Financial Aid Administration

Financial aid is intended to help students who would otherwise be unable to afford the cost of higher education. This can include grants, scholarships, loans, and work-study programs.

Work-study programs are not a type of financial aid. They are a type of employment program that allows students to earn money while they are attending college.

Grants are based on financial need, while scholarships are based on merit. Grants are typically larger than scholarships. Grants are awarded by the government, while scholarships can be awarded by either the government or private organizations.

The maximum amount of federal student loans that a student can borrow each year depends on their dependency status and their year in school. For dependent students, the maximum amount is $12,500 for first-year students, $20,500 for second-year students, and $27,500 for third- and fourth-year students. For independent students, the maximum amount is $20,500 for first- and second-year students and $35,000 for third- and fourth-year students.

The interest rate on federal student loans is set by Congress each year. For loans disbursed on or after July 1, 2022, the interest rate is 4.53% for undergraduate loans, 6.08% for graduate loans, and 7.54% for PLUS loans.

The repayment period for federal student loans is typically 10 years. However, borrowers can choose to extend their repayment period to 15, 20, or 25 years if they qualify for an extended repayment plan.

The Public Service Loan Forgiveness Program is a program that forgives the remaining balance of federal student loans after 10 years of public service. To qualify, borrowers must work full-time for a qualifying public service employer and make 120 qualifying payments on their student loans.

The Income-Based Repayment Plan is a repayment plan that caps the monthly student loan payment at a percentage of the borrower's discretionary income. The percentage is based on the borrower's income and family size. The repayment period for the Income-Based Repayment Plan is typically 20 or 25 years.

The Pay As You Earn Repayment Plan is a repayment plan that caps the monthly student loan payment at 10% of the borrower's discretionary income. The repayment period for the Pay As You Earn Repayment Plan is typically 20 years.

The Revised Pay As You Earn Repayment Plan is a repayment plan that caps the monthly student loan payment at 5% of the borrower's discretionary income. The repayment period for the Revised Pay As You Earn Repayment Plan is typically 20 years.

The Federal Perkins Loan Program is a program that provides low-interest loans to undergraduate and graduate students with exceptional financial need. The loans are made by participating colleges and universities.

The Federal Work-Study Program is a program that provides part-time jobs to students who need financial assistance. The jobs are typically on campus and related to the student's field of study.

The Federal Supplemental Educational Opportunity Grant (FSEOG) Program is a program that provides grants to students with exceptional financial need. The grants are awarded to students who are enrolled in undergraduate programs at participating colleges and universities.

The TEACH Grant Program is a program that provides grants to students who are pursuing a career in teaching. The grants are awarded to students who are enrolled in undergraduate or graduate programs at participating colleges and universities.