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502-2 Applying for Federal Financial Aid

Title: Applying for Federal Financial Aid
Owner: Office of Financial Aid
Last Updated/Revised: 05/01/2024

Policy: Prospective and current students are encouraged to apply for federal financial aid by completing the Free Application for Federal Student Aid (FAFSA) by visiting the Department of Education FAFSA site at https://studentaid.gov/h/apply-for-aid/fafsa. The amount and type of financial aid that a student may receive are determined through federal and state guidelines. A student’s financial aid package may be a combination of grants and/or loans.

Federal Grants

An undergraduate student who does not hold a bachelor’s or first-year professional degree may be eligible for certain federal grants. Grants are funding that do not require repayment provided they are used to complete the student’s education.

  • Federal Pell Grant is a federally funded, need-based grant that is awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor’s, graduate, or professional degree.

Federal Loans

Federal loans are available to both undergraduate and graduate students; and are offered by the Department of Education to help eligible students cover the cost of their educational program. A student interested in obtaining federal loans must complete entrance counseling and the master promissory note at https://studentaid.gov/.

  • Federal Direct Loan consists of Direct Subsidized and Direct Unsubsidized loans. Direct Subsidized loans are available only to undergraduate students who have financial need and Direct Unsubsidized loans are available to both undergraduates and graduate or professional degree students. To receive either type of loan, the student must be enrolled at least half-time.
  • Federal Direct PLUS Loan (Graduate/Parent). The Department of Education makes Direct PLUS loans to eligible parents and graduate or professional students, who do not have an adverse credit history. The maximum PLUS loan amount that can be received is based on the program’s cost of attendance and any other financial aid received.

All student loans must be repaid. Students who receive federal loans agree to pay back the amount borrowed and any accumulated interest. The first loan payment will be due six (6) months after the student graduates, when their enrollment status drops to less than half-time or when they withdraw from school.

Purpose: The purpose of this policy is to outline the federal student aid available to students and what is required to apply for Federal Financial Aid.

Procedure:

Applying for Federal Financial Aid

Below are the application steps for applying for federal financial aid:

  1. Get an FSA ID. A student would need to create an FSA ID to access the federal student aid online system. This ID also serves as the student’s legal signature during the financing process.
  2. Fill out the FAFSA, completing all sections, sign the FAFSA, and submit the application for processing
  3. For first time loan borrowers, complete the loan entrance counseling form. First time loan borrowers are required to complete the loan entrance counseling to ensure that they understand the responsibilities of taking out student loans.
  4. Complete and sign the master promissory note. A student and/or Parent who applies for federal student loans must promise to repay them.
Scope: This policy applies to all prospective and current students who are interested in applying for Federal Financial Aid.

Documents and Forms: None