Federal Aid

Grants and loans may be awarded if you are determined to have financial need based on the Free Application for Federal Student Aid (FAFSA). The application can be completed by going to the following website: www.fafsa.gov.

Federal Pell Grant Program

  • Type of Award: The pell grant is considered a need-based aid that students must qualify for. Eligibility is determined by the Department of Education in order to receive aid. This Grant is generally awarded to only undergraduate students and is not repaid by the student.
  • Amount per Academic Year (2013-14): $650.00 – $5,730.00
  • Application: FAFSA

The William D. Ford Federal Direct Loan Program

This program allows students to borrow loans from the Department of Education with no credit history needed. These loans are repayable with interest after the student graduates. Students must be enrolled a minimum of half-time to be eligible for the loans. It is mandatory that an Entrance Counseling Agreement and a Master Promissory Note be completed and signed before direct loans are awarded.

Type of Awards

  • Direct Loans
    • Subsidized Stafford Loan: This loan is considered to be a need-based aid. The loan is long-term with a variable interest rate of 3.86% that the school will pay if you are currently attending school.
      • Eligible Award per Academic Year:
        • 1st Year – $3,500.00
        • 2nd Year – $4,500.00
    • Unsubsidized Stafford Loan: Not a need-based loan. This loan is long-term with a variable interest rate of 3.86% that the student is responsible to pay the accrued interest while they attend school. The interest may be deferred until the student graduates from college.
      • Eligible Award per Academic Year:
        • 1st and 2nd Year – $6,000.00 (Independent)
        • 1st and 2nd Year – $2,000.00 (Dependent)
    • Direct Parent Plus Loans: The Direct Plus Loan is determined eligible based upon the parent’s credit history. This loan is for parents of dependent, undergraduate students pursuing a graduate degree. The parent is in full responsibility of the loan borrowed and repaid. The Plus loan has a variable interest rate of 5.41%. Repayment of the loan begins after the loan has been fully disbursed. To apply for this loan, the parent may go to www.studentloans.gov to complete the Direct Plus Loan Application and Master Promissory Note.
      • Eligible Award per Academic Year:  Based upon the college’s cost of attendance.
  • Additional Applications for Direct Loans:
    • Master Promissory Note and Entrance Counseling Agreement: These informational applications explain the terms and conditions of borrowing the loan. The MPN is a legal binding agreement to repay your loans to the Department of Education. These applications can be electronically completed and signed at www.studentloans.gov.