Types of Aid

Financial aid comes in many forms, and your aid package may include several types of aid. 

Scholarships

Scholarships are gift aid — they do not need to be repaid. Merit scholarships are awarded based on high school achievement. If you are an incoming student, your admissions application serves as your application for merit-based scholarships at Hope. Additional sources for scholarships include community foundations, organizations and churches. 

Learn more about merit scholarships for incoming students

Grants

Grants are gift aid — they do not need to be repaid. Eligibility is determined by completing your financial aid application

HOPE GRANT & RCA GRANT

The Hope Grant & RCA Grant are based on demonstrated financial need. 

  • There is no required grade point average
  • Eligibility is limited to full time students for a maximum of eight semesters
  • Awards are renewable based on continued demonstrated financial need
ACADEMIC ACHIEVEMENT AWARD

The Academic Achievement Award is based on demonstrated financial need plus a cumulative high school GPA of at least 3.0 at the time of admission.

  • Available to students who are not already receiving other Hope merit awards
  • Eligibility is limited to full time students for a maximum of eight semesters
  • Renewable based on continued demonstrated financial need
FEDERAL PELL GRANT

The Pell Grant is based on exceptional financial need.

  • Eligibility is determined by the FAFSA
  • Recipients are limited to the equivalent of six years of full time payments
  • Award amount is prorated if enrolled less than full time
FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG)

The Supplemental Educational Opportunity Grant is based on exceptional financial need.

  • Awarding priority is given to those who are eligible to receive a Federal Pell Grant
FEDERAL TEACH GRANT

The TEACH Grant is available for education majors who are interested in classroom teaching in a high-need field at a low-income school.

  • Teaching service after graduation is required or the grant reverts to a Federal Direct Unsubsidized Loan
  • Students must fully understand the intricacies of this program before accepting the grant

Learn more about TEACH Grant

MICHIGAN COMPETITIVE SCHOLARSHIP

The Michigan Competitive Scholarship is based on financial need and ACT test score.

  • Renewal requires continued financial need and a cumulative grade point average of 2.0
  • Must be enrolled full-time for maximum eligibility; however, students enrolled at least half-time are eligible for a prorated award
  • Eligibility is limited to 10 semesters
  • Award is limited to tuition costs
MICHIGAN TUITION GRANT

The Michigan Tuition Grant is available to residents attending Michigan private colleges. The grant is based on financial need.

  • Must be enrolled full-time for maximum eligibility; however, students enrolled at least half-time are eligible for a prorated award
  • Eligibility is limited to 10 semesters
  • Award is limited to tuition costs

Loans

Loans must be repaid. Federal loans often have the best interest rates, deferment and repayment options. We recommend you exhaust your federal options before considering private educational loans. 

Most loans require that you are enrolled in at least six credits each semester. All first time loan borrowers must complete entrance loan counseling and a master promissory note. 

FEDERAL PERKINS LOAN 

The Perkins loan is available to students who demonstrate financial need as determined by the FAFSA. You must be enrolled at least half time. You are not charged interest while you remain enrolled at least half time or qualify for other deferments.

INTEREST RATE: 
  • 5% (fixed) for loans disbursed between July 1, 2016, and June 30, 2017
FEDERAL DIRECT SUBSIDIZED LOAN 

The subsidized loan is available to students who demonstrate financial need as determined by the FAFSA. You must be enrolled at least half time. You are not charged interest while you remain enrolled at least half time or qualify for other deferments.  

Interest Rate & Fee: 
  • 3.76% (fixed) for loans disbursed between July 1, 2016, and June 30, 2017
  • 1.069% of the amount borrowed is assessed as a processing fee by the federal government
FEDERAL DIRECT UNSUBSIDIZED LOAN

The unsubsidized loan is available to students who file a FAFSA and 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 in school or postpone the interest payments and allow the interest to be capitalized. 

INTEREST RATE & FEE: 
  • 3.76% (fixed) for loans disbursed between July 1, 2016, and June 30, 2017
  • 1.069% of the amount borrowed is assessed as a processing fee by the federal government
FEDERAL DIRECT PLUS LOAN 

The PLUS loan is available to parents (or stepparents) of dependent students. Parents may borrow up to the full cost of their child's education minus other aid. Credit checks are required. 

Interest is charged on the loan from the time it is fully disbursed until it is paid in full. You may choose to pay the interest while in school or postpone the interest payments and allow the interest to be capitalized. 

INTEREST RATE & FEE: 
  • 6.31% (fixed) for loans disbursed between July 1, 2016, and June 30, 2017
  • 4.276% of the amount borrowed is assessed as a processing fee by the federal government

Apply for a Federal Direct PLUS Loan

PRIVATE EDUCATIONAL LOAN

Private educational loan programs are designed to supplement a student’s awarded financial aid. You may apply through any private loan program you choose.

Be sure to understand the loan terms and benefits of each loan you may be considering. It is extremely important that you are aware of all possible rates, fees, grace periods, repayment terms and borrower benefits each lender may offer before you make a decision.

Apply for a private educational loan

 WORK STUDY 

Work study allows you to work on-campus and earn money to help cover your expenses. Most students are able to work 9 to 10 hours a week and maintain their academics and social life.  

  • You must be enrolled in at least six credits each semester.
  • You earn a pay check every two weeks. It is your responsibility to make payments on your student account. Payroll deduction is an option.

Apply for a campus job