Types of Financial Aid

Grants

• Federal Pell Grant: Available to undergraduate students with financial need. Value ranges from $200 to $4050 depending on degree of need, cost of education, enrollment status and congressional funding level. 

• Federal Supplemental Educational Opportunity Grant (FSEOG): Available to undergraduate students with financial need. Limited to those with highest need who are eligible for Federal Pell Grants. Value ranges from $100 to $800 depending on funds available, enrollment status and degree of need. 

• Leveraging Educational Assistance Program (LEAP) (Formerly SSIG): Available to Utah resident undergraduates who demonstrate financial need. Provided through a match of state and federal funds. Value ranges from $100 to $800 depending on funds available, enrollment status and degree of need. 

• Utah Educationally Disadvantaged Grant (UEG): Available to Utah residents who demonstrate exceptional financial need and are educationally disadvantaged. Funding provided by the state. Value ranges from $100 to $800 depending on funds available, enrollment status and degree of need. 

• Utah Centennial Opportunity Program for Education (UCOPE): Available to Utah residents demonstrating financial need. Funding contingent on Utah Legislature. Value ranges from $100 to $800 depending on funds available, enrollment status and degree of need. 

Loans

Federal Title IV loan programs assist students with their educational expenses now and are repaid when the student is no longer attending or enrolled in at least six credit hours time. The College participates in three federal loan programs: the Federal Perkins Loan, the Federal Stafford Student Loan (subsidized and unsubsidized), and the Federal Plus Program for parents of dependent students. In addition to these federal programs, SLCC provides a short-term emergency loan fund. By institutional policy, loans are not awarded retroactively. Skills Center students are not awarded Federal Stafford Student Loans, Federal Plus Loans or short-term emergency loans.

•  Federal Perkins Loan: The federal government has stopped funding this program. However, limited amounts are still available from funds that are being repaid to the loan program at Salt Lake Community College. This program is available to students with demonstrated financial need. Value 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%. First time borrowers at SLCC must attend Loan Entrance Counseling, which can be scheduled through the Financial Aid Office. 

• Federal Stafford Student Loan (subsidized/unsubsidized): Available to students with demonstrated financial need. Provided by lending institutions such as banks or credit unions and guaranteed by the Federal Government. The value of the loan for students who have completed less than 31 hours cannot exceed $2625.00 per year. The value of the loan for students who have completed 31 hours or more cannot exceed $3500.00 per year. Repayment of the loan begins 6 months after the student leaves school or drops below half time enrollment. The minimum payment during repayment 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, not counting periods of deferment or forbearance. The interest rate has been fixed at 6.8% beginning July 1, 2006. Subsidized loans do not accrue interest while a student is attending at least half time(6 or more credit hours). Unsubsidized loans will accrue interest during the loan period, borrowers may pay the interest quarterly or have it capitalized.  An additional unsubsidized amount is available only to independent students and may be requested by completing an additional unsubsidized loan application and meeting with a Financial Aid Advisor. First time borrowers must complete Loan Entrance Counseling.

• Federal Parental Loan for Undergraduate Students (PLUS): Available to the parents of dependent students. Provided by lending institutions. PLUS disbursement checks will be made co-payable to parent(s) and SLCC. Parental endorsement must be obtained before SLCC endorsement and subsequent disbursement can be made. The value 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%. 

• Short-term Emergency Loans: Available to students who have completed at least 12 credit hours at SLCC and have a cumulative GPA of 2.00 or higher. Provided by Salt Lake Community College. The maximum amount is $200.00 to cover emergency expenses only. An emergency loan must be repaid by the end of the term in which it is made. A student's tuition must be paid in full, to be eligible for this loan. A $10.00 service charge is added to the amount borrowed.  

Part-Time Work

Most part-time student jobs are awarded through the Federal College Work-Study program, which requires establishing financial need through the FAFSA. Work opportunities are scheduled around eligible students class schedules. Pay scales are based on hourly rates and may vary depending upon the job, but are at least minimum wage. Students are awarded a specific dollar amount and may work until this amount has been earned. Most students work 10-20 hours per week. Students who are full-time (12 credit hours or more) but do not qualify for work-study may seek on-campus part-time employment through the Student Employment Office (CC230).