Federal and state assistance programs
Federal and State Grants
U.S. citizens and permanent residents are eligible for a range of grant programs. The Federal Pell Grant, given to students with exceptional financial need, is determined by the FAFSA application. The Federal Supplement Educational Opportunity Grant (SEOG) is awarded to students with high need. Some states offer variable grants that have reciprocity with Simon’s Rock; eligible students should file their FAFSA prior to April 15.
Federal Perkins Loan
The Federal Perkins Loan program is designed for students with high financial need. The average Perkins loan is $1,000 annually and repayment begins after the student leaves Simon’s Rock, or payments can be deferred if the student continues their education.
Federal Direct Loan
The Federal Direct Loan program offers both subsidized and unsubsidized loans. Students demonstrating financial need may receive a subsidized loan; the government pays interest on the loan while the student is enrolled. Students who do not demonstrate financial need may be offered an unsubsidized loan, where interest accrues while enrolled. The program limits borrowing to a maximum of $3,500 for a subsidized loan and $2,000 for an unsubsidized loan for a student’s first year. Both loans defer payment on the principal until graduation.
Federal Direct Plus Loan
The Federal Direct Plus Loan allows parents with good credit histories to borrow up to the annual cost of attendance, minus any other financial aid received. Federal Direct Plus Loans have a fixed interest rate, set by the federal government, and these loans can cover the cost of tuition, fees, room and board, books, and transportation.
The Federal Work-Study Program provides eligible students the opportunity to work on campus. Awards range from $1,000-$1,500. Students are responsible for locating available jobs and receive minimum wage for hours worked.