Financial Aid & Scholarships

Financial Aid

Federal Pell Grant Program

Federal Pell Grants are limited to students with financial needs, who have not earned their first bachelor’s degree, or who are not enrolled in specific post-baccalaureate programs, through participating institutions. A Pell Grant is generally considered the foundation of a student’s financial aid package, to which other forms of aid are added. The United States Department of Education sponsors the Federal Pell Grant program and determines the student’s financial need. The U.S. Department of Education uses a standard formula to evaluate the financial information reported on the Free Application for Federal Student Aid (FAFSA) for determining the Student Aid Index (SAI), the number used to determine your federal student aid eligibility. Pell is a gift aid and does not need to be paid back.

(Note: the Pell Grant is not available to graduate students who have previously completed an academic degree program.)

Federal Direct Loans – Subsidized and Unsubsidized

If, after the Pell Grant has been disbursed, an undergraduate student needs additional tuition assistance, there are several self-help options in the form of federal student loans. The Federal Direct Subsidized Loan is usually the next financial avenue for a qualifying student. This loan is drawn from the U. S. Treasury with interest rates set by law. The school, not the Department of Education, determines the amount a student can borrow, which may not exceed financial need. The federal government subsidizes the interest, origination fee, and principle of the loan while the student is still in school, meaning no loan payments are required until six months (grace period) following graduation. After this time, a regular loan repayment schedule will go into effect.

The Federal government also offers a Federal Direct Unsubsidized Loan which requires repayment of interest to begin 60 days following the issue of the loan with principal payments required following graduation. This loan is not need-based and usually offers higher limits to the amount of funds available.

Federal Direct PLUS Loans

There is yet one more federal option for loans available through SMAT, which is the Direct PLUS (Parents of Undergraduate Students) Loan. This loan can be taken out by parents of dependent students and is not based on need. Repayment of the PLUS loan begins 60 days following the loan origination.

Veterans Benefits

The School of Missionary Aviation Technology is authorized by the U.S. Department of Veterans Affairs to offer eligible veterans student assistance through the following:

Chapter 30–Montgomery GI Bill® (MGIB) Chapter 33–Post 9/11 GI Bill® Chapter 35–Survivors’ and Dependents’ Educational Assistance Program Chapter 1606–Montgomery GI Bill® / Selected Reserves, (MGIB-SR) Chapter 1607–Reserve Educational Assistance Program, (REAP)

Students who qualify for assistance should contact the U.S. Department of Veterans Affairs at (888) 442-4551 to determine available VA benefits. Once a benefit package has been picked, contact SMAT’s Financial Aid Director who will assist in applying for VA education benefits.

 GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Web site at https://www.benefits.va.gov/gibill

Private Loans

Private loans are also offered by credit unions, banks, and private lenders. These loans are often in the name of the student and will require a cosigner. These loans often have higher interest rates and less flexible repayment plans than federal loans. Students and parents should consider the details of a loan’s repayment when comparing interest rates. If you would like assistance in searching for a private loan, you can contact the financial aid administrator.

Scholarships & Funding

The following links give some excellent guidance in your search for scholarships and funding.

Scholarships

Many organizations in aviation provide scholarship opportunities for students as well as professionals in aviation. Following is a list of a few organizations through which you may be able to receive a scholarship to assist you in fulfilling your financial obligation for training. Please click on the links to learn more about scholarship opportunities:

The following non-aviation-specific scholarships may be available for SMAT students:

Other Financial Aid

There is a wide variety of scholarship monies available for students; however, applying for and securing any scholarship money, which will require persistent and diligent pursuit, is the sole responsibility of the student. Any money received from this effort must be reported to the business office so the student’s aid package, if any, can be adjusted accordingly.

Sponsoring churches or other organizations are a great source of not only financial assistance but also in serving as an invaluable partner as your mission career goes forward. Students are encouraged to seek this partnership with their home congregation and any other group with whom they may have connections.

Individuals cannot contribute money directly to a student if they expect to claim a tax deduction for charitable contributions. However, if the contribution is channeled through a non-profit organization, such as a church, the individual may receive the benefit of a tax deduction from that non-profit organization. In turn, the non-profit may forward the designated contribution to SMAT where it will be credited to the student’s account. Again, all other financial aid or gifts must be included in the student’s financial aid package.

Contact SMAT about Financial Aid

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