Self-Help Aid
Financial Aid Handbook
Self-help aid may be need or non-need-based. Students apply for these funds by completing the FAFSA. Once awarded, the Office of Financial Aid will provide any additional paperwork that may be necessary. Self-help aid requires work for compensation or repayment of low- interest student loans. Eligibility for these programs is determined yearly and requires that the FAFSA be filed each year.
Work-Study Awards
Overview of the Work-Study Program - Coe's work-study program provides part-time employment primarily on campus. Awards are based upon calculated financial need as determined by information provided on the FAFSA. Need-based employment is funded by the Federal Work Study program. Students awarded Federal Work Study will be given priority in filling work-study positions.
Many students are offered employment as part of their financial aid offer. Employment awards generally range between $1,300 to $2,200 per year, with the average student working 5-9 hours per week. The wage rate is $10.00 per hour. The work-study award is not a guarantee of employment.
Work-Study Earnings and Student Account Balances - Coe College can't replace or supplement any portion of a work-study award that is not earned with grant funds. While students may use their work-study earnings to help pay the corresponding portion of their balance due, any remaining balance at the end of the academic year is the student's responsibility.
Employment Paperwork and Payment Information - In accordance with federal law, students must complete required federal and state employment forms (such as the W-4 and I-9) after being hired and before beginning work. The Coe College Human Resources Office provides access to these forms during the onboarding process.
Federal law requires that students complete standard federal and state employment forms (W-2, I-9) after they are hired and before they may begin working. The Coe Human Resources Office will make this paperwork available during the onboarding process.
Students are paid bi-weekly, with paydays on every other Friday. Work study wages are taxable income and should be included on a tax return if you are required to file. Students wishing to apply student employment earnings directly to their Coe student account to pay tuition and fees, etc. must complete a Student Pay Selection form. Student employment earnings may be directly deposited into personal bank accounts, after completion of a Student Employment Direct Deposit form.
Click here to view the Work Study Handbook
Securing a Work-Study Position: First-Time, Returning, and Community Service Opportunities
First-Time Work Study Students: Securing a Position - The Office of Financial Aid manages the work study program for first-time students. All first-time Coe students who have been awarded Work Study as part of their financial aid offer are eligible to apply for employment. First-time work study awardees will be emailed instructions about how to apply for a work study position by the end of July. It is essential to apply for a position to be considered for hire.
Current/Returning Work Study Students: Securing a Position - The hiring process for returning students is the responsibility of the student and their supervisor. Typically, students will be notified by their supervisor if they are being retained in their current position from the previous academic year. If they are not being retained but remain eligible for work-study, they may search for available positions on Handshake. It is the student's responsibility to secure a new position if necessary.
Community Service Work Study Opportunities - As a part of Coe's requirement for participating in the Federal Work Study program, we have established a number of community service positions. These positions include work at area non-profit agencies and in local schools. Students may apply for a community service position in Handshake.
Federal Perkins Loans
This program was discontinued on October 1, 2017. After this date no new loans will be made.
Coe utilizes ECSI to provide loan servicing for outstanding Federal Perkins Loans. Loan servicing includes management of loan repayments and/or forgiveness if applicable. An exit interview is required for Perkins loan borrowers graduating or ceasing enrollment at Coe. Students can complete their entrance/exit interview at www.ecsi.net.
Repayment and accrual of interest begins nine months after graduation or a student's enrollment drops below half- time study (half-time enrollment is defined at 2 course credits at Coe). A fixed interest rate of 5% is charged on the unpaid balance. Interest begins to accrue at the time of repayment. Deferments are available if a student enters the military, volunteer service in a private nonprofit organization, VISTA, or Peace-Corps type organization, serve as an officer in the U.S. Public Health Service Commissioned Corps, serve in an internship preceding a professional practice or change schools and continue to be enrolled on at least a half-time basis.
Upon entering repayment status on a Federal Perkins Loan, certain cancellation provisions are available. The standard repayment period is 10 years. Institutions may extend the repayment period for the Federal Perkins Loan up to 10 additional years for low-income individuals. Additional details regarding repayment obligations can be found on the Federal Perkins Loan promissory note.
| Total loan amount: | Number of payments: | Approximate monthly payments: | Approximate total interest charges: | Approximate total repaid: |
|---|---|---|---|---|
| $4,000 | 120 | $42 | $1,091 | $5,091 |
| $5,000 | 120 | $53 | $1,364 | $6,364 |
| $15,000 | 120 | $159 | $4,091 | $10,091 |
A Federal Perkins loan may be consolidated. A Federal Direct Loan Consolidation can simplify payments, but it can also result in the loss of some benefits.
Advantages of Consolidation:
- Combine multiple loans into one
- Can lower monthly payments
- Up to 30 years to repay
- Fixed interest rate
- Access to forgiveness programs such as Public Student Loan Forgiveness (PSLF) and Teacher Loan Forgiveness (TLF). See #12 below
- Access to alternative Income Driven Repayment plans such as Pay As You Earn.
Disadvantages of Consolidation:
- A longer repayment period may result in more payments and more interest
- Possible loss of some deferment and forbearance benefits
- Possible loss of some cancellation benefits
- Possible loss of grace period
- Possible loss of the interest subsidy
- Possible increase in the interest rate
There are loan forgiveness provisions under both the Federal Perkins Loan program and the Direct Loan program. There are specific repayment and forgiveness benefits available to borrowers of the Direct Loan program that are not available to Perkins Loan borrowers.
William D. Ford Federal Direct Loan
This loan must be repaid by the student. The Direct Loan program allows students to borrow low-interest loans directly from the federal government. To qualify for a Direct Loan, a student must file the FAFSA, be admitted to a degree or certificate program, and be enrolled at least half-time (two course credits).
Loan Types
There are two types of Federal Direct loans: subsidized and unsubsidized. The interest rate for both subsidized and unsubsidized loans processed during the 26-27 academic year will be fixed at 6.52 percent. A 1.057% origination fee is subtracted from the loan funds. Please note that interest rates, subsidies, and origination fees may change. Updated information will be published as it becomes available.
A student must have financial need to receive a subsidized loan. Financial need is not required to be eligible for an unsubsidized loan. During the time a student is enrolled on at least a half-time basis (two course credits in Fall and Spring terms) and during grace and deferment periods, the federal government will pay the interest on a subsidized loan. Interest will accrue during all periods on an unsubsidized loan. A student can pay the interest during in-school periods or add the interest to the loan's principal. Principal payments begin after the six-month grace period.
Annual Loan Limits
Federal Direct Loan annual limits are based on a student's grade level and eligibility under federal regulations. For loan purposes, Coe College determines undergraduate grade level using the earned credit progression outlined below. The following chart reflects the maximum annual Direct Loan amounts available to undergraduate students who are enrolled full-time and otherwise eligible to receive federal student loans:
| Course credits earned: | Grade level: | Federal Direct Loan amount: |
|---|---|---|
| 0-7.9 | Freshman | $5,500 |
| 8.0-15.9 | Sophomore | $6,500 |
| 16.0 and above | Junior/Senior/5th Year | $7,500 |
At least $2,000 of the maximum annual loan limit is unsubsidized. Students who are not eligible for subsidized loan funds may receive the entire annual limit in Direct Unsubsidized Loan funds.
Independent and dependent students whose parents were denied a Parent PLUS Loan due to adverse credit are eligible to borrow additional funds under the unsubsidized loan program. Freshmen and sophomores may borrow an additional $4,000, and juniors and seniors may borrow an additional $5,000.
These annual loan limits represent the maximum amount a student may borrow in Direct Subsidized and Direct Unsubsidized Loans during an academic year when enrolled full-time. Students enrolled less than full-time may have their loan eligibility reduced in accordance with federal regulations. In addition, a student may not qualify for the maximum annual loan amount due to cost-of-attendance limitations, other financial assistance received, or other federal eligibility requirements.
Aggregate Loan Limits
Dependent undergraduate students can borrow a cumulative maximum of $31,000 (maximum $23,000 subsidized). Independent undergraduate students and dependent students whose parents were denied a Parent PLUS Loan can borrow a cumulative maximum of $57,500 (up to $23,000 subsidized). Graduate students can borrow a cumulative total of $138,500.
Acceptance of Loan
While the financial aid offer will list a student’s maximum annual eligibility, students are encouraged to borrow wisely. Borrowing the unsubsidized portion of the Direct Loan can significantly increase a student’s loan debt because interest will be charged from the time the loan proceeds are disbursed. A student can contact the Office of Financial Aid to reduce or decline the loans in the financial aid offer, or complete and submit the Financial Aid Adjustment Form to our office.
- First-time borrower
- A first-time borrower must complete loan entrance counseling and sign a master promissory note (MPN). Students can complete their MPN and entrance counseling at any time on the Department of Education Direct Loan website at www.studentaid.gov. In addition, the Office of Financial Aid will provide first-time borrowers with information in mid-June to guide them through this process.
- Previous borrower
- An MPN can cover up to 10 academic years of Direct Loans. Generally, a student is only required to sign a single MPN for any Direct Loans processed by Coe College. Unless a previous borrower informs the Office of Financial Aid of their wish to decline or cancel a loan included in their financial aid offer, the Financial Aid Office will process the Direct Loans for the amount listed in the offer.
Disbursement
A Disclosure Statement will be sent to the student by the U.S. Department of Education through the federal Direct Loan program for each Direct Loan originated on the student's behalf. The Disclosure Statement provides information regarding the type of Direct Loan, loan amount, anticipated disbursement dates, and other important borrower information.
Federal Direct Loans for a standard academic year are generally disbursed in two installments, with one disbursement scheduled for each semester. All loan proceeds must first be applied to allowable charges on the student's account. Any resulting credit balance will be refunded to the student by the Coe College Business Office in accordance with federal regulations.
Students will be notified by the Coe College Business Office when loan funds are applied to their student account. Students may elect to receive paper notifications in accordance with College procedures.
Students have the right to request a reduction or cancellation of all or a portion of a Direct Loan before disbursement and within the applicable federal timeframe following disbursement. Students who wish to reduce or cancel a loan after disbursement should contact the Office of Financial Aid as soon as possible. The College may be able to return loan funds on the student's behalf if the request is received within the applicable federal timeframe.
Exit Counseling
Federal Direct Loan borrowers who graduate, withdraw, or cease enrollment at least half-time are required to complete Exit Counseling. Exit Counseling provides important information regarding a borrower's rights and responsibilities, repayment options, deferment and forbearance provisions, and federal loan servicer contact information.
An exit interview can be completed electronically on the Department of Education Direct Loan website at www.studentaid.gov. Students with questions about their federal student loans may also contact the Office of Financial Aid for assistance.
Repayment
Once a student is no longer enrolled at least half-time, repayment of Federal Direct Loans generally begins after a six-month grace period. During the grace period, the student will receive information from the loan servicer regarding repayment responsibilities, available repayment options, and the due date for the first payment. Information regarding federal student loans and assigned loan servicers is available through the student's account at StudentAid.gov.
Federal Direct Loans offer multiple repayment options designed to meet the needs of individual borrowers. Repayment plans may include fixed-payment and income-driven repayment options. Detailed information regarding repayment plans, loan consolidation, deferment, forbearance, and forgiveness programs is available at StudentAid.gov and is provided during required entrance and exit counseling.
Borrowers may qualify for deferment or forbearance under certain circumstances established by federal regulations. Students who experience financial difficulty or anticipate difficulty making loan payments should contact their loan servicer promptly to discuss available options.
Federal Student Loan Statistics of Student Borrowers at Coe College
- Median total borrowing (Direct and Perkins Loans): $27,000
- Median payment: $286
- Percentage of borrowers (3-year cohort) who default on their Direct loan: 0.0 (due to repayment pause)
Statistics are based on the most recent data available from the U.S. Department of Education College Scorecard and are subject to change.
Consolidate Your Federal Student Loans
Borrowers with multiple eligible federal student loans may choose to consolidate them into a single Direct Consolidation Loan. Consolidation may simplify repayment by allowing borrowers to make a single monthly payment and may provide access to certain repayment and loan forgiveness options. However, consolidation may also result in the loss of certain borrower benefits or an increase in the total cost of repayment over time. Borrowers should carefully review the advantages and disadvantages of consolidation before making a decision. Additional information is available at StudentAid.gov.
Federal Direct Parent Loan for Undergraduate Students (PLUS)
This loan must be repaid by the parent who signed the promissory note. The PLUS loan is available to parents of dependent undergraduate students who filed a FAFSA and are enrolled at least half- time in a degree granting program. More information provided in our Resources.
Federal Loan Servicers
The "servicing" of Federal loans (Direct and Parent Loans) are managed by several different entities. Contact and general information about federal loan servicers is available online. It is important that you familiarize yourself with the name of the company servicing your federal loans so you can read and respond if necessary to any correspondence. The Office of Financial Aid will provide you with the name of your loan servicer annually or you can contact our office at any time for that information.
Coe Institutional Loans
These institutional loans have limited availability. If you are eligible for an institutional loan it will be listed on your financial aid offer.
Canfield, Crimson & Gold, McElroy and Smith funds are loans and must be repaid. Interest accrues on the unpaid balance from the date the funds are credited to the student account. The interest rate will be determined each June for new loans for the upcoming award year. Each loan will have a fixed rate for the life of the loan. The interest rate for the Coe institutional loans has been set at 3.75% for the 2025-26 academic year.
These loans are serviced by ECSI on behalf of Coe College. ECSI will initiate the online signing of promissory notes by contacting the student directly at their Coe College email address. ECSI will also manage the repayment of your loan which will begin six months after graduation or after you cease to be enrolled in college at least half-time in a degree or certificate program.
Alternative Loan Programs
Coe understands that in exceptional cases families need to pursue alternative loans to help bridge the gap between the actual cost of your education and your financial aid offer as offered by Coe. Our office is not able to recommend a specific lender to you. However, for your convenience we are able to provide you information about historical borrowing trends at Coe College.
Students and parents should always exhaust all federal options before considering a private loan. Private loans tend to cost more than the loans offered by the federal government. Interest rates and origination fees can vary by lender. Approval of an alternative loan is contingent upon credit approval by the individual lenders. Most traditional age students will be required to secure a co-signer.