Award Terms

Academic Challenge and State Grant

Aid is available from the State of Arkansas. For applications and further information, contact the Arkansas Department of Higher Education (ADHE) in Little Rock by calling 1-800-54-STUDY, or you may e-mail them at finaid@adhe.edu.

Federal Pell Grant

A federal grant that provides funds based on the student's total need. Amounts vary based on the expected family contribution.

Federal Perkins Loan

The Perkins Loan is awarded to students with substantial financial need and with Pell Grant eligibility. The government pays the interest on the Perkins Loan while the student is in school. Funds are very limited in the program. Repayment begins 9 months after the student graduates or ceases enrollment of at least half time.

Federal Stafford Loans

There are two types of Stafford loans, subsidized and unsubsidized. The subsidized Stafford is awarded to students with the greatest financial need and the federal government pays interest while the student is in school. The borrower is responsible for the interest on the unsubsidized loan, which has payment options on interest during enrollment. The student has a six-month grace period (after graduation or when falling below half-time enrollment) before having to begin repayment.

Federal Supplemental Educational Opportunity Grant

This is a federal grant program for undergraduate students with high need. To qualify, a student must also be a recipient of a Pell Grant. Funding is limited in this program.

Federal Work-Study

This program provides undergraduate and graduate students with part-time employment while attending school. Eligibility for Federal Work-Study (FWS) is based on need. FWS earnings must be reported as taxable income, but are not counted as earnings on the subsequent year’s FAFSA. Students wishing to have FWS should contact the Financial Aid Office to determine eligibility and request possible funding.

Other Resources

Other resources consist of other sources of aid that provide assistance for educational expenses (graduate assistantships, resident advising, vocational rehabilitation, etc.).

Parent Contribution

This is the amount of money that the parents are expected to contribute to the student's education. The Expected Family Contribution (EFC) includes the parent and the student contribution and depends on the information submitted on the Free Application for Federal Student Aid (FAFSA). It is calculated using a federally mandated formula.

Scholarship

A scholarship is a gift. It does not require repayment. Scholarships are funded from various sources and vary in amount.

Total Budget

This is the estimated cost to attend school, including tuition and fees, room and board, allowances for books and supplies, transportation, and personal expenses. The actual cost may be more or less depending on the individual student. Different budgets are established for students living on or off campus, graduate or undergraduate students, and in-state/out-of-state students. This is also known as cost of attendance (COA).

Total Need

The difference between the Cost of Attendance and the EFC is the student's total need. The financial aid package is based on the amount of total financial need.