Types of Aid
***Please note new Stafford and PLUS loan information below.***
Financial Aid comes in many forms. Here at Mitchell, we participate in aid programs that come from federal, state and institutional sources. Listed below are many of the types of aid that are available at Mitchell College. Your aid package may contain any of these types or a combination of them.
FEDERAL GRANT PROGRAMS
Federal Pell Grant
A gift award that does not have to be repaid. To qualify you must demonstrate exceptional need and be an undergraduate student enrolled in an eligible degree or certificate program. The maximum annual award for 2009-2010 is $5,350 based on 12 credits (full-time status) per semester. Your Pell Grant award will be pro-rated for less than full-time attendance.
Federal Supplemental Educational Opportunity Grant (FSEOG)
An FSEOG does not require repayment and is based on financial need. If you are awarded the Federal Pell Grant, you will receive first priority consideration for FSEOG. Awards range from $200 - $4,000 per academic year, depending upon college funding levels.
Federal Work-Study Program (FWS)
A federally funded program allowing qualified students to earn a portion of their financial aid award by working. To qualify you must demonstrate financial need. Students can work no more than 15 hours per week at authorized on-campus or off-campus locations. Work-study opportunities are available in 12 on campus departments. To be hired, a student must complete an interview process. The Federal Work-Study Program provides students with great work experience!
STATE GRANT PROGRAMS
Connecticut Independent College State Grant
This is a grant for Connecticut residents who are pursuing higher education at a private Connecticut institution.
There are many other types of programs for state of Connecticut residents. Visit the State of Connecticut’s Department of Higher Education’s web site at www.ctdhe.org for more information.
Rhode Island State Grant
This is a grant for Rhode Island residents who are pursuing higher education. The Rhode Island Higher Education Assistance Authority determines eligibility for this award. There is an application deadline of March 1. Funding is contingent upon state appropriations.
Massachusetts State Grant
This is a grant for Massachusetts residents who are pursuing higher education. The Massachusetts Department of Education determines eligibility for this award. There is an application deadline of May 1. Funding is contingent upon state appropriations.
Other states may also participate in these types of programs. Contact your home state’s Department of Higher Education for more information.
INSTITUTIONAL GRANT PROGRAMS
Each year, Mitchell College awards need and merit institutional aid to many of our students. Need based aid is determined by the information provided on the FAFSA form. All newly accepted students are reviewed for merit aid based on their admissions application and high school information. There is no separate application form required.
FEDERAL EDUCATION LOAN PROGRAMS
In cases where a student’s need can not be met with other types of
financial aid, a Federal Stafford Loan may be recommended. These loans
enable a student to borrow funds to finance their educational expenses.
These are loans that must be paid back and are paid
back according to a payment schedule arranged by the federal government.
All federal loans require the completion of the Master Promissory Note
which is usually good for 10 years. First time student borrowers at
Mitchell College must complete a Loan Entrance Interview before their
loan proceeds can be disbursed.
Federal Stafford Loan
This program makes low interest loans available to dependent and independent students.
- To qualify for the Subsidized Federal Stafford Loan, you must demonstrate financial need. The government pays the interest on this loan until six months after you leave school or drop below half-time status.
- Unsubsidized Federal Stafford Loan, funding is available to those students who do not qualify for a maximum subsidized Stafford award, and independent students who are seeking additional funding. Eligibility is not based on family income and borrowers are responsible for all interest that accrues from the date of disbursement.
*Due to changes in the Higher Education Opportunity Act, effective July 1, 2010, Mitchell college will originate all new and existing student and parent loans through the federal government's Direct Loan program. With the Federal Direct Loan Program loan funds are originated through the federal government rather than through a bank. This change requires all Stafford Loan and PLUS loan borrowers to complete a Master Promissory Note through the Direct Loan Program. You can complete your Stafford Master Promissory Note at studentloans.gov. Sign in under "Manage my Direct Loan" and complete all required fields.
If you are a first time Stafford Loan Borrower at Mitchell College, you must also complete Entrance Counseling, which you can do at the same site. The school will automatically be notified when you have completed your promissory note, as well as your Entrance Counseling, if needed, which you can do at the same site or at http://mappingyourfuture.org/OSLC.
Federal Parent Loan for Undergraduate Students (PLUS)
A loan that allows parents of dependent students to borrow up to the entire cost of their child's education minus other financial aid awarded. A simple credit check is required to determine eligibility. Applicants with adverse credit checks will not qualify for funding. Repayment normally begins within 60 days of the second disbursement.
*Effective July 1, 2010, Mitchell college will originate all new and existing student and parent loans through the federal government's Direct Loan program. With the Federal Direct Loan Program loan funds are originated through the federal government rather than through a bank. This change requires all Stafford Loan and PLUS loan borrowers to complete a Master Promissory Note through the Direct Loan Program.
You can complete your PLUS Master Promissory Note at studentloans.gov.
Sign in under "Manage my Direct Loan" and choose "complete PLUS Request Process".
If you are denied a PLUS loan, you may have the option of applying with a co-signer. If you do not choose this option, the student will be eligible for additional Unsubsidized Stafford Loan funds of up to $5000, depending on grade level. The school will automatically be notified whether you are approved or denied.
Perkins Loan
This loan program has a limited amount of funding and is offered through the College with funds initially provided by the U.S. Department of Education. The loans are offered to the neediest students until the funds are depleted.
Alternative loans should only be considered after all federal options have been exhausted.
Alternative Loan Programs
Mitchell College also participates in several alternative loan programs. These are private loans that are based on credit worthiness and income. Generally, these loans offer a higher interest rate and different repayment requirements.
Review the following websites for further information.
Mitchell College subscribes to the following financial aid
codes of conduct.
