Federal Aid
Federal Pell Grant
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Eligibility
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Demonstrated Need based on completed FAFSA. Awarded to undergraduate students(students who have not yet earned a bachelor’s degree).
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Amount
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$5,550 maximum – Does not have to be repaid.
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Deadline
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None
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How to Apply
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Complete FAFSA with school code (002288) Rochester College should be listed as first choice to expedite the process
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Renewal Requirements
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Continue to meet eligibility requirements by completing FAFSA annually
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Supplemental Educational Opportunity Grant
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Eligibility
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Demonstrated Need based on completed FAFSA. Awarded to undergraduate students(students who have not yet earned a bachelor’s degree), with exceptional need, subject to federal funding guidelines. Students must qualify for Pell grant to receive this grant. The college receives a limited amount of funds therefore early application is important to guarantee the student’s award.
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Amount
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$800 maximum – Does not have to be repaid.
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Deadline
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None
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How to Apply
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Complete FAFSA with school code (002288) Rochester College should be listed as first choice to expedite the process
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Renewal Requirements
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Continue to meet eligibility requirements by completing FAFSA annually
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Federal Stafford Loan (subsidized)
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Eligibility
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Demonstrated Need based on completed FAFSA
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Amount
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up to $3,500 as Freshman, $4,500 as Sophomore, and $5,500 as Junior and Senior
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Deadline
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None
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| Details | Variable interest rate, repayment begins 6 months after graduation, up to 10 years for repayment, provided by William Ford Federal Direct Loan Program, banks or other lending institutions. Loans are government subsidized (students are not responsible for interest while enrolled in college on at least a a half-time basis). For 2010-2011 this loan has a fixed interest rate of 4.5%. These is a 1.5-3% origination fee for this loan. For example, a student that is packaged with a Direct Stafford Loan of $1,742 actually borrows $1,750. |
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How to Apply
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Complete FAFSA with school code (002288) Rochester College should be listed as first choice to expedite the process
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Renewal Requirements
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Continue to meet eligibility requirements by completing FAFSA annually
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Federal Perkins Loan
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Eligibility
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Demonstrated Need based on completed FAFSA. Perkins is available for undergraduate students (students who have not yet earned a bachelor’s degree). Students with the greatest need receive loans from this program. Funding for Perkins Loans is extremely limited, so early application is critical.
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Amount
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$5,000 maximum per year for a total of $20,000.
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Deadline
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None
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| Details | 5% interest rate. Repayment begins 9 months after graduation or upon the student discontinuing attendance for at least halftime. Up to 10 years for repayment. There is no origination fee. The Federal Perkins Loan Program provides low-interest loans to help needy students finance the cost of postsecondary education. Information on deferment for the Federal Perkins Loan Program can be found here. Students must sign a Perkins promissory note and complete the Perkins entrance counseling. Both can be obtained by emailing your financial service advisor. |
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How to Apply
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Complete FAFSA with school code (002288) Rochester College should be listed as first choice to expedite the process
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Renewal Requirements
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Continue to meet eligibility requirements by completing FAFSA annually
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| Servicer | University Accounting Service (UAS) is Rochester College’s Perkins loan servicer. Once you receive a Perkins loan from Rochester, an account is created with UAS and they track all loan advancements, payments, deferments, and cancellations. You can get current informationa dn forms by visiting the UAS website University Accounting Service, LLC. P.O. Box 932, Brookfield, WI 53008, Telephone (800) 999-6227, Fax (262) 784-9014. |
Federal Stafford Loan (unsubsidized)
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Eligibility
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Demonstrated Need based on completed FAFSA. Students not eligible for Subsidized Stafford Loan funds may borrow through the Unsubsidized Stafford Loan program.
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Amount
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up to $3,500 as Freshman, $4,500 as Sophomore, and $5,500 as Junior and Senior
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Deadline
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None
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| Details | Student is responsible for interest accrued during in-school deferment. Unsubsidized Stafford Loans have a fixed interest rate of 6.8%. There is a 1.5-3% origination fee for this loan. For example, a student that is packaged with a Direct Stafford Loan fo $1,742 actually borrows $1,750. Repayment on the principle begins six months after the student ceases to be enrolled at least halftime, with a repayment schedule of 10-30 years. Interest payments are the responsibility of the student for the entire duration of the loan. |
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How to Apply
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Complete FAFSA with school code (002288) Rochester College should be listed as first choice to expedite the process
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Renewal Requirements
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Continue to meet eligibility requirements by completing FAFSA annually
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Federal Work Study
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Eligibility
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Demonstrated Need based on completed FAFSA
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Amount
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Varies based on need
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Deadline
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None
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How to Apply
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Complete FAFSA with school code (002288) Rochester College should be listed as first choice to expedite the process. Complete work study application.
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Renewal Requirements
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Continue to meet eligibility requirements by completing FAFSA annually
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Student Employment Application
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Loan Deferment
Students may qualify for a loan deferment. For more information visit http://www.direct.ed.gov/postpone.html