UNIVERSITY SERVICES...>

FEDERAL/STATE FINANCIAL AID

All students must complete the FAFSA (Free Application for Federal Student Aid). All applicants who receive a Federal Pell Grant or Federal Supplemental Education Opportunity Grant will have a loan  included in their awards. Applicants may decline the loan; however, a grant or scholarship will not be substituted for a loan that is declined.

Federal Pell Grant
The U.S. Department of Education determines recipients and the amount of the award is based on FAFSA results. The maximum award was $4,050 in 2004-2005, and is targeted to high-need students.

Federal Supplemental Educational Opportunity Grant
Recipients must show need on the FAFSA each year for renewal. Grants will be awarded to students with exceptional need for funding. The amount can vary each year and depends on funding. Preference is given to students who are eligible for Federal Pell Grants.

Federal Perkins Student Loan
Perkins Loans are available for the neediest students, based on the FAFSA results. The amount of the loan each year can be up to $3000, depending on the availability of funds. The maximum that can be borrowed as an undergraduate student is $12,000. A minimum payment of $40 per month at 5% interest begins nine months after the student is no longer enrolled at least half-time. This repayment period can be up to 10 years, depending on the total borrowed.

Federal Stafford Student Loan
This loan is funded by a bank, savings and loan association, or a credit union. There are two kinds of Stafford Loans. "Subsidized" is based on need, and the government pays the interest while you are in school. "Unsubsidized" is not need-based, so it is available to students regardless of financial need.  The interest rate is variable, adjusted each July 1, and is currently 2.77%. Six-months after a student ceases at least half-time enrollment, monthly payments of not less than $50 begin on interest and principal. The FAFSA is required. The maximum that can be borrowed during the freshman year is $2,625. Sophomores are eligible for $3,500. The maximum a student may borrow during the junior and senior years increases to $5,500 per year.

Federal Parent Loan for Undergraduate Students (PLUS)
The interest rate for this loan is currently 4.17% and repayment begins 60 days after the loan is fully disbursed for the academic year. The FAFSA must be filed, although this loan is not based on need. The maximum amount parents may borrow is cost of attendance minus all other financial aid.

Alternative Loans
In addition to the federal loans previously described, a variety of alternative student loans are available to families. They include such loans as the Sallie Mae Signature and Key Alternative. Information about these programs and other similar loans is available from Baker University's Office of  Student Financial Aid.

Federal Work Study (FWS)
If you are interested in working, you must state your desire to do so on the FAFSA.  Receipt of a work award is determined by the number of jobs available. The average number of hours per week is eight, with a typical award of $1,400. The pay rate for 2004-2005 was current minimum wage. Students are paid only for the hours they work. Renewal is based on supervisor's evaluation of job performance and maintaining a minimum cumulative 2.0 GPA. Preference is given to students with financial need.

Kansas Comprehensive Grant
Kansas residents should apply for this need-based state-funded grant by filling out the Free Application for Federal Student Aid by March 1. The maximum award in recent years has been $3,000. The FAFSA should be completed and submitted by March 1 in order to meet the priority receipt deadline of April 1. Each semester, you must be enrolled in a minimum of 12 semester hours and maintain a cumulative 2.0 GPA. This grant may be received for eight semesters if you show financial need.

Kansas State Scholarship
Kansas residents may apply for this need-based scholarship by releasing their ACT test scores to the Kansas Board of Regents no later than the December test date of their senior year in high school. Students are designated state scholars by the Kansas Board of Regents each May. You must also show financial need on the Free Application for Federal Student Aid, complete an additional state aid application, and be enrolled in a minimum of 12 semester hours to receive up to $1,000 as a state scholar. Renewal is based on maintenance of a cumulative 3.0 GPA.

Kansas Ethnic Minority Scholarship
Designed to assist financially needy, academically competitive students who are identified as members of any of the following ethnic/racial groups:  African American, American Indian or Alaskan Native, Asian or Pacific Islander, or Hispanic.  Selection priority is given to Kansas residents who will graduate from a Kansas high school in 2005.  The minimum academic requirements include one of the following: 1) ACT score of 21 or SAT of 816; 2) Cumulative high school GPA of 3.0; 3) High school rank in upper 33%; 4) Completion of Kansas Scholars Curriculum; 5) Selection by National Merit Corporation in any category or: 6) Selection by College Board as a Hispanic Scholar.  New applicants must have their high school counselor, registrar or similar official complete the back of a State Aid Application.  All applicants complete and submit the FAFSA.  Awards are based on financial need.  Ethnic Minority scholarship recipients may receive up to $1,850 annually based on 1) financial need as determined on the FAFSA and 2) availability of State funds.