Sources of Financial Aid

The Pell Grant is a need-based federal financial aid program designed to assist low-income undergraduate students in covering college expenses. Unlike loans, Pell Grants typically do not require repayment, except in specific situations. 

Eligibility: Students may qualify for one of three types of Pell Grants: maximum, minimum, or a calculated amount based on their financial need. 

Eligibility criteria include: 

• Dependency status 
• Family size 
• Parent’s marital status 
• Income (Adjusted Gross Income or AGI) 
• A multiplier of the federal poverty level 
• Enrollment status 

All students enrolled in at least one credit hour are eligible for Pell Grant consideration, provided they complete and submit the FAFSA. 

How to Apply: Complete the FAFSA and ensure The University of Olivet’s school code (002308) is listed as the first choice. 

This grant is available to students demonstrating exceptional financial need and who are also recipients of the Federal Pell Grant. 

The U.S. Department of Education offers these loans to eligible undergraduate students who demonstrate financial need. The Department pays the interest on your Direct Subsidized Loan: 

• While you’re enrolled at least half-time. 

• During the first six months after you leave school. 

• During periods of deferment (postponement of payments). 

Eligibility: Need-based loan available to undergraduate students enrolled at least half-time. 

Amount: Varies by grade level, dependency status, financial need, and cost of attendance: 

• 1st-year (Freshman): up to $3,500 
• 2nd-year (Sophomore): up to $4,500 
• 3rd-year and beyond (Junior/Senior): up to $5,500 

Aggregate (lifetime) limits apply. 

Details: 

• Repayment begins six months after leaving school or drops below half-time enrollment. 
• Borrowing is subject to time limits for loan eligibility. 

How to Apply: Complete the FAFSA, list The University of Olivet’s school code (002308) in the first position, and complete both entrance loan counseling and a Master Promissory Note. 

Eligibility: Available to undergraduate and graduate students enrolled at least half-time, regardless of financial need. 

Amount: Determined by grade level, dependency status, and cost of attendance: 

• 1st and 2nd-year (Freshman/Sophomore): up to $6,000 
• 3rd-year and beyond (Junior/Senior): up to $7,000 

Aggregate (lifetime) limits apply. 

Details: 

• Interest accrues throughout the loan period and is the student’s responsibility to pay. 
• Repayment begins six months after graduation or drops below half-time enrollment. 

How to Apply: Complete the FAFSA, list The University of Olivet’s school code (002308) in the first position, and complete both entrance loan counseling and a Master Promissory Note. 

This loan is available to: 

• Parents of dependent undergraduate students to assist with their student’s educational expenses. 
• Graduate students to fund their educational expenses. 

Eligibility: Applicants must not have an adverse credit history, as a credit check is required. 

Details: 

• Applicants must complete the Direct PLUS Loan application on the Federal Student Aid website. 
• A separate Master Promissory Note (MPN) for PLUS Loans must be completed prior to disbursement. 

Additional Info: 

• If a parent is denied a PLUS Loan, the dependent student may qualify for additional Unsubsidized Loans, with amounts comparable to independent students at the same grade level. 
• Independent students in their Junior or Senior year may borrow up to $12,500 annually, with a $5,500 limit for Subsidized Loans. 

Eligibility: Available to undergraduate Michigan residents with financial need attending The University of Olivet or other eligible institutions in Michigan. 

Amount: Up to $5,500 for the 2024-2025 academic year. 

Details: Awards are subject to state funding availability. 

Deadline: July 1, 2024, for the 2024-2025 academic year. 

How to Apply: Complete the FAFSA and list The University of Olivet (school code 002308) in the first position before May 1. 

Eligibility: Available to undergraduate students who are Michigan residents and children of veterans meeting specific criteria. Funds must be used for tuition and fees. 

Amount: 

• Full-time: $2,800/year 
• Three-quarter time: $2,100/year 
• Half-time: $1,400/year 

How to Apply: Complete the FAFSA and list The University of Olivet (school code 002308) in the first position before May 1. 

Michigan Tuition Incentive Program (TIP) 

Eligibility: Need-based award for students pursuing an associate degree (Phase I) or a bachelor’s degree (Phase II). 

• Phase II eligibility begins after earning 56 credits or an associate degree. 
• Students must be identified by the Michigan Department of Health and Human Services as Medicaid-eligible. 

Amount: 

• Phase I: $131 per credit hour (up to 80 hours) 
• Phase II: $1,000 per academic year (up to $2,000 total lifetime benefit) 

Deadline: July 1, 2024, for 2024-2025. 

How to Apply: Complete the TIP application via the MiSSG Student Portal or by calling 1-888-447-2687, and complete the FAFSA.