Types of Aid

Grants
Scholarships
Loans
Other Aid

Grants

Unlike loans, grants do not have to be repaid. Grants are usually awarded to students with the fewest financial resources and are considered need-based aid. The federal government determines this need when you fill out the Free Application for Federal Student Aid (FAFSA). Grants usually come from federal and state governments and are sent directly to the school.

Pell Grant
Undergraduate students with proven financial need may be eligible. The amount of this award is up to $4,050. To apply, complete the Free Application for Federal Student Aid.

Scholarships

Scholarships are awarded based on criteria such as academic achievement, cultural or religious background, or special skills and talents. Unlike grants, you often need to apply separately.

*Earnest L. Carter II Scholarship* was established and endowed by Worth Harris Carter, Jr. The recipient must be an employee of the selective banks. See GPS financial aid office for complete listing of the eligible banks. Proof of employment is required.

*The MBA Scholarship* was established and endowed by the Averett MBA Cluster-146 and the Estate of Ruth Irene Baker, Averett Class of 1945. This scholarship, for MBA students, will be awarded each year in each of the four regions of the non-traditional programs. Each recipient cannot be receiving other financial assistance including employer tuition reimbursement. Applicants entering the program must have an overall grade point average of 3.5 from undergraduate study. Applicants in the program are to have a grade point average of 3.5. Previous recipients may reapply, but are not guaranteed a second award. Applications available at each regional office.

*Marshall Concrete Products Scholarship* is awarded to employees of Marshall Concrete Products or their dependents or grandchildren. The recipient shall have maintained at least a 2.5 GPA and shall have demonstrated traits of good citizenship.

*Dorothea Noonan Melton Scholarship* was established by her husband, Curtis Mellon, in memory of Dorothea Noonan Melton class of 1994. Awarded to a woman in the Graduate and Professional Studies Program (GPS) based on financial need. The award may be renewed as long recipient is making satisfactory progress toward her degree.

*The Peoples Mutual Telephone Company Scholarship* was established and endowed by the Board of Directors of Peoples Mutual Telephone Company of Gretna, Virginia. Preference is given to students who are employees, spouses or children/grandchildren of employees of Peoples Mutual Telephone Company. Second Preference is given to traditional or non-traditional students who have lived for at least one year in the geographic area served by the Peoples Mutual Telephone Company. The recipient must maintain at least a 2.5 grade point average and demonstrate traits of good citizenship.

*The Florrie Storey Shultz Business Department Scholarship* was established and endowed by her nephew Robert H. Shultz, Jr., and the estate of Florrie Storey Shultz, Averett College Class of 1928. The recipient may be a traditional or non-traditional student, majoring in the field of business, who demonstrates financial need, and must have at least a 3.0 GPA and demonstrate traits of good citizenship. This award is available to incoming freshmen provided they have met the GPA requirements during their senior year of high school.

Loans

Student loans are sources of financial aid, which must be repaid at a future time. Averett will offer you loans after we have reviewed your eligibility for grants, scholarships, and work-study. Loans are considered self-help financial aid because you must repay the money loaned to you. Student loan programs offer favorable terms reserved for students. Interest rates are lower than typical consumer rates. You may have an interest-free grace period before repayment begins. Some loans may be deferred or repaid if you work in a particular program or government job after graduation.

Stafford Student Loan
Full-time or half-time students may qualify for this low-interest educational loan. The amount of this loan is up to $2,625 for Freshmen; $3,500 for Sophomores; and $5,500 for Juniors and Seniors. To apply, complete the Free Application for Federal Student Aid. Also, obtain a loan application from a lender of your choice that participates in the Federal Stafford Loan program, complete it, and send the loan application to the Financial Aid Office at Averett University.

Grad PLUS Loan for Graduate and Professional Students
With a Grad PLUS loan, graduate and professional students enrolled at least half time can borrow up to the total cost of education, less other financial aid received. New loans issued beginning July 1, 2006 will have a fixed interest rate of just 8.5%.

To qualify for a Graduate PLUS loan, you must

• Be enrolled graduate level programs only;
• File the FAFSA (Free Application for Federal Student Aid);
• Accept all Stafford Student Loan funds you are eligible to receive;

Pass a simple credit check.

Parents Loan to Undergraduate Students (PLUS)
Parents of dependent students who do not qualify for need-based aid or who need additional funds to supplement need-based aid is eligible. The amount of this loan is variable (up to the cost of education minus all other financial aid.)

Other Aid

You must report additional aid sources not awarded by the Office of Financial Aid. You can report these sources by notifying our office. Your financial aid package may be adjusted if you receive additional scholarships or assistance from any Outside Agency.