Instructor explaining financial aid options.

Types of Financial Aid

Payments

Summit College accepts most methods of payment—including cash, debit card, check, money order or credit card—toward student tuition payments. Summit College also participates in the following federal and state-sponsored financial aid loan or grant programs: Federal Direct Subsidized Loan, Federal Direct Unsubsidized Loan, Federal Direct PLUS Loan, Federal Pell Grant and Federal Supplemental Educational Opportunity Grant (FSEOG). These grants and loans are available to any student who qualifies under the specific requirements for each financing program. General information on these programs is provided below. For specific information or to apply for any of these programs, please contact our Financial Aid office.

Federal Pell Grants

The Pell Grant program is designed to assist undergraduate students. Eligibility for this award is based on criteria set forth by the U.S. Department of Education. Pell Grants are awarded to qualified students and do not have to be paid back. All students wanting financial assistance should apply for a Pell Grant.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The Federal Supplemental Educational Opportunity Grant (FSEOG) is designed to assist undergraduate students with exceptional financial need as determined by the program requirements. Priority for awarding this grant is given to Federal Pell Grant recipients. The FSEOG is a grant from the federal government and does not have to be paid back.

Federal Direct Subsidized Loan

Federal Direct Loans, also known as Stafford loans, are administered by the school and provided by the U.S. government directly to students and parents. The Direct Subsidized Loan is a loan to the student that must be paid back, plus any interest. No interest is charged while you are in school at least half time, during your grace period and during deferment periods. Repayment begins six months after you graduate or drop below half-time enrollment.

Federal Direct Unsubsidized Loan

Federal Direct Loans, also known as Stafford loans, are administered by the school and provided by the U.S. government directly to students and parents. The Direct Unsubsidized Stafford Loan is a loan to the student that must be paid back, plus any interest. The student is responsible for all interest that accrues on this loan from the first date of disbursement. This student loan accrues interest while the student is in school, and during all grace and deferment periods. Repayment begins six months after you graduate or drop below half-time enrollment.

Federal Direct PLUS Loan

Federal Direct Loans, also known as Stafford loans, are administered by the school and provided by the U.S. government directly to students and parents. The Direct PLUS Loan program allows parents of dependent students to borrow funds up to the amount of the student’s unmet financial need for the cost of attending a program. Eligibility for the PLUS loan depends on a modest credit check that determines whether the parent has an adverse credit history. This is a loan that must be repaid, along with any interest. Repayment on the PLUS loan begins 60 days after the funds are fully disbursed.

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