Below is a brief description of typical financial aid items including the FASFA, federal loans and grants available for students. Please note that your institution may have additional forms, guidelines and restrictions for applying for grants, loans and work-study. Consult with your Office of Financial Aid to determine eligibility and institution specific deadline dates.
Free Application for Federal Student Aid (FASFA)
The Free Application for Federal Student Aid (FAFSA) is the application
used by the federal government to determine your eligibility for federal
aid. The FASFA is the application for grants, some scholarships, work-study,
and loans. We recommend that you apply for financial aid as soon as possible
after January 1, 2007 for the 2007-2008 academic year. School financial
aid offices begin to award funds who have applied early and have the greatest
need beginning in early to mid March. The amount of financial aid you
are offered could depend, in part, on the date you completed your financial
aid file. Early applicants have a better chance of being offered more
financial aid.
Step 1
You will need a PIN to electronically sign your FAFSA. If you are a dependent
student, your parents will also need to apply for a PIN so they can electronically
sign your FAFSA.
Step 2
Completing the online FAFSA is the fastest and easiest way to apply for
financial aid. If you do not wish to complete an electronic FAFSA, you
may submit a paper FAFSA to the federal processor. Paper applications
are available in our office. Whether you do your FAFSA online or do a
paper FAFSA, applying EARLY is important.
Loans
Federal Stafford Loans
Federal Stafford Loans are for undergraduate students made through the
Federal Family Education Loan Program (FFELP). These loans are borrowed
and will be repaid by the student. Students must be enrolled in a degree
seeking program, have completed the Free Application for Federal Student
Aid (FAFSA) for the appropriate aid year, be making Satisfactory Academic
Progress, and be enrolled in at least six credit hours to be eligible
for a Federal Stafford Loan (further eligibility requirements will be
determined by your institution's Office of Financial Aid upon receipt
of your FAFSA). There are federal regulations limiting the amount of loan
funds a student may borrow. For
more information, click here >>
Federal Parent PLUS Loan
The Federal PLUS Loan is available to creditworthy parents (birth parent,
stepparent or an adoptive parent) of dependent undergraduate students.
Institutions offer PLUS Loans through the Federal Family Education Loans
Program (FFELP). Parents may borrow up to the Cost of Attendance for a
student's education, less the amount of any other financial aid received.
For
more information, click here >>
Federal Perkins Loans
Federal Perkins Loans are long-term federal loans based on each student's
need and eligibility. A Free Application for Federal Student Aid (FAFSA)
is required. Amounts of Federal Perkins Loan awards can range from $500
to $4,000 depending on the institution's funding and guidelines. For
more information, click here >>
Alternative Loans
Alternative Loans, also known as Private Loans, help a student cover the
difference between the cost of attendance and financial aid. Alternative
Loans are credit based and can be borrowed in addition to Federal Stafford
and PLUS Loans. Alternative Loans are offered by private lenders who require
the completion of their loan applications. A Free Application for Federal
Student Aid (FAFSA) is not required, but there are other eligibility requirements
that must be met in order to apply for a private alternative loan. For
more information, click here >>
Grants
Federal Pell Grants
Federal Pell Grants are federal funds that may be awarded to undergraduate students who have not received a Bachelor's degree and who are U.S. citizens or eligible non-citizens. The amount of the award is determined by the federal government and is based on each student's eligibility and the number of hours for which a student is enrolled. The Federal Pell Grant award ranges from $400 to $4,500 per academic year. For more information, click here >>
National Science and Mathematics Access to
Retain Talent Grant (SMART Grant)
The National Science and Mathematics Access to Retain Talent Grant, also
known as the National SMART Grant is available during the third and fourth
years of undergraduate study to full-time students who are eligible for
the Federal Pell Grant and who are majoring in physical, life, or computer
sciences, mathematics, technology, or engineering or in a foreign language
determined critical to national security. The student must also have maintained
a cumulative grade point average (GPA) of at least 3.0 in course work
required for the major. The National SMART Grant award is in addition
to the student's Pell Grant award. For
more information,
click here >>
Academic Competitiveness Grant (ACG)
Academic Competitiveness Grant (ACG) is a new student grant program signed into law on February 8, 2006 as part of the "Higher Education Reconciliation Act of 2005 (HERA)." The ACG Grant program will be awarded to first- and second-year college students who have successfully completed a rigorous secondary school program. First year students must have graduated after January 1, 2006. Second year students must have graduated after January 1, 2005. Students must also meet the following criteria to be eligible for the ACG. For more information, click here >>
