Types of Aid
A college education is one of the biggest investments a person and their family can make. Bryant recognizes this and offers a variety of aid packages:
Academic Scholarships
There are a number of academic scholarships that are awarded to Bryant students each year. Scholarships are awarded based on high school transcripts, SAT/ACT scores, class rank, and extracurricular involvement and do not require repayment. It is not necessary to apply for financial aid to be considered for academic scholarships at Bryant. All new students are considered as part of the admission application process. The scholarships are renewable for up to four years, provided full-time enrollment is maintained and previously determined grade point averages continue to be achieved. Scholarships range from $8,000 - $25,000 per year.
Grants
Grants are awarded primarily to full-time undergraduate students who demonstrate the need for assistance as determined by the Office of Financial Aid. Grants do not require repayment. Continued eligibility is in large part based on an annual review of information submitted on the FAFSA each year.
Federal Pell Grant
Pell Grants are available for students with an Expected Family Contribution of less than $4,617. Grants range from $976 to $5,350 a year. At Bryant, the majority of students eligible for Pell Grants will also receive a Federal Supplemental Educational Opportunity Grant.Federal Supplemental Educational Opportunity Grants
Federal Supplemental Educational Opportunity Grants (FSEOGs) are reserved for students with exceptional financial need. Pell Grant recipients with the lowest EFCs will be considered first for FSEOGs.
Federal Student Loans
Undergraduate students and their parents should always exhaust federal student loan options before considering a private loan. To apply for a federal student loan, complete the Free Application for Federal Student Aid online at http://www.fafsa.ed.gov. These loans are made to the student and do not require a cosigner. The payment period does not begin until after graduation. Loans will either be subsidized or unsubsidized based on the financial background of the student.
Federal Perkins Loan
Selection of recipients for this federal student loan is based upon information contained in the FAFSA and funding limitations within the program. Repayment of the loan may extend over a 10-year period. Repayment begins nine months after the borrower ceases to be enrolled in a degree program at least half time. The loan bears a 5% interest rate on the unpaid balance of the principal, which starts to accrue at the beginning of the repayment period. Special deferment and cancellation privileges are available. Students are informed of the provisions and responsibilities associated with these loans in the first and final years of their enrollment via online entrance and exit interview counseling.
William D. Ford Federal Direct Subsidized Loan
The William D. Ford Federal Direct Subsidized Loan is a low interest loan given by the federal government that pays the accumulated interest while the student is in school. Borrowers begin repayment of both the principal and interest six months after graduation, withdrawal from school, or dropping to less than half-time enrollment status.Students who are not eligible for need-based aid can borrow unsubsidized Federal Direct Loans. The student is responsible for paying all the interest on the loan, which accrues during enrollment and continues through repayment.
The annual Federal Direct Loan limits (both subsidized and unsubsidized, combined) as of September 2009 are as follows: $5,500 for the first year of undergraduate study, $6,500 for the sophomore year, and $7,500 annually for subsequent undergraduate study. The total undergraduate loan limit is $31,000. The annual limit for graduate students is $20,500, depending on individual costs.
All first time borrowers must complete a Master Promissory Note and loan entrance counseling online. Students will be provided details by the Office of Financial Aid.
Federal Direct PLUS Loans (made to parents)
Bryant University participates in the Federal Direct PLUS Program. This program is recommended because it is a low-rate government loan that allows parents (who are U.S. citizens, U.S. nationals or permanent residents) to borrow funds for undergraduate educational expenses. The interest rate in 2008-2009 is a fixed 7.90% and the origination fee with rebate is 2.5%. To apply, after May 15, complete the 2009-2010 Bryant University Federal Parent PLUS Application. Mail the completed and signed application to the Office of Financial Aid, 1150 Douglas Pike, Smithfield, RI 02917-1284. Upon approval, parents should access the federal site http://www.dlenote.ed.gov and, if this is their first time borrowing for the student, select Complete New MPN for Parent PLUS Loan. Bryant University’s Financial Aid Office will, of course, process any PLUS application submitted through a third-party lender.
Private Student Loans
Privately funded education loans are available through a number of lending institutions. Students and their families may borrow up to the cost of education per year minus any financial aid. Interest will generally start to accrue immediately. Most privately funded education loans will require the dependent, full-time student to have a cosigner. A cosigner generally accepts responsibility of repayment equivalent to that of the borrower. Bryant’s financial aid professionals can assist you in identifying lenders and loan programs with proven records of low costs and high-quality customer service.
Other lenders Bryant University students have borrowed from in the past year are: American Student Assistance Direct, Chase Select, Discover Student Loan, Wachovia Education Loan and Wells Fargo Student Loan.
Other Forms of Aid
The Office of Financial Aid maintains a listing of scholarships available from many companies and organizations. Visit the office for details.
Entrance and exit interviews
Students who are awarded financial aid packages are required to complete entrance and exit interviews to provide loan debt counseling at the beginning and end of their college careers.
How to apply
In order to be eligible for financial aid, a student must complete the Free Application for Federal Student Aid (FAFSA). This document is used to determine eligibility for federal and institutional aid. Bryant’s federal school code is 003402.
For more information contact the Office of Financial Aid at (401) 232-6020 or finaid@bryant.edu.
