Types of Financial Aid
Federal Pell Grants
Grants are need-based and do not have to be repaid.
Eligibility for this need-based grant is determined by the federal government according to a formula developed by the U.S. Department of Education and approved annually by Congress. It is awarded to students who are enrolled in a qualified program and have not earned a bachelor’s degree. When you file a Free Application for Federal Student Aid (FAFSA), you are automatically considered for a Pell Grant. Awards range from $400 to $6,195 per year. The Pell Grant award is adjusted according to your enrollment status.
Federal Direct Loans
Loans that must be repaid with interest.
- The Subsidized Federal Direct Loan is based on financial need determined by a federal formula. A loan is subsidized when the interest is paid by the government until six months after you leave school or drop below half-time status.
- The Unsubsidized Federal Direct Loan is not based on financial need and is available to you regardless of income. Interest accrues from the date of the loan disbursement. In order to be considered for the Unsubsidized Federal Direct Loan, you must apply for the Subsidized Federal Direct Loan.