Types of Financial Aid

Grants and scholarships form the largest part of our financial aid funds. Most funds come from Grinnell's endowment, alumni gifts and other contributions, and the general operations budget. Other assistance comes from federal and state governments. Scholarships and grants do not have to be repaid and range from $200 to the cost of attendance.

Maximum Federal & State Aid Table
State Program Annual Maximum
Iowa Tuition Grant $4,550 (2014-15 award maximum)
Federal Programs Annual Maximums
Federal Pell Grant $5,730 (2014-15 award maximum)
Federal Supplemental Educational Opportunity Grant (SEOG) $4,000
Federal Perkins Loan $5,500
Federal Subsidized Direct Loan $3,500 (1st year); $4,500 (2nd year); $5,500 (3rd & 4th year)
Federal Unsubsidized Direct Loan for Dependent Students (Except Students Whose Parents Cannot Borrow a PLUS Loan) $5,500 (1st year); $6,500 (2nd year); $7,500 (3rd & 4th year) less any subsidized amounts received for the same period
Federal Unsubsidized Direct Loan for Independent Students and Dependent Students Whose Parents Cannot Borrow a PLUS Loan $9,500 (1st year); $10,500 (2nd year); $12,500 (3rd & 4th year) less any subsidized amounts received for the same period
Federal PLUS Loan Cost of education minus other aid

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Grants

Grinnell Grant

·         Institutional grant based on financial need

Grinnell International Student Grant

·         Institutional grant based on financial need

Federal Pell Grant

·         Federally funded grant based on financial need

·         Eligibility determined by the U.S. Department of Education and is based on the FAFSA EFC

·         Not affected by the February 1 priority deadline

·         2014-15 awards ranged from $602 to $5,730 per academic year (contingent on federal funding)

Federal Supplemental Educational Opportunity Grants (SEOG)

·         Federally funded grant based on financial need

·         Awarded by the institution only to students who show exceptional financial need or eligibility for a Federal Pell Grant

·         Ranges from $200 to $4,000 per academic year with limited funding each academic year

Iowa Tuition Grant

·         State-funded grant based on financial need for students from Iowa only

·         Eligibility determined by the Iowa College Student Aid Commission and is based on the FAFSA EFC

·         Not available for more than eight semesters of undergraduate study

·         Maximum award for 2014-15 is $4,550

Other State of Iowa Grants

Iowa College Student Aid Commission

Loans

Grinnell awards educational loans primarily from the federal loan programs. These programs provide students and their parents with long-term, low-interest loans. Remember, a loan must be repaid.

Federal Perkins Loan

·         Long-term loan awarded to students who show exceptional financial need

·         Subject to limited annual funding

·         Awarded by the College

·         Interest rate is 5 percent

·         Loan amounts up to $5,500 per academic year

·         Repayment and interest accrual begin nine months after last half-time enrollment for new borrowers

·         Repayment made to Grinnell College through our servicer University Accounting Services (UAS). Contact the Grinnell College Office of the Cashier if you are ready to begin or are currently in repayment.

Federal Subsidized Direct/Stafford Student Loan

  •  Need-based long-term loan
  • Annual limits of $3,500-$5,500 depending on grade level
  • Origination fee of 1.072% 
  • Loans disbursed between 7/1/14 and 6/30/15 have a fixed interest rate of 4.66% 

Federal Unsubsidized Direct/Stafford Student Loan

  •   Non-need-based long-term loan
  •   Annual limits of $5,500-$7,500 (less any subsidized amounts received for the same period) depending on grade level and dependency status
  •   The borrower is responsible for accrued interest during in-school and deferment periods
  •   Origination fee of 1.072% 
  •   Loans disbursed between 7/1/14 and 6/30/15 have a fixed interest rate of 4.66%

Federal PLUS Loan

  • Non-need-based long-term loan for parent borrowers
  • Must be certified by the school
  • Maximum amount is the cost of education minus other aid
  • Repayment begins 60 days after disbursement with deferment of principal possible
  • Origination fee of 4.288%
  • Loans disbursed between 7/1/14 and 6/30/15 have a fixed interest rate of 7.21%
  • Interest accrual begins at disbursement

Grinnell College Loan

·         Long-term, low-interest institutional loan based on financial need

·         Repayment begins six months after the student leaves Grinnell College

·         Ranges from $200 to $4,000 per academic year

Private Loan

·         Long-term private loan used to replace expected family contribution

·         Contact the Office of Student Financial Aid for more information

·         Maximum amount per academic year is cost of attendance minus other aid

Employment Opportunities

Student jobs on campus are funded by Grinnell College and the Federal Government. Grinnell offers jobs first to students with demonstrated financial need; however, many jobs are available on campus for students without demonstrated financial need. Students who work eight or nine hours a week can expect to earn about $2,200 during the academic year.

New students receiving need-based Federal Work-study or Grinnell Employment will be assigned their first job. New students receiving non-need-based Campus Employment will be assigned if positions are still available. Returning students are expected to return to their previous position. All students are free to search for new positions at any time.

All students must complete employment forms during New Student Orientation or at the Office of the Cashier before beginning employment. Questions regarding work eligibility should be directed to the Financial Aid Office.

As a Grinnell student, you’ll be eligible to compete for sponsored internships and research and studio opportunities.

Note. International Students must have employment authorization. Most International Students hold F-1 status, which allows for this opportunity. 

Federal Work-Study

·         Federally-subsidized student employment based on financial need

·         Eligible to perform community service for work-study award

·         Not less than $7.75 per hour

Campus Employment & Grinnell Work-Study

·         College-sponsored student employment

·         Not less than $7.75 per hour

Pay Categories

Note for E-time: The E-time system will default to Category II ($8.50/hr).  Supervisors must make the proper adjustment to Category I ($7.75/hr) and Category III ($9.10/hr).  The Category III rate is only applicable to the specific positions listed below. If you have questions concerning which Category a student position falls under, please send the job description to the Financial Aid Office for review.

Category I

$7.75

Category II

$8.50

Category III

$9.10

Category I

Performs routine, non-complex work. May require a brief orientation period. No previous training required and works under direct supervision, or position requires only minimum training. The position requires primarily answering the phone or giving direction. Examples include mail room, PEC cage, Weight Room, campus security parking and building monitors, etc.

Category II

Semi-skilled jobs that require previous experience and/or necessitate acquiring a skill(s) to maintain the position. Positions considered essential/critical to the institution and/or positions that are deemed hard to fill and/or supervisory. May perform specialized work. Performs technical/paraprofessional work requiring a combination of training, acquired basic scientific or technical knowledge, analytical and/or manual skills. Requires knowledge and application of specific work procedures. Also requires some developed skills such as operation of office equipment, composition, small equipment operation, or interaction with the public. May require little or no supervision. Examples include academic programs, Financial Aid Office, Registrar, Bookstore, Admission tour guides, lifeguards, athletic trainers, physical plant, Admission newspaper "Ins and Outs," Campus Security Dispatchers, Craft Workshop student employees, food service, Library Specialty Coordinator, Computer User Consultants, Annual Giving Specialist, and Admission VISA Coordinator student employees.

Category III

Supervisory position reserved for Dining Services, Annual Giving Specialist supervisors, Admission Fellows, Peer Mentors/Tutors, and ITS UC supervisors. All other supervisory positions will fall under Category II.

Tentative TuitionPay Payment Schedule

If Application Received by TuitionPay...

Down Payment Required (Percentage of Budgeted Amount)

Remaining Number of Monthly Payments

Initial Payment Date On Remaining Balance

Prior to May 1

Fee only

12

May 1

May 2-June 1

Fee only

11

June 1

June 2-July 1

Fee only

10

July 1

July 2-August 1

Fee and 1 monthly payment

9

August 1

August 2-August 25

Fee and 2 monthly payments

8

September 1

TuitionPay, 463 Swansea Mall, Swansea, MA 02777

Additional Options for Educational Financing

Grinnell College understands that sometimes you need some help managing your tuition bill. That's why we offer the Grinnell College tuition payment plan administered by Higher One®. Payment plans are convenient, manageable payment solutions that give you the option to pay tuition in interest-free monthly installments, rather than one lump sum. Tuition payment plans offer: 
• More time to pay. Spread your tuition payments over a period of several months. 
• Interest savings. Use a payment plan to make monthly payments, interest free. You can also use a plan in conjunction with traditional student loans and financial aid. 
• Convenience. You can enroll in a plan, manage your account and make payments online, 24 hours a day. 
Plan Terms: Tuition payment plans administered by Higher One offer you the opportunity to pay your tuition, interest free, in up to 12 payments beginning in May, June, or July. Enrollment is allowed until late August. To help you calculate how much to budget using a payment plan, school tuition and fee information can be found here. Enrolling in a tuition payment plan is easy. Simply visit https://tuitionpaymentplan.com, click on "Enroll Now," choose the payment plan option that is best for you and follow the easy steps to complete your enrollment. During the process, you will create your user ID and password, which will allow you to log on and manage your account online. Make managing your tuition payments a little easier with a tuition payment plan administered by Higher One. If you have any questions about the plan, call Higher One at (800) 635-0120 and a specialist will be happy to assist you.