Types of Financial Aid
Fri: 8:00 am - 3:00 pm
Find Your Financial Aid Fit
Coppin State University prides itself on being recognized nationally for transforming the lives of students from all socio-economic backgrounds through post-secondary education. We are committed to providing guidance on all forms of funding to finance your education and will take your request under review.
There are various types of financial aid. Financial aid is inclusive of grants (gift aid), scholarships (grant or payment awarded based on merit, athletic or other achievement) and educational loans (must be repaid).
Many Coppin students have a combination of grants, scholarships, loans and other funding sources to pay for their college education. Check out some of the available options to help make your Coppin education a reality.
Grants
A grant is gifted aid that you do not need to pay back. There are several types of grants:
- First source of federal financial aid if eligible.
- Awards range from $740 (minimum) - $7,395 (maximum).
- Available to financial aid eligible degree-seeking students and students who have not earned a bachelor’s degree.
- Based on student financial need determined by a completed and valid Free Application for Federal Student Aid (FAFSA) application.
- Amount determined by the student’s Student Aid Index (SAI), cost of attendance, and number of enrolled credit hours.
- Awarded to students with exceptional financial need according to a federal eligibility formula.
- Available to Pell Grant-eligible students.
- Funds are limited and awarded to students first come first serve until funds are depleted.
- Amount determined by your Student Aid Index (SAI), cost of attendance, and number of enrolled credit hours
- Award amounts range from $100 - $4,000.00 depending on financial need and available funds.
Direct Student Loans
Subsidized and Unsubsidized loans
Federal Direct Student Loans are a type of federal financial aid you must repay. Direct Loans enter repayment after a one-time 6-month grace period when you either graduate, withdraw, or are enrolled less than half-time (6 credit hours). Coppin provides these types of Title IV and Campus Aid.
- Federal Subsidized Direct Loan
- Federal Unsubsidized Direct Loan
- Federal Direct Parent Loan for Undergraduate Students (PLUS)
- Federal Direct Graduate PLUS Loan
To be eligible for a Federal Direct Student Loan, a student must:
- Complete the Free Application for Federal Student Aid (FAFSA), and submit all requested documents.
- Enroll in at least 6 credit hours in a financial aid-eligible degree seeking and/or certificate program.
- Meet Satisfactory Academic Progress (SAP) requirements.
It’s important to remember all first-time borrowers must complete the Direct Loan Entrance Counseling and sign Direct Loan Master Promissory Note (MPN).
- Need based low-interest funds borrowed directly from the U.S. Department of Education Interest-free while you are enrolled at least half-time (6 credits) in an undergraduate degree seeking and/or certificate program.
- Can be used for education-related expenses such as tuition, fees, books, living costs, transportation, and childcare.
- Repayment begins 6 months after a recognized change in enrollment status.
- Repayment terms vary according to a chosen repayment plan. If you don’t pick a repayment plan, your loan servicer will place you on the Standard Repayment Plan (a 10-year fixed payment repayment plan).
- First time Coppin borrowers are subject to a 30 day hold on the first loan disbursement.
- Funds borrowed directly from the U.S. Department of Education
- Accrue interest during enrollment and repayment periods.
- Can be used for education-related expenses such as tuition, fees, books, living costs, transportation, and childcare.
- Repayment begins 6 months after a recognized change in enrollment status
- Repayment terms can be a maximum of 10 years, or consolidated for a longer payment period
- First time Coppin borrowers are subject to a 30 day hold on the first loan disbursement
PLUS Loans
In addition to Stafford Loans, Coppin also provides the Parent Loan for Undergraduate Students (PLUS) and a Grad-PLUS loan for graduate students. Parents of dependent undergraduate students and graduate students can borrow PLUS/Grad-PLUS monies to help pay for school. PLUS Loans are often less expensive than private loans because of their regulated borrower terms through the U.S. Department of Education.
- Regulated by the U.S. Department of Education
- Offered one academic year at a time
- Processed, approved and/or denied by the U.S. Department of Education based on borrower’s credit history
- Parents and legal guardians: Apply for a PLUS Loan through the Office of Federal Student Aid
When the U.S. Department of Education denies a PLUS loan application, the dependent student may become eligible to borrow up to $4,000 in additional Direct Unsubsidized loan funds. This additional Direct Unsubsidized Loan still earns interest during the student’s enrollment and cannot exceed the student’s cost of attendance minus all other aid (including other loans).
Federal Work-Study Program (FWS)
Federal Work-Study (FWS) is a need-based financial aid program that provides undergraduate and graduate students part-time employment opportunities, allowing students to earn money to help pay for educational expenses. FWS jobs are regular paid positions emphasizing employment in civic education and work related to your course of study whenever possible. Job opportunities can be on campus or off campus. Off campus positions will usually be a private nonprofit organization or a public agency, and the work performed must be in the public interest.
To become eligible for an FWS or SEP award, students must:
- Complete the FAFSA
- Be eligible to receive federal financial aid and have unmet need.
- Stay enrolled in 6 or more credit hours
To maintain FWS eligibility, students must:
- Complete all personnel paperwork (e.g., I-9, W-4, Form 52, etc) before starting employment
- Work no more than 20 hours per week during fall and spring semesters
- Stay enrolled in 6 or more credit hours in a degree-seeking program during FWS or Student Employment Program (SEP) opportunities
- Submit timely accurate timesheets.
- Not exceed the FWS or SEP award
Private Loans
Private student loans (also known as alternative loans) are non-federal loans, made by a lender such as a bank, credit union or state agency. Federal student loans include many benefits (such as fixed rates, income-based repayment plans, and loan forgiveness plans) not typically offered by private loans. In many cases, private loans may be more expensive than Federal student loans. A student should NEVER consider borrowing from a private loan program until they have exhausted all their Federal Direct Loan options first.
- Dependent Undergraduate students applying for private loan financing with a parental cosigner are advised to first investigate the options offered by the Federal PLUS program before applying. A detailed comparison between the Direct PLUS and Private loan programs can be viewed in our Direct Loan Comparison Worksheet.
- Through our partnership with Fast Choice, you can now search for private lenders and loans that meet your needs.
Scholarships and Scholars Programs
Our Coppin Financial Aid Office provides a wealth of information on different scholarship programs. We encourage students to check the website often as new scholarships are added regularly. See our complete list of scholarship opportunities.
More Financial Aid Resources
Your journey to join our Eagle family starts here. Feel confident about your decision to pay for college.