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Financial Aid Programs |
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Longwood University Office of Financial Aid |
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Academic Competitiveness (AC) Grant
The AC grant does not have to be repaid. In order to qualify for the AC grant, students must have completed a FAFSA and be eligible for a Federal Pell Grant. Students must be a U.S. Citizen, enrolled in a two or four year degree program and be enrolled full time. Also, students must be in their first or second academic year of a two or four year degree program, first year students must have completed a rigorous high school program of study as designated by their state, second year AC Grant students must have a grade point average from their first year of at least 3.0. AC grant recipients will be awarded up to $750 the first year and up to $1300 the second year.
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National Science and Mathematics Access to Retain Talent (SMART) grant
The National SMART grant does not have to be repaid. In order to qualify for the National SMART grant, students must have completed the FAFSA and be eligible for a Federal Pell Grant. Students must be a U.S. Citizen, enrolled in a four year degree program, and be enrolled full time. Also, students must be in their third or fourth academic year of a four year degree program, majoring in mathematics, science (including physical, life, and computer science), technology, engineering, or a critical foreign language, such as Arabic, Chinese, Korean, Japanese and Russian. In addition, students must have a grade point average of at least a 3.0.
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When you file a FAFSA, you are automatically applying for a Federal Pell Grant. Pell Grants do not have to be repaid. They are awarded only to eligible undergraduate students who have not already earned a bachelor's or professional degree. Pell Grant award amounts depend on federal funding. How much you get will depend not only on your expected family contribution, but on your cost of attendance, whether you are a full-time or part-time student, and whether you attend school for a full academic year or less.
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Federal Supplemental Educational Opportunity Grants (FSEOG)
FSEOGs are grants for undergraduates with exceptional financial need as evidenced by the FAFSA results. Pell Grant recipients with the lowest expected family contributions will be the first students to receive FSEOGs, which do not have to be repaid. Annual award amounts will depend on our applicants' aggregate financial need and federal funding.
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Teacher Education Assistance for College and Higher Education Grant (TEACH)
Must have 3.25 GPA or qualifying score on admissions test agree to teach 4 years within 8yrs of graduation at a school serving a high percent of low income students (Title I schools) agree to teach specific subject. $4000 annual maximum $16,000 Undergraduate aggregate limit $8000 graduate aggregate limit
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Two-Year College Transfer Grant
Must have received an associates degree at a Virginia 2 year public institution of higher education, have enrolled in a Virginia 4-year public or private higher education institution for the fall following completion of as associate's degree, EFC not greater than $8,000, atleast a 3.0 GPA in associate's degree and maintain a 3.0 in 4 year school. (Reference Sheet)
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Virginia College Scholarship Assistance Program Grants
The College Scholarship Assistance Program is sponsored by the Commonwealth of Virginia. Recipients must be Virginia residents and undergraduate students who demonstrate a financial need as a result of filing the FAFSA. The amount of these grants at Longwood will usually be between $400 and $2000.
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This is the Commonwealth's largest financial aid program and provides grants up to the cost of full tuition and mandatory fees (not room and board) for students attending public colleges and universities. The Commonwealth Award is available to undergraduate students who demonstrate financial need as a result of filing a FAFSA. Longwood also has a small allocation of funds for graduate students. Awards will range from $200 to full tuition and fees.
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Virginia Guaranteed Assistance Program
This program was created from a joint effort between the Virginia Department of Education and the State Council of Higher Education to 1) decrease the dropout rate of students in grades six through twelve, 2) increase the graduation rates of financially needy students, 3) provide financial assistance to program participants for the cost of attending a public institution of higher education. This grant is awarded to first-time freshmen who demonstrated academic achievement in high school and meet our FAFSA priority filing date of March 1. Awards will range up to full tuition, mandatory fees, and books.
*Please contact our office if you are a transfer student to Longwood, received VGAP at your prior institution, and would like to be considered for VGAP at Longwood.
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Stafford Loans are the Federal Department of Education's major form of self-help aid. Should you participate in this program, the funds will come from a bank, credit union, or other lender (of your choice) that participates in the program. If you have financial need remaining after your expected family contribution, Pell Grant, and other financial aid are subtracted from your cost of attendance, you can borrow a Stafford Loan to cover all or a portion of that remaining need. All first-time borrowers must complete an Entrance Counseling Session before loan funds can be disbursed. This counseling session provides students with a secure site explaining their rights and responsibilities regarding the Stafford Loan Program. This session can be completed online by accessing the Longwood University Financial Aid website, then click on Loan Counseling. You will be prompted on each screen as to the steps for completion of the session. Once completed, an automatic e-mail is sent to the Financial Aid Office informing us that you have fulfilled this requirement.
-Subsidized Stafford Loans: If you are eligible for a Stafford Loan based on financial need, you will borrow a Subsidized loan. For this type of loan the government will pay the interest while you are in school, for the first six months after you leave school, and when you qualify to have your payments deferred. The interest rate is 6.0% for 08-09 (beginning July 1, 2008).
-Unsubsidized Stafford Loans: If you do not have financial need (or remaining need), you may borrow an Unsubsidized loan. You will be responsible for paying all of the interest on this type of loan. The interest rate is 6.8%.
Once you have signed the MPN, it will not be necessary to sign another MPN for future years of borrowing. As long as you use the same lender each year, this one MPN will serve as the loan document for all years of borrowing under the Stafford Loan Program. Repayment begins six months after you cease to be at least a half-time student.
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Parental Loans for Undergraduate Students (PLUS)
Parents with a good credit history can borrow to pay the education costs of a dependent child through the PLUS program. The yearly limit on a PLUS loan is equal to your cost of attendance minus any other financial aid you get (including Stafford Loans). If your loans funds are disbursed via a loan check, it will be made co-payable to the parents and Longwood and will be mailed to the University. We will then send it to the parents for endorsement. If your loan funds are disbursed electronically by EFT (Electronic Funds Transfer), they will be automatically deposited to an account at the University and credited to the student's account. The interest rate is variable, but it will not exceed 9%. Generally, the first payment is due within 60 days after the final loan disbursement for the year. There is no grace period for these loans. Interest begins to accrue at the time the first disbursement is made, and parents will begin paying both principal and interest while the student is in school.
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A Federal Perkins Loan is a low-interest (5%) loan for students with exceptional financial need. The proceeds are federal funds allocated to the institution to award to students who demonstrate need through filing a FAFSA. Repayment on Perkins Loans begins nine months after you cease to be at least a one-half time student. You will be allowed up to 10 years to repay the loan in full. Your monthly payment amount will depend on the size of your debt and the length of your repayment period.
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Private/Alternative Loans
The private/alternative loan is an educational loan through a lender to provide a source of financial assistance for your education that is not covered by other forms of financial aid. The loan programs are not federally guaranteed or subsidized. These loans are offered by lenders from the private sector and have no connection to the federal government or Longwood University. Interest rates are variable and based on market interest rates (such as Prime Rate or LIBOR) that can change on a quarterly basis.
Eligibility is based on the review of the borrower’s and/or co-borrower’s credit worthiness and ability to repay the loan. Approval is not guaranteed. Maximum loan amount is limited to the cost of attendance minus any other financial aid you are receiving. Students are responsible for researching the terms and conditions of all loan programs. Students interested in a Private/Alternative loan should contact the Office of Financial Aid to determine the amount of student loan you should request and/or pursue any other financial aid options. The student should then review all lenders terms and conditions to select the loan program which best meets your needs. A Private lender list is available on the Office of Financial Aid’s website at www.longwood.edu/financialaid. Once the lender has been selected, you should contact the lender directly through the Apply Now button on the website or by phone. Most lenders will have an online application process. Once the loan has been approved, a certification request will be sent to our office from the lender. Once the loan has been certified by the Office of Financial Aid, the lender will disburse the funds to the school on the date designated by the school. The funds will be applied to your student billing account and a refund issued if necessary.
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Graduate PLUS Loans
Federal Graduate PLUS loans are low interest loans now available for graduate students, in the student’s name, to assist with the cost of education. Students must complete the Free Application for Federal Student Aid (FAFSA) to be considered for this loan. Interest rate is fixed at 8.5%. Eligibility must be determined for the Federal Stafford loan before consideration for the Graduate PLUS loan. Borrowers are required to pass a basic credit check. Eligible credit-worthy students can borrow up to the cost of education minus other financial aid received. If borrower is denied the Grad PLUS loan, he/she may still be eligible for the loan with a credit-worthy endorser. Borrower must meet the Satisfactory Academic Progress requirements and be enrolled at least half-time (6 credit hours). Students interested in applying for the Graduate PLUS loan should contact the Office of Financial Aid to determine eligibility and assistance with the process.
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Work Experience Program
The Work Experience Program provides jobs for students, allowing them to earn money to help pay educational expenses, recognize work experience as a valid career exploration tool, and increase their marketability upon graduation. It develops realistic attitudes about the work world, motivates students to stay in school by alleviating some of the financial stress, and develops productive, motivated citizens through positive work experiences. Students will be paid minimum wage by the hour and will receive a paycheck once a month. Work-study earnings are not credited to the student's account. Students usually work no more than 15 hours per week around their class schedules. There are approximately 700 students employed through Longwood's Work Experience Program in the library, offices, labs, computer center, academic departments, food service areas, and athletic facilities. The Work Experience Office maintains current job openings for which upper class students may interview. After fulfilling a "first-year requirement" in the Food Services area, students may apply for positions related to areas of interest or preference.
-Federal Work-Study (FWS): This type of employment is offered as part of a student's financial aid package as a result of filing a FAFSA and demonstrating financial need. However, eligibility for this program does not guarantee employment. Students must compete with other FWS recipients for available positions.
The funding for the FWS Program comes primarily from the Federal government.
-College Work-Study (CWS): Students who do not have a demonstrated financial need but have shown an interest and need to work may apply for positions under the College Work-Study Program.
CWS is administered parallel to FWS with funding coming from the institution.
-Community Service Program: This program was developed for off-campus employment opportunities. The primary goal of this program is to encourage students to participate in community service activities that will benefit the community and engender in the students a sense of social responsibility and commitment.
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