FAFSA - Federal Aid Programs


The most important step in applying for federal financial aid is to complete the Free Application for Federal Student Aid (FAFSA) form. This form is the most important form you will fill out and is required for federal grants, loans and work-study programs. Even if you think you do not qualify for federal aid, you should submit a FAFSA form every year because your eligibility can change from year to year.


Pell Grants do not have to be repaid by the students and are the largest source of need-based financial aid. These grants are designed for undergraduate students who have not yet earned a bachelor's degree.


Federal Supplemental Educational Opportunity Grant (FSGEOG) is also funded by the Federal government and awarded by the Financial Aid Office. It is reserved for undergraduates with exceptional need and is generally offered to students with the lowest family contributions, who are also Federal Pell Grant recipients.


Federal Perkins Loan is a deferred interest loan administered by the Financial Aid Office that must be repaid by the students. This loan is one of the most advantageous of all loans. Interest rates are only 5% and there are no origination fees. Payments do not begin until nine months after the student graduates, leaves school, or drops below half-time enrollment.


Subsidized Federal Direct Loan is a deferred interest loan funded by the Federal government and offered to eligible applicants by the Financial Aid Office. Interest is paid by the Federal government while the student is in school. Repayment of interest and principal begins six months after the student graduates, leaves school or drops below half-time enrollment.


Unsubsidized Federal Direct Loan is awarded to students who do not demonstrate need. Terms and conditions are identical to those of the subsidized program except that interest begins to accrue immediately and it is the student borrower's responsibility to pay interest while in school.


Federal Work-Study is a federally funded, university-administered program that provides opportunities for eligible students to earn some of the funds needed to meet educational expenses. Jobs are available both on-campus and with qualified off-campus employers. The funds that support the program are limited, and they will be offered first to aid applicants who file a timely application (February 15th for new applicants, March 2nd for continuing students for the following academic year) and demonstrate the greatest need.