Federal and state law mandates that we disclose the maximum amounts of Federal Grant and Loan assistance that are available. Maximum eligibility for federal financial aid is based on the results of the FAFSA and is outlined on the student's award letter. Federal financial aid has better terms and conditions than private student loans and we strongly encourage students to utilize that aid first. The following is a list of maximum awards in each program:
Pell Grant - $5,645
SEOG - 1,000 (award amounts are dependent on federal funding with a typical Central maximum award being $500)
TEACH Grant - $4,000
Stafford Loan - $5,500 (first-years); $6,500 (sophomores); $7,500 (juniors and above)
Perkins Loan - A typical Perkins loan is $1,000 a year
PLUS Loan - a credit-based loan for parent borrowers with a maximum determined by the difference between cost of attendance and the student's financial aid award.
Information on financing options available in the state of Iowa are available by clicking on State Scholarships and Grants.
When financing your education, a Stafford loan should be your first choice once you have already collected any scholarships and grants you may be eligible to receive. Stafford loans are fixed rate federal students loans guaranteed by the government. Federal Stafford Loans disbursed between 7/1/13 and 6/30/14 have a fixed rate of 3.86%. The interest rate will be fixed for the life of the loan until repayment is complete. The loans can be used to pay for tuition as well as education-related expenses.
Stafford loan repayment plans are designed to provide flexibility for any budget. Once you complete school and enter repayment, you will have the option to pick from a number of helpful plans:
Standard Repayment - A fixed amount each month based on your principle and interest.
Graduate Repayment - Lower payments at the beginning of repayment, then over time, payments increase.
Income Based Repayment - Monthly payments are based on yearly income and loan amount.
Extended Repayment - For loans totaling more than $30,000, this plan offers a choice of fixed or graduated payments over a period of up to 25 years.
Central College has a limited resource of institutional loans. Please refer to your Central College catalog for additional information. You must complete one semester and meet the 2.0 GPA requirement to be eligible for an institutional loan.