Need-Based Aid & Loans

College Can Be Affordable

We know cost is a major factor when selecting an institution of higher learning. That’s why we strive to keep our tuition rates and fees affordable and competitive. It’s also why we offer many need-based financial aid options.

98% of undergrad Belhaven University students receive some type of aid. This aid ranges from federal grants or loans to institutional scholarships and work-study programs. We’re committed to building a customized financial aid package that lets you enjoy your time as a Blazer.

Determining Your Expected Personal Contribution & Merit-Based Aid

To calculate the amount of your financial aid package, we begin with the difference between our total cost and the amount you can contribute. Our formula looks like this:

Belhaven Total Cost (—) Expected Personal Contribution = Your Need

We determine your contribution amount using data from your most recent tax return. If you’re a dependent on someone else’s tax return, we use their information, although we also consider any income you may have.

Additionally, we consider assets (other than homes and retirement accounts), the size of your family, and the number of family members who are enrolled in college.

As part of the application process, we may award you merit-based aid, including institutional grants and scholarships. Those awards are applied at this step.

Determining Your Need-Based Aid

If the cost of attending Belhaven exceeds your expected personal contribution and merit-based aid, you may be eligible for need-based aid from the U.S. Department of Education.

This federal aid ranges from grants that don’t have to be repaid to low-interest loans. Your eligibility for this aid is determined by completing the Free Application for Federal Student Aid (FAFSA).

Federal and State Aid

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

• Federal Pell Grant: Available to undergraduate students. Unlike a loan, Pell Grants generally don’t have to be repaid. Eligibility and amount of award determined by the U.S. Department of Education.
• Federal Supplemental Education Opportunity Grant: (SEOG): Available to undergraduate students based on financial need. Like a Pell Grant, it doesn’t have to be repaid.
• Federal Work Study Program: Average 10-12 hours of work a week on campus at minimum wage for undergrad students. Download the Work Study Policy.

Loans

Federal loans, administered by the U.S. Department of Education, are common tools for funding the investment that is a university education. They do have to be paid back, so borrow carefully. Here are the basic categories to begin your research on the options available to you:

• Direct Subsidized Loans: Undergraduate students with financial need. Subsidized loans are awarded based on financial need, and while you’re enrolled in school, the federal government pays the interest on your loan. For detailed information and current interest rates, visit www.studentaid.gov.
• Direct Unsubsidized Loans: Undergraduate and graduate students, regardless of income. An unsubsidized loan is awarded to students who don’t qualify for need-based subsidy or are independent students. The government does not pay interest on this loan and the student may choose to pay on interest as it accrues or have it added to the principle balance quarterly. The interest rate is fixed for the life of the loan.
• Direct PLUS Loans: Graduate students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid.
• Federal Parent Loan: Varying interest rates; parent is the borrower. Two types of parent loans are available - the federal Parent PLUS and alternative parent loans. Parents can borrow up to the cost of attendance minus any other financial aid awards. The parent is solely responsible for repayment of these loans. Repayment options include immediate repayment and interest-only payments while the student is in school.

Loan Limits:

• $5,500 ($3,500 can be subsidized): Freshmen
• $6,500 ($4,500 can be subsidized): Sophomore
• $7,500 ($5,500 can be subsidized): Juniors, Seniors, 5th Year

Independent students can receive additional unsubsidized Direct Loan funds. (Available to students who don’t have access to the Parent PLUS Loan. This typically occurs when a parent is denied for the PLUS Loan.)

• $4,000: Freshmen, Sophomores
• $5,000: Juniors, Seniors, 5th Year