Types of Aid

//Types of Aid
Types of Aid2022-10-12T18:11:50+00:00

Types of Financial Aid

Financial aid comes in many forms—and we’re here to help you connect with as many of them as possible. Below is a breakdown of the different types of aid you could qualify for.

Grants

The following grants are sources of aid that do not require repayment. Notice: Some programs listed below are being phased out and are not currently available

Federal Grants

Federal Pell Grant

A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need and have an Expected Family Contribution below a threshold designated annually by the U.S. Department of Education, based on the amount of program funds appropriated by Congress. Renewability is based on the Free Application for Federal Student Aid (FAFSA) each academic year and meeting Satisfactory Academic Progress standards.

Federal Supplemental Educational Opportunity Grant (FSEOG)

A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need. Priority is given to Pell Grant recipients. Renewability is based on the Free Application for Federal Student Aid (FAFSA) each academic year and meeting Satisfactory Academic Progress standards.

Teach Grant

The TEACH Grant Program provides grant assistance to students who agree to serve as full-time “highly qualified” teachers in high-need fields in public or not-for-profit private elementary or secondary schools that serve low-income families. We encourage students to be very familiar with the TEACH Grant Program before applying. 

A TEACH Grant recipient who does not complete the required teaching service as designated in the signed Agreement to Serve, MUST REPAY the TEACH Grant as a Direct Unsubsidized Stafford Loan with interest, accrued from the day the TEACH Grant was disbursed. Learn the criteria and how to apply here.

State Grants

Virginia Tuition Assistance Grant (VTAG)

Virginia residents who plan to attend Ferrum College may be eligible for a grant from the Commonwealth of Virginia which is not based on financial need. The program was established to assist Virginia’s private colleges in reducing the tuition gap between private and public in-state colleges. Grant funding is determined by the General Assembly and amounts reflected on the student and award letter are estimated and not guaranteed. For the academic year 2022-2023, the estimated grant amount is $4,500. Applications are available from the college in the spring of each year. The completed application must be returned to the Office of Financial Aid by July 31. Late VTAG applications may be submitted, but awards for late applicants are contingent on available funds remaining after the July 31 applicants are funded. Students may receive VTAG funds for a maximum of eight semesters (undergraduate). Renewability based on Virginia residency each academic year and full-time enrollment.

College Transfer Grant

For Transfer Students in certain programs. Please see the State Council Website for eligibility and renewal criteria.

Institutional Grants

Auxiliary Grant

Grant awarded to undergraduate students based on professional judgment and extenuating circumstances.  Grant is for one year only and students must be full-time and degree seeking.  Award amounts vary and are not renewable.

Ferrum College Opportunity Grant

Need based institutional grant to assist students with costs. Students must complete the FAFSA application to determine eligibility. Renewability based on full-time enrollment and financial need based on the FAFSA each year.

Ferrum Grant

Need based institutional grant to assist students with costs. Students must complete the FAFSA application to determine eligibility. Renewability based on full-time enrollment and financial need based on the FAFSA.

Ferrum Merit Grant

Merit based award received upon entrance to Ferrum College. This grant may be renewed for an additional 7 semesters provided the student the student remains full-time and degree seeking.

Panther Grant

Non need based grant of $1,000 to assist students to bridge the cost of attendance This grant may be renewed for an additional 7 semesters provided the student the student remains full-time and degree seeking.

Readmit Grant

Grant for students who are previous students and are approved for readmission to the college. This grant may be renewed for an additional 7 semesters provided the student the student remains full-time and degree seeking.

Supplemental Grant

Grant award presented to new and transfer students based on date of application.  This grant may be renewed for an additional 7 semesters provided the student the student remains full-time and degree seeking.

Visit Grant

Grant award presented to new and transfer students based on the date of visiting campus. This grant may be renewed for an additional 7 semesters provided the student the student remains full-time and degree seeking.

 

 

 

 

 

 

Scholarships

The following scholarships are sources of aid that do not require repayment. Many are based on merit as an incoming student. Notice: Some programs listed below are being phased out and are not currently available.

Band Scholarship

Scholarship awarded to undergraduate students who are part of the Ferrum College Band.  Audition with the Band Leader is required.  Recipients must be full-time and degree seeking.  Award amount is $1,000 per academic year and is renewable for up to 7 semesters provided the student remains full-time, degree seeking and a member of the Band.

Beckham Presidential Scholarship

Merit based award for incoming undergraduate students of superior academic and leadership ability (3.5 GPA and 1080 SAT/21 ACT). Selection of this scholarship is very competitive and based on the scholarship application, academic records and performance during the competition. The student must have been accepted to the college prior to the scholarship competition. Award amounts are full tuition and an average cost of room/board. Other federal or state awards a student receives will be counted towards the tuition, room and board and thus reduce the scholarship. Outside funding greater than cost of attendance will reduce the scholarship amount. Students who receive Tuition Remission benefits, or Post 911 GI Bill are not eligible for this award. This scholarship may be renewed for an additional 7 semesters provided the student the student remains full-time, degree seeking and maintains a cumulative 3.5 GPA or above.

Dean’s Scholar

Merit based award received upon entrance to Ferrum College. This scholarship may be renewed for up to 7 semesters provided the student the student remains full-time and degree seeking.

Endowed Scholarships

Numerous endowed scholarships are available to students who demonstrate financial need. Endowed scholarships are used to replace the Ferrum Grant during the academic year. There are no additional applications for endowed scholarships.  Renewability for endowed scholarships based on the specific donor criteria, financial need based on the FAFSA and full-time enrollment.

E-Term Scholarship

Scholarship for undergraduate students to attend an E-Term travel course whose cost is greater than $2,000. The student must have an Expected Family Contribution (EFC) on their FAFSA (Free Application for Federal Student Aid) of less than $15,000 to qualify.  Recipients must be full-time and degree seeking.  Award amounts vary and are not renewable.  Students may only receive 1 E-Term Scholarship in their undergraduate program.

Ferrum College Scholarship

Merit based award presented to students upon their acceptance to Ferrum College. Recipients must have a proven academic record to be considered. High school GPA and SAT and/or ACT scores will be reviewed when determining each individual student’s award. This scholarship may be renewed for an additional 7 semesters provided the student the student remains full-time and degree seeking.

Hart Presidential Scholarship

Merit based award for incoming undergraduate students of superior academic and leadership ability (3.5 GPA and 1080 SAT/21 ACT). Selection of this scholarship is very competitive and based on the scholarship application, academic records and performance during the competition. The student must have been accepted to the college prior to the scholarship competition. Award amounts are full tuition. Other federal or state awards a student receives will be counted towards the tuition and thus reduce the scholarship. Outside funding greater than cost of attendance will reduce the scholarship amount. Students who receive Tuition Remission benefits, or Post 911 GI Bill are not eligible for this award. This scholarship may be renewed for an additional 7 semesters provided the student the student remains full-time, degree seeking and maintains a cumulative GPA of 3.5 or above.

Honors Travel Scholarship

Scholarship for Honors students to travel abroad during E-Term or another approved course.  Recipients are chosen by the faculty of the Boone Honors Program.  Award amounts vary and are not renewable.  The student must be full-time, degree seeking and part of the Boone Honors program.

International Scholarship

Scholarships based on academic credentials for incoming international students. Renewability based on full-time enrollment each year.

Leadership Scholarship

Scholarship of $1,000 per academic year for leadership of Admissions Ambassadors. This grant may be renewed for an additional 7 semesters provided the student the student remains full-time, degree seeking and actively participating in the Ambassador program.

Out-Of-State Scholarship

Grant of $2,000 per academic year for students who are attending from out of state. This grant may be renewed for an additional 7 semesters provided the student the student remains full-time and degree seeking.

Presidential Honors Scholar/Boone Honors Scholar

Merit based award presented to students upon their acceptance to Ferrum College. Recipients must have a proven academic record to be considered. High school GPA and SAT and/or ACT scores will be reviewed when determining each individual student’s award This scholarship may be renewed for an additional 7 semesters provided the student the student remains full-time, degree seeking and maintaining the required GPA/enrollment in the Boone Honors Program.

Panther Scholar

Merit based award presented to students upon their acceptance to Ferrum College. Recipients must have a proven academic record to be considered. High school GPA and SAT and/or ACT scores will be reviewed when determining each individual student’s award. Recipients must be full-time and degree seeking. Award amounts vary and may be renewed for up to 7 semesters provided the student the student remains full-time and degree seeking.

Praise and Worship Team Scholarships

This scholarship is offered up to 10 students per year who are interested in a leadership position within Spiritual Life and worship experience. Recipients will consist of musicians, singers, dancers, worship leaders, and individuals to assist in managing sound and promotion, singing and/or playing contemporary Christian music. Recipients of the scholarship will receive $1600 per year ($800 per semester). An in-person or videotaped audition may be required and can be arranged through the Office of Spiritual Life.  Renewability based on a minimum 2.3 GPA and fulfills all other requirements of the scholarship with the Office of Spiritual Life.

Theatre Arts Scholarship

Scholarship awarded to students who are part of the Ferrum College Theater Arts.  Audition with the Theater faculty is required.  Recipients must be full-time and degree seeking.  This grant may be renewed for an additional 7 semesters provided the student the student remains full-time and degree seeking.

Transfer Scholarship

Scholarship of $2,000 for new accepted transfer students. This grant may be renewed for an additional 7 semesters provided the student the student remains full-time and degree seeking.

Loans

Federal Direct Stafford Loans (Subsidized and Unsubsidized)

Loan funds provided to the student by the U.S. Department of Education, through the school. Repayment of principal begins six months after the borrower ceases to be a student on at least a half-time basis. The FAFSA is the annual application. There are two types of Federal Direct Student Loans: subsidized and unsubsidized. Students with financial need can qualify for subsidized loan, and the government pays the interest on the load while the student remains enrolled at least half time. Students who don’t demonstrate financial need qualify for an unsubsidized loan and interest accrues while the student is in school. Direct loans are available at an interest rate as determined by higher education legislation.

To Apply for the Federal Direct Student Loan, student MUST complete the following with their FSA ID:

  1. Complete Federal Direct Student Loan Entrance Counseling.
  2. Complete the Master Promissory Note.

Federal Direct PLUS Loans (Parent)

A federal loan program that allows parents who have no adverse credit history to apply for up to the Cost of Attendance each year, less any financial aid. Federal Direct PLUS loans must be repaid with interest. Interest rates are determined by July 1 of each year by the Federal Government.

To Apply for the Federal Direct PLUS Loan, Parents MUST complete the following with their FSA ID:

  1. Complete a Federal Direct PLUS Loan application.
  2. Complete a Federal Direct PLUS Loan Master Promissory Note (MPN).

Information Regarding Federal Direct Loans

General Disclosures:

  • All loan programs will be disbursed in 2 equal installments during the term(s) for which the student is enrolled.  Proceeds are transmitted to the Student Accounts and disbursements are made approximately each week for loans that are eligible for disbursement.  Disbursements for all first-time Stafford Loan borrowers are held for 30 days after the start of the first semester.
  • Students and parents may access the Repayment Estimator online for estimates/samples of monthly repayment amounts.
  • Repayment information, including deferment, forbearance, and consolidation information is located online on the Federal Student Aid website.
  • In compliance with HEOA 485b, students and parents of students who borrow Title IV Federal loans should be aware that the loan will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by any guaranty agencies, lenders and schools that are determined to be authorized users of the data system.

Private/Alternative Loans

A loan from a commercial, state-affiliated or institutional lender used to pay for up to the annual cost of education, less any financial aid received. Private loans usually require the applicant to be creditworthy or have a co-signer and have varying interest rates, fees, and repayment options.

Work-Study

A program that provides part-time employment to students attending institutions of higher education who need the earnings to help meet their costs of postsecondary education and encourages students receiving FWS assistance to participate in community service activities. All students who complete the FAFSA and are eligible for need-based aid are considered for a work-study position. Students traditionally work 6-13 hours per week in areas as diverse as faculty and administrative offices, food services, the library, science labs, facility services and maintenance shops. Funds are provided by the Federal Work Study Program (FWS) and various college programs. Federal Work Study funds are paid directly to the student for hours completed. Renewability based on full time enrollment and Satisfactory Academic Progress. Learn more about Student Employment Opportunities.

Veteran’s Benefits may be available for active duty or retired military students, or dependents of military personnel. All educational benefit information as stated below, as well as current application process and payment amounts are available online at https://benefits.va.gov/gibill

IMPORTANT NOTE:  Students who are reviewing other programs not specifically listed below should contact the Veteran’s Benefit Administrator at Ferrum College to ensure that the institution participates in those potential military benefit programs.

This institution is approved to offer GI Bill® educational benefits by the Virginia State Approving Agency.

Receipt of Chapter 33/Yellow Ribbon Veteran’s Benefits and Financial Aid

Students who will receive Chapter 33 Veteran’s Benefits/Yellow Ribbon will have their Financial Aid evaluated based on receipt of this program.  Students from Virginia are required to complete a Military Benefits Worksheet that will assist the Financial Aid Office in determining the student’s eligibility for available state funding (i.e. Virginia Tuition Assistance Grant etc.).  All Veteran’s Benefit programs and all funds received must be counted as financial aid when determining eligibility for state funds.

Students will be allowed to utilize their merit scholarships (Ferrum Scholarships/Merit Grants, Ferrum Transfer Scholarships/Grants) to assist with paying up to 50% of the average room and board costs.  All other institutional need based grants (Ferrum Grant, Endowments and Foundation Grants, and some other federal or state need based programs will not be available to students receiving this benefit.

Students who qualify for Pell Grants may use those funds to assist with costs for the academic year.  Student Loans are also available for students to assist with additional costs if necessary.

Receipt of Other Veteran’s Benefit Programs and Financial Aid

Students who receive other Veteran’s Benefit programs (Chapters 31, 35, 1606, 1607, etc.) will have their financial aid reviewed to determine eligibility for state funding (Virginia Tuition Assistance Grant).  All Veteran’s Benefit programs must be counted as financial aid when determining eligibility for state funds.  The Financial Aid Office will use the most current payment rates on the GI Bill website to determine eligibility for state funding.  To learn more on eligibility, transfer of benefits, payment rates, etc. students and parents should visit the GI Bill Website by clicking here.

To Apply

  • The student must have applied for Admission to Ferrum College.  Students can apply online here.
  • The Parent should  review the requirements and process for transferring benefits through the Department of Veteran’s Affairs.
  • Upon approval of your Veteran’s Benefits, you will receive a Certificate of Eligibility from the Department of Veteran’s Affairs.  Forward a copy of your Certificate of Eligibility, which designates your benefit information/eligibility, to the Veteran’s Benefits Certifying Official at Ferrum College, PO Box 1000, Ferrum, VA 24088.
  • Students or parents with questions should contact the Veteran’s Benefits Certifying Official at (540) 365-4239.

Other Opportunities

Since Ferrum College is proudly affiliated with the United Methodist Church, many scholarship and loan opportunities exist for those students who are active members.

Important Notice

Students may be limited to only one scholarship per year from the various organizations (UMHEF and GBHEM). Please contact the organization for additional information, deadlines and eligibility.

United Methodist Higher Education Foundation Programs

United Methodist students are encouraged to apply for assistance from the United Methodist Church programs. Renewability is based on full-time enrollment, GPA, and maintaining satisfactory academic progress. Each program may have additional renewability criteria and students should visit the United Methodist Higher Education Foundation for more information.

UM Dollars for Scholars

The United Methodist Higher Education Foundation will provide a $1000 matching scholarship for churches that raise and provide $1000 on behalf of student members enrolled or planning to enroll full time in a UM related college, university, or seminary. Students will receive $2000 for the academic year. Only one application per church, per student is allowed. A check payable to the UMHEF from the sponsoring church must be mailed along with the application (available online). Students should review the online application for deadlines each year.

  • United Methodist Scholarships
    • Ferrum College nominates qualified applicants annually available through the General Board of Higher Education and Ministry in Nashville, Tennessee. Financial need, superior grades, and church membership are factors in selection. A FAFSA must be filed to determine eligibility. Scholarships available to four or five students each year, ranging from $500 to $1,000.
  • United Methodist  Foundation Scholars Program
    • The purpose of this program is to value-centered education in a Christian context in United Methodist-related institutions through scholarship assistance to United Methodist students. This program provides four $1,000 scholarships at each United Methodist related pre-collegiate school and four-year college or university.
  • Other United Methodist Programs
  • United Methodist Student Loans
    • Low interest student loans are available through the United Methodist Church office of loans and scholarship. Financial need, grades, church membership, and U.S. citizenship are factors. Loan applications are available from the General Board of Higher Education and Ministry.

Designated High-Need Fields

To receive a TEACH Grant you must meet the following criteria:

  1. Complete the Free Application for Federal Student Aid (FAFSA), although you do not have to demonstrate financial need.
  2. Be a U.S. citizen or eligible non-citizen.
  3. Be enrolled as an undergraduate, post-baccalaureate, or graduate student in a postsecondary educational institution that has chosen to participate in the TEACH Grant Program.
  4. Be enrolled in coursework that is necessary to begin a career in teaching or plan to complete such coursework. Such coursework may include subject area courses (e.g., math courses for a student who intends to be a math teacher).
  5. Meet certain academic achievement requirements (generally, scoring above the 75th percentile on a college admissions test or maintaining a cumulative GPA of at least 3.25).
  6. Sign a TEACH Grant Agreement to Serve

To Apply:

  1. All students must complete an Agreement to Serve (ATS) each year they wish to apply for a TEACH Grant.
  2. Before the TEACH Grant will be disbursed, students must complete TEACH Grant Entrance Counseling EACH YEAR.  Online Entrance Counseling sessions are available online here.  Upon leaving the institution, exit counseling is also required.  Online Exit Counseling sessions should be completed online at www.studentloans.gov.