Types of Financial Aid

College is a valuable investment because an education will last your entire life. If you need assistance with the types of financial aid available as you pursue your education, we’re here to help. Read about the scholarships and grants, federal work study, and loans possible for students.Family smiling at graduate types of financial aid

Scholarships and Grants

These types of financial aid can come from the federal government, your state government, Kalamazoo College itself, or a private or nonprofit organization. To be considered for scholarships and grants, complete the Kalamazoo College application for admission and submit the FAFSA. Return any requested forms to the proper entities. Such options for scholarships and grants include:

External Grants, Scholarships and Fellowships

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  • The Kalamazoo Grant, which is awarded based on need from college funds. All students only need to submit the FAFSA to be considered for this grant.
  • The Mandelle Award is a Kalamazoo College award for students who meet certain requirements by completing the Free Application for Federal Student Aid (FAFSA). This funding is renewable for four years if the student remains in good academic standing.
  • Endowed scholarships, provided through the generosity of individuals who have donated money to the College. Recipients of such awards will receive information about the donor and will be expected to write a letter of thanks to the donor;
  • State awards such as the Michigan Competitive Scholarship, which is based on need and merit, and the Michigan Tuition Grant, which is based only on need. Both are available through the Student Scholarships and Grants Division; and
  • Federal awards such as Pell Grants and the Federal Supplemental Educational Opportunity Grant (SEOG) awarded from federal funds granted to Kalamazoo College. Both are need-based awards with SEOG priority given to Pell Grant recipients.

Types of Financial Aid: Federal Work Study and Campus Employment

Federal Work Study is an employment program in which 75% of the student wage is supported by federal dollars for work on campus or for approved employment in specific off-campus agencies. This award is given as an eligibility to work on campus.  A student’s Federal Work Study award may  be limited by the student’s availability and willingness to work, his/her skills, and the availability of jobs on campus.  The current wage rate is $9.25 per hour.

No student may begin earning their Federal Work Study award until the first day of the academic year.  Students working over the summer break may work on campus through Campus Employment and will be paid by the institution or department.  While enrolled, students should not work more than 15 hours per week.  Students who are available to work break weeks between terms may work more hours.  However, in doing so, those students risk earning their Federal Work Study limit before the end of the academic year.

  • Students have an opportunity to enter their job skills/interests in a database maintained by the Office of Career Services and Professional Development (CCPD), referred to as Handshake.  On campus employers may post open positions here and may also search for students with appropriate skills/interests.  Although CCPD provides this assistance, the student is ultimately responsible for obtaining a job on campus.  Paychecks may be direct deposited or available to be picked up in the Business Office every two weeks.
  • Students are paid directly for hours worked on a bi-weekly basis.  If you intend to have your work/study earnings go towards paying your bill at the College, it is your responsibility to make a payment from your work/study earnings to any outstanding balance on your student account with the College.  Students may choose not to use the work opportunity in their financial aid award.

 

Types of Financial Aid: Loans

Exhaust your options for scholarships, grants and work study first. If loans are a last resort, make sure not to borrow more than you need. Use our billing calculators (1st year billing calculator; Current Student billing calculator) when determining how much you need to borrow. There are steps you must complete in order to receive your loans, feel free to contact us if you have questions about these requirements. Loans available to finance college include:

  • Federal student loans. Direct Stafford Loans are available by filing the Free Application for Federal Student Aid (FAFSA) to determine your eligibility;
  • The Parent PLUS Loan is designed to be used by the parents of dependent students. Eligibility for this loan program is not based on financial need and the loans are processed through the Direct Loan Program. Parents who are borrowing under the Parent PLUS loan program for the first time will be required to complete an electronic Master Promissory Note. The 2018-19 PLUS Loan application is now available on the Direct Loan website. The interest rate for PLUS loans disbursed between July 1, 2018 and June 30, 2019 is 7.6% with a 4.264% fee.
  • Private loans. When federal loans and other aid do not cover your cost of education, external or private educational loans are available. Our historical lender list, hosted by ELMSelect, is intended to be a starting point as students and parents begin their lender search. If you borrow from a private lender and prefer to self-certify for the loan proceeds, you may use the form  below: Private Loan Self Certification Form

Contact us when you need guidance on what might benefit you. Call us at 269.337.7192 or 800.632.5760. You also may email us at finaid@kzoo.edu.