• Aid Programs at a Glance
• Federal Pell Grant
• Charter Oak State College Grant
• Connecticut Aid to Public Schools
• Charter Oak State College Fee Award
• Charter Oak State College Foundation Grant
• Charter Oak State College Scholarships
• Outside Scholarships
• Federal Family Education Loan Program (FFELP)

Aid Programs at a Glance

Programs	Eligibility	Program Characteristics
Federal Pell Grant	Need Based	Maximum award $4,731
Charter Oak State College Grant	Need Based	Awards vary
Connecticut Aid to Public Schools	Connecticut Resident & Need Based	Awards vary
Charter Oak State College Fee Award	Degree seeking & Need Based	Awards vary
Charter Oak State College Foundation Grant	Need Based; Minimum G.P.A 2.50; Matriculated student who has completed at least one semester at Charter Oak	Awards vary
Subsidized Stafford Loan	Need Based	Independent Student Limits: $3,500 (freshmen); $4500 (sophomore); $5,500 (junior/senior) Maximum as undergraduate - $46,000 of which only $23,000 can be subsidized. *Dependent Student Limits: $3,500 (freshmen); $4,500 (sophomore); $5,500 (junior/senior) Maximum as undergraduate - $23,000
Unsubsidized Stafford	Non-need based * Additional loan funds are available to dependent students if the student’s parent is denied a PLUS Loan.	$7,500 (freshmen) –No more than $3,500 of this amount may be in subsidized loans; $8,500 (sophomore) – No more than $4,500 may be in subsidized loans; $10,500 (junior and beyond), no more than $5,500 maybe in subsidized loans.
PLUS Loans	Available to parents of dependent undergraduate students enrolled at least half-time.	Student’s Cost of Attendance   -   Other Aid Student Received = Maximum PLUS Loan Amount

Disclaimer:
Descriptions of financial aid programs are subject to change without advance notice due to changes in federal, state, college policies, and/or changes in funding levels. The Financial Aid Office will make every reasonable effort to keep applicants and students aware of changes as they occur.

Grants

Federal Pell Grant
Federal Pell Grants are awarded to needy undergraduate students who have not earned a first bachelor's degree. For the 2008-2009 academic year, full year awards range from $400 to $4,731. The amount of your Federal Pell Grant eligibility will depend on your cost of attendance, expected family contribution (EFC), enrollment status, and whether you will attend for a full academic year or less.  You may not receive Pell Grant funds from more then one school at a time. To apply, a student must file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA.

Charter Oak State College Grant
Funds are given to degree seeking students with financial need who are either residents or non-residents of Connecticut. Grant awards vary per year depending on a student's need and the availability of funds. To apply, a student must file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA.

Charter Oak State College Student Grant Aid Program
CAPS awards can be given to full or part-time students with financial need, who are enrolled at the college and who are residents of Connecticut. The COSC Student Grant Program is funded by the State of Connecticut through the Connecticut Department of Higher Education.  The award amounts cannot exceed a student’s financial need. Awards vary per year as determined by the college. To apply, a student must file a Free Application for Federal Aid (FAFSA) or Renewal FAFSA. Funding is limited and is awarded on a first come first served basis.

Charter Oak State College Fee-Award
Connecticut state law authorizes the Board of State Academic Awards, Charter Oak’s governing board, to allocate funds to be given as fee awards to degree seeking students with financial need who are either residents or non-residents of Connecticut. Fee-Awards vary per year depending on a student's need, actual fee(s) and the availability of funds. To apply, a student must file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA. These awards can only be applied towards:

• Matriculation
• Matriculation Renewal
• Re-Matriculation
• Matriculation Extension

Charter Oak State College Foundation Grant
Funding is made available through the Charter Oak State College Foundation, Inc. All awards are need based and funding can change yearly. If you have completed a minimum of one semester at Charter Oak, and are in good academic standing, you may be eligible for assistance. To be eligible, a student must also file a Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA.

Scholarships

To be eligible for any of the scholarships listed below, you must be currently matriculated at Charter Oak and be in good academic standing as defined in the College catalog for the year in which you matriculated. These awards are need-based. In addition, each scholarship has its own specific criteria. 

Charter Oak scholarships are as follows:
The John & Elizabeth Blennerhassett Scholarship
John and Elizabeth Blennerhassett are the parents of a Charter Oak State College graduate who is committed to the philosophy and the mission of the College and has established this named scholarship in their honor. This scholarship is open to working parents who show academic promise and financial need.

The Organizational Leadership Scholarship
R. Wayne Clugston established the Organizational Leadership Scholarship. Income from the Organizational Leadership Fund will be used to provide scholarships for Charter Oak State College students who are preparing for clearly defined leadership roles in service-based organizations. Preference will be given to individuals associated with smaller organizations that are providing quantifiable support toward the individuals’ leadership goals.

The Sgt. George R. Dingwall Scholarship
This scholarship was established in memory of Sgt. George R. Dingwall, a Charter Oak graduate who lost his life in the line of duty as a law enforcement officer in Middletown, CT. The Scholarship is open to full-time law enforcement officers from any geographic region of the United States, with preference given to law enforcement officers from Connecticut. This year, the scholarship will be in the amount of $500 and can be used to cover tuition, fees, books or other educational expenses.

The Harris-Wiener Family Scholarship
The Harris-Wiener Family Fund was established by Charter Oak State College President Merle W. Harris and her husband, David, in 1998, to assist needy women who want to continue their education, particularly women wishing to pursue careers in education, social service or public service. The parents of both David and Merle Harris believed that education was the key to success and also stressed the importance of serving others. These family values are reflected in the criteria for this scholarship.
This scholarship is open to women, who are employed, have demonstrated financial need, and who show academic promise. Preference for awarding will be given to individuals who are employed in or planning a career in:

• Education
• Early Care and Education
• Government
• Non-profit Organizations

The Beverly and Rodney Hawes Endowed Scholarship
The Beverly and Rodney Hawes Endowed Scholarship for “Making a Difference in Business” was established June 2003. Income from the fund supports scholarships to be given periodically to a Charter Oak State College student who is pursuing a business concentration or an Individualized Studies concentration with a business focus, demonstrates qualities of leadership, and a commitment to community.

Charter Oak Scholarship Application Process

Completely fill out the application form. Submit a well-written essay articulating your academic, personal and professional goals, and how you meet the scholarship criteria above. Your essay should be neatly typed, double-spaced and no longer than 250-300 words (about one and half pages, double-spaced). Submit a separate statement detailing your financial need.

Deadline

Forward the completed application, essay, and financial need statement be received by May 1st for awards that will be applicable to the following academic year. For more information, please contact Harry White at 860-832-3863 or hwhite@charteroak.edu.

Outside Scholarships
Outside scholarships are usually competitive, which means that you must complete and submit an application in order to be considered for these scholarships.
Students may receive awards from organizations or departments outside of the Office of Financial Aid. These may include awards from an employer, government agencies, private clubs, organizations, and others. If you receive an award that does not appear on your award notification letter, it is unlikely that the Office of Financial Aid has been informed of the award. It is, therefore, your responsibility to notify the Office of Financial Aid of the source of all outside awards and the amount as soon as possible.
If you receive an “outside scholarship,” that amount will be first deducted from the self-help portion of your financial aid award (loans) dollar-for-dollar. If the outside scholarships eliminate all self-help aid, we will decrease your grant funds accordingly.

Federal Family Education Loan Program (FFELP)
Student loans, unlike grants or scholarships, are borrowed monies that must be repaid, with interest, just like car loans or mortgages.  You cannot have these loans cancelled because you didn’t like the education you received, are not working or because you are having financial difficulty.  Loans are legal obligations, so before you borrow, think about your ability to repay the loan and borrow only what you need.  Information regarding the different types of federal loans available is listed below:

If you’re a federal student loan recipient, there are two key points to remember.

1. The interest you pay is lower than commercial rates because the federal government subsidizes the rate.
2. You don’t have to begin to repay your Stafford Loan until you leave school or drop below half-time.

Federal Stafford Subsidized Loan
Subsidized Stafford Loans are awarded to students who demonstrate financial need.  The U.S. Department of Education pays the interest on these loans while the student is matriculated in school on a least a half-time basis, during the grace period (before repayment begins), and during authorized periods of deferment.

Federal Stafford Unsubsidized Loan
Unsubsidized Stafford Loans are not need based.  The student is responsible for paying the interest while in school, during the grace period (before repayment begins), and during authorized periods of deferment.  Students also have the option to have their interest capitalized.

Brochure

Loan Limits
Federal law specifies annual loan limits on Stafford loans based on your year in college and your dependency status.
Amount of Stafford Loan Eligibility

Credits	Dependent Students	Independent Students
0 –30 credits	$3,500	$7,500 (up to $3,500 may be in subsidized loans)
31-60 credits	$4,500	$8,500 (up to $4,500 may be in subsidized loans)
61+ credits	$5,500	$10,500 (up to $5,500 may be in subsidized loans)

If the parent of a dependent student is denied a Federal PLUS Loan (proof of denial required) the student may have additional unsubsidized loan eligibility.
In addition to annual loan limits, the total amount of all Federal Stafford loans that you take out for all years of enrollment may not exceed the following aggregate limits:

• $23,000 for dependent undergraduate students.
• $46,000 for independent undergraduate students.

Choosing a Stafford Loan Lender
Students and parents have a wide range of borrowing choices when selecting a student loan provider. Charter Oak also provides a list of preferred lenders that we hope will assist our students and parents to make informed decisions regarding how to finance a college education. We used some of the following criteria to evaluate the lenders on our list: security of borrower information, student-centered customer service, electronic support and delivery methods.

Charter Oak interviewed a wide range of lenders and compared their products and services. We stressed that we were most interested in providing our students with customer service that reflects our own “hands-on” personal approach. Each lender representative was given the chance to present their materials and then all information was thoroughly reviewed before a final selection was made. We review our lender list on a yearly basis to ensure that our students continue to receive competitive rates and superior customer service.

The college’s lender list is a great starting point when looking for education funding options. Our list is designed to assist students and families in finding the right loan for them. It is always recommended that students and parents also do their own research regarding student lenders.  The choice of lender is always yours and we will process any federal loan with any lender at a student or family’s request. 

Today, the federal Student loan marketplace is experiencing change and uncertainty due to legislative cuts and credit market deterioration. As a result, many student loan lenders are no longer participating in the Federal Family Education Loan Program. Charter Oak State College will make every effort to remove lenders from our list as we become aware that they are no longer participating in the FFELP Program.

Recommended Lender List

Federal Stafford Loan Comparison Charter Oak State College
 This symbol means you are leaving the Charter Oak State College Financial Aid Webpage.

The above lenders are listed in alphabetical order.

If you select a lender other than the ones we have listed above, please notify the financial aid office in writing and provide the lender's name, lender code and contact information (i.e. address and phone number).

Stafford Interest Rates and Fees
As of July 1, 2008 the interest rate on new Stafford Loans is fixed at 6.8 percent.
As of July 1, 2008 the origination fee for Stafford Loans is 1 percent and the default fee is 1%.

Parent PLUS Loan
A PLUS Loan allows parents to borrow on behalf of their dependent undergraduate student.  To borrow a PLUS Loan, the parent must not have adverse credit.  The absence of any credit history is not considered to be adverse.  Dependent students whose parents are unable to borrow due to adverse credit may receive additional Unsubsidized Stafford Loan eligibility (up to the cost of education less any financial aid).  Additionally, both the student and parent must meet the definition of an eligible borrower.  As with the Stafford Loan program, a student must be matriculated and enrolled at least-half time to be eligible for the loan.  Repayment begins on the date of the last disbursement of the loan.

A parent may borrow the entire cost of education for their dependent student.  The FAFSA is not a required document for student’s who will not be receiving any other types of federal student aid.  Although not a requirement, we encourage all of our students to complete a FAFSA to be eligible for the maximum student financial aid they’re eligible for.

Brochure

PLUS Interest Rates and Fees

As of July 1, 2006 the interest rate on a new PLUS Loan is fixed at 8.5%.

As of July 1, 2006 the origination fee for PLUS Loans is 3% and the default fee is 1%.

Alternative Lending
Private loan programs are considered to be an “after-Stafford Loan” and are intended for students who have maximized their federal loan eligibility first.  This is because private loans offer less favorable terms and rates than do federal loans.

Please contact the Office of Financial Aid for more information regarding alternative loan funding.