Types of Aid
Corban students are eligible for aid from federal and state programs, as well as Corban’s own aid programs. We encourage all students to look for financial aid from outside sources as well.
Federal Aid
In order to receive the most federal, state, or institutional aid, students must first fill out a FAFSA.
Federal Direct Loans
A Subsidized Direct Loan is a need-based loan where the payments and interest start six months after the last date of enrollment. The government subsidizes (pays) the interest while you are in school. An Unsubsidized Direct Loan is a non-need based loan. It’s the same as a Subsidized Direct Loan, only the government doesn’t pay the interest while you are in school. You may choose to pay the interest as you go or have it accrue and be added to the principle amount upon repayment. There are loan fees for each.
Direct loans can be awarded to all Corban students, and the FAFSA serves as your loan application. Your financial aid offer from Corban will show the amounts for which you are eligible, and it is up to you to decide if you would like to take any loans. The maximum loan amounts depend on your year in school and total financial need.
Federal Grants
Federal Supplemental Educational Opportunity Grants (FSEOG)
Awarded to students with significant financial need at Corban, and range from $100 to $4,000 per year. This is a limited fund award.
Federal Work-Study
FWS is aid to students who have financial need and work on campus. FWS must be earned and will be paid out as work is completed. FWS students can claim their FWS earnings as income exclusions on the FAFSA the following year. If you are eligible for FWS you will be notified on your award letter of your eligibility. In addition to on campus jobs you can tutor school children in reading and receive FWS money.
Education Tax Credits and Deductions
The site www.finaid.org provides an overview of possible tax credits and deductions. Please contact a tax professional for complete details or visit the IRS website.
State Aid
In order to receive any federal, state, or institutional aid, students must first fill out a FAFSA.
Alaska State Student Loans
These loans are available to Alaska residents who attend Corban full time.
Oregon Opportunity Grants
Available to Oregon residents who demonstrate significant financial need on the FAFSA. Maximum awards vary yearly.
OSAC Private Scholarships
Private scholarships available to students who apply. Application and list of scholarships are available on the Oregon Student Assistance Commission’s (OSAC) website.
Institutional Aid
One of the best ways to receive financial aid is from Corban University itself! Learn about Corban scholarships, grants, and other awards. Be sure to fill out your FAFSA, as this is one of the factors used to determine the awarding of Corban grants. Other possible factors for institutional aid include your GPA, participation in extracurricular activities such as athletics, music, theatre, or AWANA, and church membership. Some awards are given automatically, while others require a separate application.
Private Aid
Private scholarships and grants are available from a variety of sources including organizations, businesses, foundations, churches, and schools. Local libraries and schools are the most common places to find resources detailing available scholarships.
Additional Borrowing Options
A parent can borrow a federal PLUS loan for a student, or the student can borrow a low-interest private loan (usually with a co-signer).
Federal PLUS loan features (borrowed by a parent)
- Credit decisions are based on recent credit history, not debt to income ratio.
- A fixed 8.94% interest rate.
- 4.228% loan fee. 95.772% of the amount borrowed is applied to the student’s account.
- Payments begin 60 days after the loan is fully disbursed (typically in the spring semester) or a parent can request that the Department of Education defer payments until six months after the student ceases to be enrolled on at least a half-time basis.
- If the parent is denied the PLUS loan due to credit, the student may be eligible for additional unsubsidized Direct loans.
- Offers loan forgiveness in the event of death or permanent disability of the student or parent borrower.
Private loan features (borrowed by the student with a co-signer)
- Apply with the lender, such as one of these alternative private education loan lenders.
- Interest rate varies based on credit worthiness of the borrower or co-signer.
- May have fees if approved at a level other than excellent credit.
- Payments don’t begin until six months after you graduate (most lenders).
- Interest rates are variable but some lenders offer a fixed rate option.
- Some lenders allow for the co-signer to be dropped after one or two years of on-time payments.
- Some lenders offer a loan forgiveness option in the case of a student death or disability.