Types of Aid

There are three types of financial aid. Gift aid, which does not have to be repaid, includes grants and scholarships. Loans, of course, do have to be repaid; some become immediately repayable, while others offer deferred repayment. Work produces an hourly wage and valuable experience.

GRANTS
FEDERAL PELL GRANTS (FPELL) provide non-repayable aid for eligible students. The awards range from approximately $200 to $4,050 per year. The amount of the award is based upon the family contribution, the cost of attendance, and a payment schedule issued by the U.S. Department of Education.

FEDERAL ACADEMIC COMPETITIVENESS GRANTS (ACG) are awarded to freshman and sophomores who completed a rigorous high school program.

NATIONAL SCIENCE AND MATHEMATICS ACCESS TO RETAIN TALENT GRANTS (SMART) are awarded to juniors and seniors majoring in computer science, life science, mathematics, physical science, or technology.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS (FSEOG) make additional funds available to students with unusual need. This grant is usually combined with other forms of aid and is also non-repayable.

LEVERAGING EDUCATIONAL Aid PARTNERSHIP GRANTS (LEAP), available to Utah residents only, are also awarded to students with substantial financial need. This award is usually combined with other forms of financial aid and is also non-repayable.

UTAH CENTENNIAL OPPORTUNITY PROGRAM FOR EDUCATION (UCOPE) GRANTS are limited to eligible Utah residents only, are usually combined with other financial aid and is also non-repayable.

LOANS
FEDERAL PERKINS LOANS (FPERK) are excellent long-term loans for those students who demonstrate exceptional need. Although the money must be repaid, no payments need be made and no interest is charged until nine months after the borrower ceases to be enrolled at least half-time. When interest begins to accrue it is at the rate of 5% per year (subject to change). A minimum monthly payment of $40 (subject to change) is required. Under special circumstances payment may be deferred for a time. Online Student Loan Counseling is required of every student who receives a loan. In addition, the student must complete the Perkins Loan Questionaire, return it to the Collections Office, and sign a Perkins Loan Promissory Note. (The Perkins Loan Questionaire is available from the Financial Aid Office.)

FEDERAL STAFFORD LOANS (FSL) are the first of the Federal Family Education Loan Program options which enable students enrolled at least half time to borrow from a bank, credit union or other participating lender. The subsidized amount that may be borrowed depends on the borrower's need and year in school. The interest rate for new loans is 6.8%, subject to change every July 1, but will not exceed 8.25% for new borrowers. The minimum monthly payment, which begins 6 months after the borrower ceases to be enrolled at least half-time, is $50 (subject to change). One-year loans are disbursed with one payment for Fall Semester, the other for Spring. Online Student Loan Counseling is required of every student who receives a loan.

UNSUBSIDIZED FEDERAL STAFFORD LOANS (UNSUB), the second of the Federal Family Education Loans, are available from private lenders to any students enrolled at least half time who meet the general eligibility criteria. Subject to annual limits, the UNSUB may not exceed the cost of education minus financial aid. The interest rate for new loans, which does not exceed 8.25 %, is adjusted each year. Interest accrues during in-school, grace and deferment periods. But it may be paid monthly or quarterly, or added to the principal amount of the loan. One-year loans are disbursed with one payment for Fall semester, the other for Spring. Online Student Loan Counseling is required of every student who accepts a loan offer.

FEDERAL PARENT LOANS FOR UNDERGRADUATE STUDENTS (FPLUS) Parents of dependent students enrolled at least half-time may borrow from a bank or credit union. The variable interest rate for new loans is adjusted annually, with the maximum being 9%. Not based on need, the amount of the FPLUS may never exceed the student's cost of attendance (as determined by the College) minus the student's financial aid. Repayment of principal (unless deferred) and interest begins 60 days after the loan is disbursed. The lender has more information.

SHORT-TERM TUITION PAYMENT PLANS allow an eligible student to defer payment of a portion or all of the tuition and fees. Instead of interest, an application fee is charged. To obtain the short-term plan a student must make a down payment of 1/3 of the total tuition and fee costs and/or have the note secured by a creditworthy co-signer. The remaining balance of the charges must be paid by a predetermined date later in the term.

WORK
FEDERAL WORK-STUDY (FWS) funds provide opportunities for students who can demonstrate need and want to work part-time. The total amount a student may earn is determined on the basis of need. Community Service and tutoring jobs are available. Contact the Work Study Advisor in the Financial Aid Office (BA-105, 801-863-8551) for further information.

UTAH CENTENNIAL OPPORTUNITY PROGRAM FOR EDUCATION (UCOPE) WORK is part-time work for eligible Utah residents attending UVSC full-time.

HOURLY CAMPUS EMPLOYMENT is available on a limited basis. At their own expense some departments hire students without regard to financial aid eligibility. For more information check with the Career Services and Student Employment Office.

SCHOLARSHIPS
UVSC offers a comprehensive and varied scholarship program. Scholarships are provided by State and College funding, alumni, and private donors and are awarded on the basis of academic excellence and promise of future achievement. Financial need is a factor for some awards. Additionally, students who have acquired skills may be awarded for their talents.

There are additional facts to know about scholarships. Utah residency is required for all except exceptional performance and privately funded programs. If a student is offered more than one scholarship, it may be necessary to indicate a preference. Scholarships are offered to New , Transfer, and Continuing students.

NEW UVSC Students, those students who have never attended UVSC (with the exception of high school concurrent enrollment), are eligible to apply for scholarships. For Fall & Spring two-semester awards, applications must be received or postmarked by February 1. For Spring one-semester-only awards by December 1.

CONTINUING UVSC Students, those who have completed at least 12 post-high-school UVSC credits since enrolling at the College after high school graduation, may also apply for scholarships. Applications must be postmarked by March 1 for Fall & Spring two-semester awards.

UVSC does not endorse the use of scholarship search services that charge a fee. There are internet sites which offer the same information at no cost. See our web page for links to free scholarship searches not associated with UVSC. For more  information on UVSC scholarships, visit our website at www.uvsc.edu/finaid/scholarships/.