Financial Aid

Types of Aid


Grants


Grants are gifts of money which do not have to be repaid, under most circumstances. You must show a significant amount of financial need to qualify for grant programs. Because most grant funding is limited, early application is encouraged. The major grants awarded by SLCC are described below:

Federal Pell Grant: Available to undergraduate students with financial need. Values range from $574 to $5645 depending on degree of need, cost of education, enrollment status and congressional funding level.

Federal Supplemental Educational Opportunity Grant(FSEOG): Federal funding available to undergraduate students attending at least half time with financial need. Funds are limited to students with the highest need who are eligible for a Federal Pell Grant. Values range from $100 to $1000 depending on funds available, enrollment status and degree of need.

Higher Educational Success Stipend Program (HESSP): State funding available to Utah residents attending at least half time with financial need. Values range from $100 to $1000 depending on funds available.

Need Based Grant (N-BGR): State funding available to Utah residents attending at least half time with financial need. Values range from $100 to $1000 depending on funds available.

Utah Educationally Disadvantaged Grant (UEG): State funding available to Utah residents attending at least half time with financial need. Values range from $100 to $1000 depending on funds available, enrollment status and degree of need.


Loans


Federal Title IV loan programs assist students with their educational expenses and are repaid when the student is no longer attending or enrolled in at least six credit hours. SLCC participates in three federal loan programs: Federal Perkins Loan, Federal Direct Stafford Student Loan (subsidized and unsubsidized), and Federal Direct Parent Loan for Undergraduate Students (PLUS). In addition to these federal programs, SLCC provides a short-term emergency loan fund. By institutional policy, loans are not awarded retroactively and are not available to students attending the School of Applied Technology.

Federal Direct Stafford Student Loan (subsidized/unsubsidized): The annual loan limit for students who have completed less than 30 hours is $3,500.00. The annual loan limit for students who have completed 30 hours or more is $4,500.00. Repayment begins 6 months after the student ceases half time enrollment. The minimum payment is $50.00 per month and may be higher depending on the total amount borrowed. The maximum time frame allowed for repayment is 10 years but may be longer depending on what repayment options are available to the student. The interest rate is variable and determined by Congress. Subsidized loans do not accrue interest while a student is attending at least half time (6 or more credit hours). Unsubsidized loans accrue interest during the loan period; borrowers may pay the interest or have it capitalized. An additional unsubsidized amount may be available to students and may be requested by completing an Additional Unsubsidized Loan Application and meeting with a Financial Aid Advisor. Borrowers must complete Loan Entrance Counseling and sign a Master Promissory Note.

Federal Perkins Loan: This program is available to students with demonstrated financial need. Awards ranges from $100 to $2700 depending on need and fund availability. Repayment begins 9 months after graduation, leaving school or dropping below six credit hours. The minimum repayment is $40 per month and may be higher depending on the total amount borrowed. The maximum time allowed for repayment is 10 years, not counting periods of deferment. The interest rate is fixed at 5%. Borrowers at SLCC must complete Loan Entrance Counseling and sign a promissory note.

Federal Direct Parent Loan for Undergraduate Students(PLUS): Available to parents of dependent students. The award may not exceed cost of education less other estimated financial assistance. Repayment begins 60 days after disbursement. The interest rate is variable and cannot exceed 9%.

Emergency Book Loans: Available to half time students meeting satisfactory progress standards at SLCC. Applications are available the first day of the semester at the Taylorsville Redwood Financial Aid Office. The maximum amount is $350.00 to purchase books and supplies. The full loan amount, plus a $10 service charge, is due by the end of the semester.

Alternative Loans: As a general rule, students should only consider obtaining a private education loan if they have maxed out the Federal Direct Stafford Loans. The award may not exceed cost of education less other estimated financial assistance. Interest rates vary based on lender, credit worthiness and co-signers are often required. For application information email the Financial Aid Office at financialaid@slcc.edu.


Employment


College Work-Study: This federally funded program is available to students demonstrating financial need who are attending at least half time. Positions are available on campus or at local elementary schools. Award amounts range from $1,000 to $5,000 and are paid as funds are earned.