Federal aid is evaluated based on the results of the Free Application for Federal Student Aid (FAFSA). Federal aid is primarily "need-based" and eligibility is determined by several factors. This includes: Expected Family Contribution (EFC), receipt of the FAFSA by our preferred filing date, and timely submission of all documentation requested for verification. Below is a listing of funds students may qualify for through the FAFSA:
Federal Pell Grant
All students who complete a FAFSA are considered for this grant. By definition, this award does not need to be paid back and could be considered "gift aid." Grant amounts may be up to $5,645 annually.
Federal Supplemental Educational Opportunity Grant (SEOG)
This grant is awarded based on a review of the FAFSA and the availability of funding. You must be eligible to receive the Pell Grant in order to also be eligible for the SEOG. Similar to the Pell Grant, it does not need to be repaid. Grant amounts range from $100 to $1,500 annually.
Federal Direct Stafford Loan
Stafford Loans are long-term, fixed-interest rate federal loans awarded based on a review of your FAFSA, Satisfactory Academic Progress (SAP), and your enrollment status. First-time borrowers must complete a Master Promissory Note (MPN) and an Entrance Counseling session online at studentloans.gov.
Repayment of Stafford Loans begins six months after you graduate, withdraw, or drop below half-time enrollment status (six credits). There are two types of Stafford Loans:
- Subsidized: No interest accrues until you graduate, withdraw, or drop below half-time enrollment status.
- Unsubsidized: Interest begins to accrue immediately.
The 2013-2014 undergraduate interest rate for both is 4.66%.
Direct Stafford Loan Annual and Aggregate Loan Limits
|YEAR OF STUDY*||DEPENDENT STUDENT AMOUNT||INDEPENDENT STUDENT AMOUNT|
|First year (0-29 credits)||$5,500 (max $3,500 Sub.)||$9,500 (max $3,500 Sub.)|
|Second year (30-59 credits)||$6,500 (max $4,500 Sub.)||$10,500 (max $4,500 Sub.)|
|Third and beyond (60+ credits)||$7,500 (max $5,500 Sub.)||$12,500 (max $5,500 Sub.)|
|Aggregate Total Loan Amount||$31,000 (max $23,000 Sub.)||$57,500 (max $23,000 Sub.)|
*Year-of-study credit level is based on enrollment in an undergraduate degree program. Tiered eligibility differs for undergraduate diploma students.
Federal Perkins Loan
The Perkins Loan is a long-term, fixed-interest loan awarded based on a review of the FAFSA and availability of funding. Interest does not begin to accrue on this loan until nine months after you graduate, withdraw, or drop below half-time enrollment status. First-time borrowers will need to complete a Master Promissory Note (MPN) and an entrance counseling session online at ecsi.net/promd8. The current undergraduate interest rate for this loan is 5%.
For an overview of the financial aid process, please visit the Paying for Your Education section of our website.