Types of Financial Aid

Bennett College offers a variety of financial aid options to students who qualify.  The different types of financial aid offered are listed below.

Grants

Grants are classified as forms of financial assistance that does not have to be repaid. Grants are often based upon funding availability, financial need, merit, and academic progress. Federal and state grants are the two types of grant opportunities.

The types of grants are:

Federal Pell Grant

The Federal Pell Grant program is a federal grant. Eligibility and financial need are determined through successful completion of the Free Application for Federal Student Aid. The maximum annual amount varies by year. For the 2020-2021 academic year, the maximum Pell Grant is $6,345.

Federal SEOG Grant

The Federal Supplemental Educational Opportunity Grant (SEOG) program is a form of campus-based aid funded through the government awarded to colleges and universities for students who meet the same eligibility requirements as the Pell Grant program. Students must demonstrate need and are required to complete the FAFSA. Funding is limited with this program. SEOG grants at Bennett College are awarded up to $3,000 annually.

Federal TEACH Grant

Through the College Cost and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low income families. Interested students must complete the FAFSA, be a U.S. citizen or eligible noncitizen, maintain a cumulative grade point average of 3.25, and sign a TEACH agreement to serve. If the student fails to complete the service obligation, the TEACH grant will be converted into a Federal Direct Unsubsidized Stafford Loan. The loan will then have to be repaid and interest will be charged from the disbursement date of the grant. Students must also complete an electronic counseling session and remain in the field of education throughout their course of studies.

Scholarships

Scholarships are also classified as forms of financial assistance that does not have to be repaid. Scholarships are often based upon criteria set by the donor, unmet need, merit, and funding availability. Scholarship inquiries for new students should be directed to the Office of Admission and inquiries for continuing students should be directed to the Office of Financial Aid.

Bennett Colleges offers institutional scholarships to incoming freshwomen and transfer students based on GPA.  The available scholarships are:

North Carolina Need Based Scholarship (NBS)

The NBS scholarship is available to North Carolina residents, who are enrolled or planning to enroll in college. The NBS program is a need based scholarship contingent upon funding availability and early completion of the FAFSA. Students must complete a NBS application (short form or long form) and be enrolled at least half-time. Awards usually arrange from $3,900 to $7,500 annually. The amount will be prorated for students who are three quarter time enrolled.

Work Study

Federal Work Study (FWS) consists of student employment opportunities throughout the campus. Work Study at Bennett College is a form of campus-based financial aid where funding availability and FAFSA eligibility determines the recipients. Federal Work Study provides part-time jobs for undergraduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient’s course of study. The FAFSA serves as the application. Student recipients are compensated once each month.

All Federal Work Study recipients must have a 2.0 cumulative grade point average and notifications are confirmed through the financial aid award offer letter. Further contact will be made from the Work Study Coordinator to complete the necessary forms prior to participating in the program.

Loans

Student loans are forms of self-help financial assistance that must be repaid. Student loans are completely optional and are often used to aid in meeting the cost to attend college. Federal loans are available regardless of income level or credit history. Students and parents should always exhaust federal loan options first before considering a private loan.

The types of federal loans are:

Federal Direct Subsidized Loan

The Federal Direct Subsidized Loan program is a need-based loan made available to students as a means of financial aid to help cover the cost of attendance. Loan amounts are determined based upon student enrollment and classification. The current interest rate is 2.75% and repayment begins six months after the student’s last date of attendance or the date the student falls below half-time status. The government pays the interest on the subsidized loan while the student is enrolled. A credit check is not required for this loan, however, completion of the FAFSA serves as the application.

Federal Direct Unsubsidized Loan

The Federal Direct Unsubsidized Loan program is a loan made available to students as a means of financial aid to help cover the cost of attendance. Loan amounts are determined based upon student enrollment and classification. The current interest rate is 2.75% and repayment begins six months after the student’s last date of attendance or the date the student falls below half-time status. The student is responsible for the interest, which may be paid while the student is in school or accrued and then added to the principal balance when the student enters repayment. A credit check is not required for this loan, however completion of the FAFSA serves as the application.

Federal PLUS Loan

The Federal Plus Loan program is a parent loan program for undergraduate dependent students. PLUS loans are means of financial aid that allow the parent to borrow money to help the student pay the cost of attending college. PLUS loans require a credit check and in some instances, an eligible cosigner. The interest rate is currently 5.3% and repayment begins following the final disbursement for the year. Parents have the option to defer payment on the loan until after the student graduates. Interested parents must initiate the deferment request with Direct Loans. The amount of the PLUS loan cannot exceed the annual cost of attendance. If the parent is denied the parent plus loan due to credit, the student will become eligible to receive an additional unsubsidized loan in her name.

The financial aid office must confirm the parent’s credit denial from the lender before an additional unsubsidized loan is offered to the student. The additional unsubsidized loan amounts are $4,000 for first- and second-year students and $5,000 for third- and fourth-year students.

Additional unsubsidized loans are available only to dependent students whose parent is denied the parent plus loan due to adverse credit or independent students.

Other Resources

DC TAG Grant

The DCTAG grant is available to students from the District of Columbia in the amount of $2,500 annually at private colleges. The deadline is June 30 each year. For more information, please visit the website made available by the Office of the State Superintendent at www.osse.dc.gov.

DC Achievers (Success) Scholarship

The DC Achievers Scholarship Program is a multifaceted scholarship program that supports students from six high schools in Washington, DC with a high percentage of low-income students. It is funded by a grant from the Bill & Melinda Gates Foundation. Achievers Scholars receive support services while in high school and through their college career. For more information, please visit www.collegesuccessfoundation.org.

DC CAP Grant

The DC CAP grant is available in the amount of $2,070 to students who graduated from a D.C. public high school. There are situations where the amount can vary due to funding availability. The high school guidance counselor coordinates the process.

Loan Code of Conduct

• Beginning with the 2010-11 academic year, all Subsidized and Unsubsidized Stafford Loans as well as Parent and Graduate PLUS Loans are being made through the William D. Ford Federal Direct Loan (Direct Loan) Program. As a result of this requirement, all relationships and related potential issues with lenders that could be related to the administration of these programs under the Federal Family Educational Loan (FFEL) Program have ceased.
• The Office of Financial Aid will continue to process private educational loans through any lender requested by the borrower without any prejudice. When appropriate, and in what is believed to be the borrower’s best interest, timely communication will be initiated to help ensure that the borrower is aware of any perceived, potential issues that might arise from his or her lender selection; however, the borrower’s lender choice will always be honored.
• The Office of Financial Aid will continue to maintain a professional relationship with all lenders of private educational loans with whom it has worked during recent years. Students wishing to borrow a private educational loan may select a lender of their choice. The Office of Financial Aid will not offer any endorsement or provide any specific information about these lenders; however, it encourages students and parents to learn all they can about any lender and loan product they are considering. It is generally best for a borrower to continue with the same lender for all private educational loan borrowing.
• The Office of Financial Aid appreciates the value of working in consort with lenders to improve the quality of their goods and services. However, no individual members of the Office of Financial Aid will accept anything of value, including reimbursement for associated travel, for participation on lender advisory or governing boards.
• The Office of Financial Aid will not request or accept any staffing services from employees of a lender.