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Types of Financial Assistance Federal Pell Grant The Federal Pell Grant Program provides federal aid to eligible students. The maximum grant for the 2016–2017 award year is $5,815. To apply for a Federal Pell Grant, complete and file a Free Application for Federal Student Aid (FAFSA). Federal Supplemental Educational Opportunity Grant (FSEOG) The Federal Supplemental Educational Opportunity Grant program provides up to $200 per academic year to students who receive the Federal Pell Grant and have exceptional financial need. To apply for a Federal Supplemental Educational Opportunity Grant, complete and file a Free Application for Federal Student Aid (FAFSA) by April 1. Iowa Vocational Technical Tuition Grant The Iowa Vocational Technical Tuition Grant program provides up to $1,200 per academic year for up to two years of education, to Iowa residents enrolled in a career or technical program. To apply for an Iowa Vocational Technical Tuition Grant, complete and submit a Free Application for Federal Student Aid (FAFSA) prior to July 1. Kibbie Grant The Kibbie Grant, also called the Iowa Skilled Workforce Shortage Tuition Grant, provides assistance to Iowa residents enrolled in specific career or technical programs. To apply, students must complete the Free Application for Federal Student Aid (FAFSA) by July 1. All Iowa Opportunity Scholarship Priority is given to students who participated in certain federal TRIO Programs, graduated from alternative high schools, or alternative high school programs or participated in a Federal GEAR UP Grant program in Iowa. To apply, students must file a Free Application for Federal Student Aid (FAFSA). Students must also complete an Iowa Financial Aid Application, which is available at www.IowaCollegeAid.gov or by calling 877-272-4456. First priority will be given to students whose applications are received on or before March 1. All Iowa Opportunity Foster Care Grant The All Iowa Opportunity Foster Care Grant provides assistance to students who age out of Iowa’s foster care system, age out of the state training schools, or who are adopted from Iowa foster care after the age of 16. To apply, students must file a Free Application for Federal Student Aid (FAFSA) and an Iowa Financial Aid Application found at www.IowaCollegeAid.gov. New student applications will be considered in date received order. Renewal applications who have completed the FAFSA and the Iowa Financial Aid Application by March 1, are considered for funding first. Education and Training Voucher (ETV) Grant This program provides grants to students who age out of foster care and students who are adopted after age 16. To apply, applicants must complete a FAFSA and complete an Iowa Financial Aid Application which is available at www.IowaCollegeAid.gov or by calling 877-272-4456. GEAR UP Iowa This program provides a scholarship to students who are part of the GEAR UP Iowa state-wide cohort. To apply, students must file a Free Application for Federal Student Aid (FAFSA). Students who are not Iowa residents must also complete the GEAR UP Iowa Scholarship Application found at www.IowaCollegeAid.gov. College Work-Study The College Work-Study program provides employment opportunities for students who demonstrate financial need. College Work-Study provides part-time employment for students at a rate of $7.25 per hour. Community service work experience may be available. To apply, students must complete and submit a Free Application for Federal Student Aid (FAFSA). Eligibility does not guarantee a work-study position. If awarded College Work-Study, it is the student’s responsibility to apply, arrange for interviews, be offered and accept any work-study opportunities. Once hired, appropriate documents must be completed such as I-9 forms, W-4’s, etc. Federal Direct Loan Program The Federal Direct Loan Program provides federally insured loans to students enrolled in eligible post-secondary institutions. Under this program the U.S. Department of Education is the lender. The two types of Direct Loans are Subsidized and Unsubsidized Loans. Subsidized Loans are available to students with financial need and the U.S. Department of Education pays the interest on the loan while the student remains enrolled at least half-time, in the grace period, or during a deferment period. Unsubsidized Loans do not require the student to demonstrate financial need and the student is responsible for paying the interest during all periods. If the student does not pay the interest, the interest will accure (accumulate) and be capitalized (the interest will be added to the principal amount of the loan). The maximum yearly loan limit for a dependent student is $5,500 for the first-year and $6,500 for the second-year. Federal regulations require all first-time borrowers to complete Entrance Counseling and a Master Promissory Note prior to receiving the first disbursement of their loan funds. Students will also be required to complete a mandatory Exit Counseling session shortly before their departure from NCC. Direct Subsidized Loan Changes Effective July 1, 2013 (150% Limit for Interest Subsidy) Effective July 1, 2013, Federal law restricts the benefits of the Direct Loan subsidy to a limit of no more than 150% of a student’s program length (measured in academic years) for new borrowers. (A new borrower is an individual who has no outstanding balance on a Direct Loan or on a FFEL Program loan on July 1, 2013, or on the date the borrower obtains a Direct Loan after July 1, 2013.) Once that limit has been exceeded, a student may borrow only unsubsidized loans and will begin to incur interest charges on outstanding subsidized loans. For example, a student enrolled in a twoyear program will have three years’ worth of subsidized loan eligibility (150% of 2 years=3). Northwest Iowa Community College Catalog 2016–2017 Financial Aid 26


NCC_Catalog
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