Types of Financial Aid
The College of Southern Idaho offers five types of financial aid: grants, loans, scholarships, waivers/reimbursements of tuition, and work-study. When a student submits the FAFSA, he/she will be considered for all types of federal financial aid for which he/she is eligible. Students who wish to apply for scholarships must also fill out the CSI scholarship application online at https://my.csi.edu. Students applying for an out-of-state tuition waiver must complete the tuition waiver form. Students have the opportunity to accept or reject the aid offered.
Grants
A Federal Pell Grant does not have to be repaid, except under certain circumstances, for example, when students fail to establish eligibility by attending all their classes, drop or withdraw early from their classes, or fail all their classes.
To determine if you’re eligible financially, the U.S. Department of Education uses a standard formula, established by Congress to evaluate the information you report when you apply. The formula produces an Expected Family Contribution (EFC) number. Your Student Aid Report (SAR) contains this number.
A Federal Supplemental Educational Opportunity Grant (FSEOG) is additional funding available to students with high need. This grant is usually given in addition to a Federal Pell Grant and also does not have to be repaid. It is typically awarded to students who apply for financial aid by the March 1 priority processing date.
Loans
The College of Southern Idaho participates in the Federal Direct Loan Program. For detailed information on this program visit studentloans.gov. Loans are funds awarded that will help you pay for educational expenses when you are attending school at least half-time (6 or more credits). This aid must be paid back with interest and, in addition, origination fees will be charged on all student loans by loan servicers. Please note the following about loans issued at CSI:
Repayment begins six months after graduation, withdrawal from college, or enrollment at less than half-time.
All loans are disbursed in two equal installments, usually one in the fall and one in the spring. When loans are awarded in one semester only, the loan must be disbursed in two equal installments with the second installment coming at the midpoint of the semester.
First time borrowers at CSI are required to complete entrance counseling and a Master Promissory Note before the loan can be released. If you are a first year, first time borrower, CSI is required to hold your first student loan disbursement for 30 days. The 30-day count begins on the first day of the semester. This is a one-time hold and will not apply in subsequent semesters. Each year you will be required to complete an Annual Student Loan Acknowledgement.
You must be maintaining Satisfactory Academic Progress (SAP) to continue to receive your Federal Student Aid. It is the student’s responsibility to read and to know the Satisfactory Academic Progress policy.
Visit the National Student Loan Data System (NSLDS) to access and track Federal Student Aid, including student loans at http://nslds.ed.gov.
Subsidized Loans are need-based loans that do not accrue interest or require monthly payments while a student is enrolled in at least 6 credit hours. Interest is applied to the loan at any time a student is not enrolled in at least 6 credit hours. The amount a student may receive depends on remaining financial need, a student’s cost of attendance (as determined by the college), number of completed credit hours, and annual limits.
Unsubsidized Loans are not need-based loans. Interest does accrue while students are enrolled in school, but the loan does not require monthly payments while a student is enrolled in at least 6 credit hours. The amount a student may receive depends on a student’s cost of attendance (as determined by the college) minus the student’s other financial assistance.
Parent Loans for Undergraduate Students (PLUS) are loans available to the parent of a dependent student enrolled in at least 6 credits. The interest rate varies. This loan is not need-based and subject to limits. It may never exceed the student’s cost of attendance (as determined by the college) minus the student’s other financial assistance. Repayment of this loan and interest accrual begins 60 days after the loan is disbursed.
Students must apply for all three loan types using the FAFSA. If a student is interested in receiving an alternative loan, the student must apply for FAFSA and accept all loan eligibility through the Federal Direct Loan Program first.
Work-Study
The work-study program can provide part-time job opportunities for students who have demonstrated financial need and who are enrolled at least half-time. Most students work 12 hours a week, although some work less depending on enrollment.
Students must apply for available positions and must meet qualifications for the position. Eligibility for work-study does not guarantee a particular position.