Office of Financial Aid
Financial Aid Programs
The following is information on the various aid programs. You must submit a FAFSA to be considered for these funds.
Grants
The grants listed below are based on need. These grants are available only to undergraduate students who have not received a previous bachelor’s degree.
-Pell Grants help undergraduate students who have not earned a bachelor’s or higher degree pay for their higher education. The U.S. Department of Education determines who is eligible by using a formula established by Congress and the information provided by the applicant on the Free Application for Federal Student Aid (FAFSA). This will produce an expected family contribution (EFC) number. The amount the applicant receives depends on the EFC, cost of attendance, enrollment status (full-time or part-time), and length of enrollment.
The Deficit Reduction Act of 2005 added two new merit-based grant programs for Pell-eligible students who meet certain academic criteria. The new grant programs are: The Academic Competitiveness Grant and The Science and Mathematics Access to Retain Talent Grant (Smart).
- Academic Competitiveness Grant Program
An eligible student may receive an Academic Competitiveness Grant (ACG) of $750 for the first academic year of study and $1,300 for the second academic year of study. To be eligible for each academic year, a student must:
• Be a U.S. citizen;
• Be a Federal Pell Grant recipient;
• Be enrolled full-time in a degree program;
• Be enrolled in the first or second academic year of his or her program of study at a two-year or four-year degree-granting institution;
• Have completed a rigorous secondary school program of study (after January 1, 2006, if a first-year student, and after January 1, 2005, if a second-year student);
• If a first-year student, not have been previously enrolled in an undergraduate program; and
• If a second-year student, have at least a cumulative 3.0 grade point average on a 4.0 scale (as set forth in regulations to be promulgated soon) for the first academic year.
Click here for more information on the Academic Competitiveness Grant Program (ACG)
- National SMART Grant Program
An eligible student may receive a National Science and Mathematics Access to Retain Talent (National SMART Grant) of $4,000 for each of the third and fourth academic years of study. To be eligible for each academic year, a student must:
• Be a U.S. citizen;
• Be a Federal Pell Grant recipient;
• Be enrolled full-time in a degree program;
• Be enrolled in a four-year degree-granting institution;
• Major in physical, life or computer science, engineering, mathematics, technology, or a critical foreign language; and
• Have at least a cumulative 3.0 grade point average on a 4.0 scale (as set forth in regulations to be promulgated soon) in the coursework required for the student’s major.
Click here for more information on the National SMART Grant Program
-ASAP (Alabama Student Assistance Program)
Need-based grant. Awarded to in-state students pursuing their first undergraduate degrees. Eligibility: based on exceptional need, availability of funds, and Federal Pell eligibility. Funds are VERY limited. Students are strongly encouraged to meet the March 1 FAFSA priority date.
-Federal Supplemental Educational Opportunity Grants (FSEOG) help undergraduates who hold no bachelor’s or higher degree and have exceptional financial need. Priority is given to students with the lowest EFC, determined by information provided on the Free Application for Federal Student Aid (FAFSA), who also receive Federal Pell Grants. There is no guarantee that every eligible student will receive an FSEOG, so it is important to apply early to have a better chance of receiving a grant. FSEOG awards are based on the availability of funds at Troy University.
Federal Work-Study program is designed to encourage students to contribute to their educational expenses while decreasing their debt burden. If you wish to have your eligibility reviewed for this award, please contact the Student Financial Aid Office. Priority is given to students with the lowest EFC, determined by information provided on the Free Application for Federal Student Aid (FAFSA), who also receive Federal Pell Grants. There is no guarantee that every eligible student will receive or renew a work-study award, so it is important to apply early to have a better chance of receiving a job. Work-Study awards are based on the availability of funds at Troy University.
Federal Perkins Loan Program provides low-interest loans to help undergraduate and graduate students with exceptional financial need pay for their higher education. The general loan limits depend, in part, on the student’s year in school. Students attending school at least half-time do not begin repaying their loan until nine months after they graduate, leave school, or drop below half-time status. Less-than-half-time students may have a different grace period. Borrowers have up to 10 years to repay the loan. Troy University has limited access to Perkins Loan funds. Priority is given to students with the lowest EFC, determined by information provided on the Free Application for Federal Student Aid (FAFSA), who also receive Federal Pell Grants. There is no guarantee that every eligible student will receive a Perkins Loan, so it is important to apply early to have a better chance. Perkins Loans are based on the availability of funds at Troy University. If you have been awarded a Perkins Loan, you may download, print, complete, and return the signed Perkins Promissory Note.
Federal Stafford Loans - Troy University does not participate in the Federal Direct Stafford Loan Program. Troy University participates in The Federal Family Education Loan Program (FFELP) which includes the following federal programs:
Subsidized Loans are awarded based on the student’s calculated need from the FAFSA. The interest is paid by the government while at least half-time enrollment is maintained. You are charged a 3% to 4% fee by the Federal government when you borrow; the amount of your loan sent to the school is reduced by that fee. Repayment begins six months after enrollment has ceased or dropped to below half-time status. Loans disbursed prior to July 1, 2006 have a variable repayment interest rate which caps at 8.25%. For new Stafford student loans disbursed July 1, 2006, and later, the interest rate will be set at a fixed rate of 6.8 percent.
Unsubsidized Loans are not based on calculated need, but still necessitates the filing of the FAFSA for eligibility determination. You are charged a 3% to 4% fee by the Federal government when you borrow; the amount of your loan sent to the school is reduced by that fee. Interest rate is a maximum of 8.25% until June 30, 2006. For new Stafford student loans disbursed July 1, 2006, and later, the interest rate will be set at a fixed rate of 6.8 percent. Interest is not paid by the Federal government, and the student is responsible for all interest associated with the loan. Interest payments can be capitalized (added to the loan at repayment) if no payments are made during enrollment. Repayment begins six months after enrollment has ceased or dropped below half time.
Maximum Loan Amounts for Fall, Spring and Summer:
| Grade Level as Determined by the Registrar |
Credits(1) |
Dependent loan maximum borrowed allowed |
Dependent Status 1 Semester Loan proceeds |
Independent Loan maximum borrowed amount |
Independent Status 1 Semester Loan proceeds |
| First Year - Freshman |
0-29 |
$2,625 |
$1,273.13 |
$6,625 |
$3,213.00 |
| Second Year - Sophomore |
30-59 |
$3,500 |
$1,697.50 |
$7,500 |
$3,637.50 |
| Third Year - Junior |
60-89 |
$5,500 |
$2,667.50 |
$10,500 |
$5,092.50 |
| Fourth Year or more - Senior |
90-180 |
$5,550 |
$2,667.50 |
$10,500 |
$5,092.50 |
| Each Year of Graduate or Professional Study |
N/A |
$8,500 |
$4,122.50 |
$18,500 |
$8,972.50 |
The total maximum outstanding debt allowed is:
| Dependent Undergraduate |
$23,000 |
| Independent Undergraduate |
$46,000(2) |
| Graduate or Professional Student(3) |
$138,500(4) |
1. The law only allows credits transcripted by the Office of the Registrar for certification of a loan.
2. Of the $46,000 no more than $23,000 may be subsidized loans.
3. Includes any Federal Stafford Loan and/or Federal Supplemental Loans for Students received as an undergraduate.
4. Of the total maximum of $138,500 no more than $65,500 may be subsidized loans.
These loan limits are the maximum and must be reduced by other assistance if total cost of education is exceeded. If other aid and loans exceed need then the subsidized is reduced and the unsubsidized is increased.
Students must apply with the FAFSA each year beginning in January for the approaching Fall.
As a consequence of the Deficit Reduction Act of 2005 some annual loan limits will change on July 1, 2007. The new Maximum Loan Amounts for Fall, Spring and Summer after July 1, 2007:
| Grade Level as Determined by the Registrar |
Credits(1) |
Dependent loan maximum borrowed allowed |
Dependent Status 1 Semester Loan proceeds |
Independent Loan maximum borrowed amount |
Independent Status 1 Semester Loan proceeds |
| Preparatory coursework for enrollment in an undergraduate program |
0-29 |
$2,625 |
$1,273.13 |
$6,625 |
$3,213.00 |
| First Year - Freshman |
0-29 |
$3,500 |
$1,697.50 |
$7,500 |
$3,637.50 |
| Second Year - Sophomore |
30-59 |
$4,500 |
$2,182.50 |
$8,500 |
$4,122.50 |
| Third Year - Junior |
60-89 |
$5,500 |
$2,667.50 |
$10,500 |
$5,092.50 |
| Fourth Year or more - Senior |
90-180 |
$5,500 |
$2,667.50 |
$10,500 |
$5,092.50 |
| Preparatory coursework for enrollment in a graduate or professional program |
N/A |
$5,500 |
$2,667.50 |
$12,500 |
$4,187.5 |
| Each Year of Graduate or Professional Study |
N/A |
$8,500 |
$4,122.50 |
$20,500 |
$9,942.50 |
The total maximum outstanding debt allowed is:
| Dependent Undergraduate |
$23,000 |
| Independent Undergraduate |
$46,000(2) |
| Graduate or Professional Student(3) |
$138,500(4) |
1. The law only allows credits transcripted by the Office of the Registrar for certification of a loan.
2. Of the $46,000 no more than $23,000 may be subsidized loans.
3. Includes any Federal Stafford Loan and/or Federal Supplemental Loans for Students received as an undergraduate.
4. Of the total maximum of $138,500 no more than $65,500 may be subsidized loans.
These loan limits are the maximum and must be reduced by other assistance if total cost of education is exceeded. If other aid and loans exceed need then the subsidized is reduced and the unsubsidized is increased.
Students must apply with the FAFSA each year beginning in January for the approaching Fall.
More about Federal Stafford Loans
• Students are awarded the maximum loan eligible for Fall Semester/Term 1-2 and Spring Semester/Term 3-4 and are disbursed after the drop/add period for each term. Students who will be attending Summer/T5 are expected to save funds out of their loan awards for that purpose.
• Loans are disbursed to your account based on your enrollment on the first day after the end of free drop/add. If you added courses after that point, have your site advisor notify the financial aid office.
• Students who begin in a term other than Fall/T1 will need to complete a Partial Year Loan Request Form; this is not a Summer/T5 request form.
• Students who have remaining eligibility may request to use that eligibility in Summer/Term 5 by applying for Summer Financial Aid.
• For Students who must complete an MPN, KHEAA can send funds within three days after receipt of the MPN but must wait until after the drop/add period for the term for which funding is requested.
• You are able to check on the date that KHEAA will disburse funds to Troy University by visiting KHEAA On-Line. Checks are created for any credit balance to your student account approximately 2 full working days after Troy University receives the disbursement from KHEAA.
-Federal PARENT PLUS Loan is for parents of dependent students and is not based on need. Parents may qualify for the PARENT PLUS Loan for the difference between your education costs and the amount financial aid you are awarded. However, parents must have a favorable credit rating in order to qualify for the PLUS Loan. If you are offered the PLUS Loan and you accept it, you will be sent a separate loan application for your parents to fill out and return to the Student Financial Aid Office for certification. Parents must complete the Free Application for Federal Student Aid (FAFSA).
Interest rates for the Federal Stafford and PLUS Loans vary. The Federal Government pays the interest on the subsidized Federal Stafford Loan until repayment begins. The borrower is responsible for all interest that accrues on the Unsubsidized Federal Stafford and PLUS Loans from the time the loan is disbursed. More detailed information is provided with the loan application.
When making decisions about accepting loans, we urge you to carefully consider your total loan indebtedness and the amount you will pay on your loan given your expected earnings from your intended career. For more information about Stafford Loans, please review the KHEAA web site at www.kheaa.org.
KHEAA’s
Paying for Higher Education area has excellent information.
-Federal PLUS Loans for Graduate Students - GRAD PLUS Beginning July 1, 2006 graduate students are eligible to borrow under the GRAD PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent. Lenders will defer repayment while student is in school. Applicants must complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Grad PLUS Loan.
The following is information on other aid programs. You are not necessarily required to submit a FAFSA in order to be considered for these funds.
Graduate Assistantships
This assistantship/fellowship program is designed to aid in the successful completion of the degree pursued and to enhance career opportunities through applied professional experiences.
Veteran Benefits
Students who have served in the Armed Forces may be eligible for Veteran’s Benefits. Check with our Veteran’s Affairs Officer in the Financial Aid Office at 334-670-3701. In addition, the Military Officer's Assoc. of America (MOAA) offers interest-free loans.
3rd Party Billing
Troy University accepts a variety of pre-paid and third-party college programs, including state programs and veteran programs. These plans differ on specific requirements.
Questions or comments regarding 3rd party billing? Contact
Rachael A. Railey - railey at troy.edu at (334) 670-3886.
- Pre-paid Programs
The United States Internal Revenue Code Section 529 affords for eligible tuition programs that offer unique benefits for parents, guardians, and/or others who desire to supply money in advance for a child's college education. Taxpayers can presently pre-pay the higher education tuition costs only under state-sponsored tuition programs. Troy University accepts all pre-paid college programs. Below are the most common programs utilized at Troy University.
- AL PACT
The AL PACT program is Alabama’s Prepaid Affordable College Tuition program, which is administered through the Alabama State Treasury. This program pays 100% of tuition, pending credit hours available. Mandatory fees, such as activity fee and technology fee, are paid through AL PACT; however, laboratory fees are not included. For more information, please call 1-800-ALA-PACT (1-800-252-7228), or view the web site at http://www.treasury.state.al.us.
- FL Prepaid College Plan
The Florida Pre-pay college program is administered through the Florida Prepaid College Board. Each student determines his/her program for out-of-state colleges, whether unrestricted or restricted. For more information, please call 1-800-552-GRAD (4723), or view the web site at http://www.florida529plans.com/Prepaid/Contract/mascov.html.
- AmeriCorps Education Award
The Americorp Voucher has instructions for the student to follow. If the student needs a voucher, they should contact Americorp. The voucher is 3rd party billing handled through the business office. Here is some information from the Americorp web site: Using the AmeriCorps Education Award. After the student finishes their AmeriCorps term, the student must request the AmeriCorps Program Director to submit paperwork, and the National Service Trust will send the student a voucher request form. The student then submits this voucher to the Troy University business office, which draws down the Education Award and applies it towards the student's account.
- State Programs
The most common state programs utilized at Troy University are listed below. For reference of a program not listed, please contact the Troy University Office of Financial Aid.
- AL Rehabilitation
- OCAP
- WIA/Job Training
- AL Industry Training
- TRA/Job Training
- AL COM Fire Fighters/Policeman
- Alabama GI - If you are the child, spouse, or widow(er) of a service related disabled or deceased Alabama veteran, you may qualify for the free tuition, instructional fees and required books when you attend any state supported college located in Alabama. Veterans Service Officers of the Alabama Department of Veterans Affairs maintain an office in each county of the State. They can furnish information and assist in filing application for educational benefits. You may also receive additional information by writing: Alabama GI Dependents' Scholarship Program, Alabama Department of Veterans Affairs, P.O. Box 1509, Montgomery, AL, 36102-1509 or phone (334) 242-5126. You will need to obtain a document to provide to 3rd party billing.
- Veterans Programs
The most common Veteran programs utilized at Troy University are listed below. For reference of a program not listed, please contact the Troy University Office of Financial Aid.
- Military Tuition Assistance
- PL 815 - Chapter 31
- AL GI - Chapter 35
Questions or comments regarding 3rd party billing?
Contact
Rachael A. Railey at (334) 670-3886
Scholarship Programs
Beginning freshmen must apply during their senior year of high school or prior to August following high school graduation. Transfer students must apply during their tenure at their individual institutions from which they are transferring and must complete two years at the junior/community college. Awards will be based on post-secondary activities. Qualified students must accept and utilize the scholarship program prior to attendance at Troy University or any four-year college.
More information about scholarships is available in the
Scholarship Information Page.
Additional Scholarship Programs
Outside scholarships are listed a the end of the
Scholarship Page.
Outside scholarship searches can be completed at
www.fastweb.com and
www.finaid.org.
Office of Financial Aid
134 Adams Administration Building
Troy, Alabama 36082
Phone: 1-800-414-5756
Assistance Available 24 Hours A Day/7 Days A Week
