Other documents may also be required. If information on any of the documents conflicts with what was reported on the application, students will be required to provide additional information. Failure to do so will result in loss or non - receipt of aid. Federal Pell Grants Federal Pell Grants help fund postsecondary education for undergraduate students who have not previously earned bachelor s degrees. For many students, these grants provide a foundation of financial aid to which aid from other sources may be added.
Students begin repaying the loan six months after ceasing to be enrolled at least half time.
The interest rate for new borrowers is variable, determined annually and capped at 8.25 percent. Students who previously borrowed under this program retain the interest rate in effect when they first borrowed. Repayment is usually completed within 10 years. Students who leave school or drop below half-time status are contacted by their lender to establish repayment schedules. Students must notify COT s Financial Aid Office and their lender of a change in their local or permanent address.