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Federal Pell Grant. This grant program is designed to assist needy students who desire to continue their education beyond high school. Every student is entitled to apply for a Federal Pell Grant. Eligibility is determined by the student's need, the cost of attendance, and the amount of money appropriated by Congress to fund the program. The amount of the grant is determined by a standard formula used by the U.S. Department of Education. The maximum award for the 2009-2010 academic year is $5,350.
Vocational & Educational Services for Individuals with Disabilities (VESID) (formerly OVR). Students with disabilities seeking vocational training are encouraged to contact their nearest VESID office for information and official forms and procedures.
Federal Student Loans (FFEL & Direct Loans)
SUBSIDIZED LOANS: Federal Subsidized Loans are need-based full amount or prorated loans made available to students by the Department of Education. The maximum amount students can borrow each year is based on their enrollment levels in school. For example, a student can borrow up to $3,500 as a freshman and $4,500 as a sophomore. The Subsidized Stafford aggregate loan limit for students enrolled in undergraduate programs of student is $23,000. Subsidized Stafford Loans current interest rate is a fixed rate of 5.6%. All students must complete a Master Promissory Note (MPN). Repayment begins six months after students either: graduate, cease enrollment, or drop below half-time enrollment status.
UNSUBSIDIZED LOANS: Federal Unsubsidized Loans are not based on demonstrated need. Independent undergraduate students and undergraduate dependent students whose parents are not eligible for a PLUS Loan can borrow up to $6,000 each year. All undergraduate dependent students can borrow up to $2,000 each year. The interest rate is a fixed rate at 6.8%. Interest accrues and can be compounded on this type of loan. Repayment begins at disbursement unless you tell your lender to capitalize your loan. Undergraduate independent students can receive a combination of unsubsidized and subsidized Stafford Loans, but not to exceed an aggregate amount of $57,500. Undergraduate dependent students can receive a combination of unsubsidized and subsidized Stafford Loans, but not to exceed an aggregate amount of $31,000.
PARENT LOANS FOR UNDERGRADUATE STUDENTS (PLUS): PLUS Loans are fixed rate loans made available to the parents of dependent undergraduate students to assist with educational expenses. The maximum amount that parents can borrow is equal to the College’s Cost of Attendance minus other aid the student receives. These loans require a credit check and the parents must complete a Master promissory Note (MPN). Repayment of both principal and interest may begin 60 days after the final loan disbursement is made, or the parent may choose to defer loan payments until six months after the date the student ceases to be enrolled at least half-time. This loan has a fixed interest rate of 7.9% for Direct Loans or 8.5% for FFEL Loans.
