Grants, Loans, Work Study
By reviewing your FAFSA analysis, we can determine your eligibility for these federal grants:
Federal Pell Grant
- Amount determined by government calculation
- Must enroll in at least 12 credits in a semester to receive full funding for that semester
Federal Supplemental Educational Opportunity Grant (SEOG)
- Award given to selected Pell Grant recipient
Teacher Education Assistance for College and Higher Education (TEACH) Grant
- Be a U.S. citizen or eligible non-citizen
- Be enrolled in coursework that is necessary to begin a career in teaching or plan to complete such coursework
- Meet certain academic achievement requirements (generally, scoring above the 75th percentile on a college admissions test or maintaining a cumulative GPA of at least 3.25)
- Must not have earned a bachelor’s degree or post-baccalaureate degree
- Sign a TEACH Grant Agreement to serve
Note: If a recipient fails to complete the service requirement as described in the TEACH Grant Agreement to Serve, the TEACH Grant will be treated as a Federal Direct Unsubsidized Loan, with interest accruing from the date the grant was disbursed.
For more information about federal financial aid programs, visit the Federal Student Aid website.
Virginia Tuition Assistance Grant
If you are a resident of Virginia, you may be eligible for the Virginia Tuition Assistance Grant (TAG).
Students must meet all the basic eligibility requirements set forth by the General Assembly and detailed in the TAG regulations:
- Be a full-time domiciled resident of Virginia for at least one year prior to receiving TAG.
- Be enrolled as a full-time student for a minimum of 12 semester credits at Bridgewater College in an eligible degree program.
You can obtain the application in one of two ways:
- You will receive a TAG application in your award package from the financial aid office, which you can then submit.
- You can print out and complete the 2020-2021 application now.
New students must complete the TAG application and submit it to the Financial Aid office by July 31.
*Please note: The estimated award for 2020-2021 is $3,400. The amount for each year depends on the funding allocated by the General Assembly and the total number of eligible applicants. TAG may be received for a maximum of eight semesters.
If funds are not sufficient to make full TAG awards to all eligible students, a priority system is used to determine the size of the awards. Students in the first categories must receive full funding before subsequent categories can be considered:
- Category 1: Returning students who are eligible for fall and spring terms and received a TAG award in the previous fiscal year.
- Category 2: New students to the College’s TAG program who are eligible for fall and spring terms, and who apply for the TAG program by July 31. This category includes new students, transfers and returning students who did not receive a TAG award in the previous fiscal year.
- Category 3: New students to the TAG program who attend the fall term, and who apply between August 1 and September 14.
- Category 4: All students applying for spring term awards only, and who apply by December 1.
If funding is insufficient to fully award all students, it is possible that some students will receive no award. Upon receipt of fall semester enrollment from eligible institutions, the State Council of Higher Education for Virginia (SCHEV) will determine whether or not sufficient funds exist to make the official award of $3,400 with a second disbursement of $1,700. If SCHEV finds it necessary to award an amount less than $3,400, Bridgewater College will make an adjustment on the student’s account for spring semester and submit a revised billing.
SCHEV has more information on state financial aid for Virginia residents.
Federal Direct Loans
Federal Direct Loans are available to students who have submitted the FAFSA regardless of the demonstration of eligibility for need-based aid.
- Aid analysis determines type of Direct Loan
- Subsidized: Government pays interest until six months after the student graduates, drops below half-time status or withdraws
- Unsubsidized: Student responsible for interest accrued while in school
- Maximum eligibility for Direct Loan funds each year depends on academic level
- First Year Students (0-25 credits): $5,500
- Sophomores (26-59 credits): $6,500
- Juniors/Seniors (60+ credits): $7,500
- For loans disbursed between July 1, 2020 and June 30, 2021, the interest rate will be fixed at 2.75% for subsidized loans and 4.53% for unsubsidized loans.
- Repayment begins 6 months after you graduate, drop below half-time status, or withdraw.
- If your parent has an adverse credit history, consider having him or her apply for the PLUS Loan. A dependent student whose parent is denied a Federal PLUS Loan may borrow an additional unsubsidized Direct Loan, which has a better interest rate and terms than most private alternative loans. The maximum, additional unsubsidized amount is $4,000 for first year students and sophomores, and $5,000 for juniors/seniors.
- Students who borrow Federal Direct Loans will have their loan information submitted to the National Student Loan Data System (NSLDS). This information will be accessible to guaranty agencies, lenders, and institutions determined to be authorized users of the system.
- New borrowers need to complete a Federal Direct Loan Master Promissory Note and Federal Direct Loan Entrance Counseling on StudentLoans.gov. You will need your FSA ID to sign in. To apply for a FSA ID, please proceed first to the Create a New FSA ID Site
Additional information about Federal Direct Loans, repayment plans and a federal/private loan repayment estimator is available at StudentAid.ed.gov/sa/repay-loans.
Federal Direct PLUS Loan
The PLUS loan is for parents. The student must still file the FAFSA for eligibility.
- For loans disbursed between July 1, 2020 and June 30, 2021, the interest rate is a fixed 5.30%.
- Repayment begins within 60 days after final disbursement. However, it is possible to postpone principal and interest payments while the student is enrolled.
- Request the PLUS Loan at Student Loans.gov. You should request the amount you wish to borrow for the academic year. The financial aid office will schedule half of the loan to disburse to the student’s account shortly after the beginning of each semester.
- When a parent is denied a PLUS loan based on adverse credit, the student is allowed to borrow an additional unsubsidized loan. The maximum, additional unsubsidized amount is $4,000 for first year students and sophomores, and $5,000 for juniors/seniors.
- Parents who borrow Federal Direct PLUS Loans will have the loan information submitted to the National Student Loan Data System (NSLDS). This information will be accessible to guaranty agencies, lenders, and institutions determined to be authorized users of the system.
- A parent borrower must complete a Federal Direct Loan Master Promissory Note on the Federal Student Aid website if this is the first time you are borrowing for your student.
Additional information about Federal Direct PLUS Loans is available at the Federal Student Aid website.
Veterans and Military Educational Benefits
We encourage students and parents to take advantage of the federal loan programs before opting for private loans, which generally have higher interest rates and higher fees than federal loans. Private loans are offered by private lending institutions and are not guaranteed by the federal government.
These funds are available to students who may not be eligible for federal financial aid or who may need to bridge the gap between the actual cost of education and their federal financial aid.
- The lender will interpret credit history and other determining factors to see if the student is eligible. A cosigner is recommended in order to obtain the best rate and terms available.
- Interest rates are normally variable and can change on a quarterly basis. Students are responsible for researching the terms and conditions of these loans.
- Private loans are not federally guaranteed. Therefore, they do not have the same deferment, cancellation, and consolidation benefits as federal loans.
- Private loan lenders are required to provide borrowers with three separate disclosure statements. Please read these disclosures carefully and be aware you have to actively accept the terms of your loan and complete a self-certification form in order for the loan to be disbursed.
Bridgewater College does not have a preferred lender list or any preferred lender arrangements.
A student can choose to borrow from any lender that offers private alternative loans. Please use the self-certification form your lender sends you or provides online. If you need assistance completing the form or need a blank form, please contact the office of financial aid. Bridgewater College will certify (based on eligibility) a private/alternative loan from any lender the student chooses.
Alternative Loan Lenders
Below is a comprehensive list of alternative loan lenders from which students at Bridgewater College have borrowed during 2016-2019. Lenders that are no longer offering private alternative loans have been removed from the list. The list is in alphabetical order only. Bridgewater College does not endorse any lender and expresses no opinion with respect to any lender.
- *ABNB Federal Credit Union
- *Anheuser-Busch Employee’s Credit Union
- *Apple Federal Credit Union
- *BayPort Credit Union
- Chartway Federal Credit Union
- Citizens Bank
- College Avenue Student Loans
- College Foundation of North Carolina – NC Residents Only
- *CommonWealth One Federal Credit Union
- *DuPont Community Credit Union
- *Langley Federal Credit Union
- *Members 1st Federal Credit Union
- *Navy Federal Credit Union
- NYMEO Federal Credit Union
- Sallie Mae Student Loans
- *Thrivent Federal Credit Union
- Wells Fargo
- York Educational Credit Union
Federal Work-Study Program
In order to be part of the Federal Work-Study Program, you must submit a FAFSA and be eligible for work on the basis of financial need.
If federal work-study is listed on your aid package, you will be contacted by August regarding job placement and required employment documentation.
For more information check out student employment.