Aid Programs ~ Federal Aid First!
Nearly all U.S. citizens and permanent residents are eligible for federal financial aid regardless of family income! Only by completing the FAFSA Online can the type and amounts of aid be determined. Federal aid is a superior financial option to private loans.
Grants~ do not need to be repaid if student meets all of the conditions of the award.
Loans~ money borrowed from federal, state, institution, or private lenders.
Scholarships~ assistance that does not need to be repaid if student meets all conditions.
Work-Study~ student employment program with many unexpected benefits.
Grants
| Pell Grant | The most common of the federal grants, the Pell Grant is an entitlement grant based on financial need. The Expected Family Contribution (EFC) is the end result of completing the FAFSA and is used as an index to determine eligibility for the Pell Grant. Only students who have not yet earned a bachelor's degree may be awarded a Pell Grant. |
| Federal Supplemental Educational Opportunity Grant (SEOG) | Small grant available to high need students who are also Pell Grant recipients. You automatically apply for this grant when you complete the FAFSA. SEOG recipients must be enrolled in at least 6 credits to be eligible. |
| Leveraged Educational Assistance Program (LEAP) Grant | Small grant typically available to Priority Aid Applicants who are also Pell Grant recipients. You automatically apply for this grant when you complete the FAFSA. LEAP recipients must be enrolled in at least 6 credits to be eligible. |
Loans
| Perkins Loan | Low-interest loan (5%) available to high-need, Priority Aid Applicants. Interest is deferred for as long as the student is enrolled at least half time. Recipients are required to be enrolled in 12 or more credits each semester. Perkins loans are released to recipients approximately 10 days prior to classes each semester; however, enrollment in 12 credits well be verified after the 10th day of classes. Those students with less than 12 credits at that time will have the Perkins loan canceled for the semester. Students majoring in teaching, nursing, and criminal justice may be able to have this loan forgiven after working in these careers. Repayment of loan begins 9 months after student is enrolled less than half time. |
| Subsidized Federal Direct Loan | Federally subsidized student loan offered directly by the U.S. Department of Education. Interest and payments are deferred while the student is enrolled at least half time. |
| Unsubsidized Federal Direct Loan | Federal student loan where the student incurs interest even while enrolled in school. Payments on the principal amount are deferred, but student is encouraged to pay the interest at least quarterly. When a student does not pay the interest, it is "capitalized" meaning that it is added to the original loan amount. Student will then be charged interest on the interest. |
| Parent PLUS Loan | A parent of a dependent student may request a federal Parent PLUS Loan to fill the gap between the student's financial aid and the Cost of Attendance, as calculated by the Financial Aid Office. Boise State offers the Federal Direct Parent PLUS loan through the U.S. Department of Education. Instructions and the link to the online application are available in the "Printable Form" section of the Financial Aid website, or you may go directly to sudentloans.gov. Payments on the principal loan amount may be deferred for as long as the student is enrolled at least half-time. The parent does need to pay the interest monthly or quarterly during student's enrollment. A credit check is required for this loan. If the parent is denied credit, the student may receive an additional unsubsidized loan if the parent will not use a cosigner/endorser on the loan. It is also possible for the parent to provide additional documentation to the Direct Loan Servicer to have the credit decision reconsidered. |
| Graduate PLUS Loan | A federal loan to fill the gap between the Federal Direct Loans the graduate student receives and the "Cost of Attendance" as calculated by the Financial Aid Office. A credit check is required for this federal student loan. The application is currently a paper application located on the Printable Forms section of the Boise State Financial Aid website. |
| Alternative Student Loans Private Lenders |
Loans provided by private lenders, such as banks. These loans are more expensive than federal student loans and require a credit check and may require a co-signer. Alternative Student Loans may be used to fill the gap between federal aid and the Cost of Attendance, as calculated by the Financial Aid Office. Students who are ineligible for federal financial aid due to Satisfactory Academic Progress issues or a non-degree seeking status, may be eligible for alternative student loans. Boise State does not endorse specific lenders. On the left is a link to all of the lenders used by Boise State students since the 2006-2007 academic year. Boise State will process loans from any alternative loan lender, regardless of whether they appear on the list provided. |
| Direct-to-Consumer Loans | These are the most expensive of all the student education loans. These loans are marketed to prospective borrowers by direct mail, email, internet ads, and TV commercials. The leaders may even be the same ones that offer the Alternative Student Loans, yet the interest rates and loan terms will be different. These loans typically are not "certified" by the Financial Aid Office and can be for more than the Cost of Attendance. A borrower needs to be VERY cautious about pursuing these loans. |
Scholarships
| Merit-based | Scholarships awarded without regard to financial need of the student. The merit criteria typically include GPA and ACT/SAT test scores. Leadership experience, civic involvement, and other extra-curricular activities may also be used to determine merit. |
| Need-based | Nearly all scholarships are merit based. Need-based scholarships also consider the financial need of the student. These scholarships usually require the student to complete a FAFSA so the Expected Family Contribution can be used to determine the degree of financial need. |
Work-Study
| Description | Work-study is an employment program based on financial need as determined by FAFSA. Funds are awarded as part of a student's financial aid package. At Boise State, students who meet the Priority Deadline of March 15th are considered for work-study funding. |
| Advantages |
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| Logistics | Locate jobs through BroncoJobs, on-campus job fair, flyers, and asking departments if they have work-study job openings.
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