Types of Financial Aid

Find Your Financial Aid Fit

There are different types of financial aid. Some financial aid options are loans that students must pay back, while other forms of financial aid, like scholarships, are financial awards that students don't have to pay back. Many Coppin students have a combination of loans, grants, scholarships, and other funding 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 a financial award you don’t need to repay. There are several types of grants:

  • Often first source of federal financial aid
  • Awards range from $626.00 to $5,775.00
  • Available to degree-seeking students who do not already have a bachelor’s degree
  • Based on student financial need determined by your completed Free Application for Federal Student Aid (FAFSA) form
  • Amount determined by your Expected Family Contribution (EFC), cost of education, and number of your expected enrolled credit hours
  • Awards are not limited to funds only available at an institution
  • Can be transferred to another institution

  • Based on student financial need according to a federal eligibility formula
  • Available to undergraduate, Pell Grant-eligible students
  • Limited funds for students who demonstrate high financial need
  • Amount determined by your Expected Family Contribution (EFC), cost of education, and number of your expected enrolled credit hours
  • Maximum award amount of $4,000.00 depending on unmet need and available funds

Stafford Student Loans

Subsidized and unsubsidized loans

Federal Stafford Student Loans are a type of federal financial aid you must repay either after graduating or no longer attending classes at least half-time (6 credit hours). Coppin provides these types of Title IV and Campus Aid.

  • Federal Subsidized Stafford Loan
  • Federal Unsubsidized Stafford Loan
  • Parent Loan for Undergraduate Students (PLUS)
  • Grad PLUS Loan

To be eligible for a Federal Stafford Student Loan, a student must:

  • Complete your Free Application for Federal Student Aid (FAFSA), and submit all requested documents to complete your Coppin financial aid file
  • Enroll in at least 6 credit hours in a financial aid-eligible degree 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 your Direct Loan Master Promissory Note (MPN).

  • 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 or graduate degree-seeking program
  • For education-related expenses such as tuition, fees, books, living costs, transportation, and child care.
  • 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.

  • Funds borrowed directly from the U.S. Department of Education
  • Earn interest during enrollment and repayment periods
  • For education-related expenses such as tuition, fees, books, living costs, transportation, and child care
  • 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 unsubsidized Stafford loan funds. This additional unsubsidized Stafford 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 to help pay for school. FWS jobs are regular paid positions and students receive bi-monthly paychecks. FWS earnings are taxable, but are excluded in the need calculation on the FAFSA.

To become eligible for an FWS or SEP award, students must:

  • Complete the FAFSA
  • Be eligible to receive federal financial aid
  • 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 accurate timesheets on time
  • Not exceed the FWS or SEP award

 

Alternative and Private Loans

Alternative or private loans can be an option if you aren’t eligible for federal financial aid, or may need more funds than you qualify for. Through our partnership with FastChoice, 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.