Types of Financial Aid
Pell Grants
Pell Grants are a form of need-based aid calculated by using the Expected Family Contribution (EFC) on the aid application and a student's aid budget for the year. A student is automatically considered for Pell Grants with the processing of their aid application.
State Grants
Indiana and Michigan residents may be eligible for state grants from their respective state governments. Indiana, not Holy Cross, calculates the award for applications from Indiana residents received by March 10th of the year (ie. March 10th, 2007 for the 07-08 academic year). For more information on this program, please click the link below.
Indiana Residents - http://www.in.gov/ssaci
Holy Cross College Private Scholarships
If you are interested in applying for Holy Cross College’s private scholarships for the 2007-2008 academic year, you must submit to the Financial Aid Office a one-page essay that includes:
- Your name
- Your hometown
- Your GPA
- Your HCC class year
- Your academic achievements and goals
- Your future plans
- An explanation as to why you deserve a scholarship
The Financial Aid Office must receive your essay between January 1, 2008 and April 1, 2008. Please note that essays must be limited to one page (all subsequent pages will be discarded), and letters of recommendation will not be taken into consideration.
If you are awarded a scholarship, you will receive a letter from the Financial Aid Office outlining any adjustments made to your financial aid package.
Federal SEOG
SEOG is another form of need-based aid. SEOG awards are given to students with exceptional financial need. Usually, students who qualify for the maximum Pell Grant award of $4,310 for the year are considered first for SEOG awards.
Merit-Based Scholarships [FAQ]
Holy Cross College is committed to recognizing and rewarding new students who have demonstrated academic excellence, exceptional leadership skills and continuous service to others within their schools and communities. In keeping with this tradition, we are pleased to announce that several new merit-based scholarship grants have been established for first-time freshmen entering Holy Cross College. Individual awards range from $500 to $2,000 annually depending upon criteria and the qualifications of the student. Because these scholarships are merit-based grants, family financial need is not considered and amounts awarded do not have to be repaid.
The Presidential ScholarshipCriteria Comments GPA Range (4 pt. scale) Annual Amount The Trustee ScholarshipCriteria Comments SAT I Score Range ACT Score Range Annual Amount The Community ScholarshipCriteria Comments Scholarship Range Application The Leadership ScholarshipCriteria Comments Scholarship Range Application The Brothers of Holy Cross GrantCriteria Comments Scholarship Amount |
Holy Cross Grants
This type of grant is need-based, offered directly to the student by Holy Cross College. An aid application is required to determine eligibility for this grant based on need. Annual amounts vary from $500 to $3,000, depending on level of need.
Holy Cross Indiana Resident Grant (effective 2007-2008)
All aid applicants (FAFSA) indicating Indiana as a student's state of legal residence submitted by March 1st, 2008 will receive a $1,000 tuition discount
Federal Perkins Loans
Holy Cross College directly lends Perkins loans to students based on financial need and availability of funds and may be very limited. Interest rates for Perkins loans is fixed at 5%. Eligible students will be awarded when funds become available to Holy Cross College from the repayment of students who have previously borrowed this loan. Generally, repayment begins nine months after a student finishes attending an accredited school at least half-time as a degree-seeking student.
Work Study
On-campus employment is available to students on a need-based basis, using the aid application to determine need. A range of positions are available, with students usually being paid at the minimum wage rate. Only students with work study awards on their award letter can apply for on-campus employment. Work study is also very limited so please apply early.
Stafford Loans
Every student is generally eligible for Stafford loans as long as they submit an aid application, and complete the required verification documents. Students with need may be eligible for subsidized loans that do not charge interest while the student is in school. Other students may be eligible for unsubsidized loans that incur interest charges while the student is in school. Interest rates are fixed at 6.80%. Generally, repayment begins 6 months after a student finishes attending an accredited school at least half-time as a degree-seeking student.
| Loan Type (07-08) | Loan Amount |
|---|---|
| First Year Students (less than 30 credit hours) | $3,500.00 |
| Second Year Students | $4,500.00 |
| Third and Fourth Year Students (Baccalaureate Degree Program) | $5,500.00 |
| Additional Unsubsidized Amount for Independent Student (First and Second Year Students) * | $4,000.00 |
| Additional Unsubsidized Amount for Independent Student (Third and Fourth Year Students) * | $5,000.00 |
* Only eligible if Federal PLUS (Parent Loan for Undergraduate Student) is denied.
PLUS Loans
A PLUS loan is available to parents to pay for educational expenses not covered by a student's aid package. An aid application is required for first-time Holy Cross College students to confirm eligibility based on factors other than creditworthiness. Eligible parents may borrow up to a maximum amount which equals the difference between a student's aid package and their cost of attendance for the year. PLUS loans have a variable interest rate adjusted annually for the following award year beginning July 1st. Currently, PLUS loans have an interest rate of 8.50%. Generally, repayment begins 60 days after the final disbursement for the year.
Alternative Loans
Alternative loans are available to students to pay for educational expenses not covered by a student's aid package. Various lenders offer these loans at varying interest rates with sometimes different borrower benefits. These are private credit-based loans that are offered at typically cheaper rates than personal unsecured loans. An aid application is not required in order to obtain these loans. If the student is not creditworthy, a creditworthy co-signor is often required to secure this type of loan.