Students who register for a course that is not required for their program of study may experience an adjustment/reduction in financial aid. The university cannot award financial aid for classes that do not count toward a student's degree requirements; therefore, a student's net tuition expense could be higher.
Federal Pell Grant
The Federal Pell Grant is a federally funded entitlement program to assist qualified undergraduate students with exceptional financial need. Eligibility for these grants is determined by the U.S. Department of Education based on the information provided on the FAFSA. Pell recipients can attend at less than half-time status and remain eligible for a portion of their Pell Grant. Students with a previous bachelor’s degree are not eligible for a Federal Pell Grant.
The maximum, full-time Pell Grant award for the 2016–17 award year (July 1, 2016 to June 30, 2017) is $5, 845. The maximum Pell Grant award can change each award year and depends on program funding. Further information may be obtained from the U.S. Department of Education.
The amount of Federal Pell Grant funds a student may receive over their lifetime is limited by law to be the equivalent of six years of Pell Grant funding. Since the maximum amount of Pell Grant funding the student can receive each year is equal to 100 percent, the six-year equivalent is 600 percent.
William D. Ford Federal Direct Subsidized Loan
This loan program provides loans to undergraduate students who demonstrate financial need. First-time borrowers are required to complete a Master Promissory Note and an entrance interview. Both of these requirements can be completed online.
Students may borrow up to a maximum of $3, 500 per academic year as freshmen for the first year of undergraduate study, $4, 500 for the second year as sophomores, and $5, 500 per year for the third and fourth years as juniors and seniors. The student must begin repayment six months after he/she leaves the university or drops below half-time status. The amount of the student’s monthly payment will be determined based upon the amount of student debt and the length of the repayment period. Please contact Direct Lending at 1-800-557-7394 for more information on repayment options.
If you are a 1st time borrower on or after July 1st, 2013, there is a limit on the maximum period of time (measured in academic years) during which you can receive Direct Subsidized loans. You may not receive Direct Subsidized loans for more than 150% of the published length of your program, known as your "maximum eligibility period". For example, if you are enrolled in a four-year bachelor's degree program, the maximum period for which you can receive Direct Subsidized loan is six years, or 150% of your program length. For more information, please contact the Financial Planning office.
William D. Ford Federal Direct Unsubsidized Loan
Like the Direct Subsidized Loan program, this Direct Unsubsidized Loan program also offers loans to students. While most of the loan terms are the same as the subsidized loan program, there are some major differences:
- Students do not have to demonstrate financial need to receive a Direct Unsubsidized Loan.
- The federal government does not pay interest on the borrower’s behalf while the borrower is enrolled in school.