purpose of the School Financial Aid Department is to help provide assistance to
those students who need funding to pursue their educational goals. Financial
Aid programs attempt to close the gap that exists between the cost of your
education and the money available from you and your family income, savings or
government funds are limited, the funds you may receive may not always cover
all of your educational expenses. As a result the student and/or, if
applicable, parents are expected to make a maximum effort in meeting those
students that demonstrate a financial need may be offered a FEDERAL GRANT,
known as a Pell Grant. Federal Grants are awards that do not have to be paid
back to the government.
simplify Federal Financial Aid is money provided by the government to help the
students pay their education.
are eligible if you:
a United States Citizen or legal resident
demonstrate a financial need
enrolled to attended at least half-time (20 hrs per week)
making Satisfactory Academic Progress (see page 6)
with the Selective Service (for males only), if applicable
owe any money to any of the Federal Financial Aid programs
DIRECT STUDENT LOANS
The Direct Student Loan is Financial Aid that does
have to be paid back; however, the student has a six-month grace period
from the time they graduate to start paying back the loan. There is a fixed
rate on the loan of 6.8% that starts being charged after the first disbursement
to the school is made and will also be charged during the six month grace
period for any unsubsidized loan. The monthly payments are very minimal and any
amount of money paid over the minimal amount will be credited to the principal
amount of the loan. There are four different types of Direct Students Loans.
They are as follows:
This loan is for students only. Interest is not charged while
you are attending school at least half-time, during grace periods, or deferment
periods. You must demonstrate financial need in order to be eligible for the
This loan is for students only. Interest is charged during
all periods, including while you are in school, grace periods, and deferment
Direct PLUS Loans:
This loan is for parents of dependent students. Interest is
charged during all periods.
This loan is for students and parents that combine different
federal student loans into one loan.
With the Direct Student
Loan, no one is rejected based on their credit and anyone who qualifies for the
Federal Pell Grant automatically qualifies for the Direct Loan.
Federal Pell Grant, unlike the loans, does not have to be repaid. The Pell
Grant is awarded only to undergraduate students who have not earned a Bachelor
degree or Professional Degree. For many students the Pell Grant is the
foundation to their financial aid to which additional aid may be added.
Mae Financial Aid