Financial Aid | 黑料老司机

Department Information

Location:

Hay Center
黑料老司机
3601 黑料老司机 Blvd.
Tuscaloosa, AL 35401

Office Hours:

Monday 鈥� Friday
8:00am听鈥� 5:00pm

Contact:

Phone: 205-366-8817 Option 4
Email: financialaid@stillman.edu

Office of Financial Aid

Need help financing your education?

The Office of Financial Aid helps remove financial barriers and assist students in meeting the cost of attendance at 黑料老司机.

We realize that a college education will be one of the most important investments a student and their parents will make. We also realize that applying for financial aid can be a difficult process. Our goal is to provide students and parents with the necessary information and guidance to make the process as simple and manageable as possible.

Financial Aid provides resources and information about grants, employment and student loans, and counseling or assistance in completing the financial aid application (FAFSA).

Due to limited funds in some programs, The Office of Financial Aid is not always able to offer enough aid to meet each student’s financial need. However, alternative sources of assistance may be available to students.

The staff is working to streamline your application processing. Students should complete the FAFSA on or after October 1 each year and allow Financial Aid as much time to process applications as possible.

Deadlines

The deadlines to apply for financial aid assistance are:

Semester	Priority Deadline to Apply	Priority Deadline to Submit Documents	SAP Appeal
Summer 2023	May 1, 2023	May 10, 2023	May 24, 2023
Fall 2023	June 1, 2023	July 31, 2023	August 20, 2023
Spring 2024	December 1, 2023	December 10, 2023	January 14, 2024

Completing the FAFSA and or submitting documents after the deadline date will still be processed and awarded federal financial aid (if eligible) but not guaranteed to be ready at the beginning of the semester.听

The deadline to submit the FAFSA and required documents is the end of the term or academic year for which the student is enrolled, whichever is sooner.

More Information:

听

If you have any questions or concerns, please contact us:

Email: financialaid@stillman.edu

Phone: 205-366-8817 Option 4

How to apply and complete the Financial Aid Process

1 鈥� Apply to the College

Please visit the Admissions Office page to learn about completing and submitting your Admissions application.听 The Office of Financial Aid will not be able to review your financial aid application until you have been admitted to the college.

2 鈥� Complete the Free Application for Federal Student Aid (FAFSA)

To be eligible for federal and state financial aid assistance, students must complete the Free Application for Federal Student Aid (FAFSA) and list our School Code 001044.听 The FAFSA can be completed online at or by using an app on your smartphone starting October 1^st the year before attending. Staff is available to assist students and parents in completing the FAFSA.听

The 2022-23 FAFSA will require 2020 federal tax information.听 We recommend that students and parents use the IRS Data Retrieval Tool to transfer their tax information onto the FAFSA. If you didn鈥檛 use the IRS Data Retrieval Tool initially, you can go back and make corrections.

3 鈥� Provide requested documents

Our office will contact you by email if any additional documents are needed to complete your file.听 Needed documents are listed on .听 Some students will be required to complete the process of verification. Verification is the process in which our office must verify that the information on the FAFSA is accurate. If you are selected for verification, you must complete the verification process before any awards will be finalized. The Office of Financial Aid will submit all changes required because of the verification documents. When you submit any documents to the office, please make sure that your name and student ID number is include on all documents.

4 鈥� Review your Award Offer

When our office completes the file review, an award offer is made.听 Students will receive an email when the award offer is available on .听 You must log into and accept, reduce, or decline the funds offered, including student loans.听 As our office becomes aware of additional forms of aid, we will revise your award offer as necessary.

Types of Aid

Submit a or a designating 黑料老司机 (school code 001044) to receive FAFSA results.
Be a United States citizen or an .
Be registered with Selective Service (males, 18 years or older only)
Be admitted or accepted for enrollment as a regular student in an eligible degree program.
Be making Satisfactory Academic Progress as defined by the 黑料老司机 Office of Financial Aid.
Not owe a refund on a student grant or be in default on a student loan.

The type of aid we offer is in the form of:

Grants

Work Program

Loans

Grants

are awards that are not repaid. Only undergraduates who have not previously received a bachelor’s degree are eligible. Most听 are awarded to those who apply for financial aid by the priority application deadline and exhibit exceptional financial need.

Federal Pell Grant

The听听is based on the , which is calculated by the Department of Education based on the information listed on the FAFSA form, the number of credit hours per semester and your cost of attendance. If you are enrolled for less than 12 credit hours, the 听is calculated as follows:

PELL GRANT AWARD CALCULATION

SEMESTER CREDIT HOURS*	PELL AWARD CALCULATED
12 or more hours	Pell semester award
9 -11 hours	75% Pell semester award
6 鈥� 8 hours	50% Pell semester award
5 or less hours	25% Pell semester award
* Students will need at least 15 credit hours in order to graduate in 4 years.

Federal Pell Grant funds are not available for certificate, special admit, transient, second degree, non-degree, learning support, high school and graduate students. This grant is also limited to 12 full-time semesters.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The听听is awarded based on your number, determined upon completion of FAFSA, your financial need and funds available. 听funds are not available for certificate, special admit, transient, non-degree, learning support and high school students. Students with the lowest numbers receive priority.

Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant

The grant that provides up to $4,000 per year to students who agree to teach for four years at an elementary school, secondary school, or educational service agency that serves students from low-income families and to meet other requirements. If the service obligation is not met, the grant is converted to a Direct Unsubsidized Loan.

Federal Iraq and Afghanistan Service Grant

Like other federal grants, provide money to college or career school students to help pay their education expenses. However, Iraq and Afghanistan Service Grants have special eligibility criteria.

You may be eligible to receive the Iraq and Afghanistan Service Grant if

you are not eligible for a Federal Pell Grant on the basis of your but
meet the remaining Federal Pell Grant eligibility requirements, and
your parent or guardian was a member of the U.S. armed forces and died as a result of military service performed in Iraq or Afghanistan after the events of 9/11, and
you were under 24 years old or enrolled in college at least part-time at the time of your parent鈥檚 or guardian鈥檚 death.

Alabama Student Grant

The is awarded to students that are a resident of Alabama that are enrolled in at least 6 or more credit hours for the fall or spring semester.听 The award amounts vary. Students are required to complete the Alabama Student Grant application.

Alabama National Guard Education Assistance Program (ANGEP)

The award funds for tuition and educational fees for Alabama National Guard members.听 Students must be active and in good standing with a federally recognized unit of the Alabama National Guard. Students are required to complete the .

Work-Programs

Part-time employment on campus allows students to earn money to pay for educational expenses.

Federal Work-Study Program

The听听provides part-time jobs for students with financial need.听 Students are paid $8.00 an hour and are limited to听19 hours a week. Students must first work in order to get paid. Awards are up to $2000 a semester.

The requirements to be eligible for the Federal Work Study program are:

Complete the FAFSA by April 1st before the academic year starts;
Have a financial need determined by the Office of Financial Aid;
Enrolled in at least 6 credit hours for financial aid;
Meet Satisfactory Academic Progress.

Loans

A听 is money borrowed that must be repaid, with interest.听 We encourage you and your family to consider the debt from educational loans carefully before accepting any loan offers. Review alternative options available to reduce the amount you borrow. To help you consider the debt from loans:

Calculate the total debt and monthly payments for loans accrued over the span of your entire educational career, not just one academic year.
Compare your total debt to your projected future income. Is this a wise investment? Will the payments be manageable?
Review ways to reduce your time in school. Taking 15 hours a semester, the educational program can be completed in 4 years.听 Taking classes online at home during the summer would reduce your time in school.
Consider your loan co-signers, parents who are borrowing a Parent Plus Loan and others who may be borrowing on your behalf. Will their possible future debt payments be manageable?

Federal Direct Stafford Student Loans

are guarantee and back by the federal government. Credit checks are not required. on federal student loans are fixed and usually lower than on private loans. A is charged by the U. S. Department of Education and is paid from the loan disbursement. Both the are subject to change. There are two types of Stafford Loans:听.

require students to have a financial need and able to complete their program of study within 150% of the time needed to complete the program. The U.S. Department of Education will pay the interest on a听听loan during certain enrollment periods. Graduate students are not eligible for听听Stafford Loans.

will charge while in school. The interest can either be paid or applied to the principle.

Federal Student Loan Fixed Interest Rates
First disbursed:	Interest Rate
On or after July 1, 2021 and before July 1, 2022	3.73%*
On or after July 1, 2020 and before July 1, 2022	2.75%
On or after July 1, 2019 and before July 1, 2020	4.53%

*- Temporary 0% Interest extended through August 31, 2022.

The loan fee for federal student loans first disbursed on or after October 1, 2020 and before October 1, 2022 is 1.057%. The amount is paid from the loan disbursement.

Federal Stafford Loans have yearly limits. The limits are:

Federal Direct Student Loan Yearly Limits

CLASSIFICATION	Dependent Students (except students whose parents are unable to obtain PLUS Loans)	Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
First-Year Undergraduate Annual Loan Limit	$5,500-No more than $3,500 of this amount may be in subsidized loans.	$9,500-No more than $3,500 of this amount may be in subsidized loans.
Second-Year Undergraduate Annual Loan Limit	$6,500-No more than $4,500 of this amount may be in subsidized loans.	$10,500-No more than $4,500 of this amount may be in subsidized loans.
Third Year and Beyond Undergraduate Annual Loan Limit	$7,500 per year-No more than $5,500 of this amount may be in subsidized loans.	$12,500-No more than $5,500 of this amount may be in subsidized loans.
Graduate or Professional Student Annual Loan Limit	Not Applicable (all graduate and professional degree students are considered independent).	$20,500 (unsubsidized only).
Subsidized and Unsubsidized Aggregate Loan Limit	$31,000-No more than $23,000 of this amount may be in subsidized loans.	$57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

All students are required to complete the , and the (new for the 2022-23 school year).听Please borrow responsibly.

The Federal Student loan is awarded during our awarding process. Loans are awarded based on need, after grants and scholarships are awarded. If awarded, students will have the option to accept, adjust or decline the federal student loan on . Students must be attending at least half-time (6 hours) at the time of disbursement for funds to disburse. Dropping below half-time will result in subsequent loan disbursements being canceled.

Federal Direct Stafford Parent Plus Loans

The is made to parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. The borrower must be a parent of the student. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an听adverse credit history听must meet additional requirements to qualify.

The initial payment starts approximately sixty days after the loan has been fully disbursed to the student’s account. The borrower may choose to defer the payments.听 A will be charged and taken out of the loan. Interest rates are variable but capped at 9%. Students must be enrolled for at least 6 hours.

Federal Parent Loan Fixed Interest Rates
First disbursed:	Interest Rate
On or after July 1, 2021 and before July 1, 2022	6.28%
On or after July 1, 2020 and before July 1, 2022	5.30%
On or after July 1, 2019 and before July 1, 2020	7.08%

The loan fee for federal parent plus loans first disbursed on or after October 1, 2020 and before October 1, 2022 is 4.228%. The amount is paid from the loan disbursement.

Private Loans

Many private lending institutions offer loans to students and families seeking assistance to meet expenses related to attendance at 黑料老司机. There are an increasing number of these loans and the terms of these loans change frequently. An alternative/private loan is not guaranteed by the federal government, requires a credit check and may require a co-signer.

When researching private loans, students should pay close attention to the borrower benefits, fees, interest rates and payment options.

Students should consider an alternative/private loan if:

They have reached the Federal Direct Loan borrowing limit
Have expenses that financial aid (Pell grant, federal loans, scholarships, GI Bill, etc.) does not cover
Have a balance from a previous semester to pay
Plan on doing a study abroad program in an upcoming term

The following are links to private lenders. You are not required to borrow with any of the lenders listed.听 Students may borrow with any lender offering a private student loan. 黑料老司机 does not discriminate against lenders and will certify loans from any private lender provided the student meets the lender鈥檚 eligibility requirements. 黑料老司机 does not recommend or endorse any lender and does not receive any benefit from any lender.听 It is up to the borrower to decide which lender is best.

黑料老司机 Student Loan of Conduct

黑料老司机 participates in the William D. Ford Federal Direct Loan Program which include the Direct Subsidized and Direct Unsubsidized Student loans, and the Direct Parent Plus loans. To a lesser extent, private loans are also processed for students on an as needed basis. To comply with the 2008 Higher Education Opportunity Act (enacted August 14, 2008) 黑料老司机 has a听Student Loan Code of Conduct听to serve as the formal guiding principles in ensuring the integrity of the student aid process and ethical conduct of 黑料老司机 employees in regard to student loan practices.

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