Federal Aid Programs
Federal Pell Grant
The Federal Pell Grant is available to eligible students wherever they attend college. An individual’s award is based on a formula which takes into account the cost of attendance as well as the estimated family contribution, and enrollment status. (full, three-quarter, half and less-than-half time.) Some restrictions apply for students who already hold a bachelor’s degree. After filing a Free Application for Federal Student Aid (FAFSA), all applicants for Federal Pell Grants will receive an electronic Student Aid Report (SAR) indicating eligibility.
Federal Supplemental Education Opportunity Grant (FSEOG)
These grants, designed to assist undergraduate students with proven need, are awarded with a mandatory preference for Federal Pell Grant recipients. These grants, which may range from $100 to $4,000 per year, may also be limited by program funds available to the University.
Part-time employment opportunities are made available to students who demonstrate eligibility for federal student assistance. Hourly compensation will not be less than the current minimum wage. Wage rates are generally reflective of experience and skill level required to perform a particular task. Federal Work-Study is the only award that is not credited directly to the student’s account. Students are paid by the hour on a biweekly basis. Limited funds may be available for summer Work-Study positions. The jobs may be on or off-campus depending on the availability of funds. Awards are made on the same basis as academic year awards, and a percentage of the summer earnings must be saved for the coming year’s educational expenses.
Federal Perkins Loan
Selection of recipients for this federal student loan is based upon information contained in the FAFSA and funding limitations within the program at the University. Repayment of the loan, which may extend over a 10-year period, begins nine months after the borrower ceases to be enrolled at least half time. The loan bears a five percent interest rate on the unpaid balance of the principal. The interest starts to accrue at the beginning of the repayment period. Special deferment and cancellation privileges are available. Students are informed of the provisions and responsibilities associated with these loans in the first and final years of their enrollment via entrance and exit interview counseling.
Federal Direct Loan
The William D. Ford Federal Direct Subsidized Loan is a low interest loan subsidized by the federal government, which pays the accumulated interest while the student is in school. Borrowers begin repayment of both the principal and interest six months after graduation, withdrawal from school or dropping to less than half-time enrollment status. Students who are not eligible for need-based aid can borrow unsubsidized Federal Direct Loans. The student is responsible for paying all the interest on the unsubsidized loan, which accrues during enrollment and continues through repayment. The combined annual Federal Direct Loan limits (both subsidized and unsubsidized, combined) are as follows: $5,500 for the first year of undergraduate study, $6,500 for the sophomore year, and $7,500 annually for subsequent undergraduate study. Most full-time undergraduates will qualify for an additional $2,000 in the unsubsidized form of the Direct Loan. The total undergraduate subsidized loan limit is $23,000. Independent students can qualify for higher annual Federal Direct Loan amounts. Students must complete a Master Promissory Note and entrance counseling via the Web site at http://studentloans.gov to receive this loan.
Federal Direct Parent Plus Loans
The Federal Parent Plus Program allows the parents of an undergraduate under the age of 24 to borrow up to the cost of education per year minus any financial aid. This loan is similar to a personal loan in that repayment begins 60 days after receipt of the loan, which is repayable at a fixed rate of 6.31 percent. An up-front fee of 4.272 percent is assessed on all Direct Plus Loans. For further information about the loan, contact the Office of Financial Aid.