Federal Aid

Academic Competitiveness Grant (ACG)

The ACG is a federal need-based grant that is also based on merit. Only students who have been awarded a Pell Grant, and who have recently graduated from a “rigorous high school program” (defined by the U.S. Department of Education) are eligible. High School transcripts must be submitted for evaluation. Students must maintain a 3.0 GPA. The grant provides up to a maximum of $750 for freshman and $1300 for sophomores.



The National Science and Mathematics Access to Retain Talent Grant (SMART)

The SMART is a federal need-based grant that is also based on merit. Only students who have been awarded a Pell Grant, are majoring in Information Systems at Potomac College, have 60 credits earned or more, and are maintaining a GPA of 3.0 or higher are eligible. Students enrolled fulltime are eligible for one $4000 grant at the junior level, and one $4000 grant at the senior level. Student enrolled halftime or three-quarter time are eligible for one pro-rated grant at each grade level.



Federal Pell Grant Program (Pell)

The Federal Pell Grant is free assistance that is funded and awarded by the Federal government. It is targeted at very high-need students. The award is based solely on the information you provide on your FAFSA, which results in your “Expected Family Contribution”, or EFC. These grants range from $304 to $5350 for the 2009-2010 academic year.



Federal Supplemental Educational Opportunity Grant (SEOG)

The SEOG is free assistance that is funded by the Federal government in limited amounts and awarded by the Potomac College. It is awarded to the highest need students in accordance with federal guidelines. Only students awarded a Pell Grant are eligible. These typically grants range from $400 to $1000.



Federal Family Education Loans (FFEL)

If your savings and grant/scholarship awards aren’t enough to pay your tuition, then you can borrower from the Federal loan programs. That is what they are for. FFEL are also called Stafford Loans, and they are a part of the Federal financial aid programs. A private lender, such as a bank or credit union, is the lender on behalf of the Federal government.

FFEL includes both subsidized and unsubsidized loans. Subsidized Stafford Loans are need-based loans and the Federal government pays the interest while you are enrolled in school at least half-time and during a 6 month grace period after you graduate, withdraw, or fall below half-time enrollment status. Unsubsidized loans are not need-based and you either pay the interest or it accrues while you are in school or your grace period.

The annual interest rate for the 2009-2010 academic year is 5.6% on subsidized Stafford Loans and 6.0% on unsubsidized Stafford Loans. The maximum FFEL loan amounts per grade level that you can borrow are:

Potomac College highly recommends that students only borrow the amount of Stafford Loans that they need to pay your tuition and fees.

Remember – if you live like a student now, you will not have to live like a student after you graduate! Don’t over-borrow!



Federal Parent Loan Program (PLUS)

The PLUS is a low-interest loan that your parent can borrow to help you pay for college. The federal parent loan is available to the parents of all “dependent” students regardless of income or assets. However, your parent must be a U.S. citizen or eligible non-citizen and must pass a credit check. Your parent can borrow up to the full Cost of Attendance, in combination with other aid and resources. The interest rate for the PLUS is 8.5% for the 2009-2010 academic year. Repayment of a Parent Loan begins 60 days after the second disbursement. Parents who have borrowed a PLUS loan in the past are encouraged to use that same lender. First-time PLUS borrowers should complete the electronic Master Promissory Note online at their chosen lender’s website.



Veterans Benefits

Potomac College is an approved post-secondary education institution for Veterans training. Applications for Veterans benefits may be obtained from your local Department of Veterans Affairs. Approval of training benefits to be awarded and payment is the responsibility of the Department of Veterans Affairs.

Potomac College certifies a student’s enrollment status to the Veterans Administration.

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