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Types of Financial Aid

Types of Financial Aid

Grants, loans, Federal Work-Study and a limited number of scholarships are available through this office to help defray educational expenses at Abraham Baldwin Agricultural College.  Grants do not have to be repaid.  Federal Work-Study awards are earned during the period of enrollment.  Most loans must be repaid in cash.  You must be enrolled at least half time (6 hours) to receive a Federal Supplemental Educational Opportunity Grant, Federal Work- Study, Federal Direct Loan or Federal Parent (PLUS) Loan.  Federal Pell Grants are available for less than full time students depending on enrollment status of three quarter time (9-11 hours), half time (6-8 hours) or less than half time (under 6 hours).  HOPE Scholarships are available for one or more hours of enrollment.  All student financial aid will be awarded based on anticipated full time enrollment unless otherwise noted on your Award Letter.  The following programs are available at Abraham Baldwin Agricultural College.

The Federal Pell Grant

Federal Pell Grants are generally awarded only to undergraduate students who have not earned a bachelor’s or professional degree.  Federal Pell Grants do not have to be repaid and are usually the foundation of financial aid to which other aid may be added.

A student’s eligibility for the Federal Pell Grant is determined by the U.S. Department of Education using a standard formula established by Congress.  Information provided on the FAFSA is evaluated to produce an Expected Family Contribution (EFC) number.  This number is included on your Student Aid Report (SAR) and will tell you if you qualify.

Awards depend on program funding; for the 2014-2015 award year, the maximum award is $5730.  You can receive only one Pell Grant in an award year.  The amount you receive will depend not only on your EFC but also on your cost of attendance, whether you’re enrolled full-time or part-time, and whether you attend school for a full academic year.  You may not receive Pell Grant funds from more than one school at a time.

At ABAC, Pell Grant funds are credited to student accounts.

Federal Supplemental Educational Opportunity Grant (FSEOG)

A Federal Supplemental Educational Opportunity Grant is for undergraduates with exceptional financial need–that is, students with the lowest EFCs–and gives priority to students who receive Federal Pell Grants.  An FSEOG does not have to be repaid.  Funding for this program is limited, so not every student who is eligible will receive an FSEOG award.

At ABAC, FSEOG awards vary in amount and are credited to student accounts.

Federal Work-Study

The Federal Work-Study Program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses.  The program encourages community service work and work related to your course of study.

At ABAC, participants in the Work-Study Program are paid $7.25 per hour and are paid every two weeks.  Most Work-Study positions are located on-campus; however, some off-campus positions may be available.  The number of hours a student may work per week depends on the amount of his or her award.  However, the maximum number of hours a student may work in a given week is 15.

At ABAC, FWS earnings are paid directly to the student by the College.

HOPE Scholarship

HOPE Scholarship (Helping Outstanding Pupils Educationally) is funded by the Georgia Lottery for Education and is available to certain eligible Georgia high school graduates.  Others are eligible to receive the HOPE Scholarship as a renewal of their previous HOPE award, or by having a 3.0 cumulative GPA at the 30th, 60th or 90th Attempted Hour benchmark.  Full time enrollment is not a requirement.  Grade point eligibility for entering freshmen is based on a final high school core curriculum GPA of 3.0 or better as determined by the high school and reported to the Georgia Student Finance Commission (GSFC). ABAC students currently receiving HOPE may renew the HOPE Scholarship based on ABAC’s certification of their grade point eligibility on their course work attempted and completion of their student financial aid application. Students who have lost HOPE due to not having the required 3.0 GPA may regain it after their 60th or 90th attempted hour if their GPA has reached 3.0.  Students who are applying for HOPE  must complete the Free Application for Federal Student Aid (FAFSA) and provide verification information if required, or the HOPE (GSFAPPS) application online.  Transfer students who received HOPE elsewhere will be evaluated on the basis of their GPA on all previous course work attempted after high school graduation.  HOPE recipients who wish to enroll as transient students at other HOPE eligible institutions are eligible to receive HOPE funds at the transient institution.  Contact the Office of Student Financial Services and ask to speak with the HOPE Scholarship Coordinator to request the appropriate form to request payment for transient study.   You must complete the application process before the end the semester in order to be paid for the award year.  Contact the GSFC at 1-800-546-HOPE or access the HOPE Scholarship Web site at http://www.gacollege411.org/finaid/scholarshipsandgrants/hopescholarship/overview.asp for further details.

There will be an End-of-Spring (EOS) checkpoint and a Three-Term (TT) checkpoint.  The first EOS checkpoint will be conducted at the end of Spring Semester.  All HOPE Scholarship recipients must have a 3.0 GPA at the end of each spring term in order to continue their eligibility.  HOPE Scholarship eligibility can be lost at an EOS checkpoint, but cannot be gained or regained at an EOS checkpoint.  HOPE Scholarship eligibility can be lost at an EOS checkpoint, but then regained at a future Attempted Hours checkpoint.  The first TT checkpoint will be conducted at the end of Spring Semester or 30 attempted hours.  This checkpoint only applies to freshmen (1st tier) HOPE Scholarship recipients who enrolled for less than 12 hours for each of their first three terms in a row.  Freshmen HOPE Scholarship recipients who enrolled for less than 12 hours for each of their first three terms, and only these students, must have a 3.0 GPA in order to continue their eligibility.  After the TT checkpoint is applied once to a student, the EOS checkpoint must be applied to that student regardless of the number of hours enrolled each term.  HOPE Scholarship eligibility can be lost at a TT checkpoint, but cannot be gained or regained at the TT checkpoint.  HOPE Scholarship eligibility can be lost at a TT checkpoint, but then regained at a future Attempted Hours checkpoint.

Effective Fall Semester 2004, HOPE Scholarship recipients will have a paid-hours limit in addition to an attempted hours limit.  Hours for which students received payment for the ACCEL, which replaced Post Secondary Options (PSO), program plus HOPE Grant plus HOPE Scholarship are included.  Hours for which HOPE Grant funds were paid will be tracked beginning with summer term 2003.  Hours for which ACCEL (PSO) Program funds were paid will be tracked starting with the Fall Semester 2004.  Recipients are eligible for a maximum of 127 paid or attempted semester hours of HOPE Scholarship payment, whichever comes first.

HOPE and Zell Miller Scholarship Overview

This information is provided by the Georgia Student Finance Commission (GSFC) May 2011. Additional details available at GAcollege411

HOPE and Zell Miller are merit based scholarship programs available to students who have met the University System of Georgia and the GSFC residency requirements and are enrolled in an undergraduate degree seeking program. Students may receive HOPE or Zell Miller, but NOT both at the same time. This page outlines the differences.

HOPE Zell Miller
High School Eligibility Requirements A high school GPA of 3.0 as calculated by GSFC A high school GPA of 3.7 as calculated by GSFC AND an SAT score of 1200 or ACT of 26.
College Eligibility Requirements Maintain a 3.0 HOPE GPA Maintain a 3.3 HOPE GPA
Check-points (Losing and regaining awards) Eligibility is checked at the end of each Spring semester and when 30, 60, and 90 credit hours have been attempted.Once lost, eligibility can be regained just once, and only at the 30, 60, 90 attempted hour checkpoints. Eligibility is checked at the end of each Spring semester and when 30, 60, and 90 credit hours have been attempted.Once lost, eligibility can be regained just once, and only at the 30, 60, 90 attempted hour checkpoints.
Time and Credit Hour Limits HOPE can be received either

  • until the student has attempted 127 hours

OR

  • until 127 hours have been paid through the combination of HOPE/Zell Miller/HOPE Grant/Accel,

HOPE eligibility may end seven (7) years from the date of high school graduation.

Zell Miller can be received either

  • until the student has attempted 127 hours

OR

  • until 127 hours have been paid through the combination of HOPE/Zell Miller/HOPE Grant/Accel,

Zell Miller eligibility may end seven (7) years from the date of high school graduation.

Award Amounts Awards are based on anticipated enrollment in 15 credit hours each semester.For 2011-2012, annual awards will be set at a maximum of $6363, which is 90% of tuition for the 2010-2011 school year.For 2012-2013, annual awards will be set at a maximum of $6363, which is 90% of tuition for the 2010-2011 school year.For students who are approaching the credit hour limit described above, awards are reduced based on remaining eligibility.Beginning Fall 2011, there are no awards for fees or books through this program. Awards are based on anticipated enrollment in at least 15 hours each semester.For 2011-2012, the maximum annual award is $7282, which is 100% of 2011-2012 tuition for students who do not qualify for a prior “guaranteed tuition” rate.For 2012-2013, the maximum annual award is $7718, which is 100% of 2012-2013 tuition for students who do not qualify for a prior “guaranteed tuition” rate.For students who are approaching the credit hour limit described above, awards are reduced based on remaining eligibility.Beginning Fall 2011, there are no awards for fees or books through this program.
Payment Amounts Actual payment amounts for HOPE will be pro-rated down for students enrolled in fewer than 15 eligible hours. Actual payment amounts for Zell Miller will be for exact tuition charges assessed by the Bursar for eligible courses.
How to Apply  Annually, complete the FAFSA or Hope application (GSFAPPS)  Annually, complete the FAFSA or Hope application (GSFAPPS)
Appeals Process If your final award notice from our office did not include the HOPE scholarship and you believe you should qualify, appeal directly to GSFC. Please notify our office of the outcome once a determination is made. If your final award notice from our office did not include the Zell Miller scholarship and you believe you should qualify, appeal directly to GSFC. Please notify our office of the outcome once a determination is made.

 

Federal Direct Loan

Federal Direct Loans are available to students at ABAC and can be either subsidized or unsubsidized.  Students must be enrolled in 6 credit hours to be eligible.

A subsidized Direct Loan is awarded on the basis of financial need.  A student is not charged interest on this loan while he or she is enrolled in school at least half time or during authorized periods of deferment.  The federal government “subsidizes” the interest during these periods.

An unsubsidized loan is not awarded on the basis of financial need; therefore, the student will be charged interest on the loan from the time it is disbursed until the time it is paid in full.  If you allow the interest to accumulate, it will be capitalized– that is, the interest will be added to the principal amount of your loan and additional interest will be based upon the higher amount.  Capitalization will increase the amount you have to repay.  ABAC suggests that you pay the interest prior to capitalization.

First-year students may borrow up to $5500 per year; second year students may borrow up to $6,500.  Students may borrow an additional amount up to $4,000 per year upon denial of a parent plus loan.

The interest rate on Direct Loans is variable and changes every July 1; however, it will never exceed 8.25 percent.  Lenders are required by law to notify students of changes in the interest rate.  Repayment of the loan usually begins six months after the student is no longer enrolled at least half-time in school.  If needed, students may defer repayment of their loans for a time.

Eligibility for Direct Loans is determined upon completion of the FAFSA.

At ABAC, Federal Direct Loan funds are credited to the student’s account once the funds are delivered to the school.

Federal Direct Loan fee:

Loan Type

First Disbursement Date

Loan Fee

Direct Subsidized Loans and Direct Unsubsidized Loans

On or after 12/1/13 and before 10/1/14

1.072%

On or after 10/1/14 and before 10/1/15

1.073%

Federal Direct Loan Interest Rates:

Interest Rates for Direct Loans First Disbursed on or After July 1, 2013

Loan Type Borrower Type Loans first disbursed on or after 7/1/13 and before 7/1/14 Loans first disbursed on or after 7/1/14 and before 7/1/15
Direct Subsidized Loans

Undergraduate

3.86%

4.66%

Direct Unsubsidized Loans

Undergraduate

3.86%

4.66%

Federal Direct Parent Loan

The Federal Direct Parent (PLUS) Loan is an educational loan for parents of dependent undergraduate students enrolled at least half time.  Financial need is not a requirement, but good credit is required.  Loan eligibility is based on the Cost of Attendance minus other aid received.

Federal Direct Parent (PLUS) Loan interest rates are variable.  The interest rate is tied to the rate for 91 day Treasury bills plus 3.1%.  A loan fee is deducted from each delivery of loan proceeds.

The first payment is due 60 days after the loan is disbursed.

Federal Direct Parent (PLUS) Loan funds are credited to the student’s account once the funds are delivered electronically to the school.

The student financial aid application process (FAFSA) must be completed by ALL students requesting loans, even if the only aid being requested is the Federal Direct Parent (PLUS) Loan.

If the parent is denied the PLUS Loan and elects not to use an endorser, the student may be eligible for additional unsubsidized Federal Direct Loan funds, not to exceed the Cost of Attendance.  Students may borrow an additional $4,000 for the academic year.

Federal Direct Parent Plus Loan Fee:

Loan Type

First Disbursement Date

Loan Fee

Direct PLUS Loans

On or after 12/1/13 and before 10/1/14

4.288%

On or after 10/1/14 and before 10/1/15

4.292%

Federal Direct Parent Plus Interest Rates:

Interest Rates for Direct Loans First Disbursed on or After July 1, 2013

Loan Type Borrower Type Loans first disbursed on or after 7/1/13 and before 7/1/14 Loans first disbursed on or after 7/1/14 and before 7/1/15
Direct PLUS Loans

Parents and Graduate or Professional Students

6.41%

7.21%

ABAC Foundation Scholarships
Through the generosity of alumni, friends and supporter of ABAC, each year the ABAC Foundation grants many different scholarships.  Awards are based on various criteria and do not require repayment.  Academic excellence, financial need, and major of study are just a few of the criteria used for selecting recipients.  Scholarships are awarded and administered by various groups, both on ABAC’s campus and off.  Further information on ABAC’s Institutional Scholarships can be obtained from the ABAC Catalog or at www.abac.edu/scholarships.