FEDERAL PELL GRANT - Award amounts are determined by using the results from filing the Free Application for Federal Student Aid (FAFSA) and range from $400 to $5,645 per year. The amount the student is eligible for is directly related to the Expected Family Contribution (EFC) calculated by the federal government. These monies do not have to be repaid. Pell grant eligibility is limited to twelve (12) semesters.
FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (FSEOG) - Award amounts are based on financial need and government funding levels and range between $200 and $2,000 per year. In order to receive an FSEOG, students must also be eligible for a Federal Pell Grant. This amount may vary from year to year based upon funding levels and student eligibility. These monies do not have to be repaid.
FEDERAL PERKINS LOAN - Award amounts are based on financial need and government funding levels and range between $200 and $4,000 per year. Students awarded a Perkins Loan are required to complete an entrance interview before the monies are credited to their account. Upon graduation, withdrawing, or dropping below 6 credits, students must complete an exit interview. Loan repayment begins nine months from the date the student ceases to be enrolled on at least a half time basis. While in repayment, the student will be charged five percent interest on the principal amount of the loan. These monies must be repaid.
FEDERAL WORK-STUDY (FWS) - Award amounts are based on financial need and government funding levels and range between $200 and $1,400 per year. Students select an office on-campus or off-campus where they would like to work, complete the necessary paperwork and obtain the supervisor's signature. Students are paid minimum wage which is $7.25/hour. Students are paid bi-weekly for all hours worked. Federal work-study awards are not deducted from your tuition bill.
FEDERAL COMMUNITY SERVICE WORK-STUDY - In addition to jobs on campus, Mount Aloysius College also sponsors several off-campus jobs. The jobs are located in community-service based non-profit organizations. Examples of such positions include: local YMCA/YWCA, America Reads, public libraries and United Way. Award amounts are based on financial need and government funding levels and range between $200 and $1,400 per year. Students select an off-campus site where they would like to work, complete the necessary paperwork and obtain the supervisor's signature. Students are paid minimum wage which is $7.25/hour. Students are paid bi-weekly for all hours worked. Federal work-study awards are not deducted from your tuition bill.
FEDERAL DIRECT LOAN PROGRAMS
FEDERAL DIRECT STAFFORD LOAN - In order to meet their educational expenses, students may wish to borrow monies through the Direct Loan Program. It is the student's responsibility to complete a Master Promissory Note (MPN) with the Department of Education in order to obtain the loan. A MPN need only be completed once and is valid for up to 10 years period. In addition to the application, students must file the Free Application for Federal Student Aid (FAFSA) before a student loan can be processed. Information obtained from the FAFSA determines the amount and type of loan the student is eligible for.
First time loan borrowers are required to complete Entrance Counseling before the monies will be credited to the student's account. Students must be enrolled in at least 6 or more credits to receive a Federal Direct Stafford Loan. If you are a first-year undergraduate student and a first-time borrower, your first disbursement can't be made until 30 days after the first day of your enrollment period.
The Direct Stafford Loan falls under two distinct types:
SUBSIDIZED STAFFORD LOAN: means the government pays the interest for the student while they are enrolled in school.
UNSUBSIDIZED STAFFORD LOAN: means the student is responsible for paying the interest. The interest can either be paid quarterly or the student can request that the interest be capitalized.
The maximum amounts that an undergraduate student may borrow under the Direct Stafford Loan program are:
Freshman (0-29 credits completed)
$3,500 subsidized per year for dependent & independent students
Sophomore (30-59 credits completed)
$4,500 subsidized per year
Junior (60-89 credits completed & enrolled in a baccalaureate program)
$5,500 subsidized per year
Senior (90-120 credits completed and enrolled in a baccalaureate program)
$5,500 subsidized per year for dependent & independent students
Upon graduation, withdrawal or being enrolled less than half-time, students are required to complete Exit Counseling and begin repayment after a six month grace period.
DIRECT PARENT LOANS FOR UNDERGRADUATE STUDENTS (PLUS) - Parents of dependent students may borrow up to the costs of education less any other financial aid through the Direct PLUS Loan program. Parents must complete a PLUS Loan Prequalification form and submit it to the Financial Aid Office so a credit check can be submitted. If approved, the parent may then apply online for the Federal PLUS Loan. If a parent is denied a Direct PLUS Loan, the student may then be eligible to borrow additional funds through their Direct Unsubsidized Stafford Loan or the parent may wish to appeal with the Department of Education or use an endorser.
Direct PLUS Loan repayment begins sixty days after fully disbursed. Parents may request a forbearance for up to four years while the student is enrolled for at least 6 credits and an additional six months after the student graduates. The school will apply the Direct PLUS Loan funds to the student's tuition account to pay for tuition, fees, room and board and other school charges.
All students and parents who borrow Federal Direct Stafford Loan, Federal Perkins Loan or Federal Direct PLUS Loan will be reported to the National Student Loan Data System (NSLDS), www.nslds.ed.gov . This information will be accessible to guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
DIRECT LOAN FACTS: