• Federal Financial Aid

    The Federal government offers programs to help pay for college:


    Pell Grant

    Supplemental Educational Opportunity Grant (SEOG)
    TEACH Grant
    College Work Study
    Perkins Loan
    Direct Stafford Loan Programs

    Direct Parent PLUS Loan

    Federal Pell Grant

    ·         Must file FAFSA (Free Application for Federal Student Aid)

    ·         Based on Need

    ·         Up to $5,500 (proposed for 2011-2012)

    ·         Award based on enrollment status, FT, PT or less than half-time


    Supplemental Educational Opportunity Grant (SEOG)

    ·         Up to $4,000 a year (depending on school)

    ·         Must file FAFSA

    ·         Based on need

    ·         Limited funds


    TEACH Grant

    Teacher Education Assistance for College and Higher Education (TEACH) Grant Program


    Maximum Award

    Up to $4,000 per year


    Eligibility Criteria

    ·        Enrolled in an eligible program, and agree to teach in a critical subject,

            in a critical geographical area, for at least four years within eight years

            of completing the program for which the TEACH Grant was awarded

    ·         Failure to teach requires repayment under terms of an Unsubsidized Direct Loan


    To Apply:

    ·         Check with the financial aid office at your institution for availability and application procedures

    ·         May not show on award letter unless you ask

    Federal College Work Study

    ·         Must file FAFSA

    ·         Based on need

    ·         Limited funds

    ·         Students work up to 20 hrs/week- earn a paycheck.

    ·         Usually on campus

    Federal Perkins Loan

    ·         Federal Loan Program

    ·         5% Interest

    ·         Subsidized – No interest accrues while in school

    ·         Administered by the college

    ·         Need-based loan

    ·         Funds are limited

    ·         Forgiveness for teaching and health-related professions

    Federal Direct Stafford Loan

    ·         Loan made to the student

    ·         Loan limits are based on grade level:  Freshman is $5500 combined between Subsidized and Unsubsidized


    Subsidized Loan

    ·         Must file FAFSA

    ·         Need-Based Loan

    ·         Interest paid by government while in school

    ·         6 month grace period prior to repayment

    ·         Interest rate: 4.66%

    ·         Fees: 1.073%


    Unsubsidized Loan

    ·         Must file FAFSA

    ·         Not need-based

    ·         Interest NOT paid but deferred while in school

    ·         6 month grace period prior to repayment

    ·         Interest rate: 4.66% 

    ·         Fees: 1.073%

    ·         Forgiveness for teachers

    ·         Five years of teaching service at a low income school anywhere in United States

    ·         $5,000 in forgiveness

    ·         Math, Science and Special Education teachers - $17,500 in forgiveness

    ·         Public Service

    ·         120 on time payments, remaining balance is forgiven


    To Apply

    Your school will provide instructions in the award letter-www.studentloans.gov

    Federal Direct Parent PLUS Loan

    ·         Loan made to parent of an undergraduate student

    ·         Approval based on creditworthiness

    ·         FAFSA normally not required (some schools may require)

    ·         Loan limits based on ability to pay, can not exceed ‘cost of attendance’

    ·         Payments begin 60 days after final disbursement of the loan OR 6 months after the student exits school

    ·         Interest rate:7.9% fixed, unsubsidized

    ·         Fees: 2.5 - 4%


    Your school will provide instructions on how to apply in the award letter