| AID
PROGRAM |
DESCRIPTION |
ANNUAL
AMOUNT |
REPAYMENT |
|
Federal Parent
Loan for
Undergraduate
Students (PLUS)
|
Loans
available to a
student's parents, with
anually adjusted interest
rates (9% A.P.R. max.)
Each school determines
eligibility, but not based on
financial need. |
Cost
of Attendance
- Student's financial aid
= Annual loan limit |
Repayment
begins within 60
days of receiving the loan. |
Federal
Pell Grants |
Not
a loan, but a gift to
qualified undergraduate
students based on financial
need. |
Up
to $2,430
(Subject to Federal budget) |
None |
Federal
Work-Study
(FWS)
|
A
job coordinated through
the school which allows a
student to work part-time to
earn money for expenses.
Eligibility is based on
financial need. |
At
least minimum wage. |
None |
Federal
Supplemental
Educational
Opportunity
Grants (FSEOG) |
Not
a loan, but a gift to
qualified undergraduate
students based on
financial need. Preference
is given to Pell Grant-
eligible students. |
Up
to $4,000 |
None |
Federal
Stafford Loans
(Subsidized &
Unsubsidized) |
Loans to students
with variable interest rates (8.25% A.P.R. max.)
Subsidized based on financial need and defers principal
& interest repayment while enrolled half time or more Unsubsidized
does not defer interest and is available to students that do not
meet financial need requirements.
|
Full
Time Dependent Undergraduates
1st year up to $2,625
2nd year up to $3,500
thereafter up to $5,500 |
Subsidized
loan - defers interest-free for six months after graduation or if
student drops below half-time. Unsubsidized loan - can defer
repayment but student is responsible for interest while deferring
payment.
Repayment can take up to 10 years. |
