Grants and Loans

Government Grants and Loans

To qualify for most government grants and loans or for any Union College need-based grants, the student must complete the FAFSA. For the latest updates and more complete explanations, please visit the official Federal Student Aid website.

Government Grants

Many U.S. students qualify for federal and/or Nebraska state grants (need-based assistance from the government). State grants and Federal PELL Grant amounts vary. Some grant amounts are affected by application timeliness.

Federal Grants

Pell

Up to $6,195 annually

FSEOG

Up to $1,000 annually

Nebraska State Grants

The Nebraska Opportunity Grant and Education Quest Grant are available to Nebraska State Residents who demonstrate financial need on the FAFSA. Your financial aid advisor will discuss these options with you if you qualify. 

Loan Programs: Federal and Private

Both Federal and private loans are available to eligible students. Students and families are encouraged to borrow as little as possible. Low interest rates and easy repayment terms make loans a solution when necessary. Most loans require demonstrated need and credit-worthiness.

Subsidized Direct loan interest and payments are deferred until six months after graduation/completion of study or when taking less than six credits.

Unsubsidized Direct loans and PLUS loans are available to most U.S. students without regard to demonstrated financial need.

Federal Direct Loans—Dependent Students

Some students qualify for subsidized Direct loans (interest and payments deferred until six months after graduation/program completion as long as the student is taking more than six credit hours). Unsubsidized Direct loans are available to nearly all students. Yearly maximums for subsidized and unsubsidized loan amounts are:

Class standing

Subsidized limit

Unsubsidized limit

Total

First-year

$3,500

$2,000

$5,500

Second-year

$4,500

$2,000

$6,500

Third and fourth-years

$5,500

$2,000

$7,500

The cumulative Direct loan limit for dependent students is $31,000.

Federal Direct Loans—Independent Students

Independent students are: 24 years of age or older, married, have other dependents, orphans/wards of the court, are military veterans, or already have at least one undergraduate degree.

Independent students qualify for unsubsidized Direct loans in addition to any subsidized loans for which they qualify. Yearly maximums for subsidized and unsubsidized loan amounts are:

Class Standing

Subsidized Limit

Unsubsidized limit

Total

First-year

$3,500

$6,000

$9,500

Second-year

$4,500

$6,000

$10,500

Third and fourth-years

$5,500

$7,000

$12,500

The cumulative Direct loan limit for independent students is $57,500.

Parent Loans

The PLUS loan program is available to parents of dependent students. The amount borrowed may be up to the cost of education each year less other aid received.

Tax Credits

The Taxpayer Relief Act of 1997 created several new tax benefits for families who are paying for higher education. These possible tax credit benefits may help families effectively reduce educational expenses. Please consult your tax advisor for more information regarding possible educational tax benefits or visit irs.gov

College Work-Study

Federally subsidized Work-Study is available to those with demonstrated need based on the FAFSA. Eligibility is noted in your annual personal financial plan.

About the National Student Loan Data System (NSLDS)

The NSLDS is the central database for student aid administered by the U.S. Department of Education. Student and parents may use this tool to track all federal financial aid received and review loan and grant history. In addition, it provides:

  • loan servicer contact information
  • information on the amount borrowed
  • information on interest accumulated.

An FSA ID is required to log in.