Federal Financial Aid Programs

The Federal Pell Grant Program provides grants to eligible full-time and part-time undergraduate students. Maximum grants for the 2010–2011 academic year are $5,550. A student can apply for a Pell Grant by completing the Free Application for Federal Student Aid (FAFSA).

The Federal Supplemental Educational Opportunity Grant Program (FSEOG) provides financial assistance to undergraduate students who are enrolled at least half-time and demonstrate exceptional financial need. Priority is given to Pell Grant recipients. Grants from this program range in value from $200 to $1,500 a year. The FAFSA is the application for this college-administered program.

The Academic Competitiveness Grant (ACG) is available to undergraduate Pell recipients enrolled at least half-time in their first or second academic year of study. First-year students who have completed a rigorous secondary school program, graduated from high school after January 1, 2005, and have not been previously enrolled in an undergraduate program are eligible for up to $750 per year. Second-year students who have completed a rigorous secondary school program, graduated from high school after January 1, 2005, and have at least a 3.00 cumulative GPA at the completion of their first year of postsecondary study are eligible for up to $1,300 per year.

The National Science and Mathematics Access to Retain Talent Grant (National SMART Grant) is available to Pell recipients who are enrolled half-time in their third or fourth academic year of study in an eligible degree program of physical life, computer science, engineering, technology, mathematics, or a critical-need foreign language and have at least a 3.00 cumulative GPA are eligible for up to $4,000 per year.

The Federal Perkins Loan Program is available to students enrolled on at least a half-time basis with demonstrated exceptional financial need. A student may borrow up to $5,500 for each year of undergraduate study. Repayment normally begins nine months after the student graduates, leaves the school, or drops below half-time status, at a minimum monthly payment of $40. During the repayment period, 5% interest is charged. Students must file the FAFSA to apply for this University-administered program.

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 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, leave school, or drop 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.

The Federal Work-Study Program (FWS) provides on- and off-campus employment for students with financial need. Undergraduate students enrolled at least half-time basis (six credit hours) may be employed under the program. In general, the salary received will be based on the current minimum wage. Students must file the FAFSA and a Stevenson work student application to apply.

More detailed information about the federal student aid programs is available at Student Aid on the Web, at <www.stevenson.edu/finaid>.


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