Federal Financial Aid Programs

The Federal Pell Grant Program provides grants to eligible full-time and part-time undergraduate students. Maximum grants for the 2012–2013 academic year are $5,550. A student can apply for a Pell Grant by completing the Free Application for Federal Student Aid (FAFSA). A student's eligibility for a Federal Pell Grant is limited to 12 semesters total (or its equivalent).

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 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

(all unsubsidized)

 

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 and during certain 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.

The Federal Work-Study Program (FWS) provides on- and off-campus employment for students with financial need. Undergraduate students enrolled at least half-time (six credit hours) may be employed under the program. In general, the salary received will be based on job responsibilities but no less than the current minimum wage. Students must file the FAFSA and have federal financial need.

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


2012-2013 Stevenson University

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