Federal Student Aid Grants
Federal Pell Grants:
A federal Pell grant, unlike a loan, does not have to be repaid. Pell grants are awarded only to undergraduate students who have not earned a bachelor’s or professional degree. Pell grants are awarded to students who are eligible based on the results of the FAFSA and their Expected Family Contribution (EFC). The amount awarded will depend on their enrollment status as a full-time or part-time student. Effective with the 2012-2013 award year, the duration of a student’s eligibility to receive a federal Pell grant is 12 full-time semesters. The calculation of duration will include all years that the student previously received the federal Pell grant funding.
Supplemental Educational Opportunity Grant:
The federal Supplemental Educational Opportunity Grant (SEOG) program is for undergraduates with exceptional financial need. Pell Grant recipients with the lowest EFC will be considered first for an SEOG. Just like the federal Pell Grant, the SEOG does not have to be repaid. Funds for this program are limited.
Federal Loans
Federal Direct Subsidized Loan:
The Federal Direct Subsidized Loan is awarded on the basis of a student’s financial need, classification status, number of hours enrolled, and other specific eligibility requirements. The federal government does not charge interest on these loans while borrowers are enrolled in school at least half-time, during a six-month grace period, or during authorized periods of deferment. Payments are not required while borrowers are enrolled in school at least half-time, during a six-month grace period, or during authorized periods of deferment. Students apply for this loan through the FAFSA. This loan is subject to an origination fee that is set by the U.S. Department of Education.
Federal Direct Unsubsidized Loan:
The Federal Direct Unsubsidized Loan is not based on a student’s financial need, classification status, and number of hours enrolled but students must also meet specific eligibility requirements. Interest is charged throughout the life of the loan. The borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized (added to the loan principal). Payments are not required while borrowers are enrolled in school at least half-time, during a six-month grace period, or during authorized periods of deferment. Students apply for this loan through the FAFSA. This loan is subject to an origination fee that is set by the U.S. Department of Education.
Federal Direct Parent PLUS Loan:
The Federal Direct Parent PLUS Loan for an undergraduate student is not based on financial need and is limited to a parent borrower for a dependent student. A parent is currently defined as a person’s natural or adoptive mother or father, step-parent, or legal guardian. The annual limit is equal to the student’s cost of attendance, as defined by Wiley, minus any other financial aid the student is receiving. Parents are required to pass a credit check and meet eligibility requirements. Students apply for this loan through the FAFSA, as well as through an additional application. This loan is subject to an origination fee that is set by the U.S. Department of Education.
Parent Plus Application: The Federal Direct Parent PLUS Loan for an undergraduate student is not based on financial need and is limited to a parent borrower for a dependent student. A parent is currently defined as a person’s natural or adoptive mother or father, step-parent, or legal guardian. The annual limit is equal to the student’s cost of attendance, as defined by Wiley, minus any other financial aid the student is receiving. Parents are required to pass a credit check and meet eligibility requirements. Students apply for this loan through the FAFSA, as well as through an additional application. This loan is subject to an origination fee that is set by the U.S. Department of Education.
