Show V I r r sul d l r. r L p uc co a OJ OH au r iMe iMer do ait r the Financial T Although r r 7 Aids Scholarships office e is not under the jurisdiction of r r the office of Student Services Services Ser- Ser 1 vices I thought it would be appropriate to list their resI responsibilities responsibilities res- res I and try to briefly briefly brief- brief ly Iy outline some of the most common types of financial assistance to the SL stu stu- stu- stu dent There are basically three methods of obtaining finances finances finances finan finan- ces for education They are by working by y being given money on the basis of scholastic scholastic scholastic scho scho- lastic achievement or need and by borrowing money State private and college sources account for a large portion of the tuition waivers that are awarded to students each year on the basis of their scholastic scholas tic and skill skillE E t achievements Tuition scholarships scholarships scholarships schol schol- usually cover the students tuition for three quarters but may vary if the source is private Federal monies are one of the students students students stu stu- stu- stu dents best resources for fi financial fi- fi aid These programs are all determined determined determined de de- by individual need E i. i and can be received either in the form of a grant a loan or what is called work A Agrant Agrant grant is actually gift-aid gift that thatis is determined by individual need Students whose expected expected expected ex ex- ex- ex family contribution is less than 1400 per year are usually eligible to receive some type of grant The need factor is derived from information information information mation taken from the Basic Educational Opportunity ty Grant rant application Another form of grant is the Supplemental Supplemental Supplemental Sup Sup- Educational Opportunity Opportunity Opportunity Op Op- Op- Op Grant This grant could total a maximum maximum maximum max max- of 1500 per year The National Direct Student Loan is also given on the basis basis' of ind indo need and available available available avail avail- able funds from each college colleg The loan is available at three percent interest to students who are at least time half-time 7 credits or more Repayment starts ten months after the student Iea leaves eS school ol and the payback payback pay pay- ba back k is 30 plus interest per month until the total is paid back The interest doesn't start to accrue until nine months after the student leaves school chool The Federally Insured Student Loan is a aloan aloan aloan loan similar to except the loaning institution is a private source bank credit union etc and the interest rate is seven percent The repayments for the loan be be- J gin twelve months after the student leaves school College Work-Study Work is is' is isa a program whereby students may work time part-time during the academic year both on and off campus Salaries range from the minimum wage up to an hour An effort is made by the college to employ students in the area of their training The college placement office office office of of- fice also tries to assist students students students stu stu- stu- stu dents with part and full This office will be discussed in more detail in another ar ar- |