Federal Academic Competitiveness Grant (ACG)

The Academic Competitive Grant is available to students who are receiving a Pell Grant, are fulltime in their first or second year of college in a degree program, graduated from high school in 2005 or later, and took a program of study in high school that was considered to be rigorous. Each eligible student may receive two years of ACG. The award is up to $750 the first year and up to $1,300 the second year. To receive a second year grant, the student must have a 3.0 GPA at the end of the first year.

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. 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.

National Science and Mathematics Access to Retain Talent (SMART) Grants

SMART Grants are available to eligible students in the third and fourth years of certain bachelor’s degree programs. Students must be receiving a Pell Grant, be a U.S. citizen, and have a 3.0 GPA. If transferring from another school, the student must have a 3.0 in classes for which credits are being transferred. The admissions office can provide the student with a list of eligible programs. Awards are up to $4,000 per year.

Federal Loans These are loans and must be repaid. Repayment requirements vary by program.

Federal Stafford Student Loan Program

Students registered at least half-time are eligible to borrow funds directly from the government to help 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 currently carry an interest rate of 6.8%.

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 current interest rate of 8.5%. 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 60 days after the final loan disbursement for the academic year.

Federal Perkins Loan Program

Federal Perkins Loans offer a low 5% 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 coursework is reduced to less than a half-time basis.