Federal Grants
These funds do not have to be repaid.

Federal Pell Grant
Undergraduate students who are pursuing their first bachelor's or professional degree may be eligible for this need-based grant. Students must meet financial standards set by the federal government. Both full-time, half-time, and less than half-time students may be eligible.

Federal Supplemental Educational Opportunity Grant (FSEOG)
Similar to the Federal Pell Grant program, these awards are made to students who demonstrate exceptional financial need as determined by standards set by the federal government. Program funds are limited, so it is essential that students apply early.

Federal Loans
These loans must be repaid.

Federal Stafford Student Loan Program
Students registered at least half-time are eligible to borrow funds directly from the government to cover the costs of educational expenses. Subsidized Federal Stafford Loans are awarded based on financial need. The federal government pays the interest on the loan while the student attends school, during the grace period, and during periods of deferment or forbearance. Unsubsidized Federal Stafford Loans are not awarded based on financial need. Students are responsible for the interest on the loan from the time the loan is issued until it is completely paid. Funded through banks, savings and loan associations, credit unions, and state education agencies, the Federal Stafford Student Loans carry a variable interest rate (adjusted annually each July 1) that shall not exceed 8.25 percent.

Federal Parent Loan for Undergraduate Students (FPLUS)
These loans are made directly to qualified parents of dependent students by participating lenders. FPLUS loans have a variable interest rate that shall not exceed 9 percent. Eligibility is based on an evaluation of the parents' credit by the lender. Parents may be able to borrow up to the difference between the student's educational costs, including living expenses, and other financial aid that the student receives. Repayment begins within sixty days after the final loan disbursement for the academic year.

Federal Perkins Loan Program
Federal Perkins Loans offer a low 5 percent interest rate and repayment terms as long as ten years. Because funds under this program are limited, priority is given to students who are Pell Grant eligible and who demonstrate the greatest financial need. Repayment on the loan generally does not begin until nine months after the student leaves school or the student's course work is reduced to less than a half-time basis.