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Types of Financial Aid

 

Federal Grants

Federal Pell Grant (2014-2015)
This grant is awarded after students have submitted the FAFSA to the Federal Student Aid Programs and is based upon Federal Pell Grant eligibility. The maximum Federal Pell Grant award for the 2014-2015 award year is $5,730.

TEACH Grant
In exchange for receiving a TEACH Grant, you must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students (see below for more information on high-need fields and schools serving low-income students). As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant.

IMPORTANT: If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Stafford Loan. You must then repay this loan to the U.S. Department of Education. You will be charged interest from the date the grant(s) was disbursed. Note: TEACH Grant recipients will be given a 6-month grace period prior to entering repayment if a TEACH Grant is converted to a Direct Unsubsidized Loan. More information can be found at www.studentaid.gov.

 

State Grants

Availability of funding for state programs is dependent on the states’ annual budget review



Ohio College Opportunity Grant (OCOG)
The Ohio College Oppor­tunity Grant (OCOG) is available to eligible students. Eligibility requires that both the student and parent be Ohio residents for at least three years and have an Expected Family Contribu­tion (EFC) of less than $2,190. Funding for OCOG comes from the Ohio Board of Regents. To apply for OCOG, complete the 2014-2015 FAFSA before October 1, 2014.

PHEAA State Grant
In order to be considered for Pennsylvania state grant funds, parents and students must be residents of the state of Pennsylvania. Students must file the FAFSA by May 1, 2014 and must list Mount Union first in the “universities to receive information” section. New students must print and sign the eligibility statement which is located on Mount Union’s website under the forms section.

Mount Union Grants and Scholarships

Presidential Scholarship
The Mount Union Presidential Scholarship is available for up to 8 consecutive semesters and is renewable as long as you are a traditional full-time undergraduate student (minimum 12 hours each semester) and maintain a cumulative GPA of 3.0. We will review this at the end of your fourth semester and each spring semester after that. If you lose the scholarship because of the GPA requirement and bring the cumulative GPA up to 3.0 or above after the next semester, please contact the Office of Student Financial Services for a review of your financial aid.

Trustee Scholarship
The Mount Union Trustee Scholarship is available for up to 8 semesters and is renewable as long as you are a traditional full-time undergraduate student (minimum 12 hours each semester) and maintain a cumulative GPA of 3.0. We will review this at the end of your fourth semester and each spring semester after that. If you lose the scholarship because of the GPA requirement and bring the cumulative GPA up to 3.0 or above after the next semester, please contact the Office of Student Financial Services for a review of your financial aid.

Academy Scholarship
The Mount Union Academy Scholarship is available for up to 8 semesters and is renewable as long as you are a traditional full-time undergraduate student (minimum 12 hours each semester) and maintain a cumulative GPA of 3.0. We will review this at the end of your fourth semester and on an annual basis after that. If you lose the scholarship because of the GPA requirement and bring the cumulative GPA up to 3.0 or above after the next semester, please contact the Office of Student Financial Services for a review of your financial aid.

Founder's Scholarship
The Mount Union Founder's Scholarship is available for up to 8 semesters and is renewable as long as you are a traditional full-time undergraduate student (minimum 12 hours each semester) and maintain a cumulative GPA of 3.0. We will review this at the end of your fourth semester and each spring semester after that. If you lose the scholarship because of the GPA requirement and bring the cumulative GPA up to 3.0 or above after the next semester, please contact the Office of Student Financial Services for a review of your financial aid.

Dean's Scholarship
The Mount Union Dean's Scholarship is available for up to 8 semesters and is renewable as long as you are a traditional full-time undergraduate student (minimum 12 hours each semester) and maintain a cumulative GPA of 3.0. We will review this at the end of your fourth semester and each spring semester after that. If you lose the scholarship because of the GPA requirement and bring the cumulative GPA up to 3.0 or above after the next semester, please contact the Office of Student Financial Services for a review of your financial aid.

Hartshorn Award
The Hartshorn Award from Mount Union is based on a review of the student's high school academic credentials. Eligible students must be enrolled as a full-time undergraduate student (minimum 12 hours per semester) in the traditional program and the award is renewable for up to a total of 8 semesters.

Heritage Award
The Heritage Award from Mount Union is based on a review of the student's high school academic credentials. Eligible students must be enrolled as a full-time undergraduate student (minimum 12 hours per semester) in the traditional program and the award is renewable for up to a total of 8 semesters.

Ministerial Award
The Ministerial Award is for dependent sons or daughters who are enrolled as a traditional full-time undergraduate student (minimum 12 hours each semester) and who currently live with the parent who is a full-time ordained minister or missionary. The primary source of income for the minister must come from this full-time position. Awards are up to $10,000.

Legacy Award
The Legacy Award is awarded to full time undergraduate students who are dependent sons or daughters of Mount Union graduates. It is renewable for up to 8 semesters as long as the student is full-time (minimum of 12 hours per semester). Transfer students are eligible to receive the award less the semesters enrolled at any other institution.

International Grant
The International Grant is a grant available from Mount Union to full time undergraduate international students who have demonstrated financial need, are enrolled as full-time students (minimum 12 hours per semester) and are ineligible for federal and/or state funds on the basis of citizenship status. The International Grant is renewable for up to 10 semesters.

Mount Union Grant
The Mount Union Grant is a grant available to traditional full-time undergraduate students (minimum 12 hours each semester) who have financial need as determined by the results of the FAFSA. The grant is renewable for up to 10 semesters.

Methodist Grant
The United Methodist Grant is for traditional students who have indicated that they are members of the Methodist denomination and who have financial need as determined by the results of the FAFSA. The student must be enrolled as a full-time undergraduate student (minimum of 12 hours per semester). The grant is renewable for up to 10 semesters.

Employment Tuition Discount
For the Employee Tuition Discount, you must be a dependent of a current full-time employee of Mount Union. Human Resources must have the Dependent Educational Benefits Request Form to confirm the student's enrollment each semester. A form is available on the Mount Union website. Any changes to your current enrollment status could affect the amount of the tuition benefit. Tuition support at Mount Union is limited to 136 attempted semester hours.

Loans

Federal Perkins Loan
A limited amount of money is available to freshman students for the Federal Perkins Loan program. A notice will be sent to all students who have been awarded the Federal Perkins Loan to go online to do the Master Promissory Note (MPN). This loan is deferred while the student is attending school at least half-time (minimum of 6 hours) and repayment will begin 9 months after the student leaves school or drops to less than half-time. The interest rate is 5%. This loan is generally only awarded the first year because of the limited funds available.

Federal DL Subsidized Stafford Loan (2014-2015)
Direct Subsidized Loans are for students with financial need. You are not charged interest while you’re in school at least half-time (minimum of 6 hours) and repayment begins 6 months after the student leaves school or drops to less than half-time.

To apply for a Federal Stafford Loan, please complete the DL Stafford Request Form and submit it to the Office of Student Financial Services. Remember that 1.072% of the requested amount will be deducted to cover origination fees.

New borrowers of Stafford loans must complete Direct Lending Stafford Entrance Counseling and a Direct Loan Stafford Master Promissory Note (MPN) online at www.studentloans.gov. They must also return a DL Stafford Loan Request Form (found under our Forms section) to the Office of Student Financial Services via fax (330-829-2814) or email (finaid@mountunion.edu).

Federal DL Unsubsidized Stafford Loan (2014-2015)
You are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Like subsidized loans, your school will determine the amount you can borrow. Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.

To apply for a Federal Stafford Loan, please complete the DL Stafford Request Form and submit it to the Office of Student Financial Services. Remember that 1.072% of the requested amount will be deducted to cover origination fees.

New borrowers of Stafford loans must complete Direct Lending Stafford Entrance Counseling and a Direct Loan Stafford Master Promissory Note (MPN) online at www.studentloans.gov. They must also return a DL Stafford Loan Request Form (found under our Forms section) to the Office of Student Financial Services via fax (330-829-2814) or email (finaid@mountunion.edu).

Federal DL Parent PLUS Loan
(2014-2015)
In order to initiate a Federal DL Parent PLUS Loan, parents must complete a DL Parent Plus Request Form (found under our Forms (link) section) and apply online at www.studentloans.gov. PLEASE NOTE: The Federal DL Parent PLUS Loan is based on a credit check completed by the Department of Education. This credit check is only good for 90 days. Remember that 4.288% of the requested amount will be deducted to cover origination fees.

New borrowers of Parent PLUS loans must also complete a Direct PLUS Loan Master Promissory Note (MPN) online at www.studentloans.gov. The parent must log in with the PARENT information NOT the student information.

To be eligible for a Direct PLUS Loan for Parents:

  • The parent borrower must be the student's biological or adoptive parent. In some cases, the student's stepparent may be eligible.
  • The student must be a dependent student (according to the FAFSA).
  • The parent borrower must not have an adverse credit history (A credit check will be done. This credit check is only good for 90 days.) If the parent does not pass the credit check, the parent may still receive a loan if someone (such as a relative or friend who is able to pass the credit check) agrees to endorse the loan. The endorser promises to repay the loan if the parent fails to do so. The parent may also still receive a loan if he or she can demonstrate extenuating circumstances (appeal).
  • The student and parent must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the federal student aid programs. For additional information on eligibility requirements, go to www.studentaid.ed.gov.

Private Education Loans
The private (alternative) education loan program is available to assist students in covering the remaining balance due after other financial aid has been considered. These non-federal loans are in addition to the student Federal loans already included in the student's financial aid award.

The interest rates will differ with each lender and accrues from the first date of disbursement. This loan is in the student's name, and often the student needs a credit worthy co-signer in order for the loan to be approved. Generally, repayment begins after students graduate, or drop below 6 credit hours.  Apply for a Private Loan.

Nurse Education Assistance Loan Program (OHIO)
The purpose of Nurse Education Assistance Loan Program is to provide financial assistance to Ohio students enrolled for at least half-time study (or accepted for enrollment) in approved Ohio pre-licensure nurse education program who intend to serve as nurses after graduation. The annual award for the most recent academic year was $1,500/year. In exchange, to qualify for loan cancellation, recipients must be employed full-time as a registered nurse or licensed practical nurse in the State of Ohio for a minimum of five years after graduation.

Please visit http://regents.ohio.gov/sgs/nealp/students.php for directions on how to apply!

Canton Student Loan Foundation
You can receive $12,000 total toward your undergraduate education and an additional $8,000 if you continue on to graduate school. To be eligible, you must:

  • Graduate from a Stark County high school; be a Stark County resident who was eligible to graduate from a Stark County high school but has graduated from a high school elsewhere; or have earned a diploma from the ABC (A Better Chance) program.
  • Enroll for at least 12 credit hours per term in a post high-school, undergraduate degree-granting program. This includes associate degree, technical-school and trade-school programs.
  • Have and maintain minimum term and cumulative grade point averages of 2.0.

Please visit http://www.cantonstudentloan.org/ for directions on how to apply!

Federal Work Study

  • Federal Work Study is a need-based fund awarded to the student. Not all students are eligible for this program.
  • Both tax withholding forms and work authorization forms must be completed BEFORE beginning any campus job.
  • If an eligible student does not work, they will earn $0 from the federal work study program.

The Federal Work Study Program provides part-time jobs for students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student’s course of study.

The Office of Student Financial Services will determine eligibility. If Federal Work Study is indicated on a student’s financial aid award, the amount listed is the MAXIMUM amount the student may EARN working on-campus or in off-campus community service jobs sponsored by the University. If an eligible student does NOT work, they will earn $0 from the federal work study program.

Students must FIRST complete tax withholding forms in the Office of Human Resources in Beeghly Hall. Two original forms of identification are required (i.e. driver’s license and SS card, birth certificate, or passport). THEN students should pick up a work authorization form in the Office of Student Financial Services.

Students are responsible for securing employment on campus. They may look on the “Student Job Book” on iRaider (the University’s portal) or by inquiring in person about potential openings in various departments on campus. Monthly earnings (minimum wage rate) go directly to the student and can be used as payment toward the student account or used as spending money while at school.