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Federal Student Aid Program Definition of Aid
Federal Pell Grant The Pell Grant is a federal program designed to provide undergraduate students, who have not attained their first bachelor's degree, with a foundation of financial aid. Pell eligibility is determined by a formula developed by the United States Department of Education and applied consistently to all applicants. The award is to be used for education expenses which include tuition, fees, room and board, books, and supplies. The amount of Pell Grant the student receives depends on his /her enrollment status and the student’s estimated family contribution (EFC). Students do not have to be full time in order to receive Pell Grant funds. The maximum Pell Grand award for the 2016-2017 aid year is $5,815.
Federal Supplemental Educational Opportunity Grant
(FSEOG)
These grants are available to those students who demonstrate exceptional financial need. Priority is given to students who have an EFC of 0.
Federal and State Work-Study The Federal and State Work-Study programs give students the opportunity to work for their earnings. This money does not have to be repaid. Students must demonstrate need established by the FAFSA. Funds are awarded first to those students who meet the March 1st priority deadline. Students are paid on a monthly basis as they earn the work-study funds.
Direct Subsidized Loan The Direct Subsidized Loan must be repaid. These loans have a fixed interest rate of 4.29% for the 2015-2016 award year. Students must complete a FAFSA and demonstrate need in order to receive a subsidized loan. The Department of Education pays the interest on the subsidized loan while the student borrower is in school taking six or more credits and during grace and deferment periods. Repayment begins six months after the student drops below six credits, withdraws, or graduates from Miles Community College. Students must sign a Master Promissory Note before receiving the student loan. Award limits vary from $3,500 to $4,500 depending on grade level, cost of attendance, EFC and need. Entrance counseling is required of all students borrowing student loans at Miles Community College. Upon leaving Miles Community College, students must complete exit counseling.
Direct Unsubsidized Loan The Direct Unsubsidized Loan is a non-need based student loan that must be repaid. Students must complete a FAFSA in order to receive this loan. These loans have a fixed interest rate of 4.29% for the 2015-2016 award year. The student borrower is responsible for paying the interest that accrues on the loan. Repayment begins six months after the student drops below six credits, withdraws, or graduates from Miles Community College. Students must sign a Master Promissory Note before receiving the student loan. Award limits vary from $3,500 to $10,500 depending on grade level. Entrance counseling is required of all students borrowing student loans at Miles Community College. Upon leaving Miles Community College, students must complete exit counseling
Direct Parent Loans for Undergraduate Students (PLUS) The PLUS loan is available to parents of undergraduate students. These loans have a fixed interest rate of 6.84% for the 2015-2016 award year. The parents enter repayment of both the principal and interest of the loan within 60 days of the loan being fully disbursed. Parents should contact the Financial Aid Office if they are interested in this loan. A Master Promissory Note and credit check of the parent are mandatory for this loan. Parents may borrow a loan for the amount of the cost of attendance less other financial aid. The loan money must be used for educational purposes. If parents do not pass the credit check, their dependent student may borrow up to an additional $6,000 of unsubsidized loans.
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