2014-15-Undergraduate-Catalog

Financial Aid • 91Federal Supplemental Educational Opportunity Grant (SEOG): These grants are awardedby the university from federal funds to students demonstrating exceptional financial need.Priority is given to Pell Grant recipients.Federal Perkins Loan: The Perkins Loan is a low interest loan funded by the federalgovernment and administered by Shenandoah University. Preference is given to studentswith exceptional financial need. Students may borrow up to $4,000 per year if the studentis enrolled in a program leading to a bachelor's degree, with up a total of $27,500 as anundergraduate. After a student graduates, withdraws, or drops below half-time enrollment,they are given nine months before they must begin repayment of their loans. This period oftime is called a grace period. Students are granted one grace period. The grace period maybe extended to longer than nine months if the student is on active duty in the military. Atthe end of the grace period, students must begin repaying their loans. Funding for this loanprogram is extremely limited. Students pay this loan directly back to the university througha contracted servicer.Federal Work Study Program: This program is designed to provide assistance to studentswith financial need. Work-study students are employed in various departments on campusand are paid twice monthly, based on the number of hours worked.Federal Community Service Work Study Program: This program allows students to workon campus or off campus at non-profit organizations such as the child care center andcampus library that provide a service to the community.Nursing Student Loan: These loans provide long-term, low-interest loans to help meet thecost of a nursing education for high-need students. An undergraduate nursing student mayborrow $2,500 to $4,000 per academic year, depending upon their academic level. After astudent graduates, withdraws, or drops below half-time enrollment, they are given ninemonths before they must begin repayment of their loans. This period of time is called agrace period. Students are granted one grace period. The grace period may be extended tolonger than nine months if the student is on active duty in the military. At the end of thegrace period, students must begin repaying their loans. Funding for these loans is providedfrom the U.S. Department of Health and Human Services and is very limited. Studentsrepay this loan directly back to the university through a contracted servicer.William D. Ford Federal Direct Stafford Loan: Federal Direct Loans are guaranteed loansavailable to degree-seeking undergraduate students enrolled at least half-time. No creditcheck is required.The interest on Federal Direct Loans is determined each year and is fixed for the life ofloan. These loans also carry an origination fee. The origination fee is deducted from the loanamount prior to its disbursal to the university and is subject to change over the course ofthe academic year.Federal Direct Loans may be subsidized and/or unsubsidized. A Direct Subsidized Loan isawarded on the basis of financial need as determined by the FAFSA and the university. Nointerest will accumulate for the student while they are enrolled at least half-time or duringauthorized periods of deferment. The federal government will pay the interest during theseperiods. A Direct Unsubsidized Loan is not awarded on the basis of financial need. Unlikethe Direct Subsidized Loan, interest will begin to accrue immediately from the time the loanis disbursed until it is paid in full. Students are permitted the option of paying the interesteach quarter or deferring interest payments until they enter repayment.