Transylvania takes part in the Federal Student Aid Programs, which include three types of aid. Eligibility for these programs is based on information provided on a completed FAFSA form.
These awards are gifts to students, based on need. Two federal grants exist:
For the 2013-14 academic year, the Pell Grant ranges from $400 to $5,645 per year depending on the student's need.
The Supplemental Educational Opportunity Grant is up to $1,000 per year and is given only to students receiving the Federal Pell Grant.
The Federal College Work-Study (FCWS) program allows students to work a set number of hours a week at campus jobs for an hourly rate. Students receive paychecks for this work and are expected to use the money for education-related expenses. Transylvania's program offers:
- Over 350 need-based, work-study positions
- Wage potential of $900-$1,800 for the academic year
- Opportunities to work up to 7.5 hours per week
- Minimum wage pay
- A variety of on-campus, off-campus, and community service related locations
These awards must be repaid according to schedules devised by the lending entity. Transylvania offers three types of loans, with the following stipulations and interest rates:
Federal Direct Student Loans
Repayment of these loans is deferred while the student is enrolled in college. The maximum loan eligibility depends upon class standing:
- Freshmen - $5,500 ($3,500 of which can be subsidized)
- Sophomore - $6,500 ($4,500 of which can be subsidized)
- Junior - $7,500 ($5,500 of which can be subsidized)
- Senior - $7,500 ($5,500 of which can be subsidized)
The difference between the two types of loans is as follows:
- Subsidized Loans are need-based, and the federal government pays the interest while the student is enrolled in school. The interest rate for subsidized Stafford Loans disbursed after June 30, 2012 is 3.4 percent.
- Unsubsidized Loans are not need-based. The student is responsible for paying the interest, which can be paid quarterly or deferred until the student is out of school. The interest rate on unsubsidized Stafford Loans is 6.8 percent.
Federal Perkins Loans
These are need-based loans from $500 to $2,000. The interest rate is fixed at 5 percent, and repayment is deferred while the student is in school.
Federal Direct Parent (PLUS) Loans
The Federal Direct Parent (PLUS) Loan allows parents to borrow up to the cost of a student's education minus any other financial aid the student is receiving. The interest rate is 7.9 percent. For PLUS Loans disbursed after July 1, 2008, parents have the option of repaying the loan either 60 days after the loan is fully disbursed or waiting until six months after the student leaves school or drops below half-time enrollment.