Federal Financial Aid Programs
The federal government offers grant, loan, and work opportunity programs to assist students and their families in meeting the cost of higher education. Eligibility consideration is determined by information from the FAFSA, a student’s enrollment status and satisfactory progress toward completion of their degree program.
Undergraduate students who are admitted to graduate degree programs are reclassified as graduate students when they are within six (6) credits of completing their undergraduate degree and are enrolled in at least one graduate level course. Students reclassified as graduate students are no longer eligible for undergraduate federal aid.
Federal aid programs include:
Federal Pell Grant: The Federal Pell grant program is designed to assist the neediest of undergraduate students who are earning their first baccalaureate or four-year professional degree. For 2019-2020 awards range from $657 to $6195 per academic year.
Federal Supplemental Education Opportunity Grant: is designed to assist undergraduate students with exceptional financial need and gives priority to students who receive Federal Pell Grants. Eligible students must be enrolled at least half time and awards range from $500 up to $4,000 annually.
Federal Work Study: provides an opportunity to earn money while in school to help pay educational expenses. Students may work on campus or off campus at non-profit community service agencies. Awards range from $1,000 to $2,000 per academic year.
Federal Perkins Loan: A subsidized loan with a 5% fixed interest rate offered to students demonstrating exceptional financial need. No interest accrues on the loan while enrolled at least half time; there is a nine (9) month grace period after a student graduates, withdraws or drops below half-time, prior to repayment. Awards range from $750 to $4,000. The Federal Perkins Loan Program expired on September 30, 2017.
Federal Direct Loan: Eligibility for a Direct Federal Subsidized or Unsubsidized loan is based upon ‘need’ as determined by the information submitted on the FAFSA. Undergraduate borrower limits for Federal Direct Loans are as follows:
$3,500.00 Subsidized + $2,000.00 Unsubsidized for Dependent Freshmen
$3,500.00 Subsidized + $6,000.00 Unsubsidized for Independent Freshman
$4,500.00 Subsidized + $2,000.00 for Unsubsidized for Dependent Sophomores
$4,500.00 Subsidized +$6,000.00 for Unsubsidized for Independent Sophomores
$5,500.00 Subsidized + $2,000.00 for Unsubsidized for Dependent Juniors & Seniors
$5,500.00 Subsidized +$7,000.00 for Unsubsidized for Independent Juniors & Seniors
The cumulative aggregate Federal Direct Loan debt an undergraduate dependent student may incur is $31,000.00 — no more than $23,000 may be from the Direct Subsidized Loan program. The cumulative aggregate Federal Direct Loan debt an independent student may incur is $57,500 — no more than $23,000 from the Direct Subsidized Loan program.
Students must complete Loan Entrance Counseling and a Master Promissory Note (MPN) prior to borrowing at www.studentloans.gov. The Loan Entrance Counseling provides required information about a borrower’s rights and responsibilities.