Government Assistance & Loans
Federal Grants and Work Study
Federal PELL Grant
The Federal Pell Grant is an entitlement to students who qualify under a federal formula, which determines eligibility. To be eligible, a student must be a U.S. citizen or permanent resident and have not earned a bachelor’s degree. This award is a grant, not a loan.
Federal SEOG Grant
The Federal Supplemental Educational Opportunity Grant program is for undergraduates with exceptional financial need. Pell Grant recipients with the lowest expected family contributions (EFCs) will be considered for FSEOG.
Federal TEACH Grant
The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program was established under the College Cost Reduction and Access Act (CCRAA), to benefit current and prospective teachers. Award amount: up to $4,000 per academic year.
Federal Work Study Program
The Federal College Work-Study Program is designed to make employment opportunities available to college students. It is a federally funded aid program, available to matriculated students. Priority will be given to students in full-time attendance. A portion of the federal work-study funds will be used to employ students in community service jobs. A work-study student may qualify to work up to 12 hours a week during the academic year, although academic considerations may limit work to six hours per week. Approval of all job assignments is made by the SFSO, but hiring is done by the agency or department which will employ the students.
Federal Student Aid Program web site
Veteran’s Benefits
Houghton College is approved by the New York State division of Veterans Affairs for the training of veterans. Houghton College also participates in the Yellow Ribbon Program for students receiving educational assistance under the Post-9/11 GI Bill. Application forms and information are available in the Student Financial Services Office.
Loans
Federal Perkins Loan
The Federal Perkins Loan is a low-interest (5 percent) loan
program administered by Houghton College, and recipients are
selected on the basis of financial need. Recipients must be at least
half-time students. The loans are interest- and payment-free until
nine months after a student graduates or ceases attendance at the
college.
Federal PLUS Loan
The PLUS Loan program is available to the parent of a dependent
undergraduate student. The yearly limit on a PLUS loan is equal to
the cost of attendance minus any other financial aid. The Dept. of
Education will complete a credit check. The Federal PLUS carries a
fixed rate of 7.9%.
Federal Direct Loan Program
The Department of Education has two Federal Direct Loan Programs: the need-based subsidized Federal Direct and the non-need unsubsidized Federal Direct Loan Program. It is possible for a student to qualify for both programs. However, you may never borrow more than the loan limit or the difference between the cost of attendance and your other financial aid—whichever is less.
Apply for loans, complete necessary paperwork and find out more at: http://www.studentloans.gov
Direct Loan Program - Subsidized (Need Based)
The Direct Loan Program provides loans up to $3,500 for freshmen, $4,500 for sophomores, and up to $5,500 for juniors, seniors or 5th year undergraduate students. Graduate students may borrow up to $8,500 per year. First time borrower’s loan proceeds will be disbursed 30 days after the beginning of the semester. The government will pay (subsidize) the interest on the loan while the student is in school. For subsidized Direct loans first disbursed after July 1, 2011, the interest rate is fixed at 3.4%.
Direct Loan Program - Unsubsidized (Non Need- Based)
This program is available only after Direct loan eligibility is
determined. The loan limit is the same as for the subsidized loan;
however, the subsidized and unsubsidized together cannot exceed the
loan limit. The unsubsidized Direct loan carries a fixed interest
rate of 6.8%. The
borrower is responsible for paying interest while in school.
Interest may be added to the amount borrowed or paid when billed.
The federal government has extended the Direct loan program to now
allow all students to borrow an additional $2,000 in Unsubsidized
Direct Loan funding. This amount has been included in your financial
aid package. Of course, we do not encourage you to borrow more than
you need, but wanted you to know that this additional resource is
available.
Alternative Student Loan
Alternative Student Loans are private educational loans. The loan is in the student’s name. A credit worthy co-signer is strongly recommended to help lower the interest rate as well as increase the likelihood of approval. The interest rate varies by lender and credit score. Students are eligible to apply for a maximum loan of the cost of attendance minus financial aid. Loan approval is based on certification by the Student Financial Services office and a credit worthy history for the student and co-signer.
Students may apply with any lender of their choice.
Learn more about lenders here.
New York State Financial Aid
New York State Scholarships for Academic Excellence
Up to 2,000 scholarships of $1,500 are awarded each year to the top graduating scholar at each registered high school in New York State, with $1,500 and $500 scholarships awarded also to other outstanding students.
New York State Tuition Assistance Program (TAP)
New York State's Tuition Assistance Program (TAP) is a state
funded program for New York state residents. A recipient of this
award must be a full-time matriculated student in an approved
program at an approved New York state post-secondary institution.
Grants are based on the New York net taxable income of the preceding
year. This program is an entitlement program. Christian
Formation majors are ineligible for TAP unless they declare a second
major.
New York State Higher Education Services Corporation web site
NYS Math & Science Teaching Incentive Scholarship
The NYS Math & Science Teaching Incentive scholarship provides grants to eligible full-time undergraduate or graduate students in approved programs that lead to math or science teaching careers in secondary education. Find out more here.
Scholarships
Army ROTC Scholarships
Students at Houghton College may receive an Army ROTC scholarship
in cooperation with St. Bonaventure University (Allegany, N.Y.) The
purpose of the Army Reserve Officer's Training Corp scholarship is
to assist students in paying for their college education while they
complete requirements for a commission in the United States Army.
Most scholarships cover tuition, fees, and books and offer a monthly
subsistence allowance. Contact the Admission Office or your
local Army recruiter for more information.
