Federal Aid Programs
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. The maximum Pell award for the 2013-2014 academic year is $5,645.
Federal Supplemental Educational Opportunity
The FSEOG program is a campus-based grant available to undergraduate students who demonstrate an exceptional financial need based on their 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 March 15 and are a Federal Pell grant recipient.
Federal Work Study (FWS)
FWS is a campus-based employment program, which allows students to work part time and earn money to help pay for educational expenses, such as tuition, fees, room and board. Students are paid minimum wage. Jobs are coordinated through the Career Development Center.
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 March 15th and are a Federal Pell grant recipient.
- Loans disbursed after July 1, 2012, the interest accrues at a fixed 3.4 percent.
- The Federal government pays the interest while the student is continuously enrolled in school at least half-time.
- Need Based Loan
- Loans disbursed after July 1, 2012, the interest accrues at a fixed 6.8 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
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 7.9 percent interest rate. Federal PLUS loans are made to parents of dependent, undergraduate students. Students must be enrolled at least halftime, and the borrower must be creditworthy. Families can apply for the PLUS with or without a FAFSA on file. Parents 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 student is eligible to receive additional unsubsidized Stafford Loan funds.
More information on Federal PLUS Loans.