Types of Federal Student Aid Available

Federal Grant Programs

Pell Grant – Undergraduate Students Only

A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell grants are awarded to students who demonstrate financial need and who have not yet earned a bachelors or professional degree. The maximum award for the 2008-2009 award year (July 1, 2008 to June 30, 2009) is $4,731. The maximum can change each award year and depends on program funding.
The Pell grant amount awarded will depend on:

Estimated Family Contribution (EFC)
Cost of Attendance
Enrollment Status

Federal Loan Programs

Federal Family Education Loans
The U.S. Department of Education administers the Federal Family Education Loan (FFEL) program which generally consists of Stafford loans (for students) and Parent Loan for Undergraduate Students (PLUS) loans (for parents).

Federal Stafford Loans
Stafford loans are Federal Student Loans made directly available to college and university students and are used to supplement personal and family resources, scholarships and grants. They may be subsidized by the U.S. Government or may be unsubsidized depending on the student's financial need.

Subsidized Stafford Loans

Based on need
Interest paid by the federal government while you are in school
Must be enrolled at least half-time

Unsubsidized Stafford Loans

Non-need based
Available to independent students only (with the exception of dependent students whose parents have been denied a PLUS Loan)
Interest is paid by the student; may be paid during school, or deferred until after
Must be enrolled at least half-time

Starting July 1st, 2008 the Subsidized Stafford Loan interest rate is fixed at 6 percent for all loans disbursed after that date. The Unsubsidized Stafford Loan interest rate is fixed at 6.8 percent. The Federal Stafford Loan programs carry both annual and cumulative limits. Your Student Aid Report (SAR) lists your cumulative loans, but it is important to keep records of all of your loan transactions. You can also review your loan history online at: www.nslds.ed.gov.

Annual Stafford Loan Limits – Effective July 1, 2008

Year/Classification	Base Amount	Additional Unsubsidized Loan Amount	Total
Dependent Students
Freshman	$3,500	$2,000	$5,500
Sophomore	$4,500	$2,000	$6,500
Junior or senior	$5,500	$2,000	$7,500
Independent Students
Freshman	$3,500	$6,000	$9,500
Sophomore	$4,500	$6,000	$10,500
Junior or senior	$5,500	$7,000	$12,500
Graduate Students	$8,500	$12,000	$20,500
Professional Students	$8,500	$32,000	$40,500

Note: It is important to note that even if a student is financing their education on their own, dependency status is still determined by the school.

Parent Loan for Undergraduate Students – Undergraduate Students Only

Federal PLUS loans enable parents with good credit histories to borrow money to pay the educational expenses of their children. Each child must be a dependent undergraduate student enrolled at least half time in an approved college or university. The primary benefit of PLUS Loans is that it allows parents to borrow federally guaranteed low interest loans to help pay for their child's education. The loans are not based on need, but when combined with other resources cannot exceed the student's cost of education. The interest rate on the PLUS Loan is fixed at 8.5 percent as of July 1, 2006 and deferments apply only to the loan principal, not interest.

Graduate PLUS Loans – Graduate Students Only

Graduate and professional degree students are now eligible to borrow under the PLUS loan program. A graduate PLUS loan is a non-need credit based loan similar to a private student loan, but with the benefit of having a fixed interest rate and federal guarantee. The graduate PLUS loan allows graduate students to borrow up to their total cost of attendance minus any other aid. This is a credit based loan and currently has a fixed interest rate of 8.5 percent.

Financial Aid Forms

Federal Aid Student Intent Form

Financial Aid