Federal Financial Aid Programs
Eligibility for Federal student financial aid is determined through the submission of the Free Application for Federal Student Aid (FAFSA).
Federal Parent (PLUS) Loan Program
Parents may be eligible to borrow up to the cost of education minus other aid each academic year toward their child's education. The capped interest rate is currently 8.5 percent. Both interest and repayment begin 60 days after disbursement of the loan.
Federal Pell Grant
This federal program provides grants to students with exceptional financial need. The grant amount is based upon the information provided on the FAFSA each year.
Federal Perkins Loan Program
This federal program provides loans to students demonstrating exceptional financial need as determined by the FAFSA process. No interest accrues, nor is repayment required while the student carries at least a half-time academic load at any institution of higher education. Repayment begins nine months after the student ceases enrollment or graduates. The interest rate is 5 percent. The amount of the award is based on a student's classification at the beginning of an award year. There is a limited amount of Perkins funds for an individual school so file the FAFSA early.
Federal Stafford Loan Program
This federally insured loan program is available to all students. The maximum loan eligibility each year is based on total credit hours earned and dependency status. The interest rate is fixed at 6.8 percent. For those who qualify for a subsidized (need based) loan, the government pays the interest while the student is in school. The student is responsible for the interest while in school with the unsubsidized loan. Repayment of both principal and interest begins 6 months after the student enrolls less than half-time or graduates.
Federal Supplemental Educational Opportunity Grant (SEOG)
This grant is awarded to students who demonstrate exceptional need based upon the information provided on the FAFSA. The amount of the award is based on a student's EFC.
Federal TEACH Grant
The TEACH Grant program provides grant funds to future teachers who agree to serve at least four years as a full-time, highly qualified teacher in a high-need area of study and in a school serving low-income students. Eligible students may receive up to $4000 per year in TEACH Grant funds, up to a maximum of $16000 for undergraduate and $8000 for graduate study.
If the recipient does not complete the required four years of teaching service within eight years after completing the coursework or does not meet all other requirements of the program, the TEACH Grant funds will be converted to a Federal Unsubsidized Stafford Loan that must be repaid in full, with interest accrued from the original date of the grant. Once the TEACH Grant is converted to a loan, it cannot be converted back to a grant.
Federal Work-Study
This program provides work opportunities for students with financial need. Federal funds are used to subsidize part of each eligible student's salary. Students may receive Federal Work-Study funds for employment in areas of community service. Additional information on community service and other student work opportunities is available through the Career Services Office. You can reach the Career Services Office at (616) 222-1433. Work study does not guarantee the student a job, the student must complete an application and pursue an on-campus job.
