Types of Financial Aid

This is a Federal program designed to provide grants to students based on financial need. A maximum award is determined annually by federal guidelines. If you are enrolled full-time (12 or more credits year-round), you will receive your full eligibility. If you are enrolled with 9 to 11 credits, you will receive three-fourths of your eligibility. If you are enrolled with 6 to 8 credits, you will receive one-half of your eligibility. If you are enrolled with less than 6 credits, you might be eligible for a small amount each semester.

Students are limited to 12 semesters (or 600 percent) of Pell Grant eligibility during their lifetime. This change affects all students regardless of when or where they received their first Pell Grant.

A student who is not eligible for a Pell Grant but whose parent or guardian was a member of the U.S. Armed Forces and died as a result of service performed in Iraq or Afghanistan after September 11, 2001, may be eligible to receive the Iraq and Afghanistan Service Grant. Eligibility is determined by completing the FAFSA.

Pell-eligible students whose parent or guardian died in the line of duty while performing as a public safety officer is eligible to receive a maximum Pell Grant for the award year for which the determination of eligibility is made . To qualify for this scholarship, a student must be Pell-eligible and have a Pell-eligible EFC.

As provided under the Higher Education Act, federal grants are available to students on the basis of exceptional financial need. Students must be eligible for a Pell Grant to receive FSEOG. These funds are limited and are offered on a first-come, first-served basis and enrolled at least half-time.

Eligibility for the Wisconsin Grant (WG) is determined by the Wisconsin Higher Educational Aids Board (HEAB) and is based on financial need. This grant is available to Wisconsin residents enrolled at least half-time. Eligibility cannot exceed 10 semesters. Students delinquent on child support payments may not be eligible for the WG Program until payment is made in full and the child support agency clears your account with HEAB.

The Talent Incentive Program (TIP) grant provides grant assistance to the most financially needy and educationally disadvantaged students. First-time freshman students are nominated for the TIP Grant by the Moraine Park Student Services Center or by counselors of the Wisconsin Educational Opportunities Program (WEOP). To receive the TIP Grant, a student must be a Wisconsin resident and enrolled at least half-time each consecutive term. Eligibility cannot exceed 10 semesters. Funding for the TIP Grant is provided by the State of Wisconsin and the U.S. Department of Education. These funds are limited and offered on a first-come, first-served basis.

Funds from the Minority Undergraduate Retention Grant program are based on need and made to second-year, Wisconsin-resident minority students enrolled at least half-time. A minority student is defined as an African American; American Indian; Hispanic; or Southeast Asian from Laos, Cambodia or Vietnam admitted to the United States after December 31, 1975. Eligibility cannot exceed eight semesters. These funds are limited and offered on a first-come, first-served basis.

Grants for Native American students are available through the Bureau of Indian Affairs. The grant amount is based on financial need. Financial aid application procedures, as previously outlined, must be followed in determining financial need. In addition, a student must complete a separate Indian Scholarship Application for the purpose of certification by the Bureau of Indian Affairs as to the degree of Indian blood. Indian scholarship application forms are available from your tribe.

WIG funds are made to undergraduate or graduate Wisconsin residents who are recognized as Wisconsin tribal members and enrolled at least half-time. Offers are based on financial need with a limit of 10 semesters of eligibility. Students must complete an Indian Scholarship Application form (available from your tribe) to receive this grant.

Wisconsin Technical Excellence Scholarship Program is available to students chosen by Wisconsin high schools who have the highest demonstrated level of proficiency in technical education subjects. Students must be enrolled at least half-time and maintain 3 .0 GPA, and making progress toward an associate degree or technical diploma. Scholarship recipients may receive three years of TES funds when attending associate degree granting technical colleges.

The Nursing Student Loan Program provides loans to Wisconsin resident undergraduates or graduate students who are enrolled at least half-time at an eligible in-state institution that prepares them to be licensed as nurses, either RN or LPN. The maximum award per year is $3,000 with an overall maximum of $15,000. The student who participates in this program must agree to be employed as a licensed nurse in Wisconsin. For each of the first two years the student works as a nurse or nurse educator and meets the eligibility criteria, 25 percent of the loan is forgiven. The balance remaining after forgiveness must be repaid at an interest rate of 5 percent. If the student does not work as a nurse or nurse educator and meets the eligibility criteria, the loan must be repaid at an interest rate of 5 percent.

Your Offer Letter may include a Federal Subsidized Direct Loan and/or a Federal Unsubsidized Direct Loan. Each Direct Loan may be subject to an origination fee and a Federal Default fee. Repayment commences six months after the borrower is not enrolled at least half-time. Only one grace period is allowed. At the time of disbursement, enrollment must be at least half-time (6 credits or more) for all loan awards. Students are encouraged to utilize all available Federal and State financial aid resources before turning to an outside lender for a private education loan.

**IMPORTANT LOAN INFORMATION**

First-Time Direct Loan Borrowers

First-time, first-year loan borrowers are required to be in school 30 days before receiving their first loan disbursement.

Subsidized Loans

Subsidized loans are borrowed money that must be repaid with interest; however, the U.S. Department of Education will pay the interest on your behalf while you are in school and during authorized periods of deferment. Subsidized loan interest is fixed annually. Yearly Loan Limits: First year $3,500; second year $4,500. Subsidized loan eligibility is limited to 150 percent of the published time frame of the program in which a student is enrolled. Students who have exceeded this time frame (at Moraine Park or at previous institutions) may no longer be eligible for subsidized student loans.

IMPORTANT: If you believe you are a second-year student (you are enrolled in a two-year technical diploma or an associate of applied science degree program and have completed more than 30 credits), please contact the Financial Aid Office to request a review of your federal loan limits.

Unsubsidized Loans

Unsubsidized loans are borrowed money. You are responsible for paying the interest from the date of disbursement until the loan is paid in full. If you choose not to pay the interest on the unsubsidized loan while you are in school, the interest will accrue from the time of disbursement. Interest can be paid periodically or can accrue and will be capitalized (added to the principal amount of the loan) . Unsubsidized interest is fixed annually. Amounts vary up to: First year $5,500; second year $6,500 (less your Subsidized Federal Direct Loan eligibility).

An additional Unsubsidized Federal Direct Loan may be available in addition to the initial offer on your financial aid award. If you feel you need an additional loan to attend Moraine Park, complete the Additional Loan Request form available on the Financial Aid website and return to the Student Services Center. Direct Loans must be disbursed equally over your term of enrollment. Therefore, any additional loan you request will be split half for fall and half for spring, unless you indicate you would like it for spring semester only.

The cumulative unpaid total of Subsidized/Unsubsidized Federal Direct Loans borrowed from Moraine Park and other colleges may limit or prevent you from borrowing additional loans at Moraine Park. Contact the Student Services Center at the campus you will attend for more information.

Federal Subsidized Student Loan Borrowing Limitations

As of July 1, 2013, a first-time Federal Subsidized Student Loan borrower is no longer eligible for the Subsidized Student Loan program if he or she exceeds 150% of the published time necessary to graduate within an undergraduate degree program. In addition, a borrower reaching the 150% limit becomes ineligible for the interest subsidy benefits on all Federal Subsidized Loans disbursed to the borrower on or after July 1, 2013. Visit studentaid.ed.gov for additional information on this time limit.

Direct Loan Frequently Asked Questions

Get answers to frequently asked questions with regards to direct loans.

Alternative Loans are credit-based, private student loans. With an alternative student loan, you may borrow up to the full cost of your education, less other aid. Alternative loans generally have higher interest rates and fewer repayment options than federal loans. Generally, borrowers with better credit histories receive better loan terms. You may need a cosigner for these loans.

To apply for federal grants and loans, complete the Free Application for Federal Student Aid (FAFSA).

Borrowing can be costly. We recommend you consider borrowing only if you have exhausted all other options.

Only borrow what you need. Make a budget for yourself to keep your debt within manageable limits.