Financial assistance is commonly referred to as "the Award Package." Most Financial Aid packages can include several types of funding from a variety of sources. Many packages consist of a combination of grants and scholarships, which do not need to be repaid, and student loans, which do need to be repaid.

When calculating all packages, the possibility of institutional aid, federal aid and state aid is taken into consideration. Merit aid is considered by the Office of Admission when the student applies for admission to Assumption College.

The following are some of the sources that may make up your Financial Aid package (click for more information):

• Merit Scholarships
• Assumption College Grants and Scholarships
• Federal Pell Grant
• Federal Supplemental Education Opportunity Grants (FSEOG)
• Federal Perkins Loan
• Federal Work Study Program
• Federal Stafford Loan Program
• State Assistance Program
• Outside Scholarships
  
  

Merit Scholarships are based on the student's high school rank, grade point average, and SAT-I scores. No special application is required; students will automatically be considered when they apply for admission. The scholarships are renewable each year, provided the student maintains a specified grade point average. Assumption merit scholarships range from $2,500 to $20,000 and include the Presidential Scholarship, the Aquinas Scholarship, the Milleret Scholarship and the Lyceum Scholarship. Students who file the FAFSA may qualify for need-based aid in addition to a merit scholarship.

These awards are institutionally funded, based on a student's need and academic potential. The amount varies. Each year, the Financial Aid Office also has several endowed scholarships available. Upper class students are considered for these after filing the FAFSA; no specific scholarship application is required.

The Federally funded Pell Grant is awarded to undergraduate students with considerable financial need. It does not have to be repaid. For the 2009-2010 academic year, award amounts range from $890 to $4,731. This amount may change, depending on government funding levels.

Another federally funded grant program, FSEOG grant recipients are chosen by Assumption College on the basis of financial need.

Through this federally sponsored need-based loan program, students borrow funds at a low (5%) interest rate. Repayment of the loan begins nine months after the student withdraws or graduates, and no interest accrues until that time. Students must be awarded the loan by the Financial Aid Office. The amount a student can borrow varies, depending on what funding the college has available.

This program provides employment for students to help them pay for their college education. Students must demonstrate financial need to qualify. As with any employment, a student must earn work-study funds and is paid in the form of a weekly paycheck, according to how many hours have been worked.

This program allows students to borrow funds at a low fixed interest rate. For students with need, the loan is Subsidized, and no interest accrues until six months after the student graduates or withdraws from school. Students who do not demonstrate need qualify for an Unsubsidized loan, and interest begins accruing while the student is in school. Repayment begins six months after the student leaves school. For the school year of 2009-2010, freshmen can borrow a maximum of $3,500, sophomores can borrow $4,500, and juniors and seniors may borrow $5,500.

Many states have grant and/or loan programs for which you may qualify. Contact the scholarship agency in your home state for deadline and application information.

Scholarships may also be available through sources such as religious and civic organizations, your parent's employer, and local businesses. Ask your guidance counselor for help researching such sources, and check out scholarship books at local libraries. Also, browse the FastWeb scholarship database at www.fastweb.com. for more information on scholarships and helpful searches.