Federal Work-Study (FW-S) Program
The Federal Work-Study
(FW-S) program is funded by both the federal government and Clarkson College.
The program provides on-campus employment opportunities for undergraduate
students with financial need. An eligible student will be awarded a dollar
amount that may be earned each semester. The FW-S awards and amounts are
determined by Clarkson College. Generally, award amounts (earnings limits)
range from $500 to $1,000 per semester.
A FW-S award is not a
guarantee of employment. The student must be eligible for employment with The
Nebraska Medical Center, which includes a successful interview, background
check and drug screening. Employment is also contingent upon availability of
job openings within the College.
For those students who do
not qualify for the FW-S program, Clarkson College offers on-campus employment
opportunities through our Student Employment program.
Federal Loan Programs
Federal Stafford Loans are
federally funded, low interest rate loans that are available to both
undergraduate and graduate students. A student's eligibility for a Stafford
Loan and the amount of the award is determined by Clarkson College. Several
factors are used in the calculation of a student's loan award, including the
student's grade level, cost of attendance, enrollment status, expected family
contribution (EFC) and other financial aid awarded to the student. A student
must file the FAFSA, complete a Master Promissory Note (MPN), complete a loan
entrance counseling session and be enrolled at least half-time (6 credit hours
per semester) to receive a Stafford Loan award.
Stafford Loans are usually
awarded for a two-semester loan period. The first disbursement will occur at
the beginning of the first semester and the second will occur at beginning of
the second semester.
The Federal Stafford Loan
fixed interest rate is established through federal regulation and may change
for new loans disbursed after July 1 of each year. Repayment of Stafford Loans
begins six months after the student either graduates or ceases to be enrolled
at least half-time. The maximum aggregate loan amount a student may borrow
under the Stafford Loan program is: $23,000 for a dependent, undergraduate
student; $46,000 for an independent, undergraduate student; and $138,000 for a
graduate student.
Subsidized
Federal Stafford Loans
The interest on a subsidized Federal Stafford Loan
will begin to accrue when the loan funds are disbursed to the student. However,
that interest is paid by the federal government while the student is enrolled
at least half-time (6 credit hours per semester).
Maximum annual subsidized Stafford Loan limits are:
$3,500 for first year undergraduate students; $4,500 for second year
undergraduate students; $5,500 for third and fourth year undergraduate
students; and $8,500 for graduate students. A student's grade level is
determined by the student's current academic status at Clarkson College.
Unsubsidized
Federal Stafford Loans
Unsubsidized Federal Stafford Loans are similar to
the subsidized Federal Stafford Loans except that the student is immediately
responsible for payment of the interest on these loans. Students can make
interest payments while in school, or the interest can be capitalized and added
to the principal loan balance when the student graduates or ceases to be
enrolled at least half-time (6 credit hours per semester).
Maximum annual unsubsidized Stafford Loan limits
are: $6,000 for first and second year undergraduate students; $7,000 for third
and fourth year undergraduate students; and $12,000 for graduate students. A
student's grade level is determined by the student's current academic status at
Clarkson College.
Federal
Nursing Student Loans
The Federal Nursing Student Loan Program is a
federally funded loan program, administered by Clarkson College. Loans are
awarded to undergraduate and graduate nursing students and are based on the
student's financial need. The interest rate is fixed at 5 percent which begins
to accrue nine months after the student either graduates or ceases to be
enrolled at least half-time (6 credit hours per semester). Award amounts are
determined by Clarkson College and range from $1000 to $3,000 per academic
year. The maximum lifetime amount a student can borrow from the Federal Nursing
Student Loan Program is $13,000.
Federal
Parent Loan for Undergraduate Students (PLUS)
The Federal Parent Loan for Undergraduate Students
(PLUS) is a federally funded, low interest rate loan for parents of dependent,
undergraduate students. A parent may borrow a PLUS, regardless of financial
need, for each dependent, undergraduate student enrolled at least half-time (6
credit hours per semester). Potential borrowers will have their credit reviewed
by the lending institution from which they intend to borrow. A parent may
borrow up to the estimated cost of attendance, less any financial assistance
received by the student. The interest rate on a PLUS loan is fixed at 8.5
percent, and repayment of principal and interest usually begins 30-60 days
after the loan has been fully disbursed. To apply for a PLUS loan, one parent
of the student must complete a Master Promissory Note and a PLUS Request Form.
Forms are available from, and completed forms must be returned to, the Student
Financial Services Department. Please note: A parent who applies for a PLUS
must be a parent whose information is provided on the current academic year's
FAFSA.
PLUS Loan
for Graduate Students
Federal Graduate PLUS Loans are available to
graduate students to help pay for educational expenses. A graduate student must
be enrolled at least half-time (6 credit hours) to borrow from this program.
The student may borrow up to his or her estimated cost of attendance, less
Federal Stafford Loan amounts and/or other financial assistance received.
The interest rate is fixed
at 8.5 percent and repayment usually begins 30-60 days after loan funds are
fully disbursed. The borrower may receive a deferment while he or she is
enrolled in at least six credit hours at an eligible institution. Deferment
requests must be made directly to the lending institution.
