Federal Financial Aid Programs


Subsidized Federal Direct Stafford Loans

Stafford Loans must be repaid over time but repayment of subsidized loans can be deferred until you stop attending school. Federal Direct Subsidized Stafford Loans are processed through the Office of Financial Aid. The money is borrowed directly from and repaid to the U.S. Department of Education.  Subsidized loans are given on the basis of financial need – the government then pays (subsidizes) the interest on the loan while a student attends college.  
 
Graduate students may borrow:
 
$8,500 maximum subsidized loan if you’re a graduate student. 
Note: If you do not have enough financial need (based on the results of the FAFSA) to receive the full amounts listed as subsidized loans, you may receive these amounts as unsubsidized loans.
 
Stafford loans offer a variety of repayment options; the most common is to repay within 10 years. Repayment begins six (6) months after the student stops attending at least half-time (6 or more credits). 
 
For more information about interest rates and Stafford loans, visit FAFSA’s Federal Direct Stafford Loans website.
 
 
Unsubsidized Federal Direct Stafford Loans

In addition to subsidized loans, students may borrow unsubsidized loans while they complete their program of study. Interest accumulates on unsubsidized loans while the student is attending college. Students should pay this interest while they are in school. Students may receive unsubsidized loans regardless of financial need. 
 
Graduate students may borrow a maximum of $12,000 unsubsidized loan. If a student has no need, they may receive a maximum of $20,500 total as an unsubsidized loan, or any amount of money up to that not covered by the subsidized loan.
 
Students are given up to or more than 10 years to pay back all loans.
 
For more information about interest rates and Stafford loans, visit FAFSA’s Federal Stafford Loans website.
 
 
Graduate/Professional Direct PLUS Loan

Full- or part-time graduate students can borrow money equal to their cost of attendance minus other estimated financial assistance.
 
Applicants must demonstrate that they do not have adverse credit history.
 
There is no limit to the amount of money a student can receive – students may borrow (up to the cost of attendance) minus any funds covered by existing financial aid.
 
The first payment on a Direct PLUS Loan is due within 60 days after the loan is fully dispersed. Students may, however, postpone payments on the loan while they are in school.
 
Fill out a FAFSA (Free Application for Federal Student Aid) to apply. Also complete the Graduate PLUS Application provided by the Office of Financial Aid. A Graduate PLUS Loan application is mailed along with the annual award notice.
 
More information about this loan can be found on the Direct PLUS Loans for Graduate Students website.

 
Federal Work-Study

Federal Work-Study (FWS) is a program that allows undergraduate or graduate students to earn money for education expenses by working part-time. FWS eligibility is based on financial need, and is offered based on financial need, available funding and the financial aid policies of the student’s college.
 
Students are paid hourly, and are usually employed by their college – they must be paid at least the current federal minimum wage. A student works with their college to determine where they will work and base a student’s hours on financial need, class schedule, and academic progress.
 
Typically, students work on their college’s campus. If a student works off-campus, it is usually for a private, non-profit or public organization whose work is in the public interest.
 
For more information, see FAFSA’s FWS website.