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    FINANCIAL AID

              types___________________________________________
      Listed below are quick summaries of each of the six federal programs: Pell, SEOG, Work-Study, Perkins, Stafford and PLUS. For detailed information on particular programs, click on the program heading.

Pell Grants
  • For undergraduates only
  • Grant: No repayment
  • Students must have Expected Family Contribution of $2100 or less
  • Maximum award $2300
  • Deadline is May 2, at the END of the school year for which aid is sought
  • Students paid directly or school account is credited

Supplemental Education Opportunity Grants (SEOG)
  • For undergraduates only
  • Grant: No repayment
  • For students with exceptional financial need
  • Maximum award $4000 (may vary by school)
  • Deadline set by school
  • Students paid directly or school account is credited

Federal Work-Study (FWS)
  • For both undergraduates and graduates
  • Undergraduates can receive aid for more than one degree
  • Provides jobs both on-campus and off-campus
  • Amount earned can't exceed your financial need
  • Amount dependent on funds available at each school
  • Deadline set by school
  • Undergraduates paid by the hour, graduates paid by salary or hourly
  • All students paid at least monthly

Perkins Loans
  • For both undergraduates and graduates
  • Undergraduates can receive aid for more than one degree
  • For students with exceptional financial need
  • Deadline set by school
  • Interest rate: 5%
  • Students must sign a promissory note, agreeing to repay
  • Under certain conditions, repayment may be postponed or cancelled

Stafford Loans
  • For undergraduates and graduates enrolled at least half-time
  • Loans available regardless of income, but federal government pays interest while in school on need-based loans
  • Loans made by lender (bank / credit union), guaranteed by government; or can be direct loan from government
  • Interest rate: Variable up to 8.25% (7.43% thru 6/30/95)
  • Deadline is May 2, at the END of the school year for which aid is sought
  • Students must sign a promissory note, agreeing to repay
  • Under certain conditions, repayment may be postponed or cancelled

Parent Loans for Undergraduate Students (PLUS)
  • For parents of dependent undergraduates
  • Loans available regardless of income; credit check required
  • Loans made by lender (bank / credit union), guaranteed by government
  • Interest rate: Variable up to 9% (6.64% thru 6/30/98)
  • Parents must sign a promissory note, agreeing to repay
  • Maximum award is cost of education minus other aid received
 



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