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 $4,110 (2013-14 award maximum)
Federal Programs Annual Maximums
Federal Pell Grant $5,645 (2013-14 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

·         2012-13 awards ranged from $602 to $5,550 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 2012-13 is $3,840

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

·         Requires a Grinnell College Loan Request Form and a Master Promissory Note

·         Annual limits of $3,500-$5,500 depending on grade level

·         Loans disbursed after July 1, 2006, have a fixed interest rate of 6.8 percent

·         Loans disbursed after July 1, 2008, have a fixed interest rate of 6.0 percent

·         Loans disbursed after July 1, 2009, have a fixed interest rate of 5.6 percent

·         Loans disbursed after July 1, 2010, have a fixed interest rate of 4.5 percent

·         Loans disbursed after July 1, 2011, have a fixed interest rate of 3.4 percent

·         Default fee of 1 percent.

·         *For subsidized loans disbursed prior to July 1, 2012, repayment and interest accrual begin six months after last half-time enrollment. This is known as the grace period.

*Note: If you receive a Direct Subsidized Loan that is first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.

Federal Unsubsidized Direct/Stafford Student Loan

·         Non-need-based long-term loan

·         Requires a Grinnell College Loan Request Form and a Master Promissory Note

·         Annual limits of $5,500-$7,500 (less any subsidized amounts received for the same period) depending on grade level and dependency status

·         Fixed interest rate of 6.8 percent for loans disbursed after July 1, 2006

·         Default fee of 1 percent. Currently the Department of Education is giving an interest rebate of .5 percent, making the net default fee .5 percent. The rebate is scheduled to end July 1, 2012.

·         The borrower is responsible for accrued interest during in-school and deferment periods

Federal Plus Loan

·         Non-need-based long-term loan for parent borrowers

·         Requires a Grinnell College Loan Request Form and a Master Promissory Note

·         Must be certified by the school

·         Maximum amount is the cost of education minus other aid

·         Interest rate is 7.9 percent and interest accrual begins at disbursement

·         Fee of 4 percent. Currently the Department of Education is giving an interest rebate of 1.5 percent, making the net fee 2.5 percent. The rebate is scheduled to end July 1, 2012.

·         Repayment begins 60 days after disbursement with deferment of principal possible

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

Student wage rates will increase effective for the period beginning August 16, 2012.  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

Following is a brief summary of alternative plans for financing college costs while attending Grinnell College.

Federal Parent Loan for Undergraduate Students (PLUS) (in "Loans" drawer)

Federal Unsubsidized Direct/Stafford Loan (in "Loans" drawer)

Monthly Payment Plan -- Grinnell College offers students and their parents a payment plan option through TuitionPay. This plan provides for equal monthly payments of tuition and fees. A nominal fee is charged to cover the cost of administering the plan. Further information is available from Grinnell College, Office of the Treasurer, Grinnell, IA 50112; or you may contact TuitionPay directly by calling toll-free 1-800-635-0120 for an application or visiting their website at http://tuitionpay.salliemae.com. The sample cost worksheets attached below will help you determine the amount you need to budget. Tentative TuitionPay Schedule

Attachments: 

2013-14 Cost Payment Worksheet for Domestic Students

2013-14 Cost Payment Worksheet for International Students