A portion of the expected family contribution that is derived from the parents' family income, assets, state and federal taxes, an allowance for family living expenses, and the costs of other family members in college.
For undergraduate students, first baccalaureate degree only. Eligibility is based on federal methodology. The amount of the award ranges from $605 to $5,645 subject to Congressional appropriations, and will be reduced for students who enroll less than full time.
The amount borrowed. Interest is charged on this amount, and guaranty and origination fees will be deducted prior to disbursement.
Perkins Loans are for graduates and undergraduates who are enrolled at least half-time. Awards are based on financial need as demonstrated by the information provided on your aid application and on the availability of funds. Preference is given to students with exceptional need and meet filing deadlines.
The legal document borrowers sign when they get an education loan. It lists conditions under which the money is borrowed and the terms under which borrowers agree to repay the loan with interest. Borrowers should keep the borrower copy of their promissory notes until the loans are fully repaid.
Discloses the borrower's monthly payment, interest rate, total repayment obligation, due dates and length of time for repaying the loan.
In addition to the amount parents are asked to contribute, students are also expected to help meet a portion of their own educational costs each year. A student's minimum contribution may come from prior year earnings, summer employment, savings, and educational benefits.
Financial aid self help awards are available via programs that require the student to either repay the assistance or work for the assistance. Loans and Work-Study are examples of self help awards.
Supplemental Educational Opportunity Grant for undergraduate students, first baccalaureate degree only. Federal grant awarded based on a federal formula using data provided in your aid application. Priority is given to students who are eligible for Federal Pell Grants.
A form sent to the student after submitting the FAFSA to the federal processor. The SAR shows the information that was processed and indicates Pell Grant Eligibility
The government pays the interest on the loan while the student is in school, during the six-month grace period after the student leaves school, and during any deferment periods. Subsidized loans are awarded based on financial need and may not be used to finance the family contribution. The Perkins Loan and the Subsidized Stafford Loans are subsidized loans. Beginning with the award year, the Subsidized Stafford loan is for undergraduate students only.
With this loan, the government does not pay the interest while the student is enrolled. The student has the option to either pay the accruing interest monthly or allow the interest to capitalize (to be added to the principal). Either way, required payments do not begin until 6 months after graduation or 6 months after the student drops below half-time enrollment. Unsubsidized Stafford Loans are not based on financial need and therefore may be used to finance the family contribution.
A process of review to determine the accuracy of the information on a student's financial aid application. Students are selected for verification by the federal Central Processing System (CPS) when their FAFSA applications are processed.