Grants and loans are available through federal government programs. Filling out the Free Application for Federal Student Aid (FAFSA) will let you know if you are eligible for these funding options.
Award Name |
Maximum Annual Value |
Requirements |
|
Federal Pell Grant |
Up to $5,550.00 |
Financial need |
|
Federal Supplemental Educational Opportunity Grant |
Up to $1,100.00 |
Pell recipient; given to the neediest applicants on a first-come, first-served basis |
|
Teacher Education Assistance for College and Higher Education (TEACH) Grant |
Up to $4,000.00 |
Score about 75th percentile on any nationally-normed standardized admissions test or maintain at least 3.25 (4.0 scale) cumulative GPA |
|
Federal College Work-Study |
Up to $4,000.00 |
Financial need; request this on the FAFSA |
|
Federal Subsidized Stafford Loan (6.8 percent interest rate) |
Freshman: $3,500.00 |
Financial need, may no have defaulted on any previous student loans; neither principal nor interest repaid while enrolled in college half-time or greater. |
|
Federal Unsubsidized Stafford Loan (6.8 percent interest rate) |
Fr-Sr $2000 - dependent student Fr-So: $6,000.00 - independent students Graduate: $20,500.00 |
Not based on financial need; may be awarded to them in addition to the subsidized loans; interest begins when loan is disbursed. |
|
Parent Loan for Undergraduate Students (PLUS) (7.9 percent interest rate) |
Up to full cost of attendance minus other aid. |
Not based on financial need; designed for parents of dependent undergraduate students; may be awarded in addition to student's subsidized or unsubsidized loans; repayment begins during college. Based on current credit score. |
|
Graduate PLUS Loan (7.9 percent interest rate) |
Up to full cost of attendance minus other aid. |
Not based on financial need; designed for graduate students; may be awarded in addition to subsidized or unsubsidized loans; repayment begins during college. Based on current credit score. |
|
Federal Perkins Loans (5 percent interest rate) |
Up to $2,000.00 |
Pell recipient; requires enrollment in the fulltime flat rate program; given to students who have attended Newman University for one academic year; priority given to those who are in the educational and medical programs. |
* Students must meet federal eligibility requirements. These requirements can be found in the FAFSA instructions. Students also must maintain satisfactory progress to receive financial aid for future semesters/academic years. The Financial Aid Office at Newman University can provide you with further details on this policy. All federal programs except the Federal Pell Grant, Federal Academic Competitiveness Grant, TEACH Grant and National SMART Grant require at least half-time enrollment each semester.
(Subsidized and Unsubsidized)
(Example based on 6.8 percent during repayment period)
Amount Borrowed |
Number of Payments |
Payment at Time of Repayment |
Total Interest |
Total Financed |
||
|
$1,000 |
21 |
$50.00 |
$50.00 |
$1,050.00 |
||
|
2,000 |
45 |
50.00 |
250.00 |
2,250.00 |
||
|
2,625 |
60 |
50.00 |
475.00 |
3,100.00 |
||
|
5,000 |
120 |
57.54 |
1,904.81 |
6,904.81 |
||
|
10,000 |
120 |
115.08 |
3,809.63 |
13,809.63 |
||
|
15,000 |
120 |
172.62 |
5,714.45 |
20,714.45 |
||
|
20,000 |
120 |
230.16 |
7,619.27 |
27.619.27 |
||
|
25,000 |
120 |
287.70 |
9,524.09 |
34,524.09 |
||
|
30,000 |
120 |
345.24 |
11,428.91 |
41,428.91 |
||
|
35,000 |
120 |
402.78 |
13,333.73 |
48,333.73 |
||
|
40,000 |
120 |
460.32 |
15,238.55 |
55,238.55 |
||
|
50,000 |
120 |
575.40 |
19,048.19 |
69,048.19 |
||
|
60,000 |
120 |
690.48 |
22,587.83 |
82,857.83 |
||
|
70,000 |
120 |
805.56 |
26,667.47 |
96,667.47 |
||
|
80,000 |
120 |
920.64 |
30,477.11 |
110,477.11 |
||
|
90,000 |
120 |
1,035.72 |
34,286.75 |
124,286.75 |
||
|
100,000 |
120 |
1,150.80 |
38,096.36 |
138,096.39 |
||