Types of Loans & Grants:

Employer Educational Assistance
Jones College will work closely with employers who provide Employer Educational Assistance. While students remain responsible for tuition costs, the College will defer the payment of tuition from eligible employees. The employer’s tuition assistance plan must be presented in writing to the College Financial Assistance Office. The employer's written approval must be submitted prior to the start of each term. The student is expected to make a 10% down payment on his/her tuition and to pay for books, supplies, lab fees and any other appropriate fees.

Federal Family Education Loan Program (FFELP)
A student eligible to receive financial assistance may qualify for a Federal Family Education Loan.  Currently, there are two kinds of FFELP Loans.  One is entitled to the Federal Subsidized Stafford FFELP Loan.  It is called "subsidized" because the government pays the interest on the loan while the student is attending school and during the grace period (the first six months after a student ceases at least half-time attendance).  It is a "need-based" loan, meaning eligibility is determined in part by the student's and his/her family's income.  The second loan is entitled the Federal Unsubsidized Stafford Loan.  The government does not pay the interest due on this loan at all; the student must pay.  Some lenders will allow the interest to accumulate until the student is out of school rather than have the student pay while in attendance, but this will increase the amount that the student must pay back once he/she is out of school.

A dependent student (one whose Free Application for Federal Student Aid is based on both the student's income and his/her parent's income) if eligible may borrow up to $3,500.00 per academic year in his/her freshman year, $4,500.00 in his/her sophomore year, and $5,500.00 after completing two years, for the remainder of the program.

An independent student (one whose Free Application for Federal Student Aid is based only on the student/spouse income) if eligible, may borrow up to $7,500.00 per academic year in his/her freshman year (at least $4,000.00 of this amount must be in "unsubsidized" Stafford Loans), $8,500 per academic year while in his/her sophomore year (at least $4,000 of this amount must be in "unsubsidized" Stafford Loans), and $10,500.00 per academic year after completing two years, for the remainder of the program (at least $5,000.00 of this amount must be in "Unsubsidized" Stafford Loans).

The interest rate for a new borrower effective with loans disbursed on or after July 1, 2006, is a fixed rate of 6.8%.  Repayment of the loan begins six months after the student completes the program, withdraws, or ceases to carry at least a half-time schedule.  If the student has a subsidized FFELP Loan, the student will not have to pay any principal or interest until repayment begins.

Various deferment and forbearance options (postponement of repayment) are available upon request. To determine if you qualify for one of these options, please contact your Financial Assistance Advisor.

Federal Pell Grant
The Federal Pell Grant Program is designed to provide financial assistance to those who qualify to enable them to attend post-high school educational institutions.  The amount of the Federal Pell Grant is dependent upon program funding.  Awards range from $400.00 to $4,310.00 per year, depending on the student's and family's income and financial resources, and also depending on the student's in-school status.  If the applicant is eligible, Federal Pell Grants and other federal grants are earned by remaining enrolled for the full term.  Earned grants do not have to be repaid.  Students who withdraw prior to the end of the term will, in all probability, owe a portion of the grant to the U.S. Department of Education and will not be eligible for any federal funds until the amount owed is paid or until satisfactory arrangements have been made with Jones College to repay any outstanding balance.  If these arrangements are not made and/or kept, the amount owed will then be turned over to the U.S. Department of Education for collection. An application, which determines eligibility for all Title IV Financial Aid including the Federal Pell Grant, is available in the Financial Assistance Office and must be completed each award year the student attends.

Payment Obligation
Some students prefer to pay cash for their education rather than apply for financial assistance. This is especially used by our Veteran Students receiving the monthly GI Bill. Tuition and fee may be paid in full by term start each semester. If preferred, a Payment Obligation may be signed outlining payments to be made throughout the term. All accounts must be paid in full by term end.

Tuition Assistance
Active military students often pay by use of Tuition Assistance. Students schedule for courses, then submit the schedule to their commanding officer for approval and are issued a Tuition Assistance Voucher to be submitted to the Financial Assistance Office. The military is then billed according to the amount on the approved voucher. In most cases, the military pays 100% of tuition fees. If they pay less, a payment obligation can be arranged with the students for any remaining balances.

Federal Perkins Loan
Students, if eligible, may qualify for a low-interest (5%) loan program, entitled the Federal Perkins Loan. This loan is made through the Financial Assistance Office. Jones College is the lender of this loan that must be repaid. Funds are limited in this program through the United States Department of Education, so these loans are awarded only to the most needy students. Eligible students may borrow up to $4,000.00 per award year. While enrolled in your first 60 credit hours, maximum total outstanding debt cannot exceed $8,000.00. If enrolled in a Bachelor's Program and beyond 60 credits, maximum total outstanding debt is $20,000.00. Repayment begins nine months after the student completes the program, withdraws, or ceases to carry at least a half-time course of study, and may be extended over a ten-year period. Various deferment and forbearance options (postponements of repayment) are available provided the student requests same. Under certain circumstances a portion, or the entire debt, may be canceled. Check with your Financial Assistance Advisor to determine what options are available to you.

Federal PLUS Loan
Eligibility for a Federal PLUS Loan is limited to a dependent student's parent (parent of a student whose Free Application for Federal Student Aid is based on the income of both the student and the parent). The parent must have a good credit history. A Federal PLUS Loan may be taken out for each child who is enrolled at least half-time and is a dependent student. For Federal PLUS Loans first disbursed on or after July 1, 1993, the annual loan limit is the child's cost of education minus any estimated financial aid received.

For PLUS Loans first disbursed on or after July 1, 2006, the interest rate is a fixed rate of 8.50%. Generally, repayment begins within 60 days after the final loan disbursement of each loan. However, there are some options called deferments which postpone repayment of principal. Deferments do not apply to interest, although some lenders may let interest accumulate until the deferment ends. To determine if you are eligible for deferment, please contact your Financial Assistance Advisor. Remember, deferments are not automatic; you must request one from your lender.

Federal Supplemental Educational Opportunity Grant (FSEOG)
The Federal Supplemental Educational Opportunity Grant (FSEOG) is available to students who qualify and who have exceptional need. The amount of the grant and the number of students who may receive the grant depend on the availability of funds from the U.S. Department of Education.

Federal Work-Study Program (FWS)
This program gives students with financial need a chance to earn money to help pay for their educational expenses. Jobs are usually either on-campus working in a department of the College or off-campus performing community service work. The College will set your work schedule, taking into account your class schedule and your academic progress.

Florida Postsecondary Student Assistance Grant Fund
Non-repayable grants for educational expenses are available for eligible Florida residents who demonstrate financial need and are enrolled on a full-time basis in collegiate degree programs. The amounts are determined by legislative appropriations.