Types of Aid

Funding for an education at BHCLR is available from federal, state, and private resources. To receive federal, state, and some private 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. 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 College Little Rock (BHCLR) students may be eligible to receive aid through Federal Aid programs.

Federal Pell Grant

Federal Pell Grant is awarded to help undergraduate students who have demonstrated an exceptional financial need on the FAFSA and have not earned a bachelor or professional degree. This grant provides a foundation of financial aid for many students who which aid from other federal sources may be added.

Federal Supplemental Educational Opportunity Grants (FSEOG)

FSEOG grants are intended to supplement other aid. These grants are federally funded with each school receiving a fixed amount each year. Funds are awarded to a limited number of undergraduate students with preference being given to Pell Grant recipients demonstrating exceptional financial need.

Federal Direct Loans

Federal Direct Subsidized 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.

Federal Direct Unsubsidized 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.

Private Student Loans

Private/Alternative student loans are an additional source of funding for educational expenses. They are made by private organizations such as banks, credit unions, or state-affiliated organizations. Private loan lenders may require that payments be made while students are still in school, they can have variable or fixed interest rates that may be higher than federal loans, and they may require an established credit record or cosigner.

Private loans are best utilized after you have exhausted all other sources of financial aid (scholarships, grants, federal loans, etc.) The Baptist Health College Little Rock (BHCLR) financial aid staff encourages you to apply for scholarships through BHCLR and Arkansas Division of Higher Education (ADHE), and complete your FAFSA prior to applying for private loans.

Below is a list of private lenders BHCLR students have used within the last three years. This is not a preferred lender list. Please do your own research of these and any other lenders of your choosing to compare the terms and conditions of interest rates, payment terms, etc. prior to committing to any loans.

Parent Loan for Undergraduate Students

A 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 a 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

Applying for financial aid through the Arkansas Department of Higher Education (ADHE) has never been easier. Applicants can now use the Universal Financial Aid System to search and apply for more than 20 scholarship, grant, and loan reimbursement programs with having to submit multiple applications. Click the link to get started. The state of Arkansas offers many different aid programs for undergraduate students. For the most-up-to-date information regarding these aid programs, please visit the ADHE Financial Aid page. If you have specific questions regarding eligibility, application status, or other issues, please contact the ADHE at 1-800-54STUDY.

Arkansas Academic Challenge Scholarship

The Arkansas Academic Challenge Scholarship Program provides educational assistance to Arkansas residents in pursuit of a higher education. Additional funding made possible by the Arkansas Scholarship Lottery has allowed the expansion of the Arkansas Academic Challenge Scholarship to provide higher education opportunities to previously underserved Arkansans (both traditional and nontraditional students). The goal of the scholarship is to provide significant financial aid to those who qualify. Applicants must complete the Free Application for Federal Student Aid (FAFSA) and the YOUniversal Scholarship application.

NOTICE: If you are eligible to receive the Arkansas Academic Challenge Scholarship, you must have ACT or SAT test scores on file with the BHCLR Registrar’s Office in order to be awarded the scholarship. The Arkansas Division of Higher Education requires pre-approved exam scores to be reported for students who are receiving this scholarship. If you have any questions, please contact the BHCLR Registrar’s Office at 501.202.7933 or registrar@bhclr.edu.

Baptist Health Aid Programs

Baptist Health Foundation Scholarships

BHCLR is grateful to the donors who so generously contribute to the endowed scholarships through the Baptist Health Foundation. Students submitting an application for a scholarship are also required to complete the FAFSA. Some foundation scholarships require applicants to meet qualifications such as a minimum grade point average, program of study, specified hometown or financial need. The Foundation scholarship application is made available by the BHCLR Financial Aid Office each semester.

The application for Fall 2024 is now OPEN! For more information and to complete the application, click here.

Baptist Health Academic Scholarships

Academic scholarships, funded by the Baptist Health Foundation, are awarded as funds are available. Eligibility for academic scholarships requires the student to:

1. Apply for admission and be admitted into a program of study and
2. Achieve a designated ACT or TEAS composite score, depending on the program.