2005-2007 Catalog - University of Arkansas at Monticello

alance of the loan principal. For borrowers who become teachers in certain types
of schools (or teach in fields of expertise that have a shortage of qualified teachers),
there are cancellation provisions. Cancellation provisions may also be
extended to full-time nurses, medical technicians, law enforcement or corrections
officers, providers of early childhood intervention services, and child/family
service agency workers. Also, borrowers who serve in specified military duty may
be eligible for cancellation provisions.
The FEDERAL STAFFORD LOAN PROGRAM can provide either subsidized or
unsubsidized low interest loans to students enrolled at least half time. Subsidized
loan funds can be awarded to students who have “unmet need” remaining when all
other types of aid have been awarded. The Federal government pays the interest
on these subsidized loans while the student is enrolled and through the grace
period. Unsubsidized loan funds might be awarded to students who have no
“unmet need” remaining after all other types of aid have been awarded. The
Federal government does not pay the interest on unsubsidized loans while the
student is enrolled. The student can choose to pay the interest or the interest can
be capitalized. Some students might be awarded a combination of subsidized and
unsubsidized loan funds. Repayment of these loans may extend over a 10-year
period beginning six months after the borrower ceases to be enrolled at least half
time.
The FEDERAL PLUS LOAN PROGRAM makes loans available to the parents of
dependent undergraduate students. Each borrower must use the loan funds to pay
for the student’s educational costs. Unlike other Federal Family Education Loan
Programs, PLUS borrowers are not required to show financial need but must
complete the Free Application for Federal Student Aid. The amount borrowed
cannot exceed the cost of education.
The ARKANSAS TECHNICAL CAREER STUDENT LOAN FORGIVENESS PROGRAM,
created by Act 652 of 1999, is designed to assist and encourage people to enter
and complete approved programs qualifying them to fill the demand of employees
in various technical occupations. Student loans up to $2,500/year for a minimum
of four year may be forgiven. Eligibility requirements include: must be a U.S.
citizen or permanent resident alien; must have a student loan; must complete a
designated technical education program in an approved Arkansas institution and
receive a certificate, degree, or diploma; must complete the work commitment
(one year of full-time employment in Arkansas in the career filed for which training
was received for each year of student loan to be forgiven). Contact the Arkansas
Dept. of Workforce Education at (501) 682-1699 or visit http://www.worked.state.ar.us
for more information.
Part-Time Employment
Funds are also available in the form of part-time employment. Employment
opportunity is made available to those students who qualify and who need an
income supplement to partially defray college expenses. Student employment
generally falls into two categories: Federal College Work-Study, which is determined
on the basis of financial need; and Institutional Work-Study, which is
determined principally by the degree of work skills possessed and availability of
jobs. Types of employment opportunities at the University include secretarial,
clerical, custodial, resident assistants, library, maintenance, lab assistants,
officials, and lifeguards.
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2005-07 arkansas monticello catalog