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Title IV Federal Financial Aid Programs
Federal Grants,ÌýFederal Direct Student Loans, Federal Direct Student Loans for Preparatory Coursework,ÌýFederal Work Study
Federal Grant Programs
Federal Pell Grants (PELL) are basic entitlements funded by the federal government that do not need to be repaid. This program is designed for undergraduates who do not have a bachelor's degree, and it serves as the foundation, or base, for other forms of aid. Eligibility is based on need. The amount of the Pell grant is determined by a federal funding formula, the student's cost of education, and the number of credit hours for which the student enrolls each term. The maximum award for theÌý2026-2027 aidÌýyear is $7,395. Pell grants are available for eligible students who are enrolled in an eligible program.
Students who receive the full scheduled amount of Federal Pell Grant funds during the fall and spring semesters, may qualify for an additional disbursement of federal Pell grant funds during the summer semester.Ìý Eligible students must be attending a minimum of 6 credit hours during the summer semester for this to apply.
Federal Supplemental Educational Opportunity Grants (FSEOG) -- are basic entitlements funded by the federal government and the college that do not need to be repaid. Eligibility is based on need and availability of funds. FSEOG funds are campus-based; and therefore, limited funds are available. Institutions participating in the FSEOG program are responsible for formulating a policy regarding distribution of FSEOG. 91³Ô¹ÏÍø awards FSEOG in annual amounts of $1,000 annually to those applicants showing the greatest need as long as funds are available.
Federal Direct Student Loans
FederalÌýDirect Loans are low interest loans that are either subsidized or unsubsidized.Ìý A SubsidizedÌýFederal Direct Loan and an UnsubsidizedÌýFederal DirectÌýLoan can be borrowed for the same enrollment period.
Students that have been awarded Federal Direct Student Loans can accept the loans through their My91³Ô¹ÏÍø Portal.Ìý They can do this on the financial aid cardÌýby first clicking on "My Financial Aid" and then "Award Offer" and selecting the aid year for which they are currently attending.ÌýÌýÌýAll student borrowers must have completed and have an active on file with the Department of Education.Ìý If a student has not completed these previously, they can be done at any time but must be done before the loan can be disbursed.
FederalÌýDirect Subsidized Loans are "need based" loans. This means that the federal government will pay the interest that accumulates on your loan as long as you're enrolled at least half time and also during the six-month grace period.
Federal Direct Unsubsidized Loans are not "need based". The federal government does not pay the interest on the Federal Direct Student Loans. If you accept a Federal Direct Student Unsubsidized Loan, you will be responsible for the interest as it accrues and compounds, starting from when the first disbursement is made.
Federal Additional Direct Unsubsidized Loans enable independent students to borrow additional money, up toÌý$6,000 annually, to help meet exceptional educational expenses and dependent students to borrow up to $2,000 annually.
Federal Direct Parent Plus Loans - Federal Direct Parent PLUS Loans enable your parents to borrow money for educational expenses. An eligible parent may borrow up to the COA (Cost of Attendance) minus any estimated financial aid you are eligible to receive. These loans are approved based upon credit. Repayment begins 60 days after all loan funds are disbursed. For more information please contact the Financial Aid Office. To apply for a Federal Direct Parent Plus Loan please complete application on the Ìýwebsite. Select the "Apply for Parent PLUS loan"Ìýoption under the parent tab.Ìý The parent applying must have or will need to create an FSA ID and password.ÌýÌý
Eligibility - Your FAFSA application must be completed and a Federal Direct Student Loan awarded prior to completing any loan paperwork.Ìý You must be enrolled in at least six credit hours during the term that you receive a student loan.Ìý You also must maintain SAP (Satisfactory Academic Progress).
Amounts - You must complete at least 30Ìýhours to advance to be eligible for the second year Federal Direct Student Loan amount.Ìý 91³Ô¹ÏÍø can refuse to certify a Federal Direct Student Loan application or can certify it for an amount less than you would otherwise be eligible for.
| Year In School | Federal Direct Subsidized Loan Amounts |
|
Freshman |
$3,500 |
| Sophomore | $4,500 |
Ìý
| Additional Federal Direct Unsubsidized Loan Amounts | |
| Dependent Students | $2,000 |
| Independent Students | $6,000 |
The maximum Federal Direct Student Loan amount that you are eligible for can be viewed in your student .ÌýThe amount of your Federal Direct Student Loan or ratio between Subsidized and Unsubsidized Federal Direct Student LoanÌýmay change if you receive any additional aid or your COA (Cost of Attendance) is adjusted.
Interest Rates
| Academic Year | Federal Direct Subsidized Loans | Federal Direct Unsubsidized Loans |
| 2019-20 | 4.53% | 4.53% |
| 2020-21 | 2.75% | 2.75% |
| 2021-22 | 3.73% | 3.73% |
| 2022-23 | 4.99% | 4.99% |
| 2023-24 | 5.50% | 5.50% |
| 2024-25 | 6.53% | 6.53% |
| 2025-26 | 6.39% | 6.39% |
| 2026-27 | 6.52% | 6.52% |
Federal Direct Parent PLUS loans for the 2026-27Ìýacademic year have a 9.07%Ìýinterest rate.
Ìý
Loan Usage - Your student loan money may be used for educational expenses.
Entrance Counseling - First time borrowers are required by law to attend an session prior to receiving their first loan check. As part of the College's default management policy, 91³Ô¹ÏÍø requires loan counseling for every Federal Direct Student Loan certified. Additional information concerning rights and responsibilities regarding Federal Direct Student Loans is provided at entrance and exit loan counseling.
Master Promissory Note - ÌýA Master Promissory Note (MPN) is a legal document that you need to sign to agree to all of the terms and conditions of the Federal Direct Student Loan. First time Federal Direct Student Loan borrowers will be required to complete an MPN with the lender they select. If you have taken out a Federal Direct Student Loan in the past and have already completed an MPN with that lender, you may not be required to complete another one. A valid MPN is good for a period of up to 10 years. Complete anÌý.
Processing Your Loan - 91³Ô¹ÏÍø will certify your Federal Direct Student Loan and send it to Direct Loans. The Department of EducationÌýwill let us know if they have aÌývalid MPN for you on file. If they do not, there will be a link on your , under the "My Financial Aid" link on the Financial Aid card,Ìýgiving you instructions on how to fulfill this requirement. 91³Ô¹ÏÍø will apply your loan funds to your account on the appropriate disbursement date outlined in ourÌýDisbursement Policies and Procedures.ÌýIf your loan exceeds your account balance, the Business Office will issue a refund using the preferences you have set in your Student Financial Center.ÌýÌýThe Financial Aid Office will contact you when you need to complete Loan Exit Counseling. If you do not have access to the internet or need assistance please contact us at 866-257-2574.
Lenders - Ìý91³Ô¹ÏÍø participates in the Federal Direct Loan Program. Any federal student loan that you borrow is a loan directly with the Department of Education. Ìý
Servicers - Once your loan is disbursed, the Department of Education will assign you a loan servicer. Your servicer will be the company that you will work with during the repayment of your student loans. ÌýYou may find your loan servicer by logging into Ìýand viewing your loan history. Ìý91³Ô¹ÏÍø will also send you this information shortly following any loan disbursement. Ìý
Fees - The origination fee is another expense of borrowing a Federal Direct Student Loan. The loan fee is subtracted proportionately from each loan disbursement. The loan origination fee for the Federal Direct (Subsidized and Unsubsidized) Student Loans will be reduced annually.
Disbursements and Deadlines - Federal Direct Student Loans will be disbursed in two equal payments that will be determined byÌýyour loan period and enrollment status. ÌýFunds will not be disbursed until you are enrolled in at least six credit hours.Ìý You will receive a disclosure notice from the Department of Education once your loan has been accepted and all requirements for the loan completed.
Loan Repayment -ÌýYou are required to begin repaying your Federal Direct Student Loan six months after you graduate, leave school, or drop below half time attendance. There are a variety of repayment options available; we recommend you research your options with your student loan servicer before repayment begins. You may also wish to use the available on the Ìýto compute the potential savings of different repayment options. The terms and conditions under which you receive a ÌýFederal Direct Student Loan may make you eligible for a deferral of repayment of the principal or interest of your loan if you have service under Peace Corps Act, Domestic Volunteer Service Act of 1973, or comparable service as a volunteer for a tax-exempt organization of demonstrated effectiveness in the field of community service.
FederalÌýDirect Student Loan Limits for Preparatory Coursework
Students taking preparatory coursework, for a program at another college/university or to enter a program at 91³Ô¹ÏÍø may be eligible for Federal Direct Student Loans while completing the prerequisites at 91³Ô¹ÏÍø.ÌýPreparatory coursework cannot exceed one consecutive 12 month period.ÌýPlease read the Prepwork section on theÌýReceiving Financial Aid webpageÌýfor more information.
Annual Maximum Loan Amounts for Preparatory Coursework
- Federal Direct Subsidized & Unsubsidized Loans -Ìý$2,625
- Additional Unsubsidized Federal Direct Student Loan limit for independent students or dependent undergraduates whose parents do not qualify for a Federal Direct Parent PLUS loan -Ìý$6,000
Federal Work Study and Student Employment
Federal Work Study (FWS)Ìýprovides employment opportunities that enable students to earn money to fund their education. Also campus-based, FWS awards are based on documented need and availability of funds. This program encourages community service employment and work related to the student's course of study. To the extent possible, 91³Ô¹ÏÍø will attempt to provide employment that complements and reinforces the student's educational and vocational career goals. FWS salaries will be paid at the current federal minimum wage and earnings are restricted to the amount of the award. Students employed through FWS will be paid on a monthly basis.
91³Ô¹ÏÍø also provides Student EmploymentÌýopportunities for students who would not otherwise qualify for Federal Work Study. ÌýThese jobs are available to students with the approval of 91³Ô¹ÏÍø's Human Resources office and are funded by 91³Ô¹ÏÍø. ÌýSalaries are paid at current federal minimum wage. ÌýStudents employed through 91³Ô¹ÏÍø's Student Employment program will be paid on a monthly basis.
For additional information, contact the Financial Aid Office at (866) 257-2574 or the Office of Human Resources at (620) 792-9275.