Pell Grant - Based on need and does not have to be repaid. Maximum grant for the 2010-2011 award year is $5,550. Students enrolling in a full-time program of at least 600 hours may apply for the Federal Pell Grant. Yearly award amounts can range from $555 to $5550 depending on need (as determined by the FAFSA) and the length of academic program.

Direct Subsidized Stafford Loan – Based on need and repayment normally begins six months after you leave school. No interest is charged while the student is in school at least half-time, and during grace and deferment periods. Maximum amount is $3,500 (1st year) for both independent and dependent students.

Direct Unsubsidized Stafford Loan – Not need based and repayment normally begins six months after you leave school. Borrower is responsible for interest during the life of the loan.  Maximum amount for students in a 900 or greater hour progra is $$6,000 for independent students , and $2,000 for dependent students.

Direct Plus Loan – For parents of dependent students only. Not need based and repayment begins approximately 60 days after final disbursement. (Grace period is available for loans first disbursed on or after July 1, 2008) Maximum amount may not exceed total cost of attendance less any other aid to be received.

Interest Rates – First Disbursed between 7/1/10 and 6/30/11

Direct Subsidized = 4.50% Fixed

Direct Unsubsidized = 6.80% Fixed

Direct Plus = 7.90% Fixed

For more information on Direct Loans - http://www.studentloans.gov/