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Graduate Financial Aid

Applying for Financial Aid
Costs
Types of Aid
Grants
Scholarships
Outside Resources
Federal Staford Loans
Monthly Payment Plans

Applying for Financial Aid

It is to your advantage to begin work on your Free Application for Federal Student Aid (FAFSA) as early as possible. (Remember that you must also be admitted to Grace University as a degree-seeking student before an award offer can be made to you.) To begin the process, access www.fafsa.ed.gov to request a PIN. Once your PIN has arrived, access this site again and fill out the FAFSA. Be sure to indicate in Step 5 that you would like to have the results sent to Grace (Title IV School Code 002547). The only way to know for sure if you qualify for financial aid is to apply. No single factor such as “income cut-off” is accurate in predicting the likelihood of receiving assistance. Visit FAFSA Online at www.FAFSA.ed.gov

Costs

The price for all graduate programs for the academic year 2010-2011 is $430 per credit hour.

Types of Aid

Federal Stafford Student Loan

Award based on financial need Must be enrolled at least half-time (three hours per semester) and enrolled as a degree-seeking student. Maximum: $8,500 per academic year Aggregate Limit: $65,500 Variable interest rate w/ 8.25% cap on existing loans Fixed Rate: 6.8% on new loans Repayment over a ten year period begins six months after ceasing attendance as a part-time student. Grace strongly recommends borrowing only for the cost of the program.

Federal Unsubsidized Stafford Loan

Not need based Must be enrolled at least half-time (three hours per semester) and enrolled as a degree-seeking student. Maximum: $10,000 per academic year Aggregate Limit: $73,000 Variable interest rate with a 8.25 percent cap on existing loans Fixed Rate: 6.8% on new loans This loan program is designed to help students regardless of family income. Borrower is responsible for paying accrued interest either by making monthly or quarterly payments or by agreeing to have the interest capitalized. Repayment over a ten year period begins six months after ceasing attendance as half-time. Grace strongly recommends borrowing only for the cost of the program.

Grants

Institutional Grants

Alumni Grant

A grant may be given to graduates of Grace University who begin graduate studies within twelve months of graduation and maintain continuous enrollment at 8 or more hours. The grants are $650 per semester or $1300 a year for students and is renewable beyond the first year if their cumulative GPA is kept at a 3.0 or above. (Not in combination with Recent Grad Scholarship)

Christian Worker/Spouse Grant

A grant may be given to a student who is or whose spouse is a full-time employee of a nonprofit Christian organization. The grants are $300 per semester for students enrolled 4-7 hours or $500 per semester if enrolled 8 or more hours.

Church Matching Grant

Grace University may match local church or denomination financial assistance to graduate students up to $125 per semester if the student is enrolled 4-7 hours or $250 per semester if enrolled 8 or more hours.

Family Grant

If a student enrolled at Grace University as a full-time student and additional members of his/her immediate family are simultaneously enrolled at Grace University, each family member is eligible for a 10% tuition grant. Family members have no minimum requirement enrollment but are not eligible for any other University grant, award, or assistantship.

Scholarships

Recent Grad Scholarship

A scholarship may be given to those students who begin graduate studies within twelve months of graduation and maintain continuous enrollment at 8 or more hours and also a 3.0 cumulative GPA. The scholarship is $650 per semester or $1300 a year for students and is non renewable. (Not in combination with Alumni Grant)

Outside Resources

Tuition Assistance

Contact your place of employment for information about tuition assistance plans.

Vocational Rehabilitation

Contact your local Vocational Rehabilitation office to see if you qualify.

Veterans Benefits

For more information on veteran benefits pertaining to Grace University, please contact Ruth Belmont at (402) 449-2811.

Federal Stafford Loans

Subsidized Stafford Loan

The Subsidized Stafford Loan is based on financial need up to $8,500 per year. GPA requirements must be met, and repayment begins six months after the student leaves Grace University. The federal government pays the interest while the student is attending school at least half-time or in a qualified deferment period.

Unsubsidized Stafford Loan

The Unsubsidized Stafford Loan is based on Cost of Attendance up to $20,500 per year. GPA requirements must be met, and repayment begins six months after the student leaves Grace University. The student is responsible for the interest from the beginning of the loan. ***Total annual loan limits for both Federal Subsidized and Unsubsidized Stafford Loans are $20,500. Final interpretation and available funding are at the sole discretions of Grace University.

Alternative loans

Available to supplement federal financial aid for educational costs.

Monthly Payment Plan

Students are required to pay all of the net balance due for the semester at registration unless they are using the TMS Payment Plan. The net balance is the amount due after all forms of financial aid are credited toward the student account. A $55 yearly fee is assessed for this service. Credit Cards accepted: VISA, MASTERCARD, DISCOVER. For more information please contact the Business Office of Grace University

Email: Vicki Bloom

Phone: (402) 449.2822

In the administration of educational policies, scholarship, and loan programs, Grace University does not discriminate on the basis of race, color, national and ethnic origin, physical handicap, or sex.

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