Grants & Loans

Federal Student Aid Programs

To help students pay for post-secondary education, the U.S. Department of Education offers federal financial aid programs (Title IV). To ensure accuracy, much of the federal financial aid information found below has been taken directly from the 2008-2009 Department of Education publication called “Funding Education Beyond High School – The Guide to Federal Student Aid.”

Herzing University is eligible to participate in the following
Title IV programs:

• Federal Pell Grant (PELL)

  • Pell Grants are the foundation of federal student financial aid to which aid from other federal and non-federal sources might be added.
  • Pell Grants are generally awarded only to undergraduate students (those who have not earned a bachelor or graduate degree).

• Federal Supplemental Educational Opportunity Grant (FSEOG)

  • FSEOGs are awarded to undergraduate students with exceptional financial need (those with the lowest Expected Family Contribution).
  • Federal Pell Grant recipients receive priority for FSEOG awards.

• National Science and Mathematics Access to Retain Talent Grant (SMART)

  • This grant program is for undergraduate students enrolled in the third or fourth academic year of study who are pursuing a major in physical, life or computer sciences or mathematics, technology, engineering, or a critical foreign language.

• Academic Competitiveness Grants (ACG)

  • The ACG is for undergraduate students: who are enrolled in the first or second academic year of an eligible program in any field; who have completed a rigorous secondary school program of study; and who also have at least a 3.0 cumulative GPA for the first academic year.

• Federal Work Study (FWS)

  • Under the FWS Program, a student can work part-time to earn money for his/her education.
  • This program provides part-time employment while a student is enrolled in school and helps students pay for educational expenses.
  • This program is available to full-time or part-time undergraduate and graduate students and is administered by schools participating in the FWS Program.
  • FWS encourages community service work and work related to a student’s course of study whenever possible.

• Federal Perkins Loan (PERKINS)

  • The Perkins Loan program is administered by participating schools to full-time or part-time undergraduate, graduate, and professional degree students who demonstrate financial need.
  • This loan is repaid by the student to the awarding school.
  • Repayment begins 9 months after the borrower ceases to be enrolled at least half-time.
  • The minimum monthly payment is $40 and the total debt must be repaid within 10 years.
  • Federal Perkins funds are awarded according to institutional need-based criteria.
  • These funds are extremely limited.

• Federal Stafford and Federal Direct Stafford Loans (Subsidized and Unsubsidized)

  • Stafford Loans are for undergraduate, graduate and professional degree students who are enrolled as at least half-time students.
  • There are two types of Stafford Loans: Subsidized and Unsubsidized.
  • The borrower must have financial need to receive a Subsidized Stafford Loan. The U.S. Department of Education will pay (subsidize) the interest that accrues on Subsidized Stafford Loans during certain periods.
  • Financial need is not a requirement to obtain an Unsubsidized Stafford Loan.
  • Federal Stafford Loans and Federal Direct Stafford Loans must be repaid.
  • Students begin repayment of loans six months after ceasing to be enrolled as at least a half-time student. Monthly payments are based on aggregate borrowing with a minimum amount of $50.
  • Repayment is usually completed within 10 years or less but may be extended if a student chooses to consolidate their loans.

• Federal PLUS Loans (FFEL PLUS) and Federal Direct PLUS Loans/Graduate PLUS Loans

  • PLUS loans are loans parents can obtain to help pay the cost of education for their dependent, undergraduate children.
  • Graduate and professional degree students may obtain PLUS Loans to help pay for their own education.
  • PLUS loans are credit-based loans.

• Return of Title IV Funds Policy

  Students earn Title IV assistance in proportion to their attendance in school, up until they attend beyond the 60% point of the semester. If a student withdraws from the University at or before the 60% point, he/she will have earned financial aid in direct proportion to the percentage of days attended in the semester. After 60%, the student has earned 100% of his/her financial aid awards for that enrollment period. The Return of Title IV Funds regulation does not dictate the institutional refund policy, but prescribes the amount of Title IV funds a student has earned at the time of withdrawal. The amount of Title IV funds earned or unearned has no relationship to the student’s institutional charges. The institutional charges are determined by the institutional refund policy. The Return to Title IV regulation, coupled with the institution’s refund policy, can result in a student with a balance owed to the university and/or the Title IV programs if the student withdraws from school. (Exception: if the school is not obligated by law to take attendance and the student does not provide notification of his/her withdrawal, the withdrawal date is the midpoint of the payment period unless it can be shown that the student was in attendance in an academically related event after the midpoint of the payment period, in which case the date of that event will become the withdrawal date).

  The formula in brief is as follows:

  1. Determine the date of withdrawal and the percentage of the payment period attended by the student.
  2. Determine the amount of Title IV aid earned by the student by multiplying the total Title IV aid for which the student was eligible by the percentage of the payment period attended by the student.
  3. Compare the amount earned to the amount disbursed. If the amount earned is greater than the amount disbursed, then a post-withdrawal disbursement may be made. If the amount disbursed exceeds the amount earned, Title IV aid must be returned.
  4. Allocate the responsibility for returning unearned aid between the University and the student according to the portion of disbursed aid that could have been used to cover institutional charges and the portion that could have been disbursed directly to the student once institutional charges were covered.
  5. Distribute the unearned Title IV aid back to the Title IV programs in the following order:
     • Unsubsidized Federal Stafford Loans
     • Subsidized Federal Stafford Loans
     • Unsubsidized Federal Direct Stafford Loans (other than PLUS loans)
     • Subsidized Federal Direct Stafford Loans
     • Federal Perkins Loans
     • Federal PLUS Loans
     • Direct PLUS Loans
     • Federal Pell Grant for which a return of funds is required
     • Academic Competitiveness Grants for which a return of funds is required
     • National SMART Grants for which a return of funds is required
     • Federal Supplement Educational Opportunity Grants (SEOG) for which a return of funds is required.

  In general, students may be eligible for Title IV aid if the following provisions apply.

  The student:

  • Is enrolled as a regular student in a Title IV eligible program.
  • Is a U.S. citizen or eligible non-citizen.
  • Meets the need requirements specified.
  • Makes satisfactory academic progress toward completing their program.
  • Is not in default on a Title IV loan received at any institution.
  • Is not concurrently receiving Title IV financial aid from another institution of higher education.
  • Does not owe a refund or repayment on a Federal Pell Grant, ACG, National SMART Grant, or Federal SEOG.
  • Must complete the Free Application for Federal Student Aid (FAFSA) in order for Herzing University to determine a student’s federal financial aid eligibility.

  Many Title IV programs use an undergraduate student’s grade level as a factor when calculating eligibility. The chart on the following page outlines how Herzing University defines undergraduate student grade levels.

  Grade Level	Description
  1st Year	Student has completed less than 24 credit hours that apply toward their current program of study.
  2nd Year	Student has completed between 24 and 47 credit hours that apply toward their current program of study
  3rd Year*	Student has completed between 48 and 71 credit hours that apply toward their current program of study
  4th Year*	Student has completed more than 71 credit hours that apply toward their current program of study.

  *3rd and 4th year grade levels are only applicable to Bachelor Degree programs.
  
  

  State Student Aid Programs

• Atlanta

  • Grant program: The State of Georgia provides financial assistance to Georgia residents through a state grant program.
  • HOPE Scholarship: This scholarship is available to Georgia residents who have demonstrated academic achievement at the high school and/or college level. The scholarship provides funds to address many of the costs associated with tuition, fees, and books for students who are pursuing an Associate or Bachelor degree in Georgia’s public and private colleges and universities.
  • HOPE GED Grant: This grant is available to residents of Georgia who earned a General Education Development (GED/high school equivalency) diploma awarded by the Technical College System of Georgia after June 30, 1993. The Grant provides a one-time $500 HOPE award that can be used towards tuition, books, and other educational costs at an eligible public technical college or public or private college or university in a degree, diploma, or certificate program.
  • Georgia Tuition Equalization Grant (GTEG): This grant is available to full-time undergraduate Georgia residents. The grant is given to encourage Georgia residents to attend eligible private colleges in Georgia by providing grant assistance.

  More information on these programs is available from the Financial Aid Office.

• Birmingham

  • Grant program: The State of Alabama provides financial assistance to Alabama residents through a state assistance program.
  • Alabama Student Assistance Program: This is a grant program that provides need-based assistance to Alabama residents who are undergraduate students attending an eligible school at least half-time. The funds for this program are limited based on the allocation to the school from the Alabama Commission on Higher Education.

  More information on this program is available from the Financial Aid Office.

• Minneapolis

  The Office of Higher Education administers several financial aid programs that provide grants, loans, and work opportunities for qualified Minnesota resident students. The state of Minnesota aid programs include the following:

  • Minnesota State Grant Program
  • SELF Loan Program
  • Minnesota State Work Study Program
  • Postsecondary Child Care Grant Program
  • Minnesota Achieve Scholarship Program
  • Minnesota Indian Scholarship Program
  • Minnesota GI Bill Program
  • Public Safety Officer’s Survivor Grant

  More information on these programs is available from the Financial Aid Office.

  
  

  Other Financial Assistance

• Herzing University Tuition Payment Plan

  Rather than requiring that tuition and fees be paid in full prior to the start of each semester, Herzing University may allow a student an interest-free payment plan that provides affordable monthly payments worked out in accordance with individual family circumstances as reflected in the financial information submitted to Herzing University. Students must have paid for each semester’s tuition in full through cash payments, federal student aid programs, or other financial assistance prior to sitting for final examinations.

• Employer Reimbursement Plans

  Students may be eligible for employer tuition reimbursement benefits. Students should contact their supervisor at work or their benefits office to determine if tuition reimbursement is available. Tuition reimbursement does not eliminate the student’s responsibility to pay tuition before the commencement of classes or according to school approved payment plan.

• Scholarships and Awards

  To remain eligible for all scholarships and awards, the student must maintain a minimum of 2.0 CGPA and be enrolled full-time.

  Click here for more scholarship information.

• Institutional Grant Program

  Based upon extraordinary student need and/or unusual conditions or change of circumstances, students may be awarded an institutional grant. Such determination is made by the Institutional Grant Committee composed of the Campus President, Director of Financial Services, and one other staff member. The standard application for financial aid can also be used as the application for this grant. The deadline for submission of the application for this grant is prior to the end of the add/drop period of each semester. Awards will be made based upon the number of students with extraordinary need and the degree of the need. The amount of the award is normally between $200 and $700 per semester. The average award is typically $300.