Types of Aid - Need-Based Aid

Need-based awards of grants, loans, and/or part-time employment, established both by Calvin College and by the federal and state governments, make a college education possible for the student who, together with the student's parents (or spouse), cannot otherwise meet college expenses. In 2006-2007 Calvin's awards to students who qualified for need-based aid averaged $16,000.

Federal and State Grants

Federal and state programs may be available to help students attending Calvin.

Calvin-Funded Grants

If you qualify for need-based aid, Calvin will first seek appropriate grants or scholarships to fund your education. Several federal, state, and Calvin-funded programs require no repayment. In fact, Calvin offers one particularly generous gift aid program: first-year students with both a GPA of 3.00 or better and any amount of demonstrated financial need will receive at least $1,000 in scholarship or grants directly from Calvin.

Government Loans

Two student loan programs, the Federal Perkins Loan and the Federal Direct Loan, provide interest-free loans that neither require repayment nor accumulate interest until the student is no longer enrolled in college. Current interest rates are 5 percent for Perkins and 6.80 percent for Federal Direct Loans, and repayment is usually spread out over a ten-year period after the student leaves school. For U.S. students dependent on their parents, the average loan for first-year students that borrowed in 2005-2006 was $6,400.

Student Employment

Calvin offers students the opportunity to earn money through a work-study program, in which students work part-time. It is typically assumed that students working 10 hours per week, will be able to earn $2,300 or more from a job either on or off campus during the year.

Aid for Higher-Income Families

Because a number of factors influence a student's eligibility for need-based aid, it's difficult to determine assistance on the basis of income alone. Calvin works to provide aid for higher-income families.