Grant and Loan Programs

Federal Pell Grant

The Pell Grant is a need-based award that does not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor's degree. Award amounts and eligibility are determined by a standard calculation (established by the U.S. Congress) based on a student's Free Application for Federal Student Aid (FAFSA). The calculation also produces a student's Expected Family Contribution (EFC). The Student Aid Report (SAR) tells students their EFC and eligibility to receive a Pell grant. The Financial Aid Administrator determines the actual award amount based on a student's cost of education, enrollment status, and EFC. The maximum Federal Pell Grant for a full-time undergraduate student is  $5,815 for 2016-2017. A student may receive a maximum of six years of Pell grants.

Iraq and Afghanistan Service Grant

The Iraq and Afghanistan Service Grant is an award for students who are not eligible for Pell Grant on the basis of EFC, but meet the other Pell Grant eligibility requirements and the student's parent or guardian was a member of the U.S. armed forces and died as a result of service performed in Iraq or Afghanistan after Sept. 11, 2001. To receive the grant, the student must be under 24 years old or enrolled in college, at least part-time, at the time of the parent's or guardian's death. The amount of the grant will be equal to the maximum Pell Grant for the award year, although the amount will not exceed the cost of attendance for the year.

 

Watch the video: Financial Aid Overview

 

Federal Subsidized Direct Loan (formerly Federal Subsidized Stafford Loan)

The Federal Subsidized Direct Loan is a fixed rate loan for undergraduate students, if eligible. Undergraduate students may borrow up to $3,500 for the first year, $4,500 for the second year, and $5,500 for two additional years, and if needed, an additional $4,000 for the fifth year for an aggregate undergraduate maximum of $23,000. The loan funds will be electronically transferred to the student's account after completing Entrance Counseling and a valid loan application (Master Promissory Note - MPN) and MPN is certified by the Financial Aid Administrator.

No interest will accrue on the Federal Subsidized Direct Loans and no payments are required of the principal during the entire in-school period, provided that students maintain at least half-time status per semester. The loan also provides a grace period of 6 months after graduation or ceased to be enrolled at half-time status before repayment of principal and interest is due. The repayment period for the Federal Subsidized Direct Loan is 10 years.
A loan fee of 1.051% will be deducted from the gross loan amount prior to each disbursement of both Subsidized and Unsubsidized loans.

Interest Rates for Subsidized Direct Loan:
2017-18 Academic Year (Loans disbursed after July 1, 2017) 4.45%

Federal Unsubsidized Direct Loan (formerly Federal Unsubsidized Stafford Loan)
The Federal Unsubsidized Direct Loan is a fixed-rate loan for undergraduate students. If students do not qualify for a Federal Subsidized Direct Loan, a Federal Unsubsidized Direct Loan at 4.45% can be issued for the full amount of eligibility or in combination with the Federal Subsidized Direct Loan. Interest may be paid quarterly while in school or capitalized (added to principal each year). Repayment of principal starts six months after students leaves school and has ten years to repay the loan.

Dependent students whose parents apply and are rejected for a Federal Direct Parent PLUS Loan may be eligible for additional unsubsidized Direct Loan funding. Freshmen and sophomores may receive an additional $4,000 each year and juniors and seniors may receive an additional $5,000 each year. For independent students, the additional unsubsidized loan amounts will automatically be calculated for based on grade level and will be included as part of your financial aid award(s).

A loan fee of 1.051% will be deducted from the gross loan amount prior to each disbursement of both Subsidized and Unsubsidized loans.

Direct Loan Chart

 
Base Amount (Subsidized or Unsubsidized depending upon financial need as determined by the FAFSA)
Base Unsubsidized Dependent
Total Amount of Direct Loan Funding Available
Additional Unsubsidized Loan
for Independent Undergraduate Students OR for Dependent Students whose
Parent was denied the PLUS loan
Total Direct Loan amount possible 
Freshman $3,500 $2,000 $5,500 $4,000 $9,500
Sophomore 
$4,500 $2,000 $6,500 $4,000 $10,500 
Junior $5,500 $2,000 $7,500 $5,000 $12,500 
Senior $5,500 $2,000 $7,500 $5,000 $12,500

 

Federal Direct Parent PLUS Loan
For dependent students, the Federal Direct Parent PLUS Loan allows parents to borrow money for education. The PLUS Loan has a fixed rate of 6.31%. A 4.288% fee is deducted from the loan from each disbursement. The maximum amount parents can borrow is the cost of education minus any other financial aid received. Eligibility for the Federal Direct Parent PLUS Loan is determined by a credit check. To apply for the Parent PLUS Loan, please go to www.studentloans.gov.

If a parent is rejected for a PLUS Loan due to adverse credit history, they may be eligible for additional funds under the Federal Unsubsidized Direct Loan. Freshmen and sophomores may receive an additional $4,000 each year and juniors and seniors may receive an additional $5,000 each year. A parent must apply for the PLUS loan each academic year as it is a credit-based loan.