Federal Financial Aid Programs

A brief list of progams available from the federal government is as follows:

The Federal Pell Grant Program provides grants to eligible full-time and part-time undergraduate students. The maximum grant for the 2009–2010 academic year is $5,350. A student can apply for a Pell Grant by completing the Free Application for Federal Student Aid (FAFSA).

The Federal Direct Student Loan Program allows eligible students to borrow low-interest subsidized and unsubsidized loans to help finance their educational expenses. The lender is the U.S. Department of Education. All borrowers must enroll at least half-time and complete the Free Application for Federal Student Aid (FAFSA). New direct loan borrowers must also complete online Entrance Counseling and a Master Promissory Note (MPN).

The maximum amount a student can borrow each year depends on the class level and on whether or not a student is classified as a dependent or independent student.

 

Dependent Student

Independent Student

 

1st -year undergraduate

 

$5,500

(maximum $3,500 subsidized)

 

$9,500

(maximum $3,500 subsidized)

 

 

2nd- year undergraduate

 

 

$6,500

(maximum $4,500 subsidized)

 

 

$10,500

(maximum $4,500 subsidized)

 

3rd- and 4th- year undergraduate

 

$7,500

(maximum $5,500 subsidized)

 

$12,500

(maximum $5,500 subsidized)

 

 

Graduate

 

 

NA

 

$20,500

(maximum $8,500 subsidized)

 

Direct subsidized Stafford loans are for students with demonstrated need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.

Direct unsubsidized Stafford loans are not based on financial need; interest is charged during all periods.

Repayment begins six months after a student graduates, leaves school, or drops below half-time enrollment. Students will receive repayment information and will be notified of the first payment due date during this six-month grace period.

More detailed information about the federal student aid programs is available at Student Aid on the Web, at <www.studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp>.