Financial Aid

Federal Financial Aid

Financial aid, simply defined, is money, which helps students pay for their educational costs. Aid may be in the form of loans, grants, scholarships, employment opportunities, or a combination of all of these.

The Financial Aid Office is primarily responsible for the processing of federal Title IV aid and coordinating federal aid with other funds, such as scholarships. Title IV aid includes Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (SEOG), Federal Academic Competitiveness Grant (ACG), Federal National Science and Mathematics Access to Retain Talent Grant (SMART), Federal College Work Study, Federal Perkins Loans, and the Federal Family Education Loan Program (FFEL). Various departments and agencies on and off campus award other scholarships and grants. The Financial Aid Office is a good resource for questions concerning these other types of aid.

Most federal programs require the student to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA gathers information that is used to determine the relative financial strength of the student’s family or the “need” for assistance. Please note that eligibility criterion for each of the programs varies. Students may be able to establish need for all programs while others are able to establish eligibility for one program but not all programs. The following is a general summary of the programs available at UCA and is intended to give you an overview of these programs.

Grants:

Federal Pell Grants

This is the basic grant available to undergraduate students who have demonstrated an exceptional financial need on the FAFSA and have not earned a bachelor or professional degree. Awards for the 2007/2008 academic year range from $400 up to $4,310.

Federal Supplemental Educational Opportunity Grant (SEOG)

SEOG grants are intended, as the name implies, to supplement other aid. These grants are federally funded with each school receiving a fixed amount each year. Funds are awarded to a limited number of undergraduate students with preference being given to Pell recipients demonstrating exceptional financial need. Awards for the 2007/2008 academic year range from $100 up to $1,000.

Federal Academic Competitiveness Grant (ACG)

This is a new grant program for Pell eligible U.S. citizens who are first and second year undergraduate students who have completed a rigorous secondary school program.  The first-year award is $750 and the second year award is $1,300.

Federal National Science and Mathematics Access to Retain Talent Grant (SMART)

This Grant is for Pell eligible, U.S. citizens who are third or fourth year students pursuing a major in the physical, life or computer sciences, mathematics, technology, engineering or foreign language and are enrolled in at least one major course for the semester, in which the SMART grant is to be received.

Loans:

Federal Perkins Loans

Federal Perkins Loans are long-term, low interest (5 percent) loans from the federal government administered through our school. Repayment and interest begin nine months after a student graduates, leaves school or drops below half-time enrollment. At the end of the grace period, borrowers must begin repaying the loan. Awards for the 2007/2008 academic year range from $200 to $2,000.

Federal Family Education Loan Program (FFELP)

The FFELP programs provide low interest loans to students and parents who are attending UCA at least half-time. Private banks and other institutions acting as the lender, provide the loan capital. The types of FFELP loans available to UCA students are: Subsidized and Unsubsidized Stafford loans, Parent Loans for Undergraduate Students and Graduate/Professional PLUS loans. To find out more about the FFELP Program click on the link to loans.

Campus Employment:

UCA offers two work programs on campus. One is need based Federal College Work Study and the other is non-need based UCA Employment. Both programs require students to provide documentation of their eligibility to work including a copy of their Social Security card. To learn more about the process of applying for work on campus, click on the Campus Employment link.