Types of Financial Aid

• Federal Grants
• Federal Loans and Workstudy
• State Grants
• Mount Union Grants and Scholarships

Federal Grants

Federal Pell Grant
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 Expected Family Contribution (EFC) from the FAFSA must be less than or equal to $5,273.

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.ed.gov.

Federal Loans and Workstudy

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 program is generally awarded to only the first year because of the limited funds available.

Federal DL Subsidized Stafford Loan
Direct Subsidized Loans are for students with financial need.  You are not charged interest while you’re in school at least half-time and during grace periods and deferment periods.  To apply for a Federal Stafford Loan, you need to complete the DL Stafford Request Form and turn it in to the Office of Student Financial Services. First time borrowers are required to complete a DL Stafford Master Promissory Note (MPN) and DL Stafford Entrance Counseling. Information on how to electronically complete these items is located at www.mountunion.edu/counseling-sessions

Federal DL Unsubsidized Stafford Loan
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, you need to complete the DL Stafford Request Form and turn it in to the Office of Student Financial Services. First time borrowers are required to complete a DL Stafford Master Promissory Note (MPN) and DL Stafford Entrance Counseling. Information on how to electronically complete these items is located at www.mountunion.edu/counseling-sessions

Federal DL Parent PLUS Loan
In order to initiate a Federal DL Parent PLUS Loan, parents must complete a DL Parent Plus Request Form.  First time parent borrowers need to complete a DL Parent Plus Master Promissory Note (Please note that the Federal DL Parent Plus Loan is based on a credit check). To complete the PLUS Master Promissory Note (MPN) for Direct Lending go to www.studentloans.gov Your loan will not be guaranteed or disbursed until the MPN is complete. Remember that up to 2.5% of the requested amount will be deducted to cover origination fees.

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.  Generally, a student is considered dependent if he or she is under 24 years of age, has no dependents, and is not married, a veteran, a graduate or professional degree student, or a ward of the court.

• The parent borrower must not have an adverse credit history (a credit check will be done). 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.

• 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.

Federal Work Study
The amount of Federal Work Study listed is the maximum amount you may earn working on-campus or in off-campus community service jobs sponsored by the University. Monthly earnings can be used as payment toward your student account or used as spending money.

State Grants

Availability of funding for state programs in Ohio is dependent on the State of Ohio's annual budget review

Ohio College Opportunity Grant (OCOG)
The OHIO COLLEGE OPPORTUNITY GRANT (OCOG) for 2011-12 has not been funded or approved by the Ohio Board of Regents.  Information should be available by July 2011.

PHEAA State Grant
The PHEAA State Grant is available to full-time students (minimum 12 hours each semester) who are Pennsylvania residents and whose eligibility is confirmed by PHEAA. A completed FAFSA must be filed by May 1st in order to be considered. Mount Union must be listed as the first school on the FAFSA. Any changes made to the FAFSA information after that time could affect the amount of the grant that you will receive. This award will remain estimated until PHEAA confirms the amount of the award.

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 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 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 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 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 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 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 traditional full-time (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 traditional 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 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 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 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 or from that office. Any changes to your current enrollment status could affect the amount of the tuition benefit. Tuition support at Mount Union is limited to 128 attempted semester hours.