Financial Aid

Most missionary families are not able to pay fully for an MKs education.  However there are a lot of resources available for financial aid for college students.  The following information is provided to help you make financial decisions regarding college education.

 There are four primary sources of financial aid:

 Private Sources

  • Funds awarded through corporations, unions, religious or civic groups, etc.
  • There are many organizations who give financial aid specifically to the international community. A quick search on the internet can lead to many scholarships that an MK may be eligible for.

 Colleges/ Universities

  • Some colleges give discounts to MKs. Nearly all Assemblies of God Institutions offer some discount  to missionary kids, and many other non-AG schools may give discounts as well.
  • Academic, athletic, and music scholarships are also available – contact the school to learn how to qualify.
  • Work opportunities on campus can be used to fund education.
  • Some schools even offer their own low-interest loans

 State Government

  • Most state aid is available through merit scholarships, grants, or work study.
  • Contact the college’s financial aid office, public libraries, or the state’s department of higher education office for more information.

 Federal Government

The Federal government has several different types of financial aid programs.

 Scholarships & Grants*

  • Grants are a type of financial aid that does not have to be repaid. The amount of the grant is based on need, cost of attendance, and enrollment status.

o   Pell Grant* offers a maximum of $5,500 each year

o   The Federal Supplemental Educational Opportunity Grant (FSEOG) for undergraduate* students only: $100 - $4,000 a year possible grant. Pell Grant recipients with the lowest expected family contributions (EFCs)* will be considered first for the FSEOG.

o   The Hope Scholarship and Lifetime Learning Credit are actually tax credits rather than scholarships, but they can save tax money each year for attending college.

Loans

  • Loans are borrowed money that must be repaid with interest. Parents may also borrow to pay education expenses for dependent students.

o   Federal Perkins Loan Program*

  • Undergraduate students can receive up to $4,000 a year
  •  Repayment of the loan begins nine months after graduation or change of school schedule to part-time student. Some post-graduation occupations may reduce or cancel the repayment (such as teachers in low income areas.)

 o   Parent’s Loan for Undergraduate Students (PLUS)*

  • PLUS loans can be taken out by parents of students
  • Repayment begins within 60 days of final loan disbursement for the year.

o   Stafford Loan – Used to make up any remaining need for tuition costs

  • Government pays the interest while the student is in school full-time
  • Repayment begins six months after graduation
  • Both PLUS and Stafford loans can be subsidized (no interest charged until repayment begins) or unsubsidized (interest charged immediately)

 Student Employment – Federal Work-study Program

  • The Federal Work-Study Program pays an hourly wage for on-campus work during the school year to help pay for education expenses. Eligibility is determined by financial need.

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