Types of Financial Aid
Fri: 8:00 am - 3:00 pm
Find Your Financial Aid Fit
Coppin State University prides itself on being recognized nationally for transforming the lives of students from all socio-economic backgrounds through post-secondary education. We are committed to providing guidance on all forms of funding to finance your education and will take your request under review.
There are various types of financial aid. Financial aid is inclusive of grants (gift aid), scholarships (grant or payment awarded based on merit, athletic or other achievement) and educational loans (must be repaid).
Many Coppin students have a combination of grants, scholarships, loans and other funding sources to pay for their college education. Check out some of the available options to help make your Coppin education a reality.
Grants
A grant is gifted aid that you do not need to pay back. There are several types of grants:
- Often first source of federal financial aid
- Awards range from $740.00 - $7,395.00
- Available to financial aid eligible degree-seeking students and who have not earned a bachelors degree
- Based on student financial need determined by your completed Free Application for Federal Student Aid (FAFSA) form
- Amount determined by your Student Aid Index (SAI), cost of attendance, and number of your expected enrolled credit hours
- Awards are not limited to funds only available at an institution
- Can be transferred to another institution
- Based on student financial need according to a federal eligibility formula
- Available to undergraduate, Pell Grant-eligible students
- Limited funds for students who demonstrate high financial need
- Amount determined by your Student Aid Index (SAI), cost of attendance, and number of your expected enrolled credit hours
- Maximum award amount of $4,000.00 depending on unmet need and available funds
Direct Student Loans
Subsidized and Unsubsidized loans
Federal Direct Student Loans are a type of federal financial aid you must repay. Direct Loans enter repayment after a one-time 6-month grace period when you either graduate, withdraw, or are enrolled less than half-time (6 credit hours). Coppin provides these types of Title IV and Campus Aid.
- Federal Subsidized Direct Loan
- Federal Unsubsidized Direct Loan
- Federal Direct Parent Loan for Undergraduate Students (PLUS)
- Federal Direct Graduate PLUS Loan
To be eligible for a Federal Direct Student Loan, a student must:
- Complete the Free Application for Federal Student Aid (FAFSA), and submit all requested documents.
- Enroll in at least 6 credit hours in a financial aid-eligible degree seeking and/or certificate program.
- Meet Satisfactory Academic Progress (SAP) requirements.
It’s important to remember all first-time borrowers must complete the Direct Loan Entrance Counseling and sign Direct Loan Master Promissory Note (MPN).
- Need based low-interest funds borrowed directly from the U.S. Department of Education Interest-free while you are enrolled at least half-time (6 credits) in an undergraduate degree seeking and/or certificate program.
- For education-related expenses such as tuition, fees, books, living costs, transportation, and child care.
- Repayment begins 6 months after a recognized change in enrollment status.
- Repayment terms vary according to a chosen repayment plan. If you don’t pick a repayment plan, your loan servicer will place you on the Standard Repayment Plan (a 10-year fixed payment repayment plan).
- First time Coppin borrowers are subject to a 30 day hold on the first loan disbursement.
- Funds borrowed directly from the U.S. Department of Education
- Earn interest during enrollment and repayment periods
- For education-related expenses such as tuition, fees, books, living costs, transportation, and child care
- Repayment begins 6 months after a recognized change in enrollment status
- Repayment terms can be a maximum of 10 years, or consolidated for a longer payment period
- First time Coppin borrowers are subject to a 30 day hold on the first loan disbursement
PLUS Loans
In addition to Stafford Loans, Coppin also provides the Parent Loan for Undergraduate Students (PLUS) and a Grad-PLUS loan for graduate students. Parents of dependent undergraduate students and graduate students can borrow PLUS/Grad-PLUS monies to help pay for school. PLUS Loans are often less expensive than private loans because of their regulated borrower terms through the U.S. Department of Education.
- Regulated by the U.S. Department of Education
- Offered one academic year at a time
- Processed, approved and/or denied by the U.S. Department of Education based on borrower’s credit history
- Parents and legal guardians: Apply for a PLUS Loan through the Office of Federal Student Aid
When the U.S. Department of Education denies a PLUS loan application, the dependent student may become eligible to borrow up to $4,000 in additional unsubsidized Stafford loan funds. This additional unsubsidized Stafford loan still earns interest during the student’s enrollment and cannot exceed the student’s cost of attendance minus all other aid (including other loans).
Federal Work-Study Program (FWS)
Federal Work-Study (FWS) is a need-based financial aid program that provides undergraduate and graduate students part-time employment opportunities to help pay for school. FWS jobs are regular paid positions and students receive bi-monthly paychecks. FWS earnings are taxable, but are excluded in the need calculation on the FAFSA.
To become eligible for an FWS or SEP award, students must:
- Complete the FAFSA
- Be eligible to receive federal financial aid
- Stay enrolled in 6 or more credit hours
To maintain FWS eligibility, students must:
- Complete all personnel paperwork (e.g., I-9, W-4, Form 52, etc) before starting employment
- Work no more than 20 hours per week during fall and spring semesters
- Stay enrolled in 6 or more credit hours in a degree-seeking program during FWS or Student Employment Program (SEP) opportunities
- Submit accurate timesheets on time
- Not exceed the FWS or SEP award
Alternative and Private Loans
Alternative or private loans can be an option if you aren’t eligible for federal financial aid, or may need more funds than you qualify for. Through our partnership with FastChoice, you can now search for private lenders and loans that meet your needs.
Scholarships and Scholars Programs
Our Coppin Financial Aid Office provides a wealth of information on different scholarship programs. We encourage students to check the website often as new scholarships are added regularly. See our complete list of scholarship opportunities.
More Financial Aid Resources
Your journey to join our Eagle family starts here. Feel confident about your decision to pay for college.