On This Page:  Grants and Scholarships  Loans  SallieMae  Work Study

Grants and Scholarships

Grants and scholarships are known as gift aid. They do not need to be paid back.

• Connecticut Aid for the Public Students (CAPS): NVCC awards CAPS to Connecticut residents based on their financial need.
  
  
• Federal Pell Grant: The Federal Pell Grant is awarded to eligible students based on need to serve as a foundation of financial aid.
  
  
• Federal Supplemental Educational Opportunity Grant (FSEOG): The Federal SEOG is awarded to a limited number of eligible students based on their financial need.
  
  
• NVCC Grants: The NVCC Grant is college grant money awarded to eligible students based on their financial need.

Loans

Since grant funds are limited, some students are awarded a loan to help with educational costs.

• Federal Stafford Loan: The Stafford Loan is a low-interest, federally subsidized loan available to eligible students who demonstrate financial need. The maximum loan amount is $2625 for a first year student and $3500 for a second year student. The interest rate is currently at a variable rate not to exceed 9%. As long as the student is attending college at least half-time, the student will not accumulate interest on this loan, nor do they have to make payments. Repayment begins six months after the student leaves school or drops below half-time.
  
  
• Unsubsidized Federal Stafford Loan: The Unsubsidized Federal Stafford Loan is a low-interest loan available to eligible students regardless of financial need. Although the terms of this loan are similar to the Federal Stafford Loan, students are responsible for interest charges while they are matriculating. The maximum for both the Federal Stafford and Unsubsidized Stafford Loans combined is $2625 for first year students and $3500 for second year students. Independent students can borrow up to $4000 a year with an Unsubsidized Stafford Loan. The lender charges the borrower an Origination Fee and an Insurance Premium Fee. These charges will be subtracted from the "requested amount" before the check is drawn.
  
  
• Federal Plus Loans: Parents of dependent students may apply for a Plus Loan to assist with education expenses. These loans are not need based, but all borrowers must meet specific eligibility requirements before a Plus Loan is approved. Eligible parents may borrow the cost of attendance minus any financial aid awarded during the period of enrollment. If the parent is denied the Plus Loan, the student may take out an Unsubsidized Federal Stafford Loan for up to $4000.
  
  
• Federal Perkins Loan: Federally funded Perkins Loans are awarded to students based on need. There is no separate application for Perkins Loans. This loan will not be deducted from the student's bill until the student signs a Promissory Note and the Perkins Loan check during registration. There are no additional fees charged for this loan.

Entrance Counseling/MPN - Before student loan funds can be disbursed, first time borrowers must complete: an Entrance Session AND sign a Master Promissory Note. Click Entrance Counseling/MPN to complete both of these federal requirements. This will take you to a log-in screen where you will click on to begin the process. Exit Counseling - Before you graduate (or if you drop below half-time attendance), regulations require that you complete an exit counseling session. The counseling session provides information about how to manage your student loans after college. Click Exit Counseling to complete this requirement. This will take you to a log-in screen where you will log in to your account.

Work Study

• Federal Work Study Program (FWSP): The Federal Work Study Program is offered to eligible students based on financial need. The student is offered the opportunity to work on campus and earn the amount of the FWSP stated in the award letter. The amount of FWSP should not be deducted from your tuition bill; it should be paid up front. The student will receive a check every two weeks for hours worked. To secure a job, the student must report to the Work Study Coordinator immediately following registration. The student will then be sent to interview for a job. It is the student's responsibility to secure a position. Jobs are not guaranteed.