Financial Aid Programs

Eligibility for financial aid is based on the results of the Free Application for Federal Student Aid (FAFSA) form. To find the U.S. Department of Education's general information on student aid, visit www.studentaid.gov. The following aid programs are available at Peru State College.

Grants

Grants, unlike loans, do not have to be repaid. Grants are awarded to undergraduate students with exceptional financial need. Students who have already earned a bachelor’s degree are not eligible for grants, with the exception of the TEACH grant. Grant eligibility is based on family income, family size, assets, and other information submitted on the FAFSA form.

• Federal Pell Grant- The Federal Pell Grant is need-based. It is awarded to eligible undergraduates, who have an Expected Family Contribution (EFC) up to $6,656 as calculated by the 2023/2024 FAFSA. The estimated maximum Pell Grant for 2023/2024 is $7,395.

• Federal Supplemental Educational Opportunity Grant (FSEOG) -This is a federally funded program for undergraduate students with exceptional need. Students must be Pell grant eligible. Funds are very limited.

• Nebraska Opportunity Grant (NOG) - This is a state grant and students must be a Nebraska resident, attending a Nebraska postsecondary institution, and meet the EFC requirement.

• Teacher Education Assistance for College and Higher Education Grant (TEACH) – This is a federal grant available to Undergraduate and Graduate students, completing their degree in education. Students must be enrolled in eligible programs and have earned a cumulative GPA of at least 3.25, or score above the 75th percentile on one or more portions of a college admissions test. Students must complete the TEACH Grant initial and subsequent counseling, and sign an Agreement to Service (ATS).

Loans

Federal Direct Loan Programs- Several loan programs are available to assist students with the cost of their education. Visit www.studentaid.gov to find the U.S Department of Education’s information on your federal loan history, enrollment and repayment status, lenders and loan servicer(s). The following loan programs are available:

• Undergraduate subsidized loan - Awarded on the basis of financial need. Interest on subsidized loans is paid by the federal government while a student is enrolled at least half-time. Repayment begins six months after graduation or when your enrollment drops below half-time.

• Undergraduate unsubsidized loan - Is not awarded on the basis of financial need. Students accrue interest from the time the loan is disbursed until it is paid in full. Students may opt to allow the interest to accumulate while you are in school. The interest will be added to the principal of the loan. Repayment begins six months after graduation or when your enrollment drops below half-time.

• Graduate unsubsidized loan - Is not awarded on the basis of financial need. Students accrue interest from the time the loan is disbursed until it is paid in full. Students may opt to allow the interest to accumulate while you are in school. The interest will be added to the principal of the loan. Repayment begins six months after graduation or when your enrollment drops below half-time.

First Time Student Loan Borrowers must complete Entrance Counseling and sign a Master Promissory Note for Federal Direct Loans

All Federal Loans (subsidized, unsubsidized, and Parent PLUS) must be accepted by the student and originated with the Department of Education before the end of the term of enrollment.

• Federal PLUS Loan (for parents) – interest rate

Parents of undergraduates can apply for a federal loan in the parent’s name to help fund educational costs. PLUS loans are credit based and a credit check will be performed by the U.S. Department of Education. Repayment begins immediately after it is fully disbursed. You may request a deferment while your student is enrolled at least half-time and for an additional six months after your student graduates, leaves school, or drops below half-time status.

Federal PLUS Loan Borrowers must complete:

Parent PLUS Loan Application and sign a Master Promissory Note

Alternative/Private Educational Loans

Alternative private loans are offered through a lending institution and are not a part of federal student aid programs. Interest rates and fees for private loans vary between lenders and are typically based on the credit of the borrower and cosigner. It is the responsibility of the student to research and understand the implications of borrowing an alternative educational loan. Keep in mind that alternative loans, along with other aid and educational resources, can never be more than the cost of attendance.

We strongly encourage students to file a  Free Application for Federal Student Aid (FAFSA)  to determine their eligibility for federal student aid and  Federal Direct Loans  before considering alternatives. While there is a great range of private educational loans available, we do not recommend alternative loans in most cases, as they do not have the beneficial aspects of Federal Direct Loan programs. If you need to pursue a private loan, make sure you research lenders and get all the facts.

To compare alternative loan lenders, Peru State uses ELM Select . This allows students to compare various alternative loans. These are the most used lenders by our students and this is not a preferred lender list. Students are encouraged to compare these loans with one another, as well as with alternative student loan products offered by other lenders. Students have the right to use a lender that is not listed at ELM Select .

Work-Study

The Federal Work-Study Program is a need-based financial aid program that provides part-time employment for students. The program helps students meet their educational expenses by working rather than incurring a heavy burden of student loan debt. In addition, the program can provide valuable work experience. Please visit Student Employment | Federal Work Study for available work-study positions.

Scholarships

Peru State College offers a wide range of scholarships. Awards are based on academic achievement, financial need, leadership and special abilities (athletics, art, music). Please visit the Scholarships Page for Peru State College scholarships. There are several external scholarship sites we recommend students to pursue. To avoid being a victim of a scholarship scam, students and their families should keep in mind the following tips:

*Typically scholarship applications do not require your social security number.

*If you must pay money to get some money, it might be a scam.

*If it sounds too good to be true, it probably is.

*Never invest more than a postage stamp to get information about a scholarship.

*No one can guarantee that you’ll win a scholarship.

*Legitimate scholarship foundations do not charge application fees.

Please visit these free personalized scholarship search sites: