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.
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.
|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
|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.
The cumulative limit for independent students is $57,500 with the above Stafford terms.
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.
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.
Federally subsidized Work-Study is available to those with demonstrated need based on the FAFSA. Eligibility is noted in your annual personal financial plan.