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Federal Student Aid Programs

Please note: All students must complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility for the following programs.

Subsidized Federal Stafford/Direct Loans: must be repaid. The U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods. Student must be enrolled at least half time and demonstrate financial need. For 2009-2010, these loans have a fixed interest rate of 5.6%. Students are eligible for $3,500 to $8,500 depending on grade level and dependency status. For more information log onto http://studentaid.ed.gov.

Unsubsidized Federal Stafford/Direct Loans: must be repaid. Borrower is responsible for interest during the life of the loan. Student must be enrolled at least half time. Financial need is not a requirement. Students are eligible for $3,500 to $20,500 (less any subsidized amounts received for the same period), depending on grade level and dependency status. For more information log onto http://studentaid.ed.gov.

Federal PLUS/Direct PLUS Loans: must be repaid. The PLUS Loan is for a parent with dependant, undergraduate student that is enrolled at least half-time. Parents must also pass a credit check to determine eligibility. Repayment begins on the day of disbursements; parents can apply to receive a six month grace period on the loan. Parents are eligible to borrow up to the cost of attendance, determined by the school, less any aid (Direct loans, grants etc.). (Note: If the parent does not pass the credit check, the student may become eligible for an additional $1,000 from the unsubsidized Direct loan program.) For more information log onto http://studentaid.ed.gov.

Federal/Direct PLUS Loans for Graduate and Professional Degree Students: must be repaid. Graduate and professional degree students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance. Students must pass a credit check and have applied for their maximum annual loan eligibility from the unsubsidized and subsidized Direct loan programs. Students can receive a six month grace period for repayment. For more information log onto http://studentaid.ed.gov.

Federal Perkins Loan: must be repaid. The Perkins loan has one of the lowest interest rates (5%) and is awarded by the financial aid administrator to students with exceptional financial need. The interest on the Perkins Loan is subsidized while the student is in school and the student has a 9-month grace period after graduating or leaving college before repayment begins. There is a $5,500 maximum for undergraduate students and a $8,000 maximum for graduate and professional degree students. For more information log onto http://studentaid.ed.gov.

Federal Pell Grant: does not have to be repaid. The Pell Grant is awarded to students with exceptional financial need. The award amount is based on the Cost of Attendance, Expected Family Contribution (EFC) and enrollment status of the student. The award amounts range from $890 to $5500 for 2010-2011. For more information log onto http://studentaid.ed.gov.

Federal Work Study (FWS) Employment: does not have to be repaid. For undergraduate and graduate students; jobs can be on campus or off campus; students are paid at least federal minimum wage. Money earned from a FWS job is not credited to the tuition bill. Therefore, FWS earnings are typically used to cover indirect costs (books, materials, personal expenses). No annual minimum or maximum award amounts. http://studentaid.ed.gov.

Federal Supplemental Educational Opportunity Grant (FSEOG): does not have to be repaid. The FSEOG is a federal grant program for undergraduate students with exceptional need; FSEOG grants are awarded by the school's financial aid office. Award is up to $4000. For more information log onto http://studentaid.ed.gov.

Academic Competitiveness Grant: does not have to be repaid. This grant is for undergraduates receiving Pell Grants who are U.S. citizens enrolled full-time in their first or second academic year of study. For first academic year students requirements include having completed a rigorous secondary school program of study, graduated from high school after January 1, 2006 and have not been previously enrolled in an undergraduate program. For second academic year students requirements include having completed a rigorous secondary school program of study, graduated from high school after January 1, 2005 and have at least a 3.0 cumulative GPA. Awards are up to $750 for the first academic year and up to $1,300 for the second academic year. For more information log onto http://studentaid.ed.gov.

National Science and Mathematics Access to Retain Talent Grant (National SMART Grant): does not have to be repaid. The SMART Grant is for undergraduates receiving Pell Grants, who are U.S. citizens enrolled full-time in their third or fourth academic year of an eligible program majoring in physical, life or computer sciences, engineering, technology, mathematics or a critical-need foreign language and have at least a 3.0 cumulative GPA. Awards are up to $4,000 for each of the third and fourth academic year. For more information log onto http://studentaid.ed.gov.

Click here to learn more about alternative funding options.