Types of Aid

• NEED BASED GIFT ASSISTANCE - Scholarships and Grants
• LOAN ASSISTANCE - Based on need
• LOAN ASSISTANCE - Not based on need
• THE ALUMNI TUITION DISCOUNT
• HOPE COLLEGE INSTITUTIONAL LOAN - Summer only
• ASSISTANCE FOR LESS THAN FULL TIME ENROLLMENT
  

Scholarships and Grants
Gift assistance refers to scholarships and grants that are non-repayable forms of financial aid. Some of these awards have grade point renewal criteria while others do not. The following are the various forms of need-based assistance available at Hope College:

HOPE GRANT AND THE RCA GRANT: This gift aid is based on demonstrated financial need. There is no required grade point average for the receipt of either grant. Eligibility is limited to full time students and normally a maximum of eight semesters of aid may be received under these programs. Both of these awards are renewable based on continued demonstrated financial need.

ACADEMIC ACHIEVEMENT AWARD: This gift aid is based on demonstrated financial need plus a cumulative grade point average (gpa) of 3.0 at the time of admission to the college. This scholarship is available only to those students who are not already receiving other Hope sponsored merit awards. Eligibility is limited to full time students and normally a maximum of eight semesters of aid may be received under this program. This award is renewable based on continued demonstrated financial need.

FEDERAL PELL GRANT: This federal gift aid is based on exceptional financial need and the federal government selects the recipients. This grant will NOT be officially credited to a student’s account until the Office of Financial Aid has received a valid electronic Institutional Student Information Record (ISIR) from the federal FAFSA processor. This grant is prorated if a student enrolls less than full time.

FEDERAL ACADEMIC COMPETITIVENESS GRANT (ACG): Only students receiving the Federal Pell Grant who are enrolled full time may be considered for this award. Students must also be U.S. citizens. This grant is available for the first year (0-29 credits completed) and second year (30-59 credits completed) of study based on a student's completion of a rigorous high school program as defined by the federal program. Second year students must have a cumulative GPA of at least 3.0 to be eligible. For more information, click here.

FEDERAL SMART GRANT: Only students receiving the Federal Pell Grant who are enrolled full time may be considered for this award. Students must also be U.S. citizens. This grant is available for the third year (60-89 credits completed) and fourth year (90 to 119 credit completed) of study if the student has an eligible major as designated by the federal program. Students must also have a minimum cumulative GPA of 3.0 and be enrolled in at least one course in the major for each disbursement of the grant funds. For more information, click here.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (SEOG): This federal gift aid is awarded to those students who have demonstrated exceptional need. The federal government requires that priority in awarding these funds be given to those who are eligible to receive a Federal Pell Grant.

FEDERAL TEACH GRANT: This federal gift aid is availalbe for certain education majors who are interested in classroom teaching in a high need field at a low income school. Specified teaching service after graduation is required or the grant reverts to an unsubsidized Direct Loan. Students must fully understand the intricacies of this program before accepting the grant. For all of the specifics, click here.

MICHIGAN COMPETITIVE SCHOLARSHIP: This state gift aid (limited to Michigan residents) is based on a student’s financial need and ACT test score. For renewal in future years, the student must demonstrate financial need and maintain a cumulative grade point average of 2.0. The student must be enrolled full-time for maximum eligibility; however, students enrolled at least half-time (6-11 hours per semester) are eligible for a prorated award. A student is limited to ten semesters of eligibility under this program. This award is limited to tuition costs only.

For more information about the Michigan Competitive Scholarship click here

MICHIGAN TUITION GRANT: This state gift aid (limited to Michigan residents) is based on a student’s financial need and is available only at Michigan private colleges. For renewal in future years, the student must demonstrate financial need. The student must be enrolled full-time for maximum eligibility; however, students enrolled at least half-time (6-11 hours per semester) are eligible for a prorated award. A student is limited to ten semesters of eligibility under this program. This award is limited to tuition costs only.

For more information about the Michigan Tuition Grant click here

MICHIGAN PROMISE SCHOLARSHIP (MPS): Beginning with the 2007-08 year, this program replaces the Michigan Merit Award program for students graduating from high school in 2007. Students may receive up to $4000 in this program. For more information, click here.

MICHIGAN MERIT AWARD SCHOLARSHIP PROGRAM (MEAP): The Michigan Merit Award is a merit-based scholarship program for Michigan residents. This one-time award provides a total of up to $3000 divided equally over two consecutive years to cover expenses incurred at Michigan colleges/universities. This award is based on a student’s test score on the Michigan Educational Assessment Program (MEAP) High School Test (HST). A student may receive the award if enrolled less than full time. This award is not official until our office receives confirmation of the student’s eligibility from the state. For more information about the Michigan Merit Award click here

Loan Assistance based on need
Loans are an invaluable resource for many students and their families in financing a college education. Loans allow you to postpone paying a portion of your educational costs until you either complete your education or leave school. Some loans are awarded on the basis of financial need and your repayment does not begin until after you graduate, withdraw from college, or drop below half time enrollment (less than six hours per semester).

FEDERAL PERKINS LOAN PROGRAM: These loan funds are awarded on the basis of financial need to students enrolled at least half time in a degree program at Hope College. Students demonstrating the greatest financial need receive the highest priority. The federal government and former Hope students who are in the process of repaying their loans provide the funds for this program. No interest is charged on the loan while the student maintains at least half time enrollment status. Repayment of principal and interest begins nine months after the borrower ceases at least half time enrollment. Interest is then charged at 5 percent per year on the unpaid balance. Students may have up to ten years to repay this loan based on the amount borrowed.

To receive a Perkins Loan, the student borrower must sign an electronic Perkins Loan Master Promissory Note (MPN). University Accounting Services notifies borrowers via Hope email when the MPN is ready to sign. The loan does not credit a student’s account until an electronic note is submitted.

FEDERAL DIRECT LOAN (SUBSIDIZED): These low-interest loans are available to students who demonstrate financial need and are enrolled at least half time.You are not charged interest before you begin repayment or during authorized periods of deferment.

The U.S. Department of Education is the lender, so you repay your loans to the government. An origination fee of .5 percent is deducted from the loans proceeds before funds are paid out to cover administrative costs of this program. The interest rate is fixed at 6.0%. For detailed information about subsidized Federal Direct Loans click here.

To receive a Federal Direct Loan you must sign a Master Promissory Note (MPN). The MPN is an open-ended promissory note that can be used for your Direct Loans over multiple academic years at schools participating in the Federal Direct Loan Program. The electronic MPN site allows you to complete and sign an MPN on the web.

VANHAITSMA LOAN: Available to full-time degree-seeking students with demonstrated financial need who are enrolled in a pre-dental program or are declared art majors. Qualified students may borrow up to $3,000 a year. The loan payments and interest are deferred while the borrower maintains at least half-time status at Hope College. Interest rate is 3%. Send an email to the Office of Financial Aid (finaid@hope.edu) to apply.

Loan Assistance not based on need
These loans are available to you or your parents regardless of financial need and offer various interest and repayment options.

FEDERAL DIRECT LOAN (UNSUBSIDIZED). These low-interest loans are available to students who are enrolled at least half time.You are charged interest on the loan from the time it is fully disbursed until it is paid in full. You may choose to pay the interest while still in school, or postpone the interest payments and allow the interest to be capitalized. This means the interest will be added to the principal amount of your loan upon entering repayment and subsequent interest is charged on the higher amount.

The U.S. Department of Education is the lender, so you repay your loans to the government. An origination fee of .5 percent deducted from the loans before funds are paid out to cover administrative costs of this program. The interest rate , is fixed at 6.8%. For more detailed information about Federal Direct Unsubsidized Loans click here.

To receive a Federal Direct Unsubsidized Loan you must sign a Master Promissory Note. The MPN is an open-ended promissory note that can be used for all of your loans over multiple academic years at schools participating in the Federal Direct Loan Program. The electronic MPN site allows you to complete and sign an MPN on the web.

Note: You must file the FAFSA (Free Application for Federal Student Aid) to qualify for this loan.

Private Educational Loans
The following loan programs are designed to provide assistance to families who do not typically qualify for gift aid and/or the subsidized Federal Direct Loan. They also can supplement a student's awarded financial aid when a family does not have sufficient resources to meet college costs. Other than the Federal PLUS program, borrowers apply directly to the lender, so it is important to clearly indicate the period for which you are applying (generally the academic year which is two semesters, or the separate summer period).

The Private Loan Comparison Chart and other resources may be helpful to review when deciding which type of loan is best for you.

It is always recommended that students apply for need-based financial aid through the FAFSA for grants and lower cost loans before resorting to a private loan.

Be sure to understand the loan terms and benefits of each loan you may be considering. Most information is readily availalbe on the lender website, but if you have further questions, contact the lender directly. It is extremely important that you are aware of all possible rates, fees, grace periods, repayment terms, and borrower benefits each lender offer may offer before you make a decision about borrowering.

FEDERAL DIRECT PLUS LOAN PROGRAM: Under the Federal Direct PLUS Program, parents (or stepparents) of dependent students may borrow up to the full cost of their child's education minus other aid. Credit checks are required, and parents who have an adverse credit history (determined by federal credit regulation) may not be able to borrow under the PLUS program. A fee of 2.5 % is withheld from the disbursed loan amount. The annual PLUS loan interest rate is set at 7.9%. You must file the FAFSA (Free Application for Federal Student Aid at www.fafsa.ed.gov) to qualify for this loan. For more information click here and click here. TO PRINT A PLUS APPLICATION, click here. Parents may request payments on the principal or both principal and interest to be deferred while their student is enrolled at least half time. Interest not paid accrues and is added to the loan balance annually. Parents contact Borrower Services at 1-800-848-0979 to request deferment.

To receive Federal Direct Plus Loan funds, you must sign a Master Promissory Note. The MPN is an open-ended promissory note that can be used for your PLUS your loans over multiple academic years at schools participating in the Federal Direct Loan Program. The electronic MPN site allows you to complete and sign an MPN on the web. You must have a federal PIN to sign.

MI-LOAN PROGRAM: The State of Michigan has suspended this loan program as of February 12, 2008. No applications are being accepted. The State of Michigan offers the Michigan Alternative Student Loan (MI-LOAN) Program and allows the applicant to be either the student or the parent (biological, adoptive, or legal guardian). This loan is available to students enrolled less than half-time (6 hours). The MI Loan offers a fixed interest rate or a variable interest rate loan. You must file the FAFSA (Free Application for Federal Student Aid at www.fafsa.ed.gov) to qualify for this loan. For more detailed information about the MI-LOAN Program click here. On-line MI Loan counseling is also avaiable.

KEY ALTERNATIVE LOAN: The Key Alternative Loan allows students (usually with a credit worthy cosigner) to borrow up to the cost of attendance minus any aid received.

To learn more or to apply online click here. Applications also can be completed by phone at 1-800-539-6657 for new applications and 1-800-539-9724 for returning applicants. Undergraduates usually need a creditworthy cosigner.

CITIASSIST UNDERGRADUATE LOAN: The CitiAssist Loan allows students (usually with a credit worthy cosigner) to borrower up to the cost of attendance minus any other aid. This loan offers a variable interest rate on a tiered scale based on credit.

To learn more or to apply online click here. Undergraduates usually need a creditworthy cosigner. International students may apply with a U.S. citizen/permanent resident cosigner.

CAMPUS DOOR CERTIFIED PRIVATE LOAN: This lender allows students to borrow up to the cost of attendance minus any other aid. The loan has a varialbe interest rate on a tiered scale based on credit. Students having difficult obtaining a co-signer for a private educational loan should inquire about applying on their own.

To learn more or to apply online click here. Students usually will receive a better interest rate when applying with a cosigner. International students may apply with a U.S. citizen/permanent resident cosigner.

WELLS FARGO COLLEGIATE LOAN: This lender allows students to borrow up to the cost of attendance minus any other aid. The loan has a varialbe interest rate on a tiered scale based on credit. Students having difficult obtaining a co-signer for a private educational loan should inquire about applying on their own.

To learn more or to apply online click here. Students usually will receive a better interest rate when applying with a cosigner. International students may apply with a U.S. citizen/permanent resident cosigner.

The Alumni Tuition Discount
This Hope program is available ONLY to Hope College graduates. This 25% tuition discount is limited to the tuition charges remaining after the application of all other gift assistance (scholarships and grants) that the alum is eligible to receive during the designated enrollment period.

NOTE: This benefit is not applicable to off-campus study programs including off-campus summer classes.

Institutional Loan - Summer only
If funding is availalbe, students may borrow from the Hope College Institutional Loan Program during the summer (May, June, July) terms under the following conditions.

• Classes must be taken on campus.
• Student must have demonstrated financial need during the previous academic year.
• Maximum eligibility is equal to actual tuition charges.
• Interest/Repayment: Interest does not accrue nor is repayment required while a student maintains half-time enrollment (six hours or more) at an approved institution of post secondary education. Interest at 5% of the unpaid balance begins to accrue on the first day of the seventh month following the termination of half-time enrollment status. Repayment of the principal and interest normally begins seven months from the date of termination of enrollment and quarterly payments are required during the four-year repayment period (16 quarters).

Information about the availability of Institutional Loans is posted to the website by March 1st each year.