2006-2008 HBU Catalog - Houston Baptist University

the cost of education. These amounts are in addition to the Stafford SubsidizedLoan amounts.The subsidized and unsubsidized Stafford Loan interest rates are variable andadjusted on an annual basis every July 1, but will not exceed 8.25%. The borrowerwill be assessed a 3.0% origination/insurance fee. Repayment of principal beginssix months after the borrower ceases at least half-time enrollment. All loans mustbe repaid.Federal Parent Loan for Students (PLUS)This loan is for parents of undergraduate student who are enrolled at least half time.A credit-worthy parent is the borrower. Repayment begins while the student is inschool. The maximums amount varies, there are some deferment options available,and the interest rates vary. Students should submit the Free Application for FederalStudent Aid.Deferments and Loan TermsStafford loan borrowers may have a deferment for service under the Peace CorpsAct, the Domestic Volunteer Service Act, or comparable service as a volunteer fora tax-exempt organization of demonstrated effectiveness in the field of communityservice. All borrowers should refer to their promissory notes for details of the terms,and interest rates.EMPLOYMENTFederal College Work Study (CWS)Federal College Work Study is a federal program that allows students who demonstrateneed to earn money to help pay for educational expenses. The total CWSaward depends on your need, the amount of money the university has for thisprogram, and the amount of aid received from other programs. Students earnminimum wage for most positions and are paid bi-monthly. A portion of theFederal Work Study funding is allocated to positions that perform communityservice duties. Awardees should contact the Enrichment Center at (281) 649-3359for information regarding available jobs. It is the student’s responsibility to locatea position.EligibilityTo receive student financial aid from these federal programs, the student must:1. Be enrolled in a degree or certificate program or other program leading to a recognizededucational credential, or in a program of study abroad approved for creditat HBU.2. Be a U.S. citizen or an eligible noncitizen. An eligible non-citizen is one who is:(1) a U. S. permanent resident with an Alien Registration Receipt Card (I-551);(2) a conditional permanent resident (I-551C); or (3) another eligible noncitizenwith an Arrival-Departure Record (I-94) from the U.S. Immigration and NaturalizationService showing any one of the following designations: refugee, asylumgranted, indefinite parole, humanitarian parole, or Cuban-Haitian entrant.3. Be registered with Selective Service if the student is a male who is at least 18years old but not yet 26 years old.4. Be making satisfactory academic progress.5. Not be in default on any loan or owe a refund on any grant made under TitleIV of the Higher Education Act of 1965 as amended, at any institution.48 / Financial Services