Office of Financial Aid:
Types of Aid
Students may be eligible for the following types of aid:
- Scholarships - Peirce College offers merit-based scholarships to help students fund their educations.
- Educational Partnerships - Peirce College offers tuition reduction programs to select corporate and community educational partners. Students who work for or are affiliated with these partners may be eligible for tuition reduction.
- Federal Aid Programs - The Department of Education offers several federally funding programs under the Title IV that include, Pell Grants, Iraq and Afghanistan Service Grants, Federal Supplemental Educational Opportunity Grants, Federal Work-Study Programs, Subsidized Direct loans, Unsubsidized Direct loans, Direct Parent Loan for Undergraduate Students (PLUS) for parents.
- Grants - A grant is a need-based form of financial aid that does not have to be paid back. Students at Peirce College can apply for federal and state grants by completing a Free Application for Federal Student Aid (FAFSA).
- Loans - Loans are financial aid that must be repaid. Loans from the federal government can be subsidized or unsubsidized, low-interest loans. The Federal Family Educational Loan Program (FFELP) is authorized by Title IV, Part B of the Higher Educational Act of 1965, as amended, that includes Federal Stafford loans, Federal Unsubsidized Stafford Loans, and Federal PLUS loans. These loan programs are funded by lenders, guaranteed by guarantors and reinsured by the federal government. These programs are defined individually in 34 CFR 682. First disbursements of FFELP loans cannot be made after June 30,2010.
In an effort to make college loans more efficient and reliable, President Obama's new budget proposes that all federal education loans be made through the William D. Ford Federal Direct Student Loan (Direct Loan) Program, beginning July 1, 2010. Federal Direct Loan Program is similar to the Federal Family Educational Loan Program. The funds for these loans are provided by the U.S. Government directly to students and parents. For more information please visit Direct Loan Web site.
Other Financing Options
Alternative Loans - We strongly encourage all students and parents who need help financing the costs of higher education to file a FAFSA application and pursue the Federal Direct and/or Federal Direct PLUS student loans. These federal loans typically have lower interest rates and fees than private loans. However, for students who need additional assistance (or have reached their maximum in direct student loans), private educational loans may be available. We encourage students to research all alternative programs and lenders of their choice. Compare loan programs carefully because fees and interest rates vary. PPeirce College does not have a preferred private lender list.
- Federal Work-Study (FWS) FWS funds are offered to full- and part-time students who demonstrate financial need. These funds will NOT be credited to your student account. If you take a FWS job, you will receive a paycheck for the hours you work. Positions are limited. The College freezes hiring when we reach the maximum number of students allotted to us by federal funding.