Types of Financial Aid
There are many different types of financial aid.
Several of the financial aid opportunities listed below require that you complete a Free Application for Federal Student Aid (FAFSA). If you have any questions about these aid programs, feel free to contact the Financial Aid Office at the campus you are attending.
Grants
Work-Study
Loans
Scholarships
Grants
Federal Pell Grant:
The Pell Grant is a federally funded program for exceptionally needy students. This type of award represents aid that you will not have to pay back (assuming you complete the term for which you receive the funds). Your eligibility for a Pell Grant is determined by the Federal Department of Education. The Department documents your eligibility by using the Expected Family Contribution (EFC) number reported on your Student Aid Report (SAR). The Pell Grant is adjusted according to your enrollment status (full-time, three-quarter time, half-time, or less than half-time).
If you are awarded a Pell Grant and are attending full-time, you will receive your Pell grant in two disbursements (50% in the Fall semester and 50% in the Spring semester). If you do not use your entire grant to pay tuition and books, the balance will be forwarded to you no later than 14 days after the start of the term.
Federal Supplemental Educational Opportunity Grant (SEOG):
This is a federal grant for exceptionally needy students awarded by SCC in order of file completion date (how soon you are able to complete the financial aid application process). If you are awarded an SEOG grant, the award will appear on the Award Letter sent to you by SCC. Much like the Pell Grant, the SEOG grant is paid in two disbursements (50% in the Fall semester and 50% in the Spring semester).
Academic Competitiveness Grant (ACG):
The Federal ACG is a relatively new grant program for Pell eligible students who have completed a rigorous high school program of study as defined by federal regulation. Students may identify themselves as being eligible for the ACG by accessing the Federal Department of Education's "ACG Eligibility" website. In addition, students must provide a copy of their final high school transcript to SCC before final eligibility determination can be made.
State of Iowa Grants:
These grants are for Iowa residents who meet the criteria outlined by the State of Iowa, and apply for aid before June 1st preceding your anticipated term of enrollment (for the 2007-2008 award year that date is June 1st, 2007). Students awarded by order of file completion date (how soon you are able to complete the financial aid application process). State grant programs include the Iowa Vocational Technical Tuition Grant, and the Iowa Grant. The Iowa Vocational Technical Tuition Grant is for qualified student in vocational, technical, or career option programs. The Iowa Grant is for exceptionally needy students who are Iowa residents. Students are notified of their eligibility for the Iowa Vocational Technical Grant and the Iowa Grant by the Financial Aid Award Letter sent to them by SCC.
ATTENTION STUDENTS! Federal and State Grants generally do not have to be repaid, and represent one of the most beneficial types of financial aid. However, students who fail to attend their classes, or stop attending classes, may have to repay a grant they were awarded. For more information concerning this type of scenario, see the "Student Performance" portion of this website.
Work-Study
Federal Work-Study Program:
The Federal Work-Study program provides the opportunity for part-time on-campus employment. Students are paid on an hourly basis, and earn a paycheck much like any other part-time job. Unfortunately, SCC does not have enough part-time positions to supply everyone who is eligible for work-study with employment. For more information on the Federal Work-Study program, see the "Work-Study Positions Available" portion of this website.
Loans
There are generally three types of student loans a student may encounter at SCC; the Federal Stafford Loan, the Federal Plus Loan, and private loans. Each of them have varying characteristics, and a student should fully read and understand all required loan disclosures prior to authorizing any type of student loan. In addition, a student should have a very strong understanding of his or her own personal budget to insure that student loan funds are required prior to taking on the burden of debt.
ATTENTION STUDENTS! Student loans represent an obligation to repay the amount borrowed plus interest. The decision to borrow should not be taken lightly.
Federal Stafford Student Loan:
When completing the FAFSA, a student will be asked whether or not he or she is interested in student loans. If a student answers "yes" to this question, SCC will automatically offer the student a Stafford Student Loan on his or her award letter. This offer does not represent a finalized student loan. A student must complete the proper application paperwork prior to obtaining a student loan. Loan application forms are obtained at the SCC Financial Aid Office and online at "Online Student Loan." When you have completed all the documentation required and have completed the on-line entrance interview, your loan will be processed. Under federal regulation, student loans must be divided in two disbursements over the period of the loan.
If your loan is approved, and you are currently enrolled at least half-time, attending class, and maintaining satisfactory progress, the loan funds will be available to apply directly to tuition and book charges. Balance funds will be mailed directly to the student the third week of the term. If you are a first time borrower, the balance funds will not be mailed until 30 days into the term per federal regulation.
Of note: the maximum Stafford Loan for the 2007-2008 award year is $3500 per academic year for freshmen and $4500 for sophomores (dependent students). Repayment of the Stafford Loan generally begins six months after the student graduates or drops below half-time enrollment.
Federal PLUS (Parent) Loan:
This loan program is available to the parents of dependent students. The PLUS loan is based on the student's cost of attendance and other financial aid received. Parents must generally begin repayment within 60 days after the final loan disbursement. For additional information on the PLUS Loan, see the SCC Financial Aid Office.
Private Loans:
Private loans are offered by private lenders and there are no federal forms to complete. Eligibility for private student loans often depends on a credit check. In order to access a private loan, students may contact their preferred lending institution. SCC only maintains private loan applications for the Partnership Loan offered through Iowa Student Loan.
Scholarships
SCC Foundation Scholarships:
Students may be considered for SCC Foundation Scholarships by completing a Foundation Scholarship Application located on the SCC Foundation's website. Deadlines and amounts vary by scholarship.
Trustees Scholarship:
SCC provides honor scholarships to valedictorians and salutatorians that covers the cost of in-state tuition and required textbooks. Students must enroll at SCC as full-time students no later that the fall term following high school graduation. A student can access a Trustees Scholarship Application by completing the form located on the "Financial Aid Forms" portion of this website.
Other Scholarship Opportunities:
SCC periodically receives scholarship information from third party donors. SCC outlines these many different scholarship opportunities in the Scholarship Reference Guide located on the "Scholarships" portion of this website.
