Whatever your financial situation, you can afford South Texas college in McAllen. Schools like Southern Careers Institute offer a variety of financial support, ranging from grants and loans to accepting veterans’ benefits. Here are some of the top choices offered by many colleges and trade schools in McAllen.
William D. Ford Federal Direct Loan Program
William D. Ford Federal Direct Loans come in four different types:
- Subsidized. For students with demonstrated financial need. Provided that you are enrolled for at least half-time, you pay no interest during your studies, the grace period, and deferment periods.
- Unsubsidized. Available for all undergraduate and vocational students, regardless of financial need. You pay interest at all times.
- PLUS. Unsubsidized loans for parents.
- Consolidation. Used to combine all your eligible federal students loans.
To find out which type of loan you will be able to receive and how much you can borrow, you need to submit a Free Application for Federal Student Aid (FAFSA). The school to which you want to apply will then send you an award letter detailing your financial aid awards.
Federal Pell Grant
If you are able to receive a Federal Pell Grant, this is even better than a loan, as you will never be required to pay the funds back. The maximum amount students are able to receive changes every year, but for 2015 to 2016, the limit is $5,775. How much you will be able to gain will depend on factors including your financial need, the price of your tuition, the length of your program, and whether you will be studying full time or part time.
Federal Supplemental Education Opportunity Grant
Undergraduates with exceptional financial need can also receive a Federal Supplemental Education Opportunity Grant (FSEOG). Again, you must first submit a FAFSA to find out if you are eligible, and students who are already receiving a Federal Pell Grant have priority.
Like the Federal Pell Grant, you never need to repay your FSEOG. You can receive anywhere from $100 to $4,000 per year, based on your need for the money, the availability of funds from your school, and when you apply — you will have a higher chance of gaining a FSEOG if you apply early. Your school will pay the grant amount into your student account or give it to you directly on at least two occasions per year.
Many colleges and trade schools in Texas accept VA funding to pay for classes and some even provide support with the related paperwork. To find out if you can use your military benefits and for which programs you can use such funding, you will need to check with schools.
In addition to submitting your FAFSA, talk to a finance officer at the South Texas college in McAllen where you want to enroll. Finance staff can give you the best advice about what may be available for your individual situation and provide you with resources for external organizations that may be able to increase your funds through additional scholarships and grants.