Types of Aid

Three general types of financial assistance are available to students:

1. grants and scholarships, which do not require repayment and entail no work obligation;
2. loans, with varying interest rates and payment schedules; and
3. work-study, which is earned for part-time employment on or off campus.

Depending on the type of aid, the program may be administered by Bard College or by external agencies. Typically, financial aid funds administered by the College are awarded on the basis of financial need (as determined by the federal government, the College Scholarship Service, and Bard College), academic achievement, and promise.

Federal Aid

Each student’s eligibility for federal aid programs is determined as part of the process of creating a financial aid package. Federal loans and grants may contribute significantly to the aid package. For more detailed information about federal student aid programs, visit Types of Financial Aid on the Federal Student Aid website. Click here to learn more about federal student loan interest rates, origination fees, processing and disbursement.

Federal Direct Student Loan

The Federal Direct Loan Program offers low-interest loans for students to help pay for the cost of education after high school. The lender is the U.S. Department of Education, rather than a bank or other financial institution. Students can qualify for a subsidized Federal Direct Loan based on financial need, or an unsubsidized Federal Direct Loan regardless of need. Unsubsidized means that the student is responsible for paying the interest while in school, whereas, in the case of the subsidized loan, the federal government pays the interest while the student is in school. A student my borrow up to $5,500 ($3,500 subsidized, $2,000 unsubsidized) as a first-year student, $6,500 ($4,500 subsidized, $2,000 unsubsidized) as a second year student, and $7,500 ($5,500 subsidized, $2,000 unsubsidized) as a third- and fourth-year student. The student’s obligation to repay the loan begins six months after they cease to attend college or graduate school on at least a half-time basis. While the student is in school, the federal government pays the interest on subsidized loans; the student, not the government, pays the interest on unsubsidized loans.

Supplemental Unsubsidized Direct Loan: An independent undergraduate student may borrow a supplemental amount as an unsubsidized loan in addition to an individual subsidized or unsubsidized basic Federal Direct Loan as described above. First- and second-year independent undergraduates may borrow up to $4,000 per year. After two years of study, an independent student may borrow up to $5,000 per year. In exceptional circumstances, the financial aid administrator may be able to authorize a supplemental loan for a dependent undergraduate.

Notes on PLUS loans and Federal Direct Loans: Loans are disbursed in two equal payments: the first at the beginning of the academic period for which the loan is intended and the second midway through the academic period. In a standard two-semester program, a disbursement is made each semester.