Types of Aid
Funding for an education at BHSLR is available from federal, state, institutional, and private resources. To receive federal, state, and some institutional sponsored sources of funding, one must complete the Free Application for Federal Student Aid (FAFSA). Other sources, local, private, and institutional are awarded on the basis of other criteria, particularly academic achievement.
There are several types of financial aid. Usually, a student is offered a combination of aid (know as a "package") from these programs:
SCHOLARSHIPS: "gift money" that is awarded on the basis of academic achievement (non-need-based scholarships) or a combination of academic performance and financial need.
GRANTS: "gift money" from federal and state funds that are awarded based on financial need.
LOANS: money that can be borrowed from federal loan programs and outside lenders. Subsidized loans are need-based. Unsubsidized, Parent PLUS, and Alternative loans are non-need-based.
Please use the links below to learn more about each type of financial aid.
Federal Aid Programs
All Baptist Health Schools Little Rock (BHSLR) diploma or certificate seeking students may be eligible to receive aid through Federal Aid programs.
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Federal Pell Grant
A Federal Pell Grant is awarded to help Undergraduate students pay for their education after high school. For the Federal Pell grant Program, an undergraduate is one who has not earned a bachelor's or professional degree. These grants provide a "foundation" of financial aid for many students to which aid from other federal sources may be added. Unlike loans grants do not have to be repaid.
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Federal Direct Loans
The Subsidized Direct Loan
Eligibility for subsidized loans is based on financial need as determined by federal guidelines. A loan is called "subsidized" because the government pays interest for the student during:
- At least half-time enrollment in school (6 or more hours)
- The six-month grace period after the student ceases attendance on at least a half-time basis.
The Unsubsidized Direct Loan
This type of loan is available to students regardless of income or need. With an unsubsidized loan, you are responsible for all interest that accrues during in school, grace and deferment periods. You may choose to pay the interest portion only while in school, which would keep your loan balance at principal. If you choose to defer such payments, the interest will be capitalized, resulting in an increase in both total debt and the amount of monthly payments.
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The Parent Plus Loan
A parent PLUS is a loan that a parent of a full or part time undergraduate student takes out to assist the student in paying for college. This loan is the parent's not the student's and is subject to credit check. The borrowing limit for PLUS loans is the cost of attendance minus any aid the student will receive. There is no aggregate limit, meaning a parent can borrow as much as is needed to pay for the student's college education. Interest rates are adjusted every year on July 1st with a cap of 9%.
State Aid Programs
Students admitted into BHSLR programs may receive aid through State Aid Programs. Visit www.adhe.edu for more information on the programs listed below.
� Arkansas Academic Challenge*
� Important Academic Challenge Information
� Arkansas Workforce Improvement Grant
� Arkansas Go Grant
*Only nursing students are eligible at this time.
Institutional Aid Programs
� Baptist Health Foundation Scholarships
BHSLR is grateful to the donors who so generously contribute to the endowed scholarships through the BAPTIST HEALTH Foundation. Applications for scholarships are made available by the BHSLR Financial Aid Office. Scholarship awards vary based on donors eligibility criteria and availability of funds. Students must be at least in a freshman level program to apply for foundation scholarships.
� Baptist Health ACT Academic Scholarship
BHSLR Academic Scholarships are awarded to entering students with an exceptional composite ACT score. The scholarship is awarded upon acceptance into your program and is awarded for one semester only. Award amounts vary and are based on availability of funds.