Sources of Financial Aid
Financial aid for students of Sierra Nevada College is available from a variety of sources in many forms. All students applying for financial aid should complete the FAFSA. See Scholarship Opportunities for information about merit – based scholarships.
Federal Pell Grant
This grant is awarded to undergraduate students who have not received a bachelor’s degree and who demonstrate exceptional financial need. Financial need and eligibility are determined by the federal government using the data you submitted on the FAFSA.
This grant is awarded to undergraduate students with exceptional financial need. If you filed a FAFSA you were automatically considered for this program. Yearly maximums vary based on the availability of funds.
Federal Stafford Student Loans
- The Federal Direct Subsidized Stafford Loan is a federally-sponsored “need-based” loan. The federal government pays the interest while you are enrolled at least half time. Interest begins to accrue upon graduation or separation from school. The current interest rate for subsidized loans is 3.4%.
- The Federal Direct Unsubsidized Stafford Loan is a federally-sponsored loan which is not need-based but has no interest subsidy. The interest accrues from the date of disbursement. You may pay the interest while you are enrolled or defer the interest. Accrued interest will capitalize once when you enter repayment. Students are encouraged to make the interest payments while in school to help decrease the total costs of the loan. The current interest rate for unsubsidized loans is 6.8%.
- Federal Parent Plus Loan for Dependent Undergraduate Students: Parents wanting to borrow through a PLUS loan must complete an Online Application and Master Promissory Note at www.StudentLoans.gov. SNC only accepts Federal Direct PLUS loans, so outside lender PLUS applications will not be processed. The Parent Plus loan is a credit-based loan with a current interest rate of 7.9%. Parents may opt to defer repayment until their student graduates, although interest will begin accruing when the loan is funded. Origination fees will be deducted from the amount of loan requested.
Entrance Counseling: First-time borrowers must complete a Master Promissory Note (MPN) and Entrance Counseling before funds will be credited to the student’s account. Both are completed online at www.StudentLoans.gov. You will need your federal pin. Per Federal regulations, loan funds for first-time borrowers will be disbursed 30 days after the start of the semester. Origination fees will be deducted with each disbursement from the amount of loan requested.
The counseling session will take about 20-30 minutes to complete. It provides useful tips and tools to help you develop a budget for managing your educational expenses and helps you to understand your loan responsibilities.
Exit Counseling: Prior to graduating or leaving college, borrowers are required to complete an online Exit Counseling session. This online exit counseling session was created to make sure you understand your rights and responsibilities as a Direct Loan borrower.
Students with additional need may apply separately for alternative loans through outside lenders. Sierra Nevada College’s Recommended Lenders are selected by the quality of products and services they provide to students and families, and a student has the right to chose any outside lender to obtain student loans. The college will work with any alternative lender you choose. Please contact the Director of Financial Aid, Nicole Ferguson, if you would like help in selecting a lender.
VA Students / GI Bill
SNC certifies VA students for both the regular GI Bill and the Post 9/11 GI Bill (Yellow Ribbon Program) for fully admitted and enrolled students. In order to be certified, please submit the following to firstname.lastname@example.org.
- Copy of the form the VA sends you proving eligibility.
- If you have been using your benefits at another institution, you must complete a Change of Program/School (VA Form 22-1995). You can fill out this form electronically at: http://vabenefits.vba.va.gov/vonapp/main.asp
- Copy of all transcripts from every institution you have attended, including a military transcript or letter from your branch stating that you did not complete any training or education while in the service. Links to contact your branch for the required document(s):
- Lastly, you will need to fill out a Request for Certification every semester you are enrolled at SNC. You can find the form at http://www.sierranevada.edu/admissions/undergrad/financial-aid/forms/
Sierra Nevada College is a member of the Servicemembers Opportunity Colleges.
Federal Work Study Campus Jobs (FWS)
This opportunity is awarded to students with financial need who indicated interest in part-time work on the FAFSA. If you were not awarded FWS and you are interested in a job, contact your financial aid advisor to see if funds are still available. You must work to earn this award. Your award will be canceled if you do not begin employment. You may obtain information on available jobs through the office of Student Services. Each department determines work schedules. The hourly rate for 2013-14 is $8.25. You will receive pay every two weeks for hours you have worked. Your FWS award is considered employment and is taxable by the IRS. You will receive a W-2 for your earnings.