Types of Financial Aid at Germanna
Contact the Financial Aid Office for complete eligibility requirements for all of the financial aid programs listed here. Students must complete the Free Application for Federal Student Aid (FAFSA) to be considered for federal and state financial aid programs.
(1 Indicates a Federal financial aid program, 2 Indicates a state financial aid program)
Federal Pell Grant1: Pell Grants are awarded to undergraduate
students who have not earned a bachelor's or professional
degree. The maximum Pell Grant is around $4000.
Federal Supplemental Educational Opportunity Grants (SEOG)1:
SEOG is a federal grant for undergraduates with exceptional
need. Since these funds are limited, only Pell Grant recipients with the lowest
Estimated Family Contribution will receive these grants. Recipients must be enrolled at least half-time.
Academic Competitiveness Grant (ACG)1: ACG is a federal grant for
Pell Grant eligible students who have completed a rigorous secondary school
program. Students must be US citizens, Pell Grant recipients, enrolled
full time, and a first or second year student. Awards are $750 per year
for first year students and $1300 per year for second year students. A GPA
of at least 3.0 is required for second year students. Students must be
placed in a degree program.
College Scholarship Assistance Program (CSAP)2: This
need-based state grant is available for Virginia domiciled
students who are enrolled at least half-time in a qualified
degree program.
COMA (Commonwealth Awards)2: The Commonwealth grant
provides grants to qualified students who are domiciled
residents of Virginia. Students must be enrolled at least
half-time (6 semester credits) in a qualified degree
program. The Commonwealth Awards must not exceed the cost of
tuition and fee charges.
Virginia Guaranteed Assistance Program (VGAP)2: Full-time
Virginia domiciled dependent students who graduated from a
Virginia high school with at least a 2.5 grade point average
may apply for this state grant program. Students must be a
first-time freshman and may qualify for renewal awards up
to three additional years.
Part-Time Tuition Assistance Program (PTAP)2: This state-funded,
need-based grant program is available for Virginia students
who are enrolled in one to six credits in a qualified degree
program. The grant will cover up to the cost of tuition. Fees
must be paid by the student.
Higher Education Teacher Assistance Program (HETAP)2: The HETAP
grant is for full-time, Virginia domiciled students who have financial need,
have a GPA of 2.5 or higher and are enrolled (or intend to enroll) into an
eligible K-12 teacher preparation program. Awards are $1000 for the fall
and spring semesters.
Federal Work-Study (FWS)1: This program provides part-time
jobs for students who demonstrate financial need and are enrolled
at least half-time (6 credits). Student class schedules, curriculum,
and job skills are considered in assigning jobs. Most employment
is on-campus; however, additional employment opportunities
have been established for off-campus community service employment.
Students are paid bi-weekly.
Germanna Work Program: The Germanna Wage Program provides
employment opportunities to students who do not qualify for
need based work study. Students must meet the same academic
standards as Federal work-study students and have special
qualifications which may be used to further the aims and philosophy
of the institution. Students are paid bi-weekly.
Alternative (Private) Student Loans: Germanna Community College
does not participate in the federal Stafford or PLUS loan
programs. The college does certify alternative (private) loans for eligible
students. Students must complete the Free Application for
Federal Student Aid before Germanna Community College can
certify an alternative loan application. Lenders require that
alternative loan borrowers be credit worthy. In many cases
a credit worthy co-signer is required by the lender. Different
lenders have different definitions of credit worthiness. Please
contact your lender for more information.
Borrowers should visit the lender web sites or contact the lenders directly to apply for an alternative loan and for details on the alternative loan programs. Many lenders allow online applications. The Financial Aid Office may be required to certify eligibility once your application has been approved by the lender. The loan amount that Germanna certifies will be the cost of attendance minus other financial aid, not to exceed the requested loan amount. Loans cannot be certified until the student has registered for classes.
Germanna will recommend that loans be disbursed no earlier than 15 days prior to the deferred payment deadline. Some lenders send checks directly to the student and some lenders send checks to the college. If the college receives the loan check it is sent to the student once enrollment is verified. Students are responsible for payment of tuition and fees each term. Germanna will not hold classes if tuition is not paid by the deferred payment deadline.
Best Private Student Loans
Borrowers should review this information on Best Private Student Loans found on the finaid.org web site before selecting a lender. Please see the information below about questions borrowers may ask when comparing alternative loan lenders. You should use the lender comparison chart on the finaid.org web site to compare interest rates and terms from many lenders.
Tip. Payment amounts are determined by the borrower's credit score. Better credit scores equals lower payments. Payments may be lowered by having a parent with a good credit score co-sign the loan application.
Tip. It may be necessary to apply to more than one lender to compare interest rates. Lenders typically will not disclose your interest rate until you have completed the loan application and your credit score has been reviewed.
Applying for the Loan
In many cases the borrower applies through the lender's web site and the application is certified by the Financial Aid Office. The loan check is sent to the college once the loan is approved and the college sends the loan check to the student after verifying enrollment. In some cases the loan check is sent directly from the lender to the student.
Please notify the Financial Aid Office once you have received approval from your lender so that the Financial Aid Office can certify the loan. If the lender requires a paper (rather than online) certification you must provide the certification form to the Financial Aid Office.
Students often ask the Financial Aid Office for the names of lenders. This is an alphabetic list of some lenders that offer alternative loans. See the section named Best Private Student Loans for a more extensive list. Germanna does not recommend lenders and does not have a preferred lender list. The lenders listed here may not be those with the lowest interest rates or the best terms. Borrowers should check each web site for the most current loan terms.
Campus Door Undergraduate Loan
Lenders that do not require Financial Aid Office certification
The borrower works directly with the lender and in most cases the loan check is sent directly to the borrower. See the information above about Best Private Student Loans.
Lenders for non-credit courses through the Center for Workforce
Students taking non-credit courses are eligible to borrow to pay the cost of tuition and books and supplies. The borrower works directly with the lender and in most cases the loan check is sent directly to the borrower. There are several lenders who will make loans to students taking non-credit courses. See the information above about Best Private Student Loans.
Student borrowers under age 18
Most states require student borrowers to be at least 18 years old. Parents and, in some cases, other credit worthy adults may borrow on behalf of students who are under 18. See the information above about Best Private Student Loans.
Questions borrowers may ask when comparing alternative loan lenders
- Interest rates. What is the base interest rate? What is the margin over the base interest rate? Is the interest rate variable over the life of the loan? How often does the variable interest rate adjust?
- Fees. Does the lender charge up front loan fees? Does the lender charge fees when the loan goes into repayment?
- Minimum Loan Amount. Some lenders will not approve small loans less than $2000 or $3000. If you want to borrow less, choose a lender that will make smaller loans.
- Interest Capitalization. Can interest be capitalized (added to the loan principal) while the borrower is attending school? What is the interest rate on capitalized interest? Can interest only payments be made during periods while the borrower is attending school?
- Repayment. Are there interest rate or principal reductions for on time or electronic payments? Are there different repayment options? Are there prepayment penalties? What is the projected monthly payment? Do you have the option to extend the repayment period? What is the maximum repayment period? Is there a grace period before repayment begins?
- Creditworthiness. What is the lender's credit criteria? Will a co-signer be required?