Grants and Loans

Government Grants and Loans

To qualify for most government grants and loans or for any Union College need-based grants, the student must complete the FAFSA.

Government Grants

Many U.S. students qualify for federal and/or Nebraska state grants (need-based assistance from the government). State grants and Federal PELL Grant amounts vary. Some grant amounts are affected by application timeliness.

Federal Grants

PELL: Up to $5,550, annually
FSEOG: Up to $1,100, annually

Loan Programs Federal and Private

Both Federal and private loans are available to eligible students. Students and families are encouraged to borrow as little as possible. Low interest rates and easy repayment terms make loans a solution when necessary. Most loans require demonstrated need and credit-worthiness.

Subsidized loan interest and payments are deferred until six months after graduation/completion of study or when taking less than six credits.

Unsubsidized Stafford and PLUS loans are available to most U.S. students without regard to demonstrated financial need.

Federal Perkins Loans

Students must demonstrate need on the FAFSA to qualify for the Perkins (subsidized with 5% fixed interest).

Federal Nursing Loans

Union administers nursing loans which are available to eligible professional-level nursing students.

Federal Stafford Loans

Some students qualify for subsidized Stafford loans (interest and payments deferred until six months after graduation/program completion as long as the student is taking more than six credit hours). Unsubsidized Stafford loans are available to nearly all students. Yearly maximums for subsidized and unsubsidized loan amounts are:

Maximum loan amounts

Freshmen $5,500
Sophomores $6,500
Juniors and Seniors $7,500

The cumulative Stafford limit for dependent students is $31,000.

Independent Students Stafford Loans

Independent students are: married, have other dependents, are orphans/wards of the court, are military veterans, have at least one undergraduate degree, or were born before January 1, 1986.

Independent students qualify for unsubsidized Stafford loans in addition to any subsidized loans for which they qualify.

Independant loans

Freshmen/Sophomores $4,000
Juniors/Seniors $5,000

The cumulative limit for independent students is $57,500 with the above Stafford terms.

Parent Loans

The PLUS loan program is available to parents of dependent students through local banks and credit unions. The amount borrowed may be up to the cost of education each year less other aid received.

Tax Credits

The Taxpayer Relief Act of 1997 created several new tax benefits for families who are paying for higher education. These possible tax credit benefits may help families effectively reduce educational expenses. Please consult your tax advisor for more information regarding possible educational tax benefits or visit irs.gov. 

College Work-Study

Federally subsidized Work-Study is available to those with demonstrated need based on the FAFSA. Eligibility is noted in your annual personal financial plan.

 

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