The financial aid office will be able to award you once the following criteria have been met:
- All paperwork has been completed accurately and returned to the financial aid office.
- The FAFSA has been processed and verified.
- The student has been accepted by student services.
Can I receive financial aid from two educational institutions at the same time?
No, you may only receive financial aid from one college.
Are there any other sources for grants and scholarships besides the federal and state grants and loans already mentioned?
You may search the following internet addresses:
How is the Federal Pell Grant eligibility determined?
Pell is a grant offered to assist students who have an excessive financial need. The exact amount of eligibility is determined by the Department of Education.
How much money can I get through the Federal Pell Grant?
The maximum amount available is $4731 for the 2008-2009 award year.
When will I receive the Pell Grant?
If you are eligible for the PELL Grant, you will receive an award letter informing you of the disbursement dates of this grant.
How is the LTG eligibility determined?
- Live in North Carolina for at least 12 consecutive months.
- No previous Bachelor’s degree.
- Third, you must meet enrollment requirements.
LTG is disbursed twice a year. To receive the first disbursement, you must be enrolled full time on 10/1.
To receive the second disbursement, you must be enrolled full time during the last week in January. You must continue full-time status through the entire award period.
Amounts for the LTG are determined by the North Carolina Legislature and vary from year to year.
When is the LTG disbursed?
Once in the fall and once in the spring. It will be applied to your account late November/early December and again in March/April if eligibility is met.
What are the terms of a Federal Subsidized and Unsubsidized Stafford Loan?
These loans carry a variable interest rate with an 8.25% cap. The Subsidized loan’s interest is paid by the government throughout the time you are in school until six months after you leave or drop below half-time enrollment. The Unsubsidized Stafford Loan’s interest begins to accrue 60 days after the check is sent to Montreat College by the lender. There is an option to pay on this interest while in school. For both loans there is an origination and guarantee fee, which is taken out of the proceeds of the loan by the lender and is equal to 4% of your total loan amount requested.
How much money can an independent undergraduate student borrow through the Federal Stafford loan program?
- First-year independent students can borrow a maximum of $7,500.
- Second-year students have $8,500 available.
- Third-year students and those beyond in the undergraduate program have a maximum of $10,500 available.
What are the qualifications to be considered an independent student?
The federal government classifies you as an independent student if you meet one of the following criteria:
- you are 24 years old
- you are married
- you are a graduate student (member of a master's program)
- you have legal dependents other than a spouse
- you are an orphan or ward of the court
- you are a veteran of the U.S. Armed Forces
How much money can a dependent undergraduate borrow?
- First year dependent students have a maximum amount of $3,500.
- Second year $4,500.
- Third year and beyond $5,500.
- A dependent student’s parents could qualify for a federal PLUS loan. The parents are eligible for the cost of the student’s education for the loan period less any other aid received. The PLUS loan interest rate is capped at 9%. The loan is based on "credit worthiness" as determined by the lender. Repayment begins 60 days from the date of disbursement by the lender.
When will I receive my Federal Stafford Loan money?
Following your start in class, Montreat will certify eligibility for your student loan. (If you have not been awarded, have not returned your loan application, or have not verified the amount you want to borrow, we cannot process your loan until all these issues are settled.) Pending approval of your loan, your first loan disbursement will arrive to your account after you begin your fall classes. Your second loan disbursement will disburse after you begin your spring classes.
Will I be denied for student loans?
Approval for student loans is given by the lender and the government guarantee agency. Most students will receive loans even with poor credit history. Only those students who have had serious credit problems such as bankruptcy may be denied. If you have defaulted on previous student loans, you will be denied. You should contact your previous lender and clear the loans before attempting to receive any more student loans.
Can I get my prior loan(s) deferred?
If you are registered and attending courses, you can have previous Federal college loans deferred. Contact your previous lender for a deferment form and send it to the Registrar’s Office in Montreat. The Registrar will return it to your lender. The lender will then contact you on the decision to grant the deferment. You may contact the Registrar’s office at 828-669-8012 ext. 3735.
What happens if I withdraw from a course or the program?
You must notify the registrar if you wish to drop or withdraw from a class or withdraw from the program. If the withdrawal results in your having completed more than 60% of the current half academic year, you are eligible to keep the financial aid for that period. If the withdrawal results in your having completed 60% or less of the current half academic year, the Financial Aid Office will do a federal calculation to determine the amount of aid that must be returned. If the withdrawal is in the fall, the spring disbursements will be canceled.
