Grants and Loans
Grants are financial aid you don't need to repay, but how do you get one? With loans, it can be confusing to select the best loan source, type, and repayment schedule. We can't tell you everything you need to know right here, but you can always contact us with your questions.
How to Apply
Applications for Federal loans may be obtained directly from Manchester College. The College will determine the amount and eligibility for each loan based on the results of your Free Application for Federal Student Aid (FAFSA). Loans are not automatically renewed. They must be applied for at the beginning of each academic year. Before you start applying for specific loans, remember to apply to Manchester first. After all, the loans will help to pay for your Manchester University education!
Federal Assistance Programs Federal Pell Grant: Federal grant assistance awarded to undergraduate students on the basis of financial need as determined by the U.S. Department of Education. The maximum Pell Grant for the 2009-2010 award year is $5,350.
Federal Supplemental Educational Opportunity Grant: Federal grant assistance awarded to students with exceptional financial need. Priority for these funds is given to students who receive Pell Grants. Awards range from $100-$5,350 and priority consideration is given to students who have completed their financial aid file by June 1 of the award year in question.
Federal Work-Study: On-campus employment awarded to students on the basis of financial need. Students are paid hourly wages and receive a check every two weeks. Priority consideration for on-campus jobs is given to Federal Work-Study students.
Federal Direct Loans: There are two types of these federal student loans: With subsidized Direct Loans, the government pays the interest while you're in school. You must demonstrate financial need to receive a subsidized Direct Loan. With an unsubsidized Direct Loan, you pay all the interest. All undergraduates can borrow up to $5,500 their freshman year, $6,500 their sophomore year and $7,500 for each remaining year. Independent students can borrow an additional unsubsidized $4,000 the first two years and $5,000 the remaining years. All Direct Loan borrowers are required to complete entrance counseling prior to their first loan being disbursed and exit counseling prior to leaving the University.
Federal Perkins Loan: A low-interest, need-based loan to help students pay their educational expenses. These loans are awarded to students with high financial need. Maximum loan is $4,000 per year for undergraduates, $5,000 for graduate students, not to exceed $15,000 for an undergraduate education and $30,000 for an undergraduate and graduate education (combined). Repayment begins nine months after the student ceases to be enrolled on at least a half-time basis. These funds must be repaid after graduation.
Parent Loan for Undergraduate Students (PLUS):
PLUS loans are federal loans for parents who want to borrow to help pay for their dependent student's educational expenses. The interest rate for the PLUS is set annually on July 1 and there are no yearly or aggregate maximums. All PLUS loans are subject to credit approval by the federal government.
Indiana State Grants
Frank O'Bannon Grant (formerly the Indiana Higher Education Grant) Program, provides access for Hoosier students to attend eligible colleges and universities such as Manchester. The grants are need-based, and targeted to tuition and regularly assessed fees. The dollar value of the grants will vary from year to year.
Indiana and other state governments offer scholarship and grant programs. These vary from state to state, and you should contact your high school counselor to get more information about programs in your state. More private grants are included on our scholarship listing page.