Federal Assistance Programs

Filing the Free Application for Federal Student Aid (FAFSA) determines your eligibility for the following types of assistance:

Federal Pell Grant

• Money that does not have to be paid back to the federal government
• Determined by an Expected Family Contribution (EFC), an analysis conducted on information provided on the FAFSA
• Pell Grants must be awarded in two equal amounts. The amount per semester students may be eligible for are as follows (all reference to number of credits refer to total number of credits for the semester, including Semester, Block, Modular, and Fusion classes):
  • Full-time (12+ credits) = 100% of Pell for term
  • 3/4-time (7 to 9 credits) = 75% of Pell for term
  • 1/2-time (6 to 8 credits) = 50% of Pell for term
  • 1/4-time (1-5 credits) = 25% (Not all eligible for 1/4-time payment)

Federal Supplemental Educational Opportunity Grant (FSEOG)

• Money that does not have to be paid back to the federal government
• Awarded on a first come, first serve basis
• Awarded to Pell Grant eligible students

Federal Stafford Student Loan Program

A Stafford Student Loan is money authorized by the Federal Government to help pay for your college costs. These funds must be paid back to your lender upon your withdrawal from school or graduation.

The interest of The Federal Stafford Loan can be subsidized or unsubsidized, which is determined by an analysis conducted on the Free Application for Federal Student Aid (FAFSA).

• Subsidized loans do not accrue interest while you are in school
• Unsubsidized loans accrue a low interest as soon as it is applied to your tuition

Students are limited to the amount they can borrow

2012 - 2013	Dependent	Independent
Sophomore	$6,500 per year	$10,500 per year	No more than $4,500 may be subsidized
Junior/Senior	$7,500 per year	$12,500 per year	No more than $5,500 may be subsidized
Max total lifetime limits	$31,000 maximum	$57,500 maximum	No more than $23,000 may be subsidized

2012 - 2013	Independent
Graduate/Professional	$20,500 per year
Max total lifetime limits	$138,500 per year

Repayment of a Stafford loan does not occur as long as the student is enrolled half-time or until six months after last date of attendance. However, it can be paid back at anytime without penalty.

Repayment of the loan will be completed in a ten year time frame.

Federal Parent Loan Program (FPLUS)

The Federal Parent Loan Program (FPLUS) are funds the government has made available to parents to help with their student’s education costs.

• interest rates for the FPLUS are still low, but they are higher than the Federal Stafford Loan
• Parents can borrow enough to supplement their student’s cost of attendance
• Repayment on the FPLUS begins three months after the funds are disbursed to the student’s account
• Completion of the Free Application for Federal Student Aid (FAFSA) is not required, but encouraged
• Applying for the FPLUS requires parents to have a credit application approved with a lending institution. Most applications can be completed online. The lending institution will then supply the school with a certification form to finish the application process

Students whose parents are denied the FPLUS, for credit reasons, are eligible for the additional loan limits independent students are typically allowed.