Federal Aid Programs
Federal Pell Grant
Federal Pell Grants are awarded to undergraduate students who have exceptional financial need and do not have a prior Bachelor’s degree. Students apply using the FAFSA and can receive no more than 12 semesters or the equivalent (roughly six years of full-time enrollment). The amount of this grant is determined by the Federal Government and can change yearly based on funding levels and calculated financial need from the FAFSA.
Federal Supplemental Educational Opportunity Grant (SEOG)
The FSEOG may be awarded to full-time undergraduates whose FAFSA form indicates exceptional financial need. Awards are based on funds available at the time of application. Award amounts are limited and vary.
Federal Campus Employment (Work Study Program)
The federal government supports employment for financially needy students. In addition to demonstrating need, eligibility requires full-time undergraduate enrollment. Awards are based on funds available at the time of application. This program encourages community service work and work related to each student’s course of study, where applicable. Students are responsible for securing employment and perform job duties according to the position description. The number of hours a student may work each week is determined by the amount of the work study award. Assigned work hours may not conflict with class attendance or scheduled examinations. Failure to perform assigned duties satisfactorily may result in job termination. Work study earnings can be applied to semester charges or paid directly to students according to the Student Pay Schedule established by Payroll Department.
Federal Direct Subsidized Stafford Loan
Undergraduate students who demonstrate financial need (based on their FAFSA results) may be eligible for a Federal Direct Subsidized Loan. Interest is paid by the federal government during eligible in-school, grace and deferment periods. The subsidized loan does NOT accrue interest while the student is enrolled at least half-time. There is a 6-month grace period after graduation or dropping below half-time before repayment is required. The repayment period can be as long as 10 years. The Financial Aid Office will notify students, who are eligible to borrow a Subsidized Stafford Loan, of their maximum eligibility. Maximum loan amounts are based on grade level and financial need.
Federal Direct Unsubsidized Stafford Loan
The unsubsidized loan is NOT based on financial need and is awarded to both undergraduate and graduate students. The student is responsible for paying the interest, which begins accruing as soon as the loan is disbursed. There is a 6-month grace period after graduation or dropping below half-time before repayment is required. The repayment period can be as long as 10 years. The unsubsidized loan DOES accrue interest while the student is in school. Students can make interest payments or let the interest capitalize. The Financial Aid Office will notify students, who are eligible to borrow an Unsubsidized Stafford Loan, of their maximum eligibility. Maximum loan amounts are based on grade level, dependency status and financial need.
Loan Limits
The chart below illustrates the annual loan limits based on dependency status and class standing.
The chart below illustrates the aggregate loan limits based on dependency status and program.
Federal Parent Loan for Undergraduate Students (PLUS)
The Federal PLUS program allows parents to borrow up to the cost of attendance minus estimated financial aid for the academic year for each dependent student enrolled at least half time. These loans are the financial responsibility of the parent borrower. The borrower has the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or wait until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis. The College determines maximum eligibility based on the student’s federal cost of attendance minus all other forms of aid. The parent applicant will need to complete a Parent PLUS application and PLUS direct loan master promissory note yearly at studentaid.gov.