Federal Aid

The Federal government offers different types and levels of financial aid for higher education. Some are grants, some are loans, and other aid is earned while in college through the work-study program.

Federal Loans

These allow you to borrow money for education at a low interest rate. You must repay your loans, with interest.

AWARD	ELIGIBILITY	AMOUNT	COMMENTS
Federal Perkins Loan	Must file a FAFSA. Financial need as determined by the financial aid office.	Varies	Franciscan receives a limited amount of resources for this loan and will award it to the neediest students until funds are depleted
Federal Direct Loan, Subsidized	Must file a FAFSA. Need-based.	-Freshman: up to $3500 -Sophomore: up to $4500 -Junior: up to $5500 -Senior: up to $5500	No interest while in school at least half-time; 6 month deferment; federally mandated 6% interest
Federal Direct Loan, Unsubsidized	Must file a FAFSA; Non-need based	- Freshman: up to $5500 - Sophomore: up to $6500 - Junior: up to $7500 - Senior: up to $7500	Interest is charged at federally mandated 6.8% upon disbursement. Additional unsubsidized funding is available for independent students.
Parent PLUS Loan	Must file a FAFSA; Non-need based	Up to total cost of attendance	Interest rate is fixed at 7.9% Must apply for this loan Repayment options vary

Important Federal Direct Loan Information

How to sign your Federal Direct loan Master Promisory Note

Federal Grants

Therse are financial aid awards that do not have to be repaid.

AWARD	ELIGIBILITY	AMOUNT	COMMENTS
Federal Pell Grant	Must complete a FAFSA and demonstrate high financial need based on the information contained therein, undergraduate students only	Ranges from $523 to $4731/year	This is awarded automatically based on your estimated family contribution (EFC)
Federal Supplemental Educational Opportunity Grant (SEOG)	Must complete a FAFSA and demonstrate high financial need as determined by the financial aid office, undergraduate students only.	Varies	Franciscan receives a very limited amount of resources for this grant and will award it to the neediest students until funds are depleted.
Federal TEACH Grant Learn about the TEACH grant. Entrance Counseling and ATS	U.S. Citizen, ACT/ SAT score or GPA requirements, enrolled in FUS TEACH eligible program in Department of Education, plan to teach full time in a high need field in a low income school for a minimum of 4 years	Undergraduate: $1000-$4000/year with a maximum of $16,000 Graduate: $1000-$4000/year with a maximum of $8000	See website for complete details, this WILL turn into a loan under several circumstances

Federal Work Study

This allows you to earn money for your education in an on-campus job with flexible hours. We administer the Federal Work Study program through our Student Work Opportunity Program (SWOP)

Federal Aid

Federal Loans

Important Federal Direct Loan Information

Federal Grants

Federal Work Study

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