Types of Aid
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 Financial Aid


Types of AidGrantsLoansStudent EmploymentScholarships
Types of Aid
  
What is it?
Who is eligible?
Does it have to be repaid?
Federal Pell Grant
Grant assistance for undergraduate students.  Annual awards range from $585-$5730 (at time of posting)
Student eligibility is determined according to a congressionally mandated formula which computes the expected family contribution.  Students may be eligible at less than half time.  Funds are not limited.
No
Federal Supplemental Educational Opportunity Grant (FSEOG)
Grant assistance for undergraduates with exceptional need; priority is given to Federal Pell Grant recipients.  Annual award $1000* maximum
Eligible students must have exceptional financial need, enroll at least half time, and qualify for a Federal Pell Grant.  Funds are limited and awarded on a first come, first serve basis.  Student may be eligible at less than half time.
No
Federal Work Study
Part time employment during the academic year. Wage per hour varies based on job description. Students can work up to 20 hours/week.
Eligible students must have a minimum of $2750 of need.  Once they have been notified that they are work study eligible, interested students must contact Career Services.  Funds are limited and awarded on a first come, first serve basis.
No
Federal Direct Loan
A subsidized with a fixed interest rate of 4.66% and/or unsubsidized loan with a fixed interest rate of 6.21%, if the loan was disbursed on or after July 1, 2013.  Annual limits range from $3,500 to $4,500.  Students are eligible for additional loan funds; however, they must complete additional loan counseling if interested.  This additional loan amount ranges from $2,000 to $6,000.
Subsidized: Eligible students must have financial need and enroll at CGCC at least half time (6 credit hours or more).

Unsubsidized: Eligible students must enroll at CGCC at least half time.
Subsidized:  Yes.  Repayment of principal and interest will begin 6 months after student graduates, leaves school, or drops below half time status.

Unsubsidized:  Yes.  Interest is charged from the time student receives their loan until paid in full.  Repayment begins 6 months after student graduates, leaves school, or drops below half time status
Federal Direct PLUS Loan
A loan available to parents of dependent undergraduate students.  This is not a need based loan.  Loans disbursed on or after July 1, 2006 have a fixed 7.21% interest rate.  Maximum amount is cost of attendance minus any other financial aid the student is receiving.
Eligible student must be enrolled at CGCC at least half time and their parents must be approved through the Direct Loan credit check process
Yes.  Repayment begins 60 days after the full amount has been disbursed.
Alternative Loans
A loan which is available without regard to financial need.   Maximum amount is cost of attendance minus any other financial aid the student is receiving.
Eligibility requirements vary with each lender.  You can review these different requirements at the lenders website.
Yes.  Repayment options vary with each lender.