Types of Federal Student Aid Available

Federal Grant Programs

Pell Grant – Undergraduate Students Only

A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell grants are awarded to students who demonstrate financial need and who have not yet earned a bachelors or professional degree. The maximum award for the 2008-2009 award year (July 1, 2008 to June 30, 2009) is $4,731. The maximum can change each award year and depends on program funding.
The Pell grant amount awarded will depend on:

Estimated Family Contribution (EFC)
Cost of Attendance
Enrollment Status

Academic Competitiveness Grant – 1st and 2nd Year Undergraduate Students Only

The Academic Competitiveness Grant (ACG) is a need and merit based grant that does not need to be repaid. An eligible student may receive an ACG of $750 for the first academic year of study and $1,300 for the second academic year.

To be eligible for ACG each academic year, a student must:

Be a U.S. Citizen
Be Federal Pell Grant eligible
Have completed a rigorous secondary school program of study
Be enrolled full-time in a degree program
Be enrolled in the first or second academic year of his or her program of study at a two-year or four-year degree-granting institution
A first-year student must not have been previously enrolled in an undergraduate program
A second-year student must have at least a cumulative 3.0 grade point average on a 4.0 scale for the first academic year.

The U.S. Department of Education will predetermine students who may be eligible for the ACG based on information provided on the Federal Application for Student Aid (FAFSA). The institution will then verify all information submitted and determine a student’s eligibility to receive the ACG.

National Science and Mathematics Access to Retain Talent Grant – 3rd & 4th Year Undergraduate Students Only

The National SMART Grant program is a need and merit based program intended to encourage students to enroll in college majors in physical, life, and computer sciences; engineering; technology; mathematics; and certain foreign languages.

To be eligible for the National SMART Grant, students must:

Be a U.S. Citizen
Receive a Pell Grant for the same award year
Be full-time in a bachelor’s or combined undergraduate/graduate program
Be enrolled in their third or fourth academic year
Be enrolled in an eligible four-year degree granting institution
Have a cumulative GPA of at least a 3.0 on a 4.0 scale in courses for their program (not only those in the major)
Major in physical, life or computer science; engineering; mathematics, technology; or a critical foreign language

Students identified by the university who meet all eligibility requirements may receive a National SMART Grant of $4000 for their third and fourth academic years of study.

Federal Loan Programs

Federal Family Education Loans
The U.S. Department of Education administers the Federal Family Education Loan (FFEL) program which generally consists of Stafford loans (for students) and Parent Loan for Undergraduate Students (PLUS) loans (for parents).

Federal Stafford Loans
Stafford loans are Federal Student Loans made directly available to college and university students and are used to supplement personal and family resources, scholarships and grants. They may be subsidized by the U.S. Government or may be unsubsidized depending on the student's financial need.

Subsidized Stafford Loans

Based on need
Interest paid by the federal government while you are in school
Must be enrolled at least half-time

Unsubsidized Stafford Loans

Non-need based
Available to independent students only (with the exception of dependent students whose parents have been denied a PLUS Loan)
Interest is paid by the student; may be paid during school, or deferred until after
Must be enrolled at least half-time

Starting July 1st, 2008 the Subsidized Stafford Loan interest rate is fixed at 6 percent for all loans disbursed after that date. The Unsubsidized Stafford Loan interest rate is fixed at 6.8 percent. The Federal Stafford Loan programs carry both annual and cumulative limits. Your Student Aid Report (SAR) lists your cumulative loans, but it is important to keep records of all of your loan transactions. You can also review your loan history online at: www.nslds.ed.gov.

Annual Stafford Loan Limits – Effective July 1, 2008

Year/Classification	Base Amount	Additional Unsubsidized Loan Amount	Total
Dependent Students
Freshman	$3,500	$2,000	$5,500
Sophomore	$4,500	$2,000	$6,500
Junior or senior	$5,500	$2,000	$7,500
Independent Students
Freshman	$3,500	$6,000	$9,500
Sophomore	$4,500	$6,000	$10,500
Junior or senior	$5,500	$7,000	$12,500
Graduate Students	$8,500	$12,000	$20,500
Professional Students	$8,500	$32,000	$40,500

Note: It is important to note that even if a student is financing their education on their own, dependency status is still determined by the school.

Parent Loan for Undergraduate Students – Undergraduate Students Only

Federal PLUS loans enable parents with good credit histories to borrow money to pay the educational expenses of their children. Each child must be a dependent undergraduate student enrolled at least half time in an approved college or university. The primary benefit of PLUS Loans is that it allows parents to borrow federally guaranteed low interest loans to help pay for their child's education. The loans are not based on need, but when combined with other resources cannot exceed the student's cost of education. The interest rate on the PLUS Loan is fixed at 8.5 percent as of July 1, 2006 and deferments apply only to the loan principal, not interest.

Graduate PLUS Loans – Graduate Students Only

Graduate and professional degree students are now eligible to borrow under the PLUS loan program. A graduate PLUS loan is a non-need credit based loan similar to a private student loan, but with the benefit of having a fixed interest rate and federal guarantee. The graduate PLUS loan allows graduate students to borrow up to their total cost of attendance minus any other aid. This is a credit based loan and currently has a fixed interest rate of 8.5 percent.