Financial Assistance

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 $5,550 in grant money for the 2011-2012 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 may be borrowed by students enrolled at least half-time at Simpson College. Students may borrow loan amounts based on their grade level – freshman $3,500, sophomore $4,500, junior and senior $5,500.

Subsidized loans do not accrue interest charges while the student is enrolled at least half-time. Repayment and interest accrual will begin six months after the student graduates or drops below half-time. The interest rate for loans disbursed between July 1, 2011 and    June 30, 2012 is fixed at 3.4%

Unsubsidized Federal Stafford Student Loans may be borrowed by students enrolled at least half-time at Simpson College. Unsubsidized loans are not awarded based on financial need, and therefore will begin to accrue interest charges at disbursement. The interest rate is fixed at 6.8%.

Students are awarded a base Unsubsidized Stafford Loan of $2,000 in addition to their Subsidized Stafford Loan eligibility. Independent students may borrow up to an additional $4,000 as a freshman and sophomore, or $5,000 as a junior and senior.

Stafford Loan Entrance Counseling    is a requirement that all first-time Stafford Loan borrowers must complete prior to receiving loan funds. Entrance counseling prepares students for responsible borrowing and proper repayment of their loans. The counseling may be completed online at www.studentloans.gov .

Federal Plus Loans   enable parents to borrow a federal loan to help pay the students education expenses. Parents may borrow up to the cost of attendance minus other financial aid received.

The interest rate is fixed at 7.9% and interest charges begin to accrue at disbursement. Repayment begins within 60 days of disbursement, or the parent can complete paperwork to defer repayment for up to six months after the student graduates or drops below half-time enrollment.

Interested borrowers should contact the office of financial assistance.

Last Updated: 1/25/12