Types of Financial Aid
Grants
You must complete the Free Application for Federal Student Aid (FAFSA) to be eligible for financial aid. Complete the application at https://studentaid.gov. The ASUMH school code is 042544.
A Federal Pell Grant is awarded to help undergraduate students pay for their education after high school. For the Federal Pell Grant Program, an undergraduate is one who has not earned a bachelor's or professional degree. These grants provide a "foundation" of financial aid for many students to which aid from other federal sources may be added. Unlike loans, grants do not have to be repaid except in certain circumstances where a student withdraws or has all failing grades.
The maximum Award for the 2023-2024 year is $7,395.00. The amount awarded will depend on your Expected Family Contribution (EFC), the cost of education, enrollment status, and whether or not attendance is for a full academic year or less.
To apply for a Pell Grant:
- Apply for a FSA ID at https://studentaid.gov.
- Complete the Free Application for Federal Financial Aid at https://studentaid.gov.
- ASUMH Federal ID Code is 042544. Results of the FAFSA will be sent to your via e-mail, if an e-mail address is provided. If an e-mail address is not provided, then information will be mailed to your home address.
- ASUMH will receive the information from the Department of Education (if our school code was provided) with the Expected Family Contribution (EFC). The EFC is used to determine your eligibility for the Pell Grant as well as other programs. The EFC will be replaced by the Student Aid Index (SAI) for the 2024-2025 school year.
FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (SEOG)
This grant is intended to supplement other aid received. These grants are federally funded with each school receiving a small allocation of funds each year. Therefore, students are encouraged to complete the FAFSA as early as possible each year as funds are awarded to a limited number of undergraduate students with exceptional financial need. SEOG does not have to be repaid. SEOG grant award amounts depend on the amount of funds available to the institution. Typically the amount varies between $200 and $1000 per academic year. Apply by completing the FAFSA at https://studentaid.gov.
Loans
FEDERAL DIRECT SUBSIDIZED AND UNSUBSIDIZED LOANS
How to apply for a Federal Direct Student Loan
- Complete the Free Application for Federal Student Aid (FAFSA) using the ASUMH school code 042544.
- Complete entrance counseling at https://studentaid.gov.
- Complete the Direct Master Promissory Note at www.studentaid.gov.
- Complete any additional documents requested by the ASUMH Office of Scholarships and Financial Aid.
Note: Students must complete the FAFSA every year to continue to apply for a Federal Direct Student Loan.
The Subsidized Federal Direct Student Loan
Eligibility for subsidized loans is based on financial need as determined by federal guidelines. A loan is called "subsidized" because the government pays interest for the student while the student is at least half-time enrolled in school (6 or more hours at ASUMH).
The Unsubsidized Federal Direct Student Loan
This type of loan is available to students regardless of income or need. With an unsubsidized loan, you are responsible for all interest that accrues during the time in school, grace and deferment periods. You may choose to pay the interest portion only while in school, which would keep your loan balance at principal. If you choose to defer such payments, the interest will be capitalized (added back to the principal at time of repayment).
What is a Master Promissory Note?
A Master Promissory Note is a signed agreement promising payment of a sum of money, i.e. by signing a Master Promissory Note for a Federal Direct Loan the student is agreeing to repay their loan proceeds to their designated servicer. Complete your Master Promissory Note (MPN) at studentaid.gov.
Why must a student complete an entrance interview?
The Entrance Interview provides the student detailed information on the Federal Direct Student Loan Program. It is very important for the student to understand their rights and responsibilities when borrowing money for school. Complete your Entrance Interview at studentloans.gov.
How much can I borrow?
Visit https://studentaid.gov to view information regarding loan amounts.
When do I begin to repay my Federal Direct Loans?
Each student is given a period of time before loan repayment begins; this is called a “grace period." The Federal Direct Loan grace period is six months after the student graduates, leaves school, or drops below half time status. Once a student exceeds their grace period, they must begin loan repayment. Federal Direct Loans are repaid to the holder of the loan, with 10-25 years to repay, depending on the total amount the student has borrowed.
Go to https://studentaid.gov for additional information.
Scholarships
- High school counselor
- Visit your local library
- Ask local businesses, churches, and civic organizations
- Contact your local Chamber of Commerce
- Contact your local and state government
- Contact the scholarship office at the college you plan to attend
- FREE online scholarship search engines
- Beware of scams and never pay for assistance to find scholarships
- Create a calendar that lists the deadlines of all the scholarship you want to apply for.
- Send in everything requested and required for by a scholarship application, but nothing extra.
- Put some effort into your essays and customize them for each scholarship application you submit
- Ask for letters of recommendation at least two to three weeks in advance of when they are needed
- Use your resources wisely. Local scholarships are often the easiest to get.
- Be persistent and don't get discouraged. Every application you submit will not result in a scholarship. Rejection letters are part of the process for scholarship applicants. Rejection can be discouraging, but if you give up and stop applying for scholarships, you are guaranteed not to get any funds.
- Start searching for scholarship opportunities throughout middle and high school. Keep a running list of those scholarships for which you've applied, those for which you can't apply until you're a senior, and for those you've received. After you are in college, you can still apply for scholarships! School breaks are a great time to get these out of the way
- Have a plan for your college. The more specific your college plans and goals are, such as where you will attend and what you will study, the more you can target available scholarships to help you finance your education.
- Know your personal strengths and weaknesses. Focus your scholarship search around your talents. Emphasize your strengths, interests, and abilities in scholarship essays. Make allowances for your weaknesses. For example, if you procrastinate, ask someone to hold you accountable to take action or if you are not a good writer, ask someone who is a good writer for feedback on your scholarship essays and applications.
- FastWeb.com has some helpful tips on applying for scholarships.
State Scholarships & Grants
The State of Arkansas provides several types of grants and scholarships for residents of Arkansas. These include the Arkansas Academic Challenge/Lottery Scholarship, Governors Scholarships, Arkansas Futures Grant and many additional opportunities for Arkansas residents.
Information about assistance available from the state of Arkansas is available online at https://sams.adhe.edu/Scholarship.
Students must complete the application located at http://sams.adhe.edu/. The application is open year round for some funding opportunities but the main deadline to apply for state assistance June 1st each year.
Other Aid
This program provides jobs for students with financial need, allowing them to earn money to help pay for college expenses. Students must complete the FAFSA at www.studentaid.gov and should indicate they are interested in the work-study program. Students are encouraged to complete the FAFSA as early as possible as funds for this program are limited. Students must complete the FAFSA every year to receive Federal Work Study. Receipt of Federal Work Study one year does not automatically imply that the student will receive Federal Work Study the next year. Students are permitted to work up to a maximum of 20 hours per week. Students are paid every two weeks.
Students interested in working in the College Work Study Program must register with the Financial Aid Office the first full week in August each year. Students will be permitted to register under multiple departments employing Federal Work Study students. Students on each list will be reviewed for eligibility under federal regulations. The list will then be forwarded to each department and it will be the department that interviews and makes the decision as to which student(s) will be employed. Students are permitted to work beginning the first day of class at the beginning of the semester through the last day of finals at the end of each semester. Students will be awarded a fixed amount and cannot earn more than the fixed amount for each semester.
Students with possible disabilities may contact Rehabilitation Services (1-800-330-0632) to see if they qualify for these benefits. Rehabilitation Services may provide assistance with tuition, fees, and books to those who qualify.
Students should contact their local Arkansas Department of Workforce Services Rehabilitation Services Office for eligibility requirements and application.
Veterans education benefits are authorized to veterans and qualified dependents under specific chapters of Title 38, US Code. Eligibility for benefits can only be determined by the U. S. Department of Veteran Affairs. ASUMH is an approved institution for assistance to veterans, their beneficiaries or dependents. Students may contact the Veterans Affairs representative at the ASUMH Financial Aid Office for application forms. Laura Yarbrough (870) 508-6203 or lyarbrough@asumh.edu.
Additional Information on assistance for veterans, veteran's dependents, and active duty is available under Veterans Benefits on this page.
The WIOA program is designed to help job seekers access employment, education, training, and support services to succeed in the labor market and to match employers with the skilled workers they need to compete in the global economy. Students should contact either their local Employment Security Division Office or the Arkansas Workforce Center for application and eligibility information. Visit the Workforce Innovation page for more information. Students should also inquire if they may be eligible for Trade Adjustment Assistance benefits.
Current Eligible Programs
Career Pathways is a financial assistance program to help students with college related expenses.
Guidelines are as follows. Be an Arkansas resident, have minor children residing in your home under the age of 21, or have income below 250% of the poverty level.
Qualified applicants can receive a range of assistance that could include paying for tuition, fees, books, transportation, child care, and other expenses.
For further information regarding eligibility and the application process, contact the Career Pathways Office at (870) 508-6201. The Career Pathways Office is located on the third floor of Roller Hall on the ASU - Mountain Home campus.
Veteran Benefits
Arkansas State University - Mountain Home assists eligible veterans and dependents of veterans apply for educational benefits offered by the Veterans Administration. Active duty military may also receive educational benefits to attend Arkansas State University - Mountain Home.
All active duty military, veterans and dependents of veterans are encouraged to inquire about educational benefits to attend Arkansas State University - Mountain Home by contacting the Veterans Administration Certifying Official.
Click for more ASUMH Veteran Benefits information.
