Federal Financial Assistance Programs
Most federal student aid is awarded on the basis of financial need. To be eligible, a student must:
- enroll at least half-time in an institution to obtain a degree or certification (although half-time enrollment is not required for the Supplemental Education Opportunity Grant).
- have a high school diploma or GED, or the ability to benefit.
- be a US citizen or an eligible non-citizen.
- make satisfactory academic progress.
- sign a statement of education purpose.
- sign a statement of Selective Service registration status
Federal Programs include:
- Exceptional Financial Need Scholarship Program
- Federal Work-Study Program
- Health Professions Student Loan Program
- Indian Tribal Grants and Loans
- Loans for Disadvantaged Students
- National Health Service Corps (NHSC) Scholarship
- Nursing Student Loan Program
- Pell Grant
- Perkins Loan
- PLUS Loans
- Stafford Loan
- Supplemental Educational Opportunity Grant
- U.S. Department of Health and Human Services
Pell Grant
This program allows undergraduate students enrolled at least half-time in an eligible program to apply. Eligibility depends on need and is determined by a formula based on the information reported in the application. Awards for each academic year depend on program funding and individual student circumstances. Contact the financial aid office at your institution.
Supplemental Educational Opportunity Grant (SEOG)
Undergraduate students enrolled in an eligible program may apply. Students must demonstrate financial need and be unable to continue their education without assistance. Priority is given to Pell Grant Recipients. Awards depend on the availability of funds at the school and the financial aid the student has received from other programs. Contact the financial aid office at your chosen institution. This program is campus based, with the award amount controlled by the school.
Perkins Loan
This type of loan has an interest rate of five percent. The student must begin to repay within six to nine months after the student leaves school or otherwise becomes ineligible. Undergraduate and graduate students enrolled in an eligible program at least half-time and demonstating exceptional need may apply. Depending upon a student’s financial need and the availability of these loan funds at the school they plan to attend, a student may borrow up to $4,000 per year for undergraduates and $6,000 per year for graduate or professional study (the total amount borrowed under Perkins, including undergraduate study, is limited). Contact the financial aid office at your institution. This program is campus based, with the award amount controlled by the school.
Federal Work-Study Program
This program arranges employment opportunities through the school. Undergraduate and graduate students in need of financial aid and enrolled in an eligible program at least half-time may apply. When assigning work hours, students’ class schedules, health and academic progress are considered. Pay for employment is at least the current federal minimum wage, but may be related to the type of work and skills required. The award depends upon the funds the school has to distribute and the aid the student has received from other programs.
Stafford Loan
This loan has a low interest rate. It must be repaid beginning six to nine months after the student leaves school or otherwise becomes ineligible. Undergraduate and graduate students enrolled at least half-time in an eligible program may apply. Some borrowers may need to show Pell Grant eligibility. Depending on financial need and the availability of these loan funds at the school, students may borrow up to $2,625 per year for the first and $3,500 for the second year of undergraduate study; $5,500 per year for the third and subsequent years; $8,500 per year for post graduate education. The total Stafford Loan debt cannot exceed $23,000 for a dependent undergraduate, $46,000 for an independent undergraduate, and $138,500 for a graduate and professional student, including the amount borrowed as an undergraduate. Contact participating lenders, the school’s financial aid office or the Educational Credit Management Corporation, 7325 Beaufont Springs Drive, Richmond, VA 23225.
PLUS Loans
These loans have variable yearly interest rates. They must be repaid immediately beginning 60 days after the loan is granted and disbursed. Parents of students enrolled at least half-time in an eligible program may apply. Financial need does not have to be proven, but borrowers may have to undergo a credit analysis. The borrowing limit is established as the financial need minus other financial aid received. The PLUS amounts are in addition to the Stafford Loan borrowing limit. Contact participating lenders, the school’s financial aid office or the Educational Credit Management Corporation, 411 E. Franklin St., Richmond, VA 23219, 1-888-775-3262.
Indian Tribal Grants & Loans
More than 45 Indian tribes have established their own grant and loan programs to assist their members in financing higher education. For more information contact: U.S. Department of the Interior, Bureau of Indian Affairs, Washington, D.C. 20240.
U.S. Department of Health and Human Services
The U.S. Department of Health and Human Services administers a variety of financial assistance programs for student enrolled in health professions programs. For more information, contact the college’s financial aid office, or the Health Resources and Services Administration, Bureau of Health Professions, Division of Student Assistance, Parklawn Building, Room 8-48, 5600 Fishers Lane, Rockville, MD 20857 or call (301) 443-1173 or visit their Web site at www.dhhs.gov.
Exceptional Financial Need (EFN) Scholarship Program
Provides financial assistance to full-time students of exceptional financial need pursuing a degree in medicine, dentistry or osteopathic medicine. Medical students must agree to: enter and complete residency training in primary care and practice in primary care for five years after completing a residency training program. Students of dentistry must agree to practice in general dentistry for five years after completing residency training. For more information, contact the college’s financial aid office.
Loans for Disadvantaged Students
This program provides low interest loans to assist full-time disadvantages students with financial need. To qualify students must be pursuing a degree in allopathic or osteopathic medicine, dentistry, optometry, pediatric medicine, pharmacy or veterinary medicine. For more information, contact the college’s financial aid office.
Health Professions Student Loan Program
Low interest loans are available for up to the cost of tuition plus $2,500 for an academic year. The aid is available to students with exceptional financial need who attend participating schools of allopathic or osteopathic medicine, dentistry, optometry, pharmacy, podiatry or veterinary medicine. In return for this support, medical students must agree to enter and complete residency training in primary care and practice in primary care for five years after completing a residency training program. For more information, contact the college’s financial aid office.
Nursing Student Loan Program
Low interest loans are available to full- or half-time students pursuing a course of study leading to a diploma, associate, baccalaureate or graduate degree in nursing. For more information, contact the college’s financial aid office.
National Health Service Corps (NHSC) Scholarship
This competitive program is open to US citizens who are students of allopathic and osteopathic medicine and to certified nurse practitioners, nurse midwives and physician assistants. The program pays for tuition, fees, books and equipment and provides a monthly stipend. For each year of support, the recipient is obligate to practice for one year (minimum obligation is two years) in a high priority area where there is a health care shortage. For information or an application, contact the NHSCSP, Bureau of Primary Health Care, 4350 East-West Highway, 10th Floor, Bethesda, MD 20814 or call (301) 594-4410 or 1-800-638-0824.