Federal Funds
Information provided on the Free Application for Federal Student Aid (FAFSA) and the applied Federal Methodology are used to determine a student's eligibility for all federal awards. The amount of each federal award may vary due to specific program funding. To be eligible, students must be U.S. citizens or eligible non-citizens, demonstrate financial need (except for the unsubsidized Federal Stafford and PLUS programs), meet specific enrollment criteria, and make satisfactory progress toward a degree. Here is a brief summary of each federal aid program:

Federal Pell Grant Program
Grants from this program provide the foundation of financial aid to which other aid is added. These awards are determined by the federal government through its own methodology. To apply, a student must file a FAFSA. During the 2007-2008 award year, Federal Pell Grant awards for full-time students range from $400 to $4,310.

Federal Supplemental Education Opportunity Grants (FSEOG)
These federal grants range from $100 to $4,000 per award year. In general, students with Federal Pell Grants are awarded FSEOG grants if they have additional need under the Federal Methodology. The number of FSEOG awards can vary from school to school due to a school's allocated FSEOG funding. As a result, not all Pell recipients receive FSEOG awards.

Federal Perkins Loans
Designation of Federal Perkins Loans is made by the Office of Financial Aid based on available funding and application of the Federal Methodology. Federal Perkins Loans are long-term, low interest (5 percent) loans. No interest is charged nor is repayment required on Federal Perkins Loans while a borrower is enrolled in school at least half-time. Repayment begins nine months after a student graduates, leaves school, or drops below half-time enrollment. Depending on the amount borrowed, the repayment period can be up to 10 years. The annual Federal Perkins Loan limit is $4,000 for undergraduate students. The aggregate loan amount available for undergraduate study is $20,000.

Federal Work-Study (FWS)
The Federal Work-Study program provides job opportunities for needy students. The College designates recipients of FWS awards based on the availability of funding and the application of the Federal Methodology. Most FWS jobs are on campus, but some may be at nearby agencies. The work program can add both breadth and depth to a student's educational experience and can be a valuable asset when seeking employment after college.

Federal Stafford Loan Program
The Federal Stafford Loan Program offers both subsidized and unsubsidized student loans. Students qualifying as needy through application of the Federal Methodology pay no interest on their loans while enrolled in school at least half-time; during the in-school period, the interest is paid by the government. If a student does not qualify for the interest subsidy, he or she is required to pay interest during his or her enrollment period. No loan principal must be repaid during the in-school period regardless of the eligibility for the interest subsidy. Borrowers of both subsidized and unsubsidized loans do not begin to repay their loan principals until six months after they graduate, drop below half-time, or withdraw from school.

The interest rate on Stafford loans disbursed after July 1, 2007 is fixed at 6.8%.  After July 1, 2007, students in their first year of college may borrow up to $3,500, students in their second year up to $4,500, and students in their third and fourth years up to $5,500 each year. The actual loan amount possible is contingent upon the length of the period of enrollment (one semester or two) and the student's enrollment status.

Federal PLUS Program
The Federal PLUS Program is a federally sponsored parent loan program. Through this program, parents may borrow each year up to the full cost of attendance less any financial aid.  Interest on PLUS loans begins to accrue immediately once the loan is made, and repayment begins within 60 days of the second disbursement.  Some lenders offer interest-only payments or deferment of interest and principal payments while the student is in school.

The interest rate on PLUS loans disbursed after July 1, 2007 is fixed at 8.5%.  At the time the loan is made, the borrower is charged an origination fee of 3 percent of the loan principal.  In addition, the guarantor may collect an insurance premium of up to 1% of the loan principal.

Learn more about Federal aid.