Federal PELL Grant
Federal Work-Study Program (FWS)
Federal Family Educational Loan Program (FFELP)

All Title IV financial aid funds received by the institution will be credited to the student's account (excluding Federal Work-Study) with the exception of requirements set forth in Section 682.604 of current federal regulations.

Federal PELL Grant

This grant is designed to assist needy students who desire to continue their education beyond high school. Federal PELL Grants are only awarded to undergraduate students who have not earned a bachelor's or professional degree and students who are enrolled in an eligible Post baccalaureate teacher certification program if they meet certain requirements. Each student is entitled to apply for a Federal PELL Grant. Eligibility is determined by the student's need, the cost of attendance, and the amount of money appropriated by Congress to fund the program. The amount of the grant is determined by a standard formula used by the Department of Education. The amount of the grant available to the student will depend on the Expected Family Contribution (EFC) and the cost of attendance.

For many students, the Federal PELL Grant provides a "foundation" of financial aid to which other aid may be added to defray the cost of university education. Students or prospective students may secure an application to participate in the Federal PELL Grant program from the Student Finance Office of the University or from a high school counselor. The application will be transmitted electronically through a federally approved need analysis system, which will determine the applicant's Expected Family Contribution (EFC).

Federal Work-Study Program (FWS)

The Federal Work-Study program provides part-time employment to students who need the earnings to defray the cost of their education. Students may work on or off campus for a qualified public, private or community service organization.

Application for the FWS program may be made through the Student Finance Office and eligibility is based on financial need and the availability of funds. The University will attempt to place students in jobs related to their program of study, and work schedules will be arranged according to class schedules.

The amount of the grant, and the number of students who may receive this grant, depend on the availability of funds from the U.S. Department of Education.

Federal Family Educational Loan Program (FFELP)

Federal Subsidized Stafford Loans
Federal Subsidized Stafford Loans are low interest loans that are insured by a guarantee agency and made to the student by a lender such as a bank, credit union, or savings and loan association. Federal Subsidized Stafford Loan is awarded based on financial need.
For loans first disbursed on or after July 1, 1994, a Stafford loan made to any Stafford borrower, regardless of whether the borrower has FFELP loans outstanding, will have a variable interest rate not to exceed 8.25%. This interest rate will be determined on June 1 each year.

If the student is dependent undergraduate student he/she may borrow up to:
• $2,625 if he/she is a first year enrolled in a program of study that is at least a full academic year.
• $3,500 if he/she has completed the first academic year of study, and the reminder of their program is at least a full academic year.
• $5,500 a year if he/she has completed two academic years of study, and the remainder of their program is at least one academic year.
• For periods of undergraduate study that are less than academic year, the amounts a student can borrow will be less than those previously listed. Ask the Student Finance office for specific details. Total indebtedness for a dependent undergraduate student is $23,000.
  
  If the student is an independent undergraduate or a dependent student whose parents are unable to obtain a PLUS Loan he/she may borrow up to:
• $6,525 if he/she is a first year student enrolled in a program of study that is at least a full academic year.
• $7,500 if he/she has completed the first academic year of study, and the reminder of the program is at least a full academic year.
• $10,500 a year if he/she has completed two academic years of study, and the remainder of the program is at least one academic year. (at least $5,000 of this amount must in unsubsidized loans.)
• For periods of undergraduate study that are less than an academic year, the amounts a student can borrow will be less than those previously listed. Ask the Student Finance Office for specific details. Total indebtedness for an independent undergraduate student is $46,000. (No more than $23,000 of this amount may be in subsidized loans.)

There is an origination fee that may not exceed 3% and an insurance premium that may not exceed 1% deducted from each disbursement. This must be repaid.
Graduate students may borrow up to $18,500 per academic year ($10,000 of this amount must be unsubsidized loans.) Total indebtedness for a graduate/professional student is $138,500 (no more than $65,000 of this amount may be subsidized loans.)
The Federal Stafford Loans are deferred while the student is enrolled in the University and for a period of six months beyond the student's last day of attendance. During this period the interest is paid by the federal government as long as the student remains in the University on at least a half-time status. Deferments after the student drops below half time status are not automatic, and the student must contact the lender concerning the loan. Applications can be obtained from the lender.

Unsubsidized Federal Stafford Loans
The terms of an Unsubsidized Stafford Loan are the same as those for a Subsidized Stafford Loan with the following exceptions:

• The Government does not pay interest on the student's behalf on an Unsubsidized Stafford Loan. All interest that accrues on the loan during enrollment and the grace period is required to be paid by the student. The student has two options of repayment of the accrued interest: make monthly or quarterly payments to the lender or; the student and the lender may agree to capitalization of the accrued interest.
• The student will be charged an origination fee/insurance premium on the amount of the Unsubsidized Stafford Loan not to exceed 4.0%. The fee will be deducted proportionately from each disbursement and paid to the federal government.

Federal Plus Loans
The Federal PLUS loan is available to parents of dependent students to help pay for the educational expenses of the student. PLUS loans are not based on need, but when combined with other resources, cannot exceed the student cost of education.