HousingIn order to qualify for financial aid, you must qualify in a number of different ways, including a demonstrated financial need as defined by the granting agency. Typically:
- You must be a citizen of the United States or an eligible non-citizen
- You cannot be in default on any Title IV loan or owe a refund to any grant from a Title IV program unless acceptable terms are reached with the state agency and/or lender.
- You must be enrolled at least half-time in a program which leads to a degree.
- You must maintain satisfactory academic progress in the program in accordance with the standards and practices of the institution.
- Meet Selective Service requirements.
- Have a high school diploma or recognized equivalent certification.
Federal Programs
Federal Pell Grants
The Federal Pell Grant Program provides need-based grants to low-income undergraduate and certain postbaccalaureate students to promote access to postsecondary education.
Students may use their grants at any one of approximately 5,400 participating postsecondary institutions.
Grant amounts are dependent on:
- the student's expected family contribution (EFC) (see below);
- the cost of attendance (as determined by the institution);
- the student's enrollment status (full-time or part-time);
- and whether the student attends for a full academic year or less.
Students may not receive Federal Pell Grant funds from more than one school at a time.
Financial need is determined by the U.S. Department of Education using a standard formula, established by Congress, to evaluate the financial information reported on the Free Application for Federal Student Aid (FAFSA) and to determine the family EFC. The fundamental elements in this standard formula are the student's income (and assets if the student is independent), the parents' income and assets (if the student is dependent), the family's household size, and the number of family members (excluding parents) attending postsecondary institutions.
The EFC is the sum of:
- a percentage of net income (remaining income after subtracting allowances for basic living expenses and taxes)
- a percentage of net assets (assets remaining after subtracting an asset protection allowance)
Different assessment rates and allowances are used for dependent students, independent students without dependents, and independent students with dependents.
After filing a FAFSA, the student receives a Student Aid Report (SAR), or the institution receives an Institutional Student Information Record (ISIR), which notifies the student if he or she is eligible for a Federal Pell Grant and provides the student's EFC.
Federal Stafford Student Loan Program
Stafford Loans are federal student loans made available to college and university students to supplement personal and family resources, scholarships, grants, and work-study. Nearly all students are eligible to receive Stafford loans regardless of credit. Stafford loans may be subsidized by the U.S. Government or unsubsidized depending on the student's need.
Stafford Loan Benefits
- Low fixed interest rate, as low as 5.60%
- Increased borrowing limits - borrow $2,000 more
- No payments while enrolled in school Acceptance not based on credit
|
Academic Year |
Subsidized Rates |
Unsubsidized/Graduate Rates |
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|
2009-10 |
5.60% |
6.80% |
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|
2010-11 |
4.50% |
6.80% |
||
|
2011-12 |
3.40% |
6.80% |
||
|
2012-13 |
6.80% |
6.80% |
||
|
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|
Dependent Students |
Annual Loan Limits |
|||
|
First Year |
$5,500 ($3,500 subsidized/$2,000 unsubsidized) |
|||
|
Second Year |
$6,500 ($4,500 subsidized/$2,000 unsubsidized) |
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|
Third Year and Beyond |
$7,500 ($5,500 subsidized/$2,000 unsubsidized) |
|||
|
Independent Students |
Annual Loan Limits |
|||
|
First Year |
$9,500 ($3,500 subsidized/$6,000 unsubsidized) |
|||
|
Second Year |
$10,500 ($4,500 subsidized/$6,000 unsubsidized) |
|||
|
Third Year and Beyond |
$12,500 ($5,500 subsidized/$7,000 unsubsidized) |
|||
|
Graduate or Professional |
$20,500 ($8,500 subsidized/$12,000 unsubsidized) |
|||
|
Lifetime Limits |
||||
|
Undergraduate Dependent |
$31,000 (Up to $23,000 may be subsidized) |
|||
|
Undergraduate Independent |
$57,500 |
|||
|
Graduate or Professional |
$138,500 (Up to $65,000 may be subsidized) |
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|
or $224,000 (for Health Professionals) |
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For loans first disbursed on or after July 1, 2008. |
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Federal Parent PLUS Loans
The Federal Parent PLUS Loan helps parents and guardians with good credit borrow up to the cost of education for undergraduate children.
Parent PLUS Loan funds can be used for tuition, supplies, housing, and more.
Federal parent PLUS loans help supplement your other sources of financial aid, giving you the flexibility to cover 100% of your student's college expenses even if the FAFSA process has denied your student other aid.
State Programs
Refer to your chosen institution’s information on state-based financial aid programs. For more information, read our article on Financial Aid.
Institutional Scholarship Programs
Refer to your chosen institution’s information on institutional financial aid programs.
V.A. Education Benefits
Many veterans and active duty personnel can qualify for more than one education benefits program, including the · Post-9/11 GI Bill
- Montgomery GI Bill
- Reserve Educational Assistance Program
- Post-Vietnam Era Veterans' Educational Assistance program
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