AWARD MEMORANDUM - SUMMARY OF AWARDS

GRANTS

Federal Pell Grant – A federally funded student assistance grant program.  This award is determined by a formula consistently applied to all applicants that allows for the cost of attending RU and the student’s full-time or part-time enrollment for the award period. (Undergraduate Students Only)

Federal Supplemental Educational Opportunity Grant (SEOG) – Awarded under the federal campus-based aid programs, these grants are available to students with exceptional need who are progressing satisfactorily towards a degree with a priority to those students receiving Federal Pell Grant.  (Undergraduate Students Only)

Academic Competitiveness Grant (ACG) - Awarded under the federal aid programs, Academic Competitiveness Grants are available to first or second year undergraduate students who are Pell Grant eligible and meet additional requirements.  (Undergraduate Students Only)

National Science & Mathematics Access to Retain Talent Grant (SMART Grant) - Awarded under the federal aid programs, Smart Grants are available to third or fourth year undergraduate students who are Pell Grant Eligible, are majoring in Computer Science and Technology, Information Science and Systems, Biology, Mathematics, Physical Science, Chemistry, Geology, and meet specific eligibility requirements as described at http://www.finaid.asp.radford.edu/smart.htm.  (Undergraduate Students Only)

National Science Foundation - The National Science Foundation Grant is a need-based federal program. National Science Foundation Grants are available to students with need who are working toward a Bachelor's degree in mathematics or computer science and technology (concentrations in database, networking, computer science, or software engineering).  (Undergraduate Students Only)

Virginia College Scholarship Assistance Program (CSAP) – CSAP is a need-based program of grants to students enrolled in Virginia colleges and universities.  Only Virginia resident undergraduates are considered for eligibility.  (Undergraduate Students Only)

Radford University Grant (Commonwealth Award) – RU Grant is a need-based state funded grant program.  A Radford University Grant recipient must be a legal resident of Virginia and demonstrate financial need.  The maximum award is tuition and required fees.  (Undergraduate Students Only)

Virginia Guaranteed Assistance Program (VGAP) – VGAP is a state grant program, which provides need-based financial assistance to graduates of Virginia high schools with a 2.5 grade point average.  The maximum award is limited to tuition and required fees plus a reasonable book allowance.  Recipients of this grant must maintain continuous full-time enrollment and earn full-time credit hours with a minimum grade point average of 2.00 in addition to completing the FAFSA priority filing date of March 1 each year to remain eligible.  (Undergraduate Students Only)

Highlander Grant – The Highlander Grant was established by Radford University in 2004-05 from institutional funds.  Students who establish need and lack funds to pay educational charges are considered for the grant.  Priority for this program is given to students eligible for the Federal Pell Grant program.  (Undergraduate Students Only)

Higher Education Teacher Assistance Program (HETAP) – HETAP is a state need based program specifically for students in the teaching profession.  Students must establish need through the FAFSA and be nominated by the Radford University Teacher Education faculty.  Students must be full-time, enrolled in an eligible K-12 teacher preparation program, be a Virginia resident, have at least a 2.5 cumulative gpa, and meet eligibility requirements for Title IV federal financial aid programs.  (Undergraduate Students Only)

Radford University Graduate Grant- This is a state-funded grant program.  Funding is limited with priority given to student filing by the prioirty filing date of March 1 and who demonstrate the highest need ( as determine by the FAFSA).  Students MUST be enrolled in 9 hours or more and must be Virginia state residents.  (Graduate Students Only)

Student Success Program Grant (SSS) – The Success grant is provided through federal funds for first generation college students who are admitted into the Radford University Success program.  Awards are determined by the Director of the Success program and are based on need as established through the FAFSA.  (Undergraduate Students Only)

 SCHOLARSHIPS

Those scholarships awarded through the Radford University Foundation, Inc. will be credited to the student’s account.  In addition, various private, public, and civic groups award student scholarships each year.  Students receiving these awards should notify RU’s Financial Aid Office with the source and amount of these funds.  These awards will appear on the student’s award notification letter as a Private Scholarship.  Payment of these scholarships depends on the organization awarding the funds.  Students should contact the awarding organization for method of payment. 

Federal Work Study Program – This federal program provides part-time jobs for students with financial need as established by the FAFSA.  Students are assigned to work 12 hours per week in various campus locations.  Students are paid minimum wage.  If this award appears on your award notification letter, the maximum amount that you may earn per semester will be indicated.  If you accept this award, you must secure your employment position.  Jobs are posted on the RU Financial Aid website beginning mid-June for the following academic year.  Students should contact supervisors for employment.  Students are paid monthly for the preceding pay period.  Detailed Information about the work program can be found on Radford University’s Financial Aid website www.radford.edu/~finaid/student.html .  Any amounts received from this program are paid directly to the student and may not be used to defer university charges.

 Community Service – This federal work-study program encourages community service work and work related to a student’s course of study.  A limited number of work openings are awarded for community service on campus and in the community.

 Work Scholarship Program – This program provides part-time employment for students who do not qualify for the Federal Work-Study Program.  Any full-time student with satisfactory grades is eligible for employment to participate in the program.  Under an agreement with the Department of Education, Radford must employ qualified financially eligible students before offering employment to others.  Students may contact supervisors that have vacancies after the second week of classes.  Open positions are posted at www.radford.edu/~finaid/student.html.  Information regarding pay procedures will be outlined in the materials the student receives with their work contract.  Students work 12 hours per week in various campus locations.  Students are paid minimum wage and are paid monthly for the preceding pay period.  This award may not be used to defer any charges owed to the university such as tuition and fees, or room and board.

LOANS

Federal Perkins Loans –  This is a federally funded need-based loan program administered by Radford University and awarded first to students who have demonstrated exceptional financial need.   Students begin repaying these loans nine months after either completing their education or withdrawal below half-time enrollment.  The interest rate is five percent per annum.  Repayment may be extended for up to 10 years at no less than $40 per month.  Limited loan cancellation and deferment options are available.  Once the student’s financial aid package is finalized, the student will be sent a promissory note to sign and return to Radford University.

Nursing Student Loan – This federal program provides long-term, low-interest loans to help meet the costs of nursing education for needy students.  An interest rate of five percent per annum begins nine months after the student leaves school and may extend for up to 10 years, with a minimum payment of $40 per month.  Limited  loan cancellation options are available.  Student’s whose awards are finalized will receive a promissory note for each semester to sign and return to Radford University.  (Undergraduate Students Only)

Federal Stafford Loan – If your award notification letter contains a reference to a Federal Stafford Loan amount, it merely indicates your ELIGIBILITY TO APPLY for a loan.  Students, who accept the loan and do not have a Master Promissory Note on file with the lender, will be asked to complete the Promissory Note and the Entrance Interview on the web.  Follow instructions on the web when you accept your loan or the instructions that will be emailed to you.

Federal Unsubsidized Stafford Loan – Students who are not eligible for subsidized Federal Stafford Loans or who are eligible for only partial amounts of subsidized Federal Stafford Loan may be eligible to borrow through an unsubsidized Federal Stafford Loan.  Unsubsidized means that you must begin interest payments on the Federal Stafford Loan immediately or capitalize (add to principal amount) the interest. 

For Stafford Loans first disbursed on or after July 1, 2006, the interest rate is fixed at 6.8%.  Principal and interest payments begin six months after graduation or ceasing at least half-time enrollment. 

Stafford loan limits are as follows:

                                                                                                      Dependent Students                                  Independent Students (or students with PLUS denials)

Freshmen (0-25 hours completed)*                                   $3,500 Subsidized + $2,000 Unsubsidized                       $9,500 (At least $6,000 must be unsubsidized)** 

Sophomore (26-55 hours completed)*                              $4,500 Subsidized + $2,000 Unsubsidized                      $10,500 (At least $6,000 must be unsubsidized)**

Junior/Senior (56 or more hours completed)*                     $5,500 Subsidized + $2,000 Unsubsidized                      $12,500 (At least $7,000 must be unsubsidized)**

Graduate Students                                                                                    $8,500 Subsidized - $12,500 Unsubsidized

 *If you will finish your program of study in less than an academic year, the amounts that you will be eligible to borrow may be less than those above.   
**Limits also apply to those dependent students whose parents were denied a PLUS Loan.

State Student Loan Fund – A limited student need-based loan fund is available to Virginia students.  Repayment begins four months after withdrawal or graduation from college with a minimum repayment rate of $30 per month.   All notes covering loans must be endorsed  by a parent or other responsible Virginia adult.  The note bears a three-percent interest rate beginning at the time the promissory note is signed.  Students accepting this award and whose awards are finalized will be sent a promissory note for each semester to sign and return to Radford University.  (Undergraduate Students Only)