Federal Pell Grant
Description: Federal Pell Grants are "gifts" for assistance to students who meet financial standards set by the federal government.

Criteria: Generally available to students who demonstrate financial need and who have not received a bachelor's degree from any college.

Amount: Varies from year to year based on congressional appropriations. For example, grants can be up to $3,300 per academic year (three-quarters) for full-time students. Parttime students are eligible for grants in lesser amounts. Please contact your planner for current Pell Grant ranges.

Repayment: Grants through this program do not have to be repaid.

Details: The school will receive an Institutional Student Informational Report (ISIR) from the federal financial aid processor when you indicate our school as a choice on your Free Application for Federal Student Aid (FAFSA). You will receive an information acknowledgement Student Aid Report (SAR). The ISIR establishes your eligibility for the Federal Pell Grant and authorizes the school to credit your tuition account quarterly with Federal Pell Grant payments.

How Payments are made: Your account is credited no earlier than 10 days prior to the first day of class each quarter. The credit is automatic as long as your financial paperwork is complete, you remain eligible for aid, and you officially register for classes each quarter.
 

Federal Stafford Student Loan (FSSL)
Description: Subsidized and Unsubsidized Federal Stafford Student Loans carry a variable interest rate (adjusted annually each July 1 by congressional order) that will not exceed 8.25%. Please contact your Student Financial Planner for the most current interest rates. The program is funded through banks, savings and loan associations, credit unions, and other lending institutions.

Criteria: Eligibility is based on financial need. If you are eligible you may borrow once per academic year as long as all of the required paperwork has been completed.

Definitions: The federal government pays the interest on a Subsidized Federal Stafford Loan while the student attends school, during the grace period, and during periods of deferment or forbearance. The student is responsible for the interest on an Unsubsidized Federal Stafford Loan at all times.

Amount: Dependent undergraduate students may borrow Subsidized Stafford Loans up to a maximum of $3,500 during the first grad level, $4,500 during the second grade level, and $5,500 during the third and fourth grade levels. A variable origination fee (up to 3%) is deducted from the amount borrowed. Maximum loan amounts may be reduced for loan periods less than one academic year. Dependent students whose parents cannot borrow under the FPLUS program may borrow the above plus an annual maximum of $4000 in Unsubsidized Federal Stafford Loans for the first and second grade levels and 5000 for the third and fourth grade levels. A variable origination fee (up to 3%) is deducted from the amount borrowed. Maximum loan amounts may be reduced for loan periods less than one academic year.

For example, a first-year independent undergraduate student who has qualified for and received a $2,625 (maximum first year Subsidized Loan) Subsidized Federal Stafford Loan could borrow up to an additional $4,000 (maximum first year Unsubsidized Loan) Unsubsidized Federal Stafford Loan.

Repayment for Subsidized Loans: Repayment begins six months after your last date of attendance below halftime status. While you are in school at more than half-time status and during the six-month grace period, the federal government subsidizes the interest.

Repayment for the Unsubsidized Loans: Your first payment of principal is due six months after you leave school or drop below half-time status. Interest is paid quarterly while you are attending school or can be accruing during the in-school period.

How payments are made: Federal Stafford Loans are sent directly to the school in one of two ways. Most lenders will electronically transmit the loan funds to the school. This process is called Electronic Funds Transfer (EFT). With your authorization, EFT loan funds are automatically credited to your tuition account prior to the beginning of each quarter of each loan period. Some lenders issue quarterly copayable checks directly to the school. The checks generally arrive at the beginning of each term and require the student's signature. See your Student Financial Planner for details.
 

Federal Parent Loan for Undergraduate Students (FPLUS)
Definition: These loans are made directly to qualified parents of dependent students by participating lenders. FPLUS Loans have a variable interest rate (adjusted annually each July 1 by congressional order) that shall not exceed 9%. Please contact your Student Financial Services Planner for the most current rates.

Criteria: Lenders will require a credit evaluation to determine the parent's eligibility for this loan.

Amount: A parent may be able to borrow up to the difference between the student's educational costs and other financial aid the student receives for each academic year. A variable insurance fee (up to 1%) and a variable origination fee (up to 3%) are deducted from the amount borrowed. FPLUS Loans are disbursed in multiple installments under the same procedures as Federal Stafford Loans.

Repayment: Repayment begins within 60 days after the loan is fully disbursed.

How payments are made: Most lenders will electronically transmit the loan funds to the school by a process called Electronic Funds Transfer (EFT). With the borrower's permission the loan proceeds will automatically be transferred to the student's account prior to the beginning of each term. Occasionally PLUS Loan copayable checks are mailed directly to the school prior to each quarter of each loan period. The school will forward the check to your parent(s) to endorse and return to the school so the loan proceeds can be applied to your student account prior to each term.