Alabama's Public Liberal Arts University

Student Financial Services

Sources of Aid

SCHOLARSHIPS - Students may receive scholarship assistance from a number of institutional sources (see http://www.montevallo.edu/finaid/Scholarships.shtm).  Many scholarships and other sources of aid are awarded on the basis of demonstrated need; therefore, all students are encouraged to file the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov.

GRANTS (FAFSA required) - Grants are gift aid that do not have to be repaid. Only undergraduates who have not previously received a bachelor’s degree are eligible for the following grants:

  • Federal Pell Grants are available in amounts ranging up to $5,350 per academic year. The amount of the grant depends on the student’s financial need, cost of attendance and enrollment status.

  • Federal Supplemental Educational Opportunity Grants (FSEOG) - Federal grants generally ranging from $100 to $1,200 per academic year are awarded to students with exceptional financial need. Funds for this program are limited.

  • Academic Competitiveness Grant (ACG) - Federal grant for students who are eligible for Pell Grant and have completed a rigorous high school curriculum. High School transcript must be on file in the Office of Admissions. Amount: Up to $750.00 for freshmen and $1,300 for sophomores.

  • National SMART Grant - Federal grant for third and fourth year students who are eligible for Pell Grant and are in the federally designated majors in the fields of math, science, and foreign language. All college transcripts must be on file in Records. Amount: Up to $4,000 for junior/senior level.

  • Alabama Student Assistance Program - State-funded grants in varying amounts are awarded to students with exceptional financial need, who are legal residents of Alabama. Funds are limited.

EMPLOYMENT - Part-time employment either on campus or off campus is available. 

  • Federal Work-Study (FWS) Program (FAFSA required) - A federally funded employment program available to qualified students who demonstrate financial need. Students are employed on or off campus and are paid monthly. A limited number of community-service positions are available. Students awarded FWS may contact the Career Counseling Center for a list of job openings or contact any department of interest.  Please note that if you are awarded FWS and accept the award this does not guarantee employment.  The student must secure employment with a department, complete the paperwork and bring it to the Office of Student Financial Services.  If placement does not occur within 30 days of the beginning of the term, the offer will be cancelled.  Funds are very limited. 

  • Jobship (University funds) - A limited number of positions are available through various campus offices. Those positions are not need based. Contact the Career Counseling Center for a list of job openings..

  • Off-Campus Employment  - The Career Counseling Center assists students with off-campus employment as well.

PERKINS LOANS (FAFSA required) - Federally funded loans that are awarded to students with exceptional financial need.  Repayment and the accrual of interest at the rate of 5% begins nine months after the student drops below half-time.  Funds are limited.

FEDERAL STAFFORD LOANS (FAFSA required) - Students may borrow from participating banks and start making payments six months after ceasing to be enrolled at least half time (6 credit hours).  Students may be eligible for need based subsidized loans or non-need based unsubsidized loans.  "Subsidized" means that the government is paying the interest while the student is enrolled at least half time.  "Unsubsidized" means that the student has the option of paying the interest or allowing it to accrue with the principal.  Eligibility is based on the FAFSA information, cost of attendance and class level. 

New borrowers and borrowers who wish to change lenders must go to www.kheaa.com to complete this process when using a lender on the participating lender list.

  • From KHEAA's home page, click "Entrance and Exit Counseling" and select "Mapping   Your Future" and make certain you complete "entrance" not "exit" counseling.

  • Go back to KHEAA's home page and click eSign Your MPN.  There you will sign the Master Promissory Note and also select a lender.

If you prefer to use a lender not on  the list, do not complete this process.  Notify the Office of Student Financial Services immediately to provide the lender name and the guarantee agency if known.  The loan will be certified through a different process which in most cases will also be automated.  Federal regulations prohibit colleges/universities from recommending or selecting a lender.  This is the student's choice.

  • If you decide to cancel or reduce the amount of the loan after signing the MPN, contact the Office of Student Financial Services immediately.

Students who cease to be enrolled half time (6 credit hours), must complete "exit" counseling at www.kheaa.com using "Mapping Your Future".

Annual Limits

 

 Dependent Student Independent Student

 

 Maximum Combined Subsidized and Unsubsidized Stafford Loan

(Effective July 1, 2008)

 Maximum Combined Subsidized and Unsubsidized Stafford Loan

(Effective July 1, 2008)
1st-yr. $5,500 $9,500
2nd-yr. $6,500 $10,500
3rd & 4th-yr. $7,500 $12,500
Grad/Professional N/A $20,500

FEDERAL PARENT PLUS LOANS (FAFSA required) - Parents of dependent students may borrow up to the cost of attendance minus any financial aid that the student receives.  Parents begin repayment within 60 days of the final disbursement unless the lender grants deferment.  This loan is not automatically awarded.  To apply for the loan, a parent may go online at www.kheaa.com and click on "Pre-approval Zip Decision" and select PLUS Parent.  If the loan is pre-approved online, the parent may download the PLUS Parent Loan application at www.montevallo.edu/finaid/forms/ or request the form from the Office of Student Financial Services.  The application must be completed and submitted to the Office of Student Financial Services for certification.  If the loan is not pre-approved but denied, the dependent student may contact the Office of Student Financial Services to request additional funds through the unsubsidized Stafford loan program.      

FEDERAL GRAD PLUS LOANS (FAFSA required)  - Graduate students may borrow up to the cost of attendance minus any other financial aid awarded.  Typically graduate students at the University of Montevallo are not eligible for this loan because the Stafford loan covers the cost of attendance.  Contact the Office of Student Financial Services to advise the office that you want to apply for this loan.  Then go online at www.kheaa.com and click on eSign Your MPN and select PLUS Graduate/Professional Loan.  You will select a lender, also.  The loan will be certified electronically.

ALTERNATIVE LOANS - Students may borrow non-federal loans to help with college expenses.  These non-federal loans are called alternative or private loans, and they may be combined with other aid as long as the total aid does not exceed the student's cost of attendance as determined by the University.  Numerous lending institutions offer alternative loans, and you are encouraged to research the student loan market for options. Make certain to tell the lender that the University of Montevallo processes alternative loans electronically through ElmResources.   The University of Montevallo cannot recommend a lender.  This is the student's choice.  This guide is designed to help you through the alternative loan process.

  • The FAFSA is not required for this loan, but students are urged to file the FAFSA to apply for low interest federal student loans first.  There is also the possibility of receiving grants such as Pell Grant (maximum of $5350) or other federal grants ranging from $1200 to $4000.

  • Investigate alternative loan programs by checking with various lenders.      Evaluate the program on the following features: Interest rates, fees, loan minimum/maximum (annual and aggregate), academic progress requirements, co-signer, enrollment status, citizenship requirements,  repayment terms, benefits, and options.

  • Select an alternative loan program and apply directly with the lender.  Advise the lender to process electronically with the University of Montevallo through ElmResources.

OUTSIDE RESOURCES

Prepaid Tuition Plan - Please check with your state for details.  For more information for the State of  Alabama, go to http://www.treasury.state.al.us/website/pact_brochure/pact_intro.html.

Benefits for Dependents of Veterans - Please contact the State Veterans Administration for information.

Veterans Affairs Educational Benefits - The Coordinator of Veterans Affairs serves as a liaison for veterans and their dependents, assisting in obtaining benefits from the federal department of Veterans Affairs.  Students must be admitted and registered at the University before certification can be completed.  This service is located in the Records Office on the second floor of Palmer Hall.

Vocational Rehabilitation - Contact the local state rehabilitation office for more details.

Outside Scholarship Sources - Students seeking outside scholarship assistance may check some of these websites.