Grants
A grant is a type of aid that does not need to be repaid. Award
amounts are based on enrollment levels for each semester.
Pell Grant - A federal need based grant awarded to
students who have not received a bachelor’s degree. Completion of
the FAFSA is required for this grant.
Federal Supplemental Educational Opportunity Grant (SEOG) –
A federal grant for Pell eligible students with exceptional
financial need. Limited funds are available so complete the FAFSA
early. Completion of the FAFSA is required for this grant.
Minnesota State Grant – A state need based grant awarded
to MN residents who have not attempted more than four academic years
of post secondary education. Completion of the FAFSA and the State
Grant Questionnaire are required for this grant.
Post Secondary Child Care Grant Program – A state need
based grant to assist students with child care costs. Completion of
the FAFSA and the Post Secondary Child Care Grant Application are
required for this grant.
Loans
Loans are financial aid that requires repayment. All applicants for
loans, except parents applying for PLUS loans, are required to file a
Free Application for Federal Student Aid (FAFSA). Loan
eligibility cannot be determined until the information from the FAFSA
is returned to our office by the federal processor, and has been
reviewed. A minimum of six credits each semester is required for the
federal and state loan programs.
Federal Subsidized Stafford Loan - A subsidized
loan is awarded on the basis of financial aid. Students won’t be
charged any interest before repayment begins or during deferment
periods. The federal government “subsidizes” the interest during
these periods.
Federal Unsubsidized Stafford Loan - An unsubsidized
loan is not awarded on the basis of need. Students will be charged
interest from the time the loan is disbursed until it’s paid in
full. If a student chooses not to pay interest while in school or
during other periods of nonpayment, it will be capitalized. This
means the interest will be added to the principal amount of the
loan, and additional interest will be based on that higher amount.
The chart below shows the maximum award amounts
based on credits earned for Dependent and Independent Students for the
2008-2009 year. Courses for which a grade of W or a grade of F,
were received are not included in credits earned. The award for
one term is the maximum yearly amount divided by two.
|
Dependent Students Who Have Earned: |
Maximum Yearly Stafford Loan Amount: (Subsidized and/or
Unsubsidized) |
|
Up to 30 Credits (Grade Level 1) |
$5,500 |
|
31 or more Credits (Grade Level 2) |
$6,500 |
|
Independent Students Who Have Earned: |
Maximum Yearly Stafford Loan Amount: (Subsidized and/or
Unsubsidized) |
|
Up to 30 Credits (Grade Level 1) |
$9,500 |
|
31 or more Credits (Grade Level 2) |
$10,500 |
Minnesota SELF Loan – A SELF Loan is a state administered
loan and should be considered after the Stafford Loans are
exhausted. Repayment for a SELF loan begins while the student is in
school. A credit worthy co-signer is required.
Parent Loan for Undergraduate Students (PLUS) Loan – This
is a loan for parents to take out in their own name. They may apply
for this loan to help finance their child’s education up to the cost
of attendance. A credit check may be required. Repayment
begins shortly after the loan is fully disbursed.
Private Loans – Private loans are
available if other loan options have been exhausted.
These loans generally have higher interest rates than the other
education loans. The criteria vary with each bank offering the loan
and school certification may be required.
Work Study
Work study is a form of financial aid paid to a student as wages
from working at an on campus job. A minimum of six credits each
semester is required for the work study program.
Scholarships
A scholarship is a type of aid that does not need to be repaid.
Students may apply for scholarships to help with their cost of
education. These scholarships are provided by the college or outside
contributors to students based on criteria determined by the donor.
For more detailed information please refer to:
Contact HTC at 952-995-1300 or
info@hennepintech.edu
Copyright © 2008 by Hennepin
Technical College
