Financial aid and various payment options are available to those who qualify. By applying for FAFSA^SM, qualifying students may be awarded significant grants and loans to help with the cost of tuition, books, supplies, and living expenses.

FAFSA

The Free Application for Federal Student Aid, or FAFSA^SM, is the first step in the financial aid process. Use it to apply for federal student financial aid, such as the Pell Grant and Stafford Loans. To begin the process, please go to www.fafsa.ed.gov.

After you’ve completed your FAFSA^SM application, you will be sent a Student Aid Report. Financial need is the difference between your EFC and our cost of attendance (which can include living expenses).

TIP: If you or your family have unusual circumstances that affect your financial situation, such as unusual medical expenses, or a large change in income from last year to this year, please contact our school.

Pell Grants

Unlike a loan, a Federal Pell Grant does not have to be repaid. You may receive additional financial aid on top of a Pell Grant. The maximum Pell Grant award for the 2010-11 award year (July 1, 2010 to June 30, 2011) is $5,550. The amount you get depends on your financial need, costs to attend school, full-time or part-time student status, and your plans to attend school for a full academic year or less.

Subsidized Stafford Loans

Direct Subsidized Loans are for students with financial need. Renaissance will review the results of your Free Application for Federal Student Aid (FAFSA^SM) and determine the amount you can borrow. You are not charged interest while you’re in school at least half-time and during grace periods and deferment periods. You will not need to pay interest until 6 months after you graduate.

Unsubsidized Stafford Loans

You are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Renaissance will review your FAFSA^SM and determine the amount you can borrow. Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.