Government Assistance & Loans
Federal Grants and Work Study
Federal PELL Grant
A grant program targeted to the most needy students, PELL provides up to $4,310 per year for full-time students. Students must apply via the Free Application for Federal Student Aid (FAFSA).
Federal SEOG Grant
The Federal Supplemental Educational Opportunity Grant (SEOG) is directed toward students with exceptional financial need. Priority is given to PELL Grant recipients. The average SEOG award is $750 per year.
Federal Academic Competitiveness (AC) Grant
The federal Academic Competitiveness (AC) Grant provides $750 to first-year and $1,300 to second-year students. In order to qualify, a student must be a full-time undergraduate, a US citizen, a PELL Grant recipient, and have completed a "rigorous high school program." More details can be found here.
Federal SMART Grant
The Federal SMART provides $4,000 to third- and fourth-year students. In order to qualify, a student must be a full-time undergraduate, a US citizen, a PELL Grant recipient, maintain a 3.0 GPA and major in either biology, chemistry, computer science mathematics or physics. Find out more here.
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. This new grant is available as of the 2008-09 school year.
Award amount: up to $4,000 per academic year.
Find out more here.
Federal Work Study Program
There are over 550 work-study jobs available at Houghton, up to
12 hours per week. Full-time students demonstrating financial need
receive top priority for the work-study program.
Federal Student Aid
Program web site
Loans
Houghton College has developed a preferred lender list by researching various lending agencies and evaluating their customer service, interest rates, grace period, etc. While you may use any lender you wish, the preferred lender list is a good place to start to find a potential lender. Read more about why we chose the lenders we did.
Federal Perkins Loan
The Federal Perkins Loan is administered by Houghton College, and
typically ranges from $500 to $1,500 per year, based upon financial
need. Repayment of the loan, at a five-percent interest rate, begins
nine months after the student graduates or ceases to be enrolled at
least half time. There are no interest charges while the student is
in school.
Federal PLUS Loan
The Parental Loan for Undergraduate Students (PLUS) allows a
parent to borrow the difference between the cost of education and
financial aid received. The interest rate is fixed at 8.5%.
Repayment begins 30-45 days after the final disbursement for the
academic year.
Preferred lender list:
http://www.elmselect.com/oll/Agreement
Federal Stafford Loan Program
Stafford loans are available to half- or full-time students
through banks, savings and loans, credit unions and other lenders.
Depending on financial need, first-year students may borrow up to
$3,500, sophomores up to $4,500, while juniors and seniors may
borrow up to $5,500 (per year).
The interest rate for new borrowers is fixed at 6.0%. There are
no interest charges while the student is enrolled at least
half-time. Repayment begins six months after the student graduates
or ceases to be enrolled at least half-time.
Preferred lender list:
http://www.elmselect.com/oll/Agreement
Federal Unsubsidized Stafford Loan Program
Students may borrow under the same terms as the Stafford loan above; however, interest will be accruing. Students have the option to pay the interest (6.8%) while they are in school or let it accrue until repayment. This program is available to those students who are not eligible for the full Subsidized Stafford loan amount.
Preferred lender list: http://www.elmselect.com/oll/Agreement
Alternative Student Loan
Alternative Student Loans are private educational loans.
The loan is in the student’s name. A credit worthy co-signer
helps to lower the interest rate so it is recommended that a student
have one. 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.
Preferred lender list: http://www.elmselect.com/oll/Agreement
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)
The New York State TAP program provides annual awards for up to
$5,000 to eligible, full-time undergraduate students. The applicant
must be a New York state resident, meet income eligibility
requirements, and attend college in New York state. Apply by
completing the Free Application for Federal Student Aid (FAFSA) and
listing a college in New York state; you will then be taken
automatically to the Express Tuition Application website.
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.
