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Available FSA Programs

• Federal Grant Programs
• Federal Loan Programs

Federal Grant Programs

Pell Grant Program – Undergraduates Only

Federal Pell Grants are grants that do not have to be repaid. Pell grants are only awarded to undergraduate students who have not earned a bachelor's or professional degree.

The Pell Grant Program provides grants to undergraduate students who have:

• Demonstrated financial need
• Have not received a Bachelor’s or other Professional Degree
• Meet the other requirements for Federal Student Assistance

The Department of Education uses an EFC (Expected Family Contribution) formula to determine student eligibility and funding amounts.  The maximum Federal Pell Grant for the 2008-2009 award year is $4,731.

The amount of Pell Grant will depend on:

• EFC (Expected Family Contribution)
• Cost of attendance at the university
• Enrollment status (full-time, three-quarter time, half-time, or less-than- half-time).

Academic Competitiveness Grant – 1^st and 2^nd Year Undergraduates Only

The Academic Competitiveness Grant is a grant that does not need to be repaid. An eligible student may receive an Academic Competitiveness Grant (ACG) of $750 for the first academic year of study and $1,300 for the second academic year.  To be eligible for each academic year, a student must:

• Be a U.S. citizen or an eligible non-citizen beginning on July 1, 2008
• Be a Federal Pell Grant recipient
• Have completed a rigorous secondary school program of study (after January 1, 2006, if a first-year student, and after January 1, 2005, if a second-year student)”
• Be enrolled full-time or at least half-time in a degree program
• Be enrolled in the first or second academic year of his/her program of study at a two- or four- year degree-granting institution
• First year students may not have been previously enrolled in an undergraduate program
• Second year students must have at least a cumulative 3.0 grade point average on a 4.0 scale for the first academic year
• The program was available for the first time for the 2006-07 school year for first year students who graduated from high school after January 1, 2006 and for second year students who graduated from high school after January 1, 2005

The U.S. Department of Education will notify students who may be eligible for an ACG based on the information provided on the student’s 2007 – 2008 FAFSA.  The student must then go to a website and self-identify their eligibility with the program completed.  Our university will verify this information and students who meet all of the criteria may be eligible to receive this grant.  The Department will notify the school whether the student meets the criteria.

National Science and Mathematics Access to Retain Talent (SMART) Grant – 3^rd & 4^th Year Undergraduates Only

The National SMART Grant is a grant that does not need to be repaid. To be eligible for each academic year, a student must:

• Be a U.S. citizen or an eligible non-citizen beginning on July 1, 2008
• Be a Federal Pell Grant recipient
• Be enrolled full-time or at least half-time in a degree program
• Be enrolled in a four-year degree-granting institution
• Major in physical, life or computer science, engineering, mathematics, technology or a critical foreign language; and
• Have at least a cumulative 3.0 grade point average on a 4.0 scale in the coursework required for the student’s major.

Students identified by the institution that meet all of the eligibility requirements will be submitted to the U.S. Department of Education for payment.  An eligible student may receive a National SMART Grant of $4000 for each of the third and fourth academic years of study.  A list of eligible programs is listed here.

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Federal Loan Programs

Federal Family Education Loans (FFEL)

There are several loans available as part of the Federal Family Education Loan (FFEL) program. These low interest loans must be repaid with interest. Repayment of loans is deferred until six months after graduation or you have left school.

Federal Stafford Loan Programs – For Undergraduates and Graduates

Stafford Loans are provided by our universities through the Federal Family Education Loan Program.  When you use a Stafford Loan, you are borrowing from a lender or bank.  The following types of loans are available in the Federal Family Education Loan program:

• Subsidized Stafford Loans are awarded to students who demonstrate financial need.  They 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.  The interest is subsidized by the U.S. Department of Education while the student is enrolled in college at least half-time as well as during grace and deferment periods. A Master Promissory Note (MPN) will be required for this loan.
• Unsubsidized Stafford Loans are awarded to students regardless of financial need.  The student is responsible for paying the interest that accrues. These loans are available to eligible students, regardless of family income, who do not qualify (in whole or in part) for Subsidized Stafford Loans. Independent undergraduate students and dependent students whose parents are not eligible for a PLUS loan, have higher unsubsidized loan limits compared to the amounts a dependent student’s parent(s) can borrow under PLUS.  A Master Promissory Note (MPN) will be required for this loan.

Students can receive a subsidized loan and an unsubsidized loan for the same enrollment period as long as they do not exceed the annual loan limits.

New as of July 1, 2008---Effective for loans first disbursed on or after July 1, 2008 and for students enrolled as regular students in eligible programs, students have an increase in the annual and aggregate Stafford Loan limits. 

Annual Loan Limits

Aggregate Loan Limits

Undergraduate Dependent Students: $31,000 (no more than $23,000 of which can be subsidized);
Undergraduate Independent Students: $57,500 (no more than $23,000 of which can be subsidized)
Graduate and Professional Students: currently $138,500 (no more than $65,500 of which can be subsidized)

Federal PLUS Loans are available to parents of dependent students.  The loans help pay for the educational expenses of the student and allow parents to borrow on behalf of their dependent undergraduate students who are enrolled at least half-time.  The loans are not based on need, but when combined with other resources cannot exceed the student's cost of education. Applicants may not have an adverse credit history.  Interest is charged on a PLUS Loan from the date of the first disbursement until the loan is paid in full.

Parents may borrow up to the cost of attendance minus other aid per eligible dependent student. The interest rate for the Federal PLUS loan is 8.5% if disbursed on or after July 1, 2006.  There is no grace period for a PLUS loan and repayment normally begins 60 days after the final loan disbursement. If a deferment is requested, the student’s parents will not begin repaying any principal until the end of the deferment period. Deferments apply only to the loan principal, not interest.  Borrowers can not have an adverse credit history and must apply for a Federal Stafford initially and have their maximum eligibility determined for the Stafford prior to determining the amount of the Graduate PLUS loan.  The interest rate on the Graduate PLUS loan is a fixed rate of 8.5%.  A Master Promissory Note (MPN) will be required for this loan.

Graduate PLUS – Graduate Students Only

Graduate PLUS Loans are loans that are specifically for graduate or professional students.  Graduate students are now eligible to borrow under the Federal PLUS loan.  Those students may borrow up to their cost of attendance minus other estimated financial assistance.  A Master Promissory Note (MPN) will be required for this loan.

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