to the office of financial assistance for certification. Interested borrowers should contact the office of financial assistance at Simpson College.
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