Federal Pell Grant
Aid awarded to undergraduate students who demonstrate financial need. For financial aid purposes, an undergraduate student is a student who has less than a cumulative 120 semester or 180 quarter credit units and has not received a Bachelor's or any other type of professional degree, regardless of the country of origin. As this is a grant, it does not need to be repaid.
Federal Direct Subsidized Loan
Need-based, fixed, low interest rate loans available to dependent and independent undergraduate students who demonstrate financial need. Repayment begins six months after graduation or six months from the time the student drops below half-time enrollment or withdraws from school. The government pays the interest while the student is attending school and during the six month grace period.
Federal Direct Unsubsidized Loan
Non-need-based, fixed, low interest rate loan available only to independent undergraduate and graduate students. Repayment begins six months after graduation or six months from the time the student drops below half-time enrollment or withdraws from school. The government does not pay the interest while the student is attending school or during the grace period; therefore the student is responsible. Interest begins accruing when the loan funds are disbursed. The student may elect to pay the interest while attending school or have the interest "capitalized" (added to the principal loan amount when the loan goes into repayment).
The maximum annual loan amount for independent undergraduate students is $12,500. Of this amount, $5,500 is Direct Subsidized Loan and $7,000 is Unsubsidized. The maximum annual loan amount for graduate students is $20,500. Of this amount $8,500 is Direct Subsidized, $12,000 is Unsubsidized.
Federal PLUS Loan
Non-need-based, fixed, low interest rate loan available to graduate students and parents of dependent undergraduate students. These loans are issued based on the parent's or graduate student's credit worthiness and interest begins accruing once the loan funds have been disbursed. The loan enters repayment once it has been fully disbursed. For graduate students, the loan is automatically placed in a deferment status if the student is enrolled for at least six months, and for an additional six months after they are no longer enrolled or attend on a less than half-time basis. The PLUS loan amount is determined by the student's Cost of Attendance, minus any other financial aid the student is receiving.
Please note that, if a student obtains a loan, it is the student's responsibility to repay the full amount of the loan, plus interest (where applicable), less the amount of the any refund. If a student has received federal student financial aid funds, the student is entitled to a refund of the moneys not paid from federal student financial aid program funds.
Students can inquire about current work study opportunities offered by the University. Please ask your Program Director for more information about work study.