Federal Financial Aid
Pell Grant
The largest Federal need-based student aid program providing grant assistance ranging from $890 to $4,731 to undergraduate students who are enrolled in a degree or certificate program and have not received their first bachelor’s degree. Eligibility is based on demonstrated financial need, cost of education and enrollment status.
Federal Academic Competitiveness Grants (ACG)
A Federal need-based grant program that was created to encourage students to take more challenging courses in high school. The Academic Competitiveness Grants are available to students in their first or second year of college. Up to $750 is awarded to eligible first-year students and up to $1,300 for second-year students. Eligible students must be Pell Grant recipients and enrolled at least half-time.
National Science and Mathematics Access to Retain Talent (SMART) Grant
A Federal need-based grant that was created to encourage students to pursue majors in high demand in the global economy. National SMART Grants are available to students in their third or fourth years of college. Up to $4,000 will be awarded each year to eligible students. To qualify, students must be U. S. Citizens who are Pell Grant recipients and enrolled at least half-time. Recipients must be pursuing a major in mathematics, science (including computer science), technology, or engineering.
Supplemental Education Opportunity Grant (SEOG)
Provides grant assistance to students with exceptional financial need. In awarding Supplemental Grants, priority is given to Pell Grant recipients with the highest demonstrated financial need. Loyola College limits awards through this program to a maximum of $2,500 per year.
Perkins Loan
This program allows students who demonstrate institutional financial need and who are enrolled full-time may be eligible for up to $1,000 each year of undergraduate study. The interest rate is fixed at 5.0%. Interest does not accrue to the borrower nor does repayment being on Perkins Loans until nine months after termination of college enrollment of at least a half-time basis. Interest accrued during in-school and the grace period is paid by the Federal government.
Direct Stafford Student Loan-Subsidized
Students enrolled at least half-time and who demonstrate federal financial aid eligibility are eligible to borrow up to $3,500 per year for the first year of undergraduate study, $4,500 for the second year and $5,500 per year for subsequent years of undergraduate study. Monthly repayment begins six months after termination of enrollment at a fixed interest rate of 5.6 percent (as of July 1, 2009). Direct Loans carry a 1.5 percent origination fee and an up-front interest rebate equal to 1.50 percent of the loan amount.
Direct Stafford Student Loan-Unsubsidized
Allows all students regardless of federal financial aid need and who are enrolled for at least six credits per term to borrow up to $3,500 for the first year of undergraduate study, $4,500 for the second year, and $5,500 per year for subsequent undergraduate study less the amount of any subsidized Direct Loan received by the student. New borrowers must complete a Federal Direct Loan electronic master promissory note and complete an online Entrance Counseling session to borrow funds through this program. The interest rate is fixed at 6.8% and the origination fee are the same as specified above under the subsidized Direct Stafford Loan. The interest rate and origination fee are the same as specified above; however, interest accrual begins immediately during in-school and deferment periods.
Direct Parent Loans for Undergraduate Students (PLUS)
This program allows parents of dependent undergraduate students who do not have an adverse credit history to borrow up to the full cost of education minus other financial aid. The maximum amount that a parent may borrow is displayed in the “Other Resources” section of the paper Financial Aid Notification and in the “Financial Aid Status by Year” section of WebAdvisor. The interest rate is fixed at 7.9%. Interest accrual begins on the date of the first loan disbursement. The first payment is due within 60 days after the final loan disbursement. PLUS loans carry a 4.0% federal origination fee and an up front interest rebate equal to 1.5% of the loan amount.
Federal Work-Study Program (FWS)
Students who have demonstrated financial need may be eligible to earn part of their educational expenses through a Federal Work-Study assignment. Students are allowed to work approximately 12 hours per week at hourly rates ranging from $6.55 to $8.50.