Grants and Loans

Federal Grants

Grants: Money that does not have to be repaid. For more information visit StudentAid.gov/grants
Program and Type of Aid
Eligibility and Program Information
Annual Award Amounts (subject to change)

Federal Pell Grant

Grant: does not have to be repaid

For undergraduates with financial need who have not earned bachelor's or professional degrees; in some cases, a student enrolled in a postbaccalaureate teacher certification program may also receive a Federal Pell Grant. 

A Student can receive a Federal Pell Grant for no more than 12 semesters or the equivalent (roughly 6 years).

Amounts can change annually. For 2017-18 (July 1, 2017, to June 30, 2018, the award amount is up to $5,920.

For Federal Pell Grant details and updates visit StudentAid.gov/pell-grant

Federal Supplemental Educational Opportunity Grant (FSEOG)

Grant: does not have to be repaid

For undergraduates with exceptional financial need; Federal Pell Grant recipients take priority; funds depend on availability at school.

 

Up to $4,000

For FSEOG details and updates, visit StudentAid.gov/fseog

Teacher Educational Assistance for College and Higher Education (TEACH) Grant

Grant: does not have to be repaid

For undergraduate, postbaccalaureate, and graduate students who are completing or plan to complete coursework needed to begin a career in teaching. As a condition for receiving this grant, the student must sign a TEACH Grant Agreement to Serve in which the student agrees to perform four years of qualifying teaching service and meet other requirements.

 

Up to $4,000

For TEACH Grant details and updates, visit StudentAid.gov/teach

Iraq and Afghanistan Service Grant

Grant: does not have to be repaid

For students who are not Pell-eligible due only to having less financial need than is required to receive Pell fund, and whose parent or guardian died as a result of military service in Iraq or Afghanistan after the events of 9/11/

A student can receive an Iraq and Afghanistan Service Grant for no more than 12 semesters or the equivalent (roughly six years).

The grant award can be up to the maximum Federal Pell Grant amount (see above) but cannot exceed your cost of attending school.

For Iraq and Afghanistan Service Grant details and updates, visit StudentAid.gov/Iraq-Afghanistan

Work Study

Work-Study: Money that's earned while attending school that does not have to be repaid. For more information on work-study, visit StudentAid.gov/workstudy
Program and Type of Aid
Eligibility and Program Information
Annual Award Amounts (subject to change)

Federal Work-Study

For undergraduate and graduate students; jobs can be on campus or off campus. Money is earned while attending school. 

No annual minimum or maximum amounts.

For Federal Work-Study details and updates, visit StudentAid.gov/workstudy

 

Loans

Loans: Borrowed money for college or career school. You must repay your loans, with interest. For more information on loans, visit StudentAid.gov/loans
Program and Type of Aid
Eligibility and Program Information
Annual Award Amounts (subject to change)

Direct Subsidized Loans

Loan: must be repaid with interest

For undergraduate students who have the financial need; the U.S. Department of Education generally pays interest while the student is in school and during certain other periods; student must be at least half-time. Interest rate is 3.76% for loans first disbursed on or after July 1, 2016, and before July 1, 2017, and fixed for the life of the loan. Borrowers may not receive this type of loan for more than 150 percent of the length of their program of study; the U.S. Department fo Education may stop paying interest if a student who received Direct Subsidized Loans for the maximum period continues enrollment.

 

Up to $5,500, depending on grade level and dependency status.
For Direct Subsidized Loan details and updates, visit StudentAid.gov/sub-unsub

Direct Unsubsidized Loans

Loan: must be repaid with interest

For undergraduate and graduate professional students; borrower is responsible for all interest; student must be at least half-time; financial need is not required. Interest rate is 3.76% (undergraduate) and 5.31% (graduate or professional) for loans first disbursed on or after July 1, 2016, and before July 1, 2017, and are fixed for the life of the loan.

 

Up to $20,500 (less any subsidized amount received for the same period), depending on grade level and dependency status.

For Direct Subsidized Loan details and updates, visit StudentAid.gov/sub-unsub

Direct PLUS Loans

Loan: must be repaid with interest

For parents of dependent undergraduate students and for graduate students; borrower is responsible for all interest; student must be enrolled at least half-time. Interest rate is 3.76% (undergraduate) and 5.31% (graduate or professional) for loans disbursed on or after July 1, 2016, and before July 1, 2017, and fixed for the life of the loan.

 

Maximum amount is cost of attendance minus any other financial aid received.

For Direct PLUS loan details and updates, visit StudentAid.gov/plus

Federal Perkins Loans

Loan: must be repaid with interest

For undergraduate students with exceptional financial need. Interest rate is 5% and fixed for the life of the loan. Eligibility depends on the student's financial need and other eligibility criteria as determined by the school. 

 

Undergraduate students: up to $5,500; graduate and professional students: up to $8,000.

For Federal Perkin Loan details and updates, visit StudentAid.gov/perkins

Alternative/Private Loans

If your federal financial aid does not cover your total budget (or cost of attendance) you may be able to borrow additional funds through alternative loans. This can be helpful to students who have used their full loan eligibility during the Fall and Spring and need funds for Summer term, for those who need additional funds during the school year, or, in some instances, for students who have a prior balance on their student accounts.

Alternative loans are credit based. Students who are borrowing alternative loans may need a co-signer in order to qualify for the loans. You may apply for these loans on-line, and once approved, your lender will contact us to certify the loans for you.

Students are encouraged to use the Fast Choice website for comparative information and for help with understanding your alternative loan options and responsibilities.

 

You can also calculate the total cost of your education by using the FAFSA4caster tool here.