Federal financial aid helps students pay for most kinds of education after high school. Federal financial aid includes Federal Pell Grant, Federal SEOG (Supplemental Educational Opportunities Grant), Federal College Work Study, and Stafford Subsidize Loan. Grants are awarded based on need and income, and do not have to be repaid. Stafford Subsidize Loan is also based on need and income, but must be repaid once the recipient graduates or withdraws from the university. However, payments do not have to begin until six months following graduation or withdrawal, during which time no interest is accrued. Interest is set by the federal government. The recipient of a Stafford loan is responsible for making payments until the loan is fully repaid.
Financial Aid is available to assist those qualified students wishing to attend Bethesda, but not having the means to do so. The primary responsibility for financing an education belongs to the student and his/her family. The Board of Trustees has made a major commitment to assist all students by keeping tuition and fees at a low rate.
Financial Aid at Bethesda is based upon need. Need is defined as the difference between the cost of attending Bethesda and the Expected Family Contribution (EFC) toward the cost. The Federal "Free Application for Federal Student Aid" (FAFSA) is the form from which EFC is calculated. Bethesda does administer several Federal Title IV aid programs:
Federal Pell Grant: Federal Pell Grant is based upon financial need and cost of attendance that eligible for full time students. The maximum Federal Pell Grant Award is $5,730 per year (2014-2015). Pell Grant is available to college students who have not previously earned a bachelors degree.
Federal Supplemental Education Opportunities Grant (SEOG): Awarded to undergraduate students who have exceptional financial need and who have not earned a bachelor’s or graduate degree. Federal Pell Grant recipient receive priority but not all colleges participate in the FSEOG program. Funds depend on availability at the college; apply by college’s deadline.
Federal Work Study Program: A federal student aid program that provides part-time employment while you are enrolled in school to help pay your education expenses.
Federal Family Education Loan (FFEL) Program: Under this program, private lenders provided loans to students that were guaranteed by the federal government. These loans included Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL Plus Loan, and FFEL Consolidation Loans. Federal Student Loans under the FFEL Program are no longer made by private lenders. Instead, all new federal student loans come directly from the U.S Department of Education under the direct loan program.
Institutional funds are granted only to full-time students and all applicants must file a FAFSA.