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Types of Financial Aid

Scholarships

Scholarships are gift aid — they do not need to be repaid. Merit scholarships are awarded based on high school achievement. If you are an incoming student, your admissions application serves as your application for merit scholarships at Hope. Additional sources for scholarships include community foundations, organizations and churches. 

Learn more about merit scholarship renewal criteria 

Grants

Grants are gift aid — they do not need to be repaid. Eligibility is determined by completing your financial aid application. 

HOPE GRANT

The Hope Grant is based on demonstrated financial need. 

• There is no required grade point average
• Eligibility is limited to full time students for a maximum of eight semesters
• Awards are renewable based on continued demonstrated financial need

FEDERAL PELL GRANT

The is based on exceptional financial need.

• Eligibility is determined by the
• Recipients are limited to the equivalent of six years of full time payments
• Award amount is prorated if enrolled less than full time

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG)

The is based on exceptional financial need.

• Awarding priority is given to those who are eligible to receive a Federal Pell Grant

FEDERAL TEACH GRANT

The is available for education majors who are interested in classroom teaching in a high-need field at a low-income school.

• Teaching service after graduation is required or the grant reverts to a Federal Direct Unsubsidized Loan
• Students must fully understand the intricacies of this program before accepting the grant

Learn more about TEACH Grant 

²Ø»¨¸óÖ±²¥ TUITION GRANT

The is available to residents attending ²Ø»¨¸óÖ±²¥ private colleges. The grant is based on financial need.

• Hope must be first school listed on FAFSA; update your college choice using the
• Must be enrolled full-time for maximum eligibility; however, students enrolled at least half-time are eligible for a prorated award
• Eligibility is limited to 10 semesters
• Award is limited to tuition costs
• Additional information, including renewal criteria, can be found on the

MICHIGAN ACHIEVEMENT SCHOLARSHIP

The is available to students who graduate from high school in ²Ø»¨¸óÖ±²¥ in 2023 or after.

• Hope must be first school listed on FAFSA; update your college choice using the
• Must submit the FAFSA annually and demonstrate an Expected Family Contribution (EFC) of $25,000 or less
• Must be enrolled full time
• Eligibility is limited to 10 semesters
• Award is limited to tuition and mandatory fee costs
• Additional information, including renewal criteria, can be found on the

²Ø»¨¸óÖ±²¥ FUTURE EDUCATOR FELLOWSHIP

The is available to students enrolled in an approved education program and working towards their first teacher certification.

• Hope must be first school listed on FAFSA; update your college choice using the
• Must submit the FAFSA
• Must be a ²Ø»¨¸óÖ±²¥ resident since July 1 of the previous calendar year
• Be admitted into the education program
• Must be enrolled full time
• Must have reached junior grade level 
• Have a cumulative GPA of at least 3.0
• Sign a Commitment to Teach in ²Ø»¨¸óÖ±²¥
• Award is limited to tuition and mandatory fee costs
• Additional information, including renewal criteria, can be found on the

Loans

Loans must be repaid. Federal loans often have the best interest rates, deferment and repayment options. We recommend you exhaust your federal options before considering private educational loans. 

Most loans require that you are enrolled in at least six credits each semester. All first time loan borrowers must complete entrance loan counseling and a master promissory note. 

FEDERAL DIRECT SUBSIDIZED LOANÌý

The is available to students who demonstrate financial need as determined by the . You must be enrolled at least half time. You are not charged interest while you remain enrolled at least half time or qualify for other deferments.  

Interest Rate & Fee: 

• 5.50% (fixed) for loans disbursed between July 1, 2023, and June 30, 2024
• 1.057% of the amount borrowed is assessed as a processing fee by the federal government

FEDERAL DIRECT UNSUBSIDIZED LOAN

The is available to students who file a and are enrolled at least half time. You are charged interest on the loan from the time it is fully disbursed until it is paid in full. You may choose to pay the interest while in school or postpone the interest payments and allow the interest to be capitalized. 

INTEREST RATE & FEE: 

• 5.50% (fixed) for loans disbursed between July 1, 2023, and June 30, 2024
• 1.057% of the amount borrowed is assessed as a processing fee by the federal government

FEDERALÌýDIRECT PLUS LOANÌý

The is available to parents (or stepparents) of dependent students. Parents may borrow up to the full cost of their child's education minus other aid. Credit checks are required. 

Interest is charged on the loan from the time it is fully disbursed until it is paid in full. You may choose to pay the interest while in school or postpone the interest payments and allow the interest to be capitalized. 

INTEREST RATE & FEE: 

• 8.05% (fixed) for loans disbursed between July 1, 2023, and June 30, 2024
• 4.228% of the amount borrowed is assessed as a processing fee by the federal government

PRIVATE EDUCATION LOAN

Private education loan programs are designed to supplement a student’s awarded financial aid. You may apply through any private loan program you choose.

Be sure to understand the loan terms and benefits of each loan you may be considering. It is extremely important that you are aware of all possible rates, fees, grace periods, repayment terms and borrower benefits each lender may offer before you make a decision.

WORK STUDY 

Work study allows you to work on-campus and earn money to help cover your expenses. Most students are able to work 9 to 10 hours a week and maintain their academics and social life.  

• You must be enrolled in at least six credits each semester.
• You earn a pay check every two weeks. It is your responsibility to make payments on your student account. Payroll deduction is an option.

Apply for a campus job 

Veterans Affairs

If you are eligible for Veterans Affairs (VA) benefits, you'll need to submit your Certificate of Eligibility (COE) before your first semester at Hope.

More info about VA benefits 

Private Scholarships

Community foundations and businesses in your local community are a great resource for scholarships. The following are websites that provide free scholarship searches: