Overview of Major Financial Aid Programs

• When students apply for financial aid, they are considered for the following aid programs. Students are not considered for the Federal PLUS Loan, Grad PLUS Loan, or private/alternative loans when they apply for aid; separate applications are necessary to apply for these funds.

Grants:

Description

Federal Pell Grant

Information from the Department of Education

• Federally funded.

• Gift aid.

• Need-based
• Undergraduate, first bachelor's degree.

• Must be enrolled at least half time; less than half-time enrollment allowed in certain circumstances.

Academic Competitiveness Grant (ACG)

Information from the Department of Education

• Federally funded.
• Gift aid

• U.S. citizens only.
• Need-based.
• Awarded only to Federal Pell Grant eligible applicants.
• Entering freshmen who have completed a "rigorous secondary school program," as designated by the state in which the student resided when completing the program.
• Sophomores with a cumulative GPA during freshmen year.

• $750 for freshmen.
• $1,300 for sophomores.
• Must be enrolled full-time.
• The amount of ACG, in combination with Federal Pell Grant and other financial aid cannot exceed demonstrated financial need.

Information from the Department of Education

• Federally funded.
• Gift aid.

• U.S. citizens only.
• Need-based.
• Awarded only to Federal Pell Grant eligible applicants.
• Juniors and Seniors.
• Major in physical, life or computer science; engineering; mathematics; technology; or a critical foreign language.
• 3.0 GPA in coursework required for major.

• $4,000 each year.
• Must be enrolled full-time.
• The amount of SMART grant in combination with Federal Pell Grant and other financial aid cannot exceed demonstrated financial need.

Information from the Department of Education

• Federally funded.
• Gift aid.

• Awarded only to Federal Pell Grant eligible applicants.
• Need-based.
• Dependent students with Expected Family Contribution of $0 or independent single parents with Expected Family Contribution of $200 or less.
• Undergraduate, first bachelor's degree.

• Must be enrolled at least half time.

Information from the Department of Education

• Federally funded, supplemented by university funds.
• 5% fixed interest rate.

• Need-based: Eligibility based on student's Expected Family Contribution (EFC); allowable EFC is determined by federal funding levels. Not available if student has a bachelor's degree and is pursuing subsequent bachelor's degrees.
• Enrolled at least half-time in a degree program.

• Repayment is deferred and there is no interest while enrolled at least half-time.
• Six or nine month grace period before repayment begins.
• Minimum monthly payment $40.00.
• Special deferment and cancellation provisions for volunteer service (Peace Corps. Armed Services, etc.); see the Repaying Your Student Loans and the Dept. of Education website (information specifically for teachers).

Information from the Department of Education

• Low interest loans made by private lenders selected by the student.
• 6.8 % fixed interest rate.

• Need-based: Eligibility based on student's Expected Family Contribution (EFC); allowable EFC is determined by federal funding levels.
• Enrolled at least half-time in a degree program.

• Do not accrue interest while the borrower is enrolled on at least a half-time.
• First time borrowers must complete a Master Promissory Note and an Entrance Counseling session before receiving loan proceeds.
• Shortly before graduation or upon cessation of enrollment on at least a half-time basis, borrowers must complete and Exit Counseling session.

Information from the Department of Education

• Low interest loans made by private lenders selected by the student.
• 6.8 % fixed interest rate.

• Unsubsidized loans are not based on financial need.
• Enrolled at least half-time in a degree program.

• Do accrue interest while the borrower is enrolled on at least a half-time. Borrower may choose to repay the interest as it accrues while enrolled, or defer the interest to be repaid with the principal balance.
• First time borrowers must complete a Master Promissory Note and an Entrance Counseling session before receiving loan proceeds.
• Shortly before graduation or upon cessation of enrollment on at least a half-time basis, borrowers must complete and Exit Counseling session.

Information from the Department of Education

• Low interest loan made to the parents of undergraduate dependent students by private lenders.
• 8.5% fixed interest rate.

• Available to creditworthy parents regardless of financial need. A credit check will be performed by the selected lender.

• Amount borrowed may be up to the cost of education as determined by the school, less any other financial aid and resources.
• Repayment begins 60 days after loan is disbursed.
• Students whose parents' credit is denied for a PLUS loan may be eligible for additional unsubsidized Stafford Loans.

Information from the Department of Education

• Low interest federal loan alternative to private loans for Graduate or Professional students.
• 8.5% fixed interest rate.

• Available to creditworthy students regardless of financial need. A credit check will be performed by the selected lender.

• Amount borrowed may be up to the cost of education as determined by the school, less any other financial aid and resources.
• Repayment begins 60 days after loan is disbursed, however, lenders may defer repayment to be made after graduation or cessation of enrollment on at least a half-time basis. Borrowers should verify repayment terms with their selected lender.

• Awards are earned by working for eligible employers on and off campus.
• Can use awards in community service.

• Need-based
• Enrolled at least half-time in a degree program.
• Must meet the financial aid priority application deadline.
• Award amounts vary, based on available funding.

• To receive the aid awarded, students work for eligible employers and earn wages up to the amount awarded.
• Work-Study wages do Not appear on your university fee bill; students receive bi-weekly paychecks for work performed.