Federal Title IV Aid

Federal Title IV Aid

Federal Pell Grant Program

The Pell Grant is given with no repayment expected. This program is designed to provide a “floor” upon which other financial aid programs are built. Any student wishing to receive a Federal Pell Grant at this institution must meet the eligibility requirements established by the U.S. Department of Education.

To receive a Federal Pell Grant a student must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA may be completed on-line at https://fafsa.gov .  The school code is 012967. 

After the FAFSA has been processed by the Dept. of Education, a Student Aid Report (SAR) will be issued. This report will contain a number referred to as the EFC (Effective Family Contribution). The school uses this number to determine the amount of the student's award as set forth by the U.S. Dept. of Education.

NOTE:  Full awards are made only if the student is attending a program of at least 900 clock hours. A student entering a program of less than 900 hours will receive a prorated reduced award. We are considered a 1st year school even if you have attended other schools.

William D. Ford Direct Loan Program – Stafford Loans

NOTE: Federal student loans will not be certified until the ISIR or SAR has been received and the student’s financial aid file is complete.  This is LOAN MONEY AND MUST BE PAID BACK!
 
Visit https://StudentLoans.gov  to apply.   This should be completed 2-3 weeks prior to the start of class or no later than 2 weeks after the start of class.  Student will need to complete a Master Promissory note and Stafford Loan Entrance Counseling for Subsidized/Unsubsidized Loans.

Direct Subsidized Stafford Loan* -A subsidized loan is awarded on the basis of need. A student may be eligible to request a maximum of $3,500* for the first year of undergraduate study. The federal government pays the interest while the borrower is in school.  Interest accrual begins at graduation or after the borrower ceases to be enrolled in the program. Repayment is still begins at six months after graduation, but the interest is accrued on the loan amount upon graduation or leaving the program . Subsidized loan limits may apply which may cause a student ineligibile to receive subsidized loans. Graduate and Professional students are not eligible for Subsidized Direct Loans.

Direct Unsubsidized Stafford Loan* -An unsubsidized loan is not awarded on the basis of need, and the student is responsible for interest that accrues during in-school, deferment, grace, and repayment periods. The unsubsidized loan is the difference between the cost of attendance (COA) and other aid (including subsidized loan) not to exceed $2,000* for a dependent student and $5,500* for an independent student, for the first year of undergraduate study. Repayment usually begins six months after the borrower ceases to be enrolled in the program.

*Programs of less than 900 hours -Programs that are less than 900 hours will receive a prorated down payment based on the number of hours in the designated program.

Direct Parent Loan to Undergraduate Student (PLUS)- Plus loans are meant to provide additional funds to dependent students for expenses. Parents may borrow up to the cost of education, minus other aid received by the student. Repayment begins approximately sixty days after final loan disbursement is made, or parents may choose a deferment option. Interest begins from the date of the first disbursement until the loan is paid off.
 
LOAN REPAYMENT:
In order to achieve a better understanding of loan repayment amounts, Click this link to go to studentaid.ed.gov to the actucal loan repayment estimator.  Once there, you can log in with your FSA ID, add loan amounts, put in current interest rates (also found on this site), choose repayment options, and you will receive a good understanding on how much you will have to pay back once your payments begin six months after program completion.

Interest Rates and Origination Fees:  See https://studentloans.gov for complete information.
 
 Look for this symbol on eligible program.


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