Grants/Loans/Work Study - Southern State Community College





	Grants/Loans/Work Study Grants Grants are a form of gift financial aid. You are not required to repay a grant. Federal Pell Grant The Federal Pell Grant is funded by the federal government. Full payment of the award is made only if the student carries 12 credit hours per quarter. However, a student carrying one credit hour to eleven credit hours will receive a proportionately reduced award. Federal Supplemental Educational Opportunity Grant (FSEOG) The FSEOG is provided to assist a student who has an exceptional financial need. FSEOGs are dependent upon yearly federal allocations; the amount awarded, therefore, is based on the Federal funding levels and College policy. A typical award at Southern State will range from $200-$900 per academic year. Ohio Instructional Grant (OIG) This program is funded by the State of Ohio. Only Ohio residents are eligible to apply. For this award, a student must carry at least 12 credit hours per quarter. The amount of the OIG may be used only for instructional and general fees. Award information is sent directly to Southern State from the Ohio Board of Regents. The amount may vary based upon state funding levels. Loans The Federal Stafford Loan (subsidized and unsubsidized) and Federal Parent Loan for Undergraduate Students (FPLUS) all come under the umbrella of William D. Ford Direct Loans. All recipients of Federal Stafford and Federal PLUS must participate in an entrance counseling session before loan checks are issued. Also an exit interview is required prior to leaving Southern State or graduating. Federal Stafford Loan Program The Federal Stafford Loan Program is designed to assist a student with low interest educational loans. A student is eligible to request a maximum of $3,500 per year for the first year of undergraduate study and $4,500 for the second year. Repayment of the loan will begin six months after the borrower ceases to be enrolled as at least a half-time student (six credit hours). The interest rate is fixed at 6.8%. Independent students may request up to a maximum of an additional $4000 per year (not to exceed cost). The interest for the Federal Stafford Subsidized Loan is paid by the federal government while the borrower is in school. Once the borrower has entered the repayment period, interest will begin to accrue. The interest on a Federal Stafford Unsubsidized Loan is paid by the borrower while still in school, unless a deferment is granted. Alternative Loans Alternative loans are loans that are not guaranteed by the U.S. Department of Education. These loans are found with multiple lenders and are based on the credit rating of the student and or parents. Individual applications are required from each lender and eligibility is determined by the lender. Southern State does not promote any particular lender, but will certify any qualified candidate. Ohio College Opportunity Grant (OCOG) A state funded grant for part or full time students who have applied for financial aid through the FAFSA form and have an Expected Family Contribution (EFC) of less than 2191. Award information is sent directly to the College by the Ohio Board of Regents and the student is notified as well. Federal Academic Competitiveness Grant (ACG) A federally funded grant for first and second year students’ who are eligible for the Pell Grant and has completed a rigorous high school program. Eligibility is determined by completing the FAFSA and evaluated by the College. Federal Work-Study Program The Federal Work-Study Program involves a part-time job on campus which gives the student an opportunity to gain work experience and earn extra money to help meet educational expenses. Job assignments can be in a variety of areas such as clerical, office services, student activities and lab assisting. The student works no more than 15 hours per week at minimum wage. (These rates are subject to change based on minimum rate increases.)