Types of Federal Financial Aid
When you apply for Federal Financial Aid, you may be offered several types of aid in the form of grants, loans, and/or work-study, depending on your qualifications determined by the FAFSA. Below we answer some of the questions you may have about various types of aid.
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View Financial Aid FormsWhat is Financial Aid?
Financial aid is monetary assistance intended to help you meet the expenses of going to college. "Aid" may be in the form of grants, loans, scholarships, employment, or a combination of these. The Financial Aid Office at Bellevue University wants to assist you in "bridging the gap" between the cost of attendance and the ability you and your family have to meet those costs.
What are Scholarships & Grants?
Scholarships and Grants come from institutional, state, federal or outside sources of funding that do not need to be repaid. Scholarships and grants are based on merit and/or financial need. These can include the Federal Supplemental Opportunity Grant (SEOG), Federal Pell Grant, Nebraska Opportunity Grant, outside scholarships and others.
What are Student Loans?
Loans are financial awards that must be repaid, and are designed to help cover college costs. Loans made by the federal government usually have more benefits than loans from banks or private sources.
Undergraduate and graduate students who are eligible to complete a FAFSA application are eligible for the Federal Direct (Stafford) Loan. Other federal loans which may be available include Parent Loans for Undergraduate Students (PLUS) and Graduate PLUS; these are based on credit worthiness.
What is Work-Study?
Work study is an opportunity for employment for students with demonstrated financial need. Work-Study offers the possibility for you to work up to 20 hours per week to earn money. Read more about Federal Work-Study.
Questions about Specific Types of Grants and Student Loans
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.
Your eligibility for a Pell grant determined when you completed your FAFSA.
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).
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.
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.
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.
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.
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.
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.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.
William D. Ford Federal DIRECT LOAN PROGRAM
The interest rate on Federal Direct student loans 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.
- 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 the official studentaid.gov site.
- 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 is offered 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 student's 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 AND complete a Master Promissory Note (MPN) before the first disbursement on the official studentaid.gov site.
NOTE: If you are a returning student and previously borrowed a Federal Direct Loan, you DO NOT need to complete a new MPN.
For information and resources about student loan repayment, or to submit a complaint relating to your student loans or student loan services, please visit www.wsac.wa.gov/loan-advocacy or contact the Student Loan Advocate at [email protected].
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) |
Academic year defined for awarding purposes
Scheduled Academic Year (SAY) - A period of time that begins and ends at the same point during the calendar year during which a Federal Stafford Loan borrower may receive no more than the annual loan limit applicable to the student's grade level. Our traditional terms are awarded using the SAY.
Borrower-Based Academic Year (BBAY) - An academic year that is individualized for each Federal Stafford Loan Borrower. A borrower-based academic year may be used as an alternative to the scheduled academic year to determine the period during which a student borrower may receive no more than the annual loan limit applicable to the student's grade level.
A BBAY needs to consist of at least 30 weeks of instruction and 24 credits.
Undergraduate
Traditional non-accelerated programs
Academic Year - Bellevue University offers three 12 week trimesters, for a total of 36 weeks. The summer session, consisting of one ten week and one eleven week session, is considered the same as a traditional trimester for financial aid purposes. Standard Academic Year will be used for traditional programs.
Enrollment Status - The unit of credit is a semester hour. Carnegie measurement for a three semester hour class is three 50 minute sessions over 16 weeks equals 2400 minutes or 40 contact hours. The standard 12 credit hours for full time attendance times two semesters would equal 320 contact hours over the academic year (40 contact hours times 4 classes equals 160 contact hours times two semesters equals 320 contact hours). Because of the different rate of academic progress in the 12 week accelerated format, students complete the same contact hours using the below credit hour per term:
Day/Eve/Summer* Sessions
Full-Time Status 8 hours
¾ Time Status 6 hours
½ Time Status 4 hours
* Summer Session NOTE: For financial aid purposes the summer term (June-August) is considered the same as a regular session. The summer term consists of one 10-week, and one 11-week session, we disburse all Grant aid at the beginning of the term (approx. June lst) because the financial aid year ends June 30th. Refunds are not made until the third week of the summer session; therefore recoveries can still be made from the student’s account. Please see our Summer Terms Information (attached) for further specific information regarding this term.
For students that enroll in later terms (winter and spring), our packaging philosophy is to package them full time for the remainder of the year to include the summer term. Students will be packaged as a 12 week traditional session, and once enrollment is verified, Pell Grant will be prorated based on weeks of instruction.
Payment Period - The payment period will be approximately August through May. Summer will be June through August and is considered the trailer of the same award year that began in August. For Example: Summer session (June - August 2020) will be counted in financial aid award year 2019/2020.
Frequency of Disbursement - Three disbursements will be made approximately two weeks after the start date of the term for the fall, winter, and spring terms. If applicable, a fourth summer disbursement will be made approximately two weeks after the start date of the term.
Accelerated programs
Academic Year - Bellevue University offers 48 and 54 week accelerated programs. These programs have calendars associated with them, and will be packaged according to the calendars. BBAY will be used to award accelerated programs.
The 48 week long programs are divided into four terms that are 12 weeks in length. The student will earn 9 credit hours per term, or 36 credit hours for the entire program.
The 54 week long programs are divided into three terms that are 18 weeks in length. The student will earn 12 credit hours per term, or 36 credit hours for the entire program.
Enrollment Status - The majority of these programs are considered full time with a few exceptions. Enrollment status is determined by reviewing the program calendar associated with the student’s enrollment.
Payment Period - The payment periods for Accelerated programs are based on the calendars associated with each individual program.
Frequency of Disbursement - Disbursements will be made according to the length of the program. For 36 week long programs, three disbursements will be made. For 48 week long programs, four disbursements will be made. All disbursements will be made approximately two weeks after the start date of each term.
Bellevue University also offers several corporate programs that are packaged according to the calendar associated with the program.
Graduate
Traditional programs
Academic Year - The academic year will be determined by when the student starts the graduate program. The AY for a student that starts in the fall term is Fall/Winter/Spring/Summer for a total of 48 weeks. If the student started later in the year the remaining terms are their academic year, i.e. Winter/Spring/Summer. A student earns 36 credit hours for the entire program. Standard Academic Year will be used for traditional programs.
Enrollment Status - A student that is enrolled for 6 credit hours is considered full-time and a student enrolled for 3 credit hours is considered half-time.
Frequency of Disbursement - Student loans will be disbursed approximately two weeks after the start date of each term.
Accelerated programs
Academic Year - Bellevue University offers several Graduate Accelerated Programs. These programs have a calendar associated with them, and are packaged according to that calendar. BBAY will be used to award accelerated programs
Enrollment Status - These programs are considered full-time.
Payment Period - The payment period for Accelerated programs are based on the calendars associated with each individual program.
Frequency of Disbursement - Student loans will be disbursed approximately two weeks after the start date of each term.
Book Waivers
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.
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.
The maximum total allowable waiver is $800 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.
No earlier than 30 days prior to a student's class start, a student can contact BRUIN Support at 1.800.756.7920 or [email protected]
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).
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. |
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. |
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. |
It is unlikely that your lender will offer a loan forgiveness program. |
|
Free help is available at 1.800.433.3243 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. |
Part-Time Enrollment
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.
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
Full-time = 6 graduate credit hours
½ Time = 3 graduate credit hours
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.
Prior to the university payment due date, students can select a payment plan to cover the amount owed.
Federal Work-Study
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.
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 [email protected]
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.
Study Abroad and Financial Aid
Students regularly enrolled in a University degree program who enroll in a Study Abroad program may receive financial aid if they are otherwise eligible.
You will want to contact the Financial Aid Office if you intend to study abroad. You will provide Financial Aid with documentation of your application for admission and acceptance to your choice of a study abroad school. This documentation will indicate class(es) to be taken, enrollment period, and relevant cost for the program. You will provide written confirmation from the appropriate faculty/Dean that your study abroad classes will transfer to Bellevue University toward your degree completion. You will complete a Certificate for Dual Enrolled Students and submit to the Financial Aid office.
Financial Aid will prepare a consortium agreement as the home institution with your visiting institution for the purposes of eligibility for Title IV Federal Aid. You will make arrangements with Student Accounts to have the financial aid applied to your account and any credit balances mailed to an address of your choice.
Financial Aid Links of Interest
U.S. Department of Education Financial Aid Student Guide
(Available in both English and Spanish)
Completing the Free Application for Student Aid (FAFSA)
(Available in both English and Spanish)
Common Mistakes to Avoid When Applying For Student Aid
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