Federal Pell Grant Program: A federally-funded grant program for undergraduate students with exceptional financial need. Award amounts are determined in part by your enrollment level.
Federal Supplemental Educational Opportunity Grant (FSEOG): A federally-funded grant program for undergraduate students with exceptional financial need.
Federal Perkins Loan: Federal loan with a fixed interest rate of 5%, awarded to students with exceptional financial need. Principal and interest payments are deferred until 9 months after the student is no longer enrolled. The minimum monthly payment is $40, and the standard repayment is 10 years.
Direct Stafford Loan: Federal loan with a fixed interest rate. The principal and interest may be deferred until 6 months after the student is no longer enrolled at least part-time. The minimum monthly payment is $50, and the standard repayment is 10 years. There are two types of Direct Stafford Loans: Subsidized and Unsubsidized (detailed below).
- Direct Stafford Loan Amounts Per Academic Year
Freshmen: $5,500 Sophomore: $6,500 Junior and Senior: $7,500
- Direct Subsidized Stafford Loan: Available to students with financial need; student is not responsible for interest charges while enrolled at least half-time. This loan has a fixed interest rate of 6.8%, effective July 1, 2013.
- Direct Unsubsidized Stafford Loan: Available to all students, who file for financial aid using the FAFSA, regardless of financial need; interest begins to accrue immediately after disbursement. This loan has a fixed interest rate of 6.8%. Independent students and dependent students whose parents do not qualify for the PLUS loan may borrow an additional $4,000 - $5,000 annually (based on academic level). Students have the option to pay interest while in school or defer the interest until the loan goes into repayment.
Direct PLUS Loan: Credit-based loan borrowed by the parents of dependent undergraduate students. There is a fixed interest rate of 7.9%. Repayment begins immediately, unless the option to defer payment until after the student's graduation is selected. The standard repayment term is 10 years. Parents may borrow up to the cost of education less other financial aid.
Federal Work-Study: A federally-funded work program. Students work part-time on-campus and wages are paid jointly by federal funds and the University. Students have the option of using their paychecks to make payments on their balance or to keep as personal spending money.
Federal TEACH Grant (Teacher Education Assistance for College and Higher Education): A federal grant program that provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. Student's must be admitted to the School of Education and have a GPA of at least 3.25. Eligible students will be contacted by the Office of Financial Aid via email.