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 Financial Aid Package and Merit Aid

Belhaven University determines financial aid eligibility using information submitted through the Free Application for Federal Student Aid (FAFSA). Your FAFSA data is used to calculate your Student Aid Index (SAI), which helps determine your eligibility for federal, state, and institutional financial aid programs.

A student’s financial need is generally calculated using the following formula:

Cost of Attendance (COA) – Student Aid Index (SAI) = Demonstrated Financial Need

The Cost of Attendance includes estimated expenses such as tuition, fees, housing, food, books, supplies, transportation, and personal expenses.

The FAFSA considers several factors when determining the Student Aid Index, including income, certain assets, family size, and the number of family members attending college.

Belhaven University may also award institutional scholarships and grants based on academic achievement, talent, leadership, or other eligibility criteria. These awards are considered as part of the student’s overall financial aid package.

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: (FSEOG): 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. Work Study Policy is available to students in BlazeNet.

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.
• Direct Unsubsidized Loans: Available to eligible undergraduate and graduate students regardless of financial need. Interest begins accruing when the loan is disbursed, and students may choose to pay the interest while enrolled or allow it to be added to the principal balance. The interest rate is fixed for the life of the loan.
• Federal Parent PLUS Loans: Available to parents of dependent undergraduate students to help cover educational expenses. Eligibility is based on a credit review and completion of the FAFSA. Parents may borrow up to $20,000 annually, with a $65,000 lifetime borrowing limit. The parent borrower is solely responsible for repayment. Interest rates are fixed for the life of the loan, and repayment options may include immediate repayment or interest-only payments while the student is enrolled.

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

Dependent undergraduate students whose parent is denied a Federal Parent PLUS Loan may be eligible for additional unsubsidized Direct Loan funds under federal loan limits.

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