Types of Financial Aid

You must complete the Free Application for Federal Student Aid (FAFSA) each year to be eligible for financial aid.  Complete the application  at https://studentaid.gov/h/apply-for-aid/fafsa. 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. Unlike loans, grants do not have to be repaid except in certain circumstances where a student withdraws or has all failing grades.

For more information see our Financial Aid & Scholarships page.

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 grant award amounts depend on the amount of funds available to the institution.   Typically the amount varies between $300 and $1000 per academic year.  Apply by completing the FAFSA at https://studentaid.gov/h/apply-for-aid/fafsa.

FEDERAL DIRECT SUBSIDIZED AND UNSUBSIDIZED LOANS

How to apply for a Federal Direct Student Loan

1. Complete the Free Application for Federal Student Aid (FAFSA) using the ASUMH school code 042544.
2. Complete Loan Entrance Counseling at https://studentaid.gov/entrance-counseling/.
3. Complete the Master Promissory Note at https://studentaid.gov/mpn/
4. Provide 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 https://studentaid.gov/mpn/.

Why must a student complete Loan Entrance Counseling?

Entrance counseling 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 https://studentaid.gov/entrance-counseling/.

How much can I borrow?

Visit https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized 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 federal government through a loan servicer, with 10-25 years to repay, depending on the repayment plan and total amount the student has borrowed.

Go to https://studentaid.gov/manage-loans/repayment/plans for additional information about loan repayment.

This program provides on-campus jobs for students with financial need, allowing them to earn money to help pay for college expenses.  Students must complete the FAFSA at https://studentaid.gov/h/apply-for-aid/fafsa. 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 be eligible for 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 typically work up to 20 hours per week.  Students are paid every two weeks.   

Students with possible disabilities may contact Arkansas Rehabilitation Services (1-800-330-0632) or visit https://dws.arkansas.gov/ar-rehabilitation-services/ to learn more. 

WORKFORCE INNOVATION AND OPPORTUNITY ACT (WIOA)

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 https://dws.arkansas.gov/workforce-services/workforce-innovation-wioa/ page for more information. 

Career Pathways is a financial assistance program to help students with college related expenses including 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 or visit https://asumh.edu/pages/main/338/career-pathways. 

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.  

Visit our VETERANS page at https://asumh.edu/vets/ or our for more information.  Our VETERANS INFORMATION has Baxter County Veteran Affairs Representatives and Contact Info.