Types of Financial Aid
There is a wide variety of funding available to assist students and their families with tuition, fees and other college-related expenses. Financial aid includes grants, scholarships, student loans and work-study.
Grants and Scholarships
Grants and scholarships are gift assistance and do not have to be repaid under normal circumstances. If you receive your award letter before you register, you may charge tuition and fees up to the amount of your grant/scholarship. Any remaining balance can be used to charge required books and supplies. If you have paid your own costs before receiving this letter, or if you did not use all of your aid when you registered, a check for the balance will be issued to you later in the semester, as long as you maintain eligibility. You are not allowed to receive federal financial aid at two institutions at the same time.
NOTE: Federal regulations require course attendance for all financial aid recipients. This process is detailed on-line or in the College Catalog.
Awards are based on full-time (12 or more credit) attendance, unless you indicated otherwise on your Financial Aid Application. Actual amounts are determined by your enrollment status at the end of the refund period for each class and may be reduced or cancelled at less than full-time enrollment. In general, grants are reduced to 75% at 9 - 11 credits, and to 50% at 6 - 8 credits.
For additional financial aid eligibility requirements, please access the following link: Standards of Academic Progress
Federal
Federal Pell Grant
To apply, complete the FAFSA. Awards range from $1,176-$5,550. Eligible students must demonstrate financial need as determined by the federal formula, meet standards of academic progress, not owe a refund or be in default on any Title IV Aid, and be working toward a Delta College academic degree or certificate.
Federal Supplemental Educational Opportunity Grant (FSEOG)
To apply, complete the FAFSA. Awards range from $100-$1000. Eligible students must demonstrate financial need as determined by the federal formula, meet standards of academic progress, not owe a refund or be in default on any Title IV Aid, and be working toward a Delta College academic degree or certificate.
Michigan
Michigan Competitive Scholarship Program (MCS)
Take the ACT test in high school and complete the FAFSA using Delta College's school code (002251). Students who qualify as semi-finalists on the ACT test will have a chance to receive MCS. The Michigan Department of Treasury awards a maximum of $600 per semester based on eligibility.
Tuition Incentive Program (TIP)
Eligible students must be under the age of 20 at the time of high school graduation / GED completion and have been a Medicaid recipient. To receive TIP at Delta College, student must submit copies of their TIP letter from State, high school diploma / GED and birth certificate. For a copy of your TIP letter, contact the Michigan Department of Treasury, Office of Scholarships and Grants at 1-888-447-2687.
Michigan Indian Tuition Waiver (ITW)
Student must have written certification from tribe of being at least 25% Native North American and proof of one year of Michigan residency. Waiver will cover tuition only, for any number of credits. ITW will not pay fees or other charges. Student can obtain ITW application at www.itcmi.org.
Institutional
Board of Trustees Scholarship (BTS)
Eligible in-district high school graduates are selected by their guidance counselors. Recipients must possess a 3.25 or higher GPA on a 4.0 scale or a 3.85 or higher GPA on a weighted scale. This scholarship pays for tuition and fees up to 62 credits. Scholarship can be used for up to four years, provided the recipient attends consecutive Fall and Winter semesters. Spring/Summer semester attendance is optional. Full-time enrollment is not required. Recipients must maintain a minimum 3.0 college GPA to continue to receive the scholarship.
Adult Education Scholarship (AES)
Eligible in-district graduating seniors are selected by their alternative high school administrator. AES will cover up to 6 credit hours of tuition only each semester, up to a maximum of 30 total credit hours. Program must be used within four years of the initial award.
Other Scholarships
External Scholarships are funds provided to students by local and national clubs, organizations, agencies and companies. Scholarship monies may be sent directly to the Financial Aid Office with instructions regarding disbursement of funds. Scholarship checks made out to Delta College or Delta College and the student must be submitted to the Financial Aid Office for distribution to their student accounts.
It is encouraged to use free state and national scholarship search sites to find scholarships for future and currently enrolled college students or, visit your local library to search for community scholarship opportunities. Residents of Bay, Saginaw and Midland counties are encouraged to apply for scholarships through these local foundations:
Student Loans
Educational loans are available to assist students with any unmet educational costs they may have. Loans do need to be repaid, and should be considered carefully. Students should always file a FAFSA first in order to be packaged with any federal loan eligibility. When that eligibility is exhausted, parent and alternative loans are the next consideration.
Federal Direct Stafford Student Loans
Subsidized and Unsubsidized are available. Both are paid back after graduation.
- Must be enrolled in a minimum of 6 credits.
- Must be maintaining academic progress.
- Dependent freshman (0-29 credits) can receive up to $3500. This is based on full time status (12 + credits).
- Dependent sophomore (30 or more credits) can receive up to $4500. This is based on full time status (12 + credits).
- Dependent students are eligible to receive an additional unsubsidized Stafford loan in the amount of $2000 for an academic year.
- Independent students, as defined by the Federal Government on the FAFSA, are eligible to receive an additional unsubsidized Stafford loan at each grade level up to $4000.
- Fixed interest rates vary each year. The rate is capped at 8.25%.
- Interest does not accrue on a subsidized loan until you graduate, withdraw from school or drop below half-time enrollment.
- Interest accrues on an unsubsidized loan while you are in school. You may choose to pay the interest when you’re in school rather than capitalizing the interest to avoid “paying interest on interest”.
- To request a loan, log in to MyDelta and complete the Federal Stafford Loan Application found in the Financial Aid section.
Federal Direct Parent Plus Loans
A new requirement for 2011-2012: Before a Parent Plus loan can be processed, the student must have completed a FAFSA and have it on record with the college.
Enables parents with good credit history to borrow to help pay the expenses of each of their children who is a dependent undergraduate student. Student must be enrolled at least half-time and maintain satisfactory academic progress.
- Interest rate is 7.9%.
- Repayment begins within 60 days after the final loan disbursement is disbursed for the period of enrollment for which the parent has borrowed for their student. Therefore, the first payment of a fall/winter loan will usually be due in February.
- No grace period. Interest begins to accumulate at the time the first disbursement is made.
- Parent is able to request deferment on the payment(s) of this loan as long as the student is maintaining half-time enrollment. www.StudentLoans.gov
- Parents who have Plus loans must begin repaying both principal and interest while student is in school.
- No loan meeting is required.
- Loans cannot exceed the school’s Cost of Attendance (COA). The maximum a parent can borrow is equal to the cost of attendance minus any other financial aid the student receives.
- To complete a Direct Parent Plus Loan, visit www.StudentLoans.gov and go to Complete Plus Request Process.
- To endorse the Direct Parent Plus Loan after the Request Process, visit www.StudentLoans.gov and go to Endorse Plus Loan.
Options if PLUS is not approved
These are some options the family may want to consider:
- Parent may be approved with an endorser (co-signer).
- Student may call the Office of Financial Aid and request "PLUS replacement". This means the student may be able to borrow an additional amount of unsubsidized Stafford Loan.
- Private alternative loans may be available.
Federal Direct Plus Loans for Graduate and Professional Degree Students
Delta College is a community college and does not offer graduate degree programs; therefore, students are not eligible to apply for the Federal Direct Plus Graduate and Professional Degree loans.
Interest Rates
The Direct Stafford Loan interest rate is:
- fixed 3.4% for subsidized,
- 6.8% for unsubsidized, and
- 7.9% for parent plus loans
Alternative Educational Loans
Prior to applying for an alternative educational loan, Delta College strongly encourages students to complete the Free Application for Federal Student Aid (FAFSA). Doing so, allows you to determine your eligibility for grants (which generally do not have to be repaid), as well as for Federal Stafford student loans. For Stafford student loan consideration, students must also complete a Master Promissory Note (MPN) at www.StudentLoans.gov and Delta’s loan request form: 2011-2012 Stafford Loan Request
Federally funded Stafford undergraduate student loans do not require a credit check or co-signer and offer fixed interest rates that are often more advantageous than alternative educational loans through private lending institutions.
Alternative educational loans are available as an option for students whose program of study is not eligible for Federal Title IV financial aid, students who are not maintaining standards of academic progress, or those who show remaining need after all other financial aid they were awarded is subtracted from their educational institution’s cost of attendance. In order to be eligible for an alternative educational loan at Delta College, you must be enrolled at least half-time and be pursuing a degree or certificate at our institution. The combination of alternative loans and Federal, state and institutional aid and resources you are awarded cannot exceed the cost of attendance.
Following is an alphabetical listing of some private lending institutions that have offered alternative educational loans to Delta College students in the past three to five years. This listing is offered to assist those interested in researching alternative educational loan options. It is not intended as a comprehensive directory of private lenders and does not constitute an endorsement by Delta College of alternative educational loans or of specific lending institutions. We encourage students to visit lender websites to compare interest rates, repayment options and other loan terms and conditions. We also suggest that you investigate other alternative educational loan options, including your local bank or credit union.
Catholic Federal Credit Union
www.cathfcu.studentchoice.org
Note: Students must maintain Standards of Academic Progress to be eligible.
Chase Select
www.chaseselectloans.com
Dow Chemical Employees' Credit Union
http://dcecu.fynanz.com Note: Students must be a credit union member and maintain a 2.0 GPA or higher. A co-signer may be required.
Fifth Third Bank
http://web.53educationlending.com/smart-option.asp
Key
http://www.gocollege.com/financial-aid/student-loans/banks/key-bank.html
Note: No applications are being accepted at this time.
MI-LOAN (Michigan Alternative Loan Program)
www.miloanprogram.com
Note: No applications are being accepted at this time.
PNC
http://www.pnconcampus.com/studentloanguide/privateloans
Sallie Mae
http://go.salliemae.com/schoolapply/?InstID=00225100&loanprogram=SOSL&InstLndrID=900905
TERI
www.teri.org
Note: No applications are being accepted at this time.
Wells Fargo
https://www.wellsfargo.com/student/planning/steps/private
The Higher Education Opportunity Act of 2008 requires that before a private educational lender may finalize a private education loan for a student in attendance at an institution of higher education, the private lender must obtain the signed, completed self-certification form. Most lenders will provide this form directly to students. If your lender does not, you can obtain a Private Education Loan Applicant Self-Certification form at the Delta College Financial Aid Office.
Other Financial Aid Resources
Students interested in obtaining additional education or training to re-enter the workforce should explore potential funding opportunities through their local Michigan Works and Michigan Rehabilitation Services agencies.