Federal Aid Programs

All students receiving federal student aid must meet all general student eligibility requirements such as enrollment in an eligible degree-seeking program, be a U.S. citizen or eligible noncitizen, registration for selective service, demonstrate financial need (if required by the aid program), meeting requirements of Satisfactory Academic Progress, not be in default or overaward on any previously received federal student aid, and requirements to specific aid programs as described below. Application for all federal student aid programs are completed by filing the FAFSA (Free Application for Federal Student Aid). All verification must be completed and conflicting information resolved to receive disbursement of federal student aid.

Federal Pell Grant
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal Work Study (FWS)
Federal Perkins Loans
Direct Loans
Federal PLUS Loans


 

Federal Pell Grant
The Federal Pell grant program provides grants to undergraduate students who demonstrate financial need based on the results of their FAFSA application for the award year. The maximum Pell award for the 2016-2017 academic year is $5,815. The maximum Pell award for 2017-2018 is $5,920. Pell awards are based upon the EFC (Effective Family Contribution) calculated from the information provided on the FAFSA. Award amounts are also based on the number of credit hours in which the student is enrolled for the semester and the amount of Pell Grant funds the student has already received. A student may only receive the equivalent of six years worth of Pell Grant Funds (600 percent lifetime eligibility). Students who have already earned a Bachelor's or Professional Degree are not eligible to receive Pell Grant funds.

 

Federal Supplemental Educational Opportunity Grant (FSEOG)
The FSEOG program is a campus-based grant available to undergraduate students who demonstrate an exceptional financial need based on their EFC (Effective Family Contribution) calculated from information provided on the FAFSA. The schools are given limited FSEOG funds and once these funds are depleted, the schools can no longer award FSEOG funds to students. Priority is given to those students who have submitted their FAFSA by February 1 and are a Federal Pell grant recipient with the highest level of need awarded first. The maximum FSEOG funds awarded to CLAS students is $700 per year. The maximum FSEOG funds awarded to CGES students is $400 per year. Both full and part-time students are eligible to receive FSEOG.

 

Federal Work Study (FWS)
FWS is a campus-based employment program on the Fayette campus, which allows students to work part time and earn money to help pay for educational expenses. Federal work study funds are not disbursed up front, but rather earned as work is completed. To be eligible for federal work study, students must have demonstrated financial need as calculated by the cost of attendance less the Effective Family Contribution less any other expected financial aid. Students are paid minimum wage. Students are allowed a maximum of two work study jobs at one time and can work no more than 20 hours per week. Students are prohibited from working during scheduled class times. Students are paid monthly on the 10th of the month following the month worked based on the hours documented on submitted timesheets. Jobs are coordinated through the Career Development Center and Eagle JobNet.

 

Federal Perkins Loans
The Federal Perkins Loan program is a campus-based loan program that provides student loans at a fixed 5% interest rate to undergraduate students who demonstrate financial need based on their FAFSA. Funds are limited, so priority is given to Freshman and Sophomore students who have submitted their FAFSA by February 1 and are a Federal Pell grant recipient. The Perkins loan program will be ending after the 2017-18 academic year. All first disbursements of the 2017-18 loans must be made before September 30, 2017.

 

Direct Loans
The Direct Loan program provides student loans to undergraduate, graduate, and professional degree students. Types of Direct loans are:

  • Subsidized
    • Loans disbursed after July 1, 2016, the interest accrues at a fixed 3.76 percent
    • The Federal government pays the interest while the student is continuously enrolled in school at least half-time.
    • Need Based Loan
  • Unsubsidized - Undergraduate
    • Loans disbursed after July 1, 2016, the interest accrues at a fixed 3.76 percent
    • Student is responsible for paying all interest after the loan is disbursed. Students have the option to pay the interest as it accrues or defer it as long as they are enrolled at least half-time.
    • Not a need based loan
  • Unsubsidized - Graduate
    • Loans disbursed after July 1, 2016, the interest accrues at a fixed 5.31 percent
    • Student is responsible for paying all interest after the loan is disbursed. Students have the option to pay the interest as it accrues or defer it as long as they are enrolled at least half-time.
    • Not a need based loan

To be eligible for Federal Direct Loans, students must have completed Entrance Counseling and a Master Promissory Note. More information on Student Loans.

 

Federal PLUS Loans
The Federal PLUS loan program is a non-need based loan program that provides loans to parents at a fixed 6.31 percent interest rate. Federal PLUS loans are made to parents of dependent, undergraduate students or to graduate students. Students must be enrolled at least halftime, and the borrower must be creditworthy. Families can apply for the PLUS must have a FAFSA on file. Parents and graduate borrowers are responsible for repaying the loan and unless otherwise requested, repayment begins 60 days after the loan is fully disbursed.

If a parent is denied a Parent PLUS Loan due to credit reasons, the dependent student is eligible to receive additional unsubsidized Direct Loan funds.

More information on Federal PLUS Loans.

 
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