Need Based Financial Assistance

Belhaven participates in all federal need-based financial assistance programs including: 

Federal Pell Grant:  Eligibility and amount of award determined by U.S. Department of Education.

Federal Supplemental Education Opportunity Grant:  Based on need with preference to Pell Grant recipients.

Federal Work Study Program:  Average 10-12 hours work a week on campus at minimum wage.

Federal Perkins Student Loans:  5 percent interest; payment begins nine months after leaving school.

Federal Stafford Loan:  Varying interest rates; repayment begins six months after leaving school.

Federal Parent Loan:  Varying interest rates; parent is the borrower.

Determining Eligibility for Need-based Financial Assistance

To determine a student's eligibility for need-based aid, the financial aid staff will ascertain the difference between college costs and the amount a family can contribute toward costs.  (Example:  College costs – expected family contribution = student's need)

A student's educational expenses fall into two categories:  direct costs (paid to the college) and indirect costs such as books and supplies, estimated personal expenses, and estimated travel expenses.

The family contribution is calculated by the U.S. Department of Education from information provided by the family on the Free Application for Federal Student Aid.  Factors that influence the family contribution include:

• parents' income (both taxable and untaxable from the prior year's tax return,
• parents' taxes paid,
• parents' assets (other than a home, a family farm, and retirement accounts),
• size of the family,
• number of family members in college,
• student's income, taxes paid, and assets.

If the cost of attending Belhaven exceeds the family contribution and merit-based aid, the student is eligible for need-based aid.  The student must complete the Free Application for Federal Student Aid (FAFSA) each year to apply for need-based financial assistance.