Grant & Scholarships
Federal Pell Grant
Federal Pell Grants are offered by the U.S. Department of Education to an undergraduate student with exceptional need. Eligibility for this grant is determined by the U.S. Department of Education when the student completes the Free Application for Federal Student Aid (FAFSA®). The U.S. Department of Education has a standard formula that it uses to evaluate. The formula used was created by Congress from criteria submitted through the FAFSA form. The formula produces a number that is called the Expected Family Contribution (EFC), which determines the student's eligibility for the Federal Pell Grant. An undergraduate student must be pursuing a first bachelor's degree, be a United States citizen or an eligible non-citizen (usually, a permanent resident). Students must renew the FAFSA annually and continue to be identified by U.S. Department of Education as Pell eligible.
Alpha Sigma Lambda Honor Society*
Alpha Sigma Lambda Honor Society for adult students is offering academic achievement scholarships to students 24 years of age or older who have a minimum of 18 graded credit hours at SEU prior to the fall 2018 semester, with a GPA of at least 3.2. This includes a new Electric Transmission Texas Scholarship, which will be one award for $1000. Otherwise, the amount of each award will be determined by the scholarship committee, based on the number and merit of the applications. Undergraduate and graduate students are welcome to apply. Undergraduate and graduate applications will be evaluated separately.
Applications are typically available in mid November.
Phi Beta Kappa Alumni Baccalaureate Scholarship*
The Phi Beta Kappa Alumni Association of Greater Austin has established a scholarship program to support the ideals of Phi Beta Kappa, “Love of wisdom, the guide of life.” These scholarships of $2,500 are dedicated to recognizing and assisting students who have already demonstrated academic excellence at the undergraduate level for the purpose of furthering the recipients’ undergraduate education.
Continuing students are eligible to apply if they:
- have earned more than 30 credits
- are at least 24 years old
- are pursuing an academic program that includes liberal arts and sciences
- are enrolled at Concordia University, Huston-Tillotson College, St. Edward’s University, or the University of Texas at Austin.
Applications are typically available in early February.
* eligibility criteria and scholarship availability subject to change
Many of our New College students use educational loans to help finance the cost of their education in lieu of higher interest credit cards or short term payment plans. The Federal Direct Unsubsidized Student Loan in particular, provide easy eligibility criteria, deferment of payments while enrolled, extended repayment periods, flexible repayment options, and low, fixed interest rates.
Federal Direct Student Loans
The Department of Education provides federal direct student loans for degree-seeking undergraduate students. These non-credit-based loans feature low, fixed interest rates, as well as deferment of payment during periods of at least half-time enrollment. Submission of a FAFSA (the Free Application for Federal Student Aid) is required to certify a student's eligibility to participate in this program.
The amount a student can borrow annually is primarily determined by the student's grade level:
|Freshman (0 to 29 earned hours)||$9,500-No more than $3,500 of this amount may be in subsidized loans|
|Sophomore (30 to 59 earned hours)||$10,500-No more than $4,500 of this amount may be in subsidized loans|
|Junior (60 to 89 earned hours)||$12,500-No more than $5,500 of this amount may be in subsidized loans|
|Senior (90+ earned hours)||$12,500-No more than $5,500 of this amount may be in subsidized loans|
|Freshman (0 to 29 earned hours)||$5,500-No more than $3,500 of this amount may be in subsidized loans|
|Sophomore (30 to 59 earned hours)||$6,500-No more than $4,500 of this amount may be in subsidized loans|
|Junior (60 to 89 earned hours)||$7,500 per year-No more than $5,500 of this amount may be in subsidized loan|
|Senior (90+ earned hours)||$7,500 per year-No more than $5,500 of this amount may be in subsidized loan|
*Dependency status for federal financial aid purposes is determined by criteria set by law, and typically involve a student's age, marital status or degree program (bachelor's vs master's). If you were not required to include parent information on your FAFSA, then you are considered an independent student.
Subsidized vs Unsubsidized Direct Loans
Some students may qualify for a subsidized Federal Direct Student Loan where the Department of Education will pay the accruing interest on that loan while that student is enrolled in school at least half-time (6 credit hours). A subsidized loan is awarded on the basis of financial need as determined by a student's FAFSA results in relation to the school's cost of attendance. Because need-based eligibility is largely tied to income, not all students qualify for a subsidized loan. However, these students can still borrow a comparable amount of loan through the unsubsidized program.
Aggregate Loan Limit
Dependent Students (except students whose parents are unable to obtain PLUS Loans) $31,000-No more than $23,000 of this amount may be in subsidized loans.
Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans) $57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans.
Federal Direct Loan Interest Rates for 2022-2023
Interest Rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans First disbursed on or after July 1, 2022 and before July 1, 2023.
On May 11, 2022, the Treasury Department held a 10-year Treasury note auction that resulted in a high yield of 2.943%. The chart below shows the interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2022 and before July 1, 2023.
Direct Subsidized Loans and Direct Unsubsidized Loans for Undergraduate Students 4.99%
Understand how interest is calculated and what fees are associated with your federal student loan here.
Entrance Loan Counseling
A student who accepts a Federal Student Loan is required to complete entrance counseling. Entrance counseling ensures you understand the terms and conditions of your loan and your rights and responsibilities. You'll learn what a loan is, how interest works, your options for repayment, and how to avoid delinquency and default.
Understanding Loan Repayment
A student that has borrowed a federal loan is required to complete exit counseling when you leave school or drop below half-time enrollment. The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment
Learn more about make payments, change repayment plans, explore options, and get help at the Deportment of Education Student Financial Aid website.
How to Avoid Student Loan Forgiveness Scams
If the emails, phone calls, and text messages you’re receiving about student loan forgiveness are setting off your scam sensor, we’ve got you covered. Learn more about the most common student loan forgiveness scams and how to avoid them. Visit Federal Student Aid.
BIDEN-HARRIS ADMINISTRATION'S STUDENT DEBT RELIEF PLAN
The Biden-Harris administration has announced that borrowers who had a Federal Direct Loan disbursed on or before June 30, 2022 could potentially qualify for loan forgiveness.
Information on the Biden-Harris Administration's Student Debt Relief plan can be found here.
Specific questions about whether you will be eligible for loan forgiveness should be directed to your student loan servicer. You can look up your student loan servicer here once you log in with your FSA ID and password.
You can Apply for Federal Student Loan Debt Relief here.
You can look up whether or not you received a Pell Grant in the past here. Log in with your FSA ID and password and you should see your grant total on the front page in the Dashboard section.
New loans being disbursed after June 30, 2022 would not be eligible for this forgiveness.
Private Education Loans
Remember that interest rates and fees are generally lower for federal student loans than private student loans.
St. Edward's, in conjunction with Elm Resources, maintains information on a number of alternative loan programs offered through private banks and lending groups.
Because these are non-federal loans, each lender sets its own eligibility criteria, interest rates, processing fees, and repayment terms. Generally, students must meet fairly high credit standards to qualify on their own, so many students will need a credit-worthy cosigner in order to qualify. If approved, students can typically borrow up to their full cost of attendance minus any other aid the student is receiving for the period of attendance set to be covered by the loan. Students will receive a finalized disclosure statement after their master promissory note has been signed confirming the terms and conditions of their loan from the lender
Federal regulations require all private loan borrowers to review a series of disclosures and complete the applicant self-certification form. The student may obtain a copy of the self-certification form from the private educational loan lender or here.
Due to the required credit review, Student Financial Services cannot guarantee that all students who apply will qualify for loan funds. Approval is determined by the lender.
Please note that a lender's inclusion in this list is not meant as an endorsement by the university, nor is it meant to limit your selection of a private education loan. These particular lenders have been included because:
- they have a proven track-record of reliable customer service;
- they offer competitive interest rates and repayment terms; and
- they utilize electronic processing compatible with the university’s financial aid management system ensuring consistent and timely delivery of loan funds.
However, the Office of Student Financial Services will certify an application for any private education loan regardless of whether the lender appears on this list or not.
Once you have decided upon a lender, please contact your Student Financial Services Advisor for information you'll need to provide as part of your application for the loan, including loan period, cost of attendance, and total amounts of other assistance.
St. Edward's University does not receive any form of payment or renumeration from lenders in exchange for inclusion on this list.