Types of Aid
There are numerous ways to finance your college education and hundreds of different types of aid, most of which can be combined to greatly lower your overall costs. The following is a list explaining the most commonly used types of aid at Holy Cross College. Scroll down to read about them or click on any item in the list to learn more about it:
- Pell Grants
- Federal SEOG
- TEACH Grant
- Iraq and Afghanistan Service Grant
- Yellow Ribbon Program for Veterans
- Federal Direct Loans
- Federal Direct Parent PLUS Loans
- Federal Perkins Loans
- Private/Alternative Loans
Institutional Financial Aid
Other Campus-Based Aid
Federally- funded Pell Grants are a form of need-based financial aid calculated by using the Expected Family Contribution (EFC) as determined by the Free Application for Federal Student Aid (FAFSA) and a student's Cost of Attendance for the year. A student is automatically considered for Pell Grants upon submission of the FAFSA. For the 2012-2013 academic year, the maximum Pell Grant was $5,550.
For more information about Pell Grants, visit
FSEOG is another form of Federally-funded need-based financial aid. FSEOG awards are given to students with exceptional financial need. Usually, students who qualify for the maximum Pell Grant award of $5,550 for the year are considered first for FSEOG awards.
For more information about FSEOG Grants, visit http://studentaid.ed.gov/PORTALSWebApp/students/english/FSEOG.jsp
Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and the Higher Education (TEACH) Grant Program that provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. To receive a TEACH Grant, you must:
- complete the Free Application for Federal Student Aid (FAFSA), although you do not have to demonstrate financial need
- be a U.S. citizen or eligible non-citizen
- be enrolled or plan to enroll in course work that is necessary to begin a career in teaching
- meet certain academic achievement requirements (generally, scoring above the 75th percentile on a college admission test or maintaining a cumulative GPA of at least 3.25)
- Sign a TEACH Grant Agreement to Serve
For more information about the Teach Grant program , visit http://studentaid.ed.gov/PORTALSWebApp/students/english/TEACH.jsp
A student whose parent or guardian was a member of the U.S. Armed Forces and died as a result of service performed in Iraq or Afghanistan after September 11, 2001 may be eligible to receive the Iraq and Afghanistan Service Grant.
The Yellow Ribbon GI Education Enhancement Program is a provision of the Post 9/11 Veterans Educational Assistance Act of 2008. This program allows institutions of higher learning (degree granting institutions) in the United States to voluntarily enter into an agreement with the Department of Veterans Affairs to fund tuition expenses that exceed the highest public in-state undergraduate tuition rate. The institution can contribute up to 50% of those expenses and the Department of Veterans Affairs will match the same amount as the institution.
For more information about the Yellow Ribbon Program, visit
Most financial aid packages contain at least one student loan as a part of the total aid package. If you are eligible for a Federal Direct Subsidized or Unsubsidized Loan, it will be reflected in your award letter. The basic difference between the two loans is that interest on a subsidized loan is deferred until the student graduates or leaves college whereas interest on an unsubsidized loan begins to accrue as soon as the loan is disbursed. The current interest rate for Direct Subsidized Loans is fixed at 6.8%. For Direct Unsubsidized Loans, the rate is 6.8%.
Beginning July 1, 2012, Federal Direct Lending will deduct a 1% origination fee on Federal Direct Subsidized and Unsubsidized Loans, and a 4% fee on Federal Direct Parent PLUS. For example, a Direct subsidized loan of $3,500 for the year will net to the amount of $3,465 (after 1% origination fee is taken out), and a Federal Direct parent PLUS loan of $15,000 will net out to $14,400 (after 4% origination fee).
Repayment of Direct Loans is the responsibility of the student borrower and begins after the student graduates, leaves college for more than six months, or drops below half-time status.
Loans are typically disbursed at the beginning of the Fall and Spring semesters. You have fourteen days from the day you receive disbursement to notify us if you would like to either reduce or cancel the loan. Please notify the Financial Aid Office if you intend to do so. If you choose to keep the loan, no action is necessary.
Direct Annual Loan Limit Amounts:
- First Year Students (less than 30 credit hours) $3,500.
- Second Year Students (between 30-59 credit hours) $4,500.
- Third and Fourth Year Students (Baccalaureate Degree Program, over 60 credit hours) $5,500.
- Additional Unsubsidized Amount (First through Fourth Year Students) $2,000.
- Supplemental Unsubsidized Amount for Independent Student (First and Second Year Students whose Parent PLUS is denied or unable to borrow) * $4,000.
- Supplemental Unsubsidized Amount for Independent Student (Third and Fourth Year Students whose Parent PLUS is denied or unable to borrow) * $5,000.
Direct Loans Total Combined Debt Limit:
- Dependent Undergraduate Student $31,000. (Only $23,000 of this amount can be in Subsidized Loans )
- Independent Undergraduate Student and dependent whose is denied PLUS loan or unable to borrow up to $57,000. (Only $23,000 of this amount can be in Subsidized Loans)
* Dependent student can become eligible if Federal PLUS (Parent Loan for Undergraduate Student) is denied or unable to borrow. For the Direct Loan application process, click here.
For more information about Stafford Loans, visit http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp
A Parent PLUS Loan is available to parents who wish to pay for educational expenses not covered by their son or daughter's financial aid package. A loan application is required for first-time Holy Cross College students. Eligible parents may borrow up to a maximum amount which equals the difference between a student's total financial aid package and the cost of attendance for the year. For example, the cost of attendance for 2012-2013 for a student living on campus is $33,400 (excluding miscellaneous expenses and transportation). If a student receives $18,400 in other forms of financial aid, the parents could apply for a PLUS loan of up to $15,000. PLUS Loans currently have a fixed interest rate of 7.9%.
Repayment of Parent PLUS Loans is the responsibility of the parent borrower and begins 60 days after the final disbursement for the year or a request for forbearance/deferrment is possible by contacting Direct Loans. For the Parent PLUS application process, click here.
For more information about Parent PLUS loans, visit http://studentaid.ed.gov/PORTALSWebApp/students/english/parentloans.jsp
A Federal Perkins Loan is a low interest (5% fixed) loan for students with exceptional financial need as evidenced by the FAFSA. Perkins Loans are administered by the Holy Cross College Office of Financial Aid and Business Office even though loan funds are provided by the Federal Government. Repayment of a Perkins Loan is made directly to Affiliated Computer Services (ACS), our Perkins Loan Service Provider. Visit the ACS Web site at http://www.acs-education.com/ or call 1-800-826-4470.
If you attend Holy Cross College at least half-time, you have a grace period of nine months after you graduate, leave school or drop below half-time status before you must begin repayment of the loan.
Before applying for a private or alternative education loan, you may qualify for grants and/or other assistance under Title IV of the Higher Education Act. Loans under Title IV include the Federal Direct and the Federal PLUS loan. These Title IV loans may have terms and conditions that are more favorable than the terms and conditions of private education loans. The more favorable terms of Federal loans generally include the interest rate, fees, and repayment options such as deferments and forbearances. In addition, Federal loans may be eligible for loan repayment, loan forgiveness, discharges due - for example - to total and permanent disability or to death.
CHOOSING A LENDER for a PRIVATE EDUCATIONAL LOAN
If you are certain that you need to borrow a private education loan, Holy Cross College has developed a Preferred Lender List to assist students and parents in identifying a lender of private or alternative education loans. In developing this List, we spoke to lenders who have been actively involved in the lending of private education loans over a period time. We evaluated the responses based on pricing, technology, and customer service. After all data was collected, we reviewed the data and developed the list of lenders below. The list is evaluated and updated annually.
Our suggested private education:
- They have a history of excellent customer service in dealing with our students and families - this includes offering a variety of payment options and maintaining well-trained staff to answer questions via a toll-free telephone number;
- They have been actively engaged in the private education loan industry for several years- this helps to ensure that the lender you choose will still be there when you need a loan in the future;
- They offer good value across the board in terms of loan benefits - for example, interest rate reduction for auto-debit, release of co-signor after certain number of on time payments; and
- They offer "value-added" services to students - this includes offering debt management tools and programs, providing useful websites to educate students on financial issues and offering default prevention programs.
- They have not offered or offered in response to a solicitation by the school, financial and other benefits to the school in exchange for inclusion on the school's preferred lender list.
- They have not offered, directly or indirectly, points, premiums, payments, or other inducements, to the school.
Remember, however, this is only listing of suggested private education loan lenders. You are not required to select a lender on our Preferred Lender List. You may select any lender of private education loans. If you decide to select a lender not included on our Preferred Lender List, call the Financial Aid Office at 1-574-239-8362 or and we will assist you in applying to the lender of your choice for a private education loan. Your choice of a private education loan lender is never denied nor is the processing of a loan ever delayed if you choose a lender that is not on the List.
- Explore all Federal Loan options first; visit the Financial Aid page on our website for eligibility information.
- Click this link to continue to an external site that provides the current lenders offering private loan products. Terms, interest rates, fees and loan procedures are provided for each lender. The information on the web site is provided and kept current by Great Lakes, a student loan servicer. However, borrowers should read the information provided at application carefully and ask questions of the lender they select.
- Another alternative private loan option is through ISM marketplace. For disclosure information for ISM marketplace, please CLICK HERE. Please do your own research for what might be the best fit for what you are looking for in a private loan.
Private Education Loan Applicant Self-Certification (PDF, 209KB)
State Financial Aid
Indiana residents may be eligible for State Student Assistance Commission of Indiana (SSACI) grants including the Frank O'Bannon Grant (Freedom of Choice Award and Higher Education Award) and 21st Century Scholars Program. These are need-based grants based on the Expected Family Contribution (EFC). For the 2011-2012 academic year, the maximum Indiana State grant total was $7,056. Please remember that Indiana residents must file the Free Application for Federal Student Aid (FAFSA) by March, 10th (receive by date) in order to be considered for State of Indiana funded grants!
For more information about State of Indiana grants, visit http://www.in.gov/ssaci
Institutional Financial Aid
The Holy Cross Assistance Grant is need-based, offered directly to the student by Holy Cross College. The FAFSA is required to determine eligibility for this grant based on need. Annual amounts vary from $500 to $6,000, depending upon the level of need. This grant is to be applied directly to tuition and cannot be used for room and board , text books or other expenses. This aid can be adjusted or replaced if other institutional aid is awarded at a later time.
Other Campus-Based Aid
On-campus employment is available to students on a need-based basis, using the FAFSA to determine financial need. Various on-campus positions are available, with students usually being paid at the minimum wage rate. Work study is also very limited so please apply early.
If you qualify for Work Study, the maximum amount you can earn for the year will be reflected in your award letter. Work Study is not a grant. You will need to apply for an on-campus position and be hired by the department supervisor. Even if Work Study is a part of your financial aid package, we cannot guarantee that on-campus employment will be available to you.
If you are hired to fill a Work Study position, you must complete a series of forms. These forms can be found at