|
|
|
|
|
Federal Pell
The Federal Pell Grant is awarded based on receipt of the FAFSA and determination the student’s Expected
Family Contribution (EFC) and enrollment level meets the award eligibility criteria. Federal Pell Grant is
the basic foundation for awarding other types of student financial aid. Awards range from $200 to $4,310
for the 2007/08 academic year.
To be eligible, the student must:
- Submit the FAFSA and meet federal student aid programs requirements (e.g. U.S. Citizen or eligible noncitizen)
- EFC between 0 to 4110 for the 2007/08 aid year
- Be an undergraduate enrolled in a degree-seeking program
- Meets Satisfactory Academic Progress standards
A Student with a baccalaureate or first professional degree is not eligible for a Federal Pell Grant. Additionally, students incarcerated in a federal or state penal institution are not eligible for a Federal Pell Grant.
Enrollment levels (full-time, three-quarters-time, half-time, and less than half time) are determined based on projected or actual enrollment with subsequent adjustment based on actual enrollment each semester. Final Federal Pell eligibility is determined and awards are finalized each semester on the Pell Census date that corresponds to the end of the 100% refund period.
Federal Stafford Loans
General Information
A Federal Stafford Loan is a low interest rate loan for students that can be used to help pay for your college education. There are two types of Federal Stafford Loans: subsidized and unsubsidized.
Subsidized
If you meet certain financial need criteria (based upon information supplied on your FAFSA), the federal government will pay the interest on your Subsidized Federal Stafford loan while you attend school at least half time or during times when you qualify for an authorized deferment.
Unsubsidized
If you do not meet the financial need criteria (based upon information supplied on your FAFSA) to qualify for a Subsidized loan, you still can receive an Unsubsidized Federal Stafford loan. You are responsible for paying the interest while you are in school. If you do not want to make the interest payments, the interest can be added to your principal balance through a process called capitalization.
With either the Subsidized or Unsubsidized Federal Stafford Loans, repayment on the principal begins six months after graduation, leaving school, or dropping below half-time status.
Annual limits for loans disbursed on or after July 1, 2007
| ANNUAL LIMITS |
Dependent Student |
Independent Student |
1st year undergraduate
(0 – 25 credit hours earned) |
$3,500 |
$7,500 |
2nd year undergraduate
(26 – 55 credit hours earned) |
$4,500 |
$8,500 |
3rd year + undergraduate
(56+ credit hours earned) |
$5,500 |
$10,500 |
| Graduate Prerequisite or Teacher Certification |
N/A |
$12,500 |
| Graduate / Professional |
N/A |
$20,500 |
Health Professions
(Medical & Dental) |
N/A |
$40,500 |
In addition to the annual borrowing limits, there is also an aggregate, or cumulative, lifetime borrowing limit.
| AGGREGATE LIMITS |
Subsidized |
Total |
| Dependent Undergraduate |
$23,000 |
$23,000 |
| Independent Undergraduate |
$23,000 |
$46,000 |
| Graduate / Professional |
$65,500 |
$138,500 |
Health Professions
(Medical & Dental) |
$65,500 |
$189,125 |
Federal PLUS Loans
General Information
IUPUI will certify your Federal PLUS Loan with the lender of your choice. IUPUI has teamed with Sallie Mae and
Student Loan Funding to simplify the borrowing experience by providing a fully automated application process and
the benefits listed below. A Federal PLUS Loan is a low interest rate loan for parents that can be used to help
pay for the college education of a dependent undergraduate child. Independent graduate students may also apply
for themselves. If you choose a lender other than Student Loan Funding, please contact us so we can begin the
certification process with your chosen lender.
Federal Perkins Loan
General Information and Entrance Counseling
A Federal Perkins Loan is a low-interest loan for students with exceptional financial need. The IUPUI Office of Student Financial
Aid Services awards this loan and Student Loan Administration in Bloomington administers the promissory note and repayment processes.
You are automatically considered for this loan if you submitted your Free Application for Federal Student Aid (FAFSA) by the March 10th FASFA
Priority receipt deadline for the aid year. Because funding is limited, these loans are awarded to students with exceptional financial need who
meet Satisfactory Academic Progress standards.
Federal Perkins Loans requires entrance counseling and a signed promissory note. You will receive an email notification directly from Student
Loan Administration (at your university email address) to sign your promissory note for the loan. On-line entrance counseling is completed as
part of the promissory note signing process. This notification is send to your IU email account and you will be assigned a To Do item in your
OneStart account. It is important you complete this process in a timely fashion to avoid a delay in these funds crediting to your student
account for payment of eligible charges such as tuition and fees.
Borrower Benefits
Borrowers receive the following benefits on the Perkins Loan:
- 0% fees
- Low fixed interest rate – 5%
- Repayment begins nine months after graduating, leaving school, or dropping below half-time status.
Exit counseling is required for all students that have received a Federal Perkins Loan and who are schedule to graduate or will not be attending IUPUI at least half-time. An exit interview is your opportunity to review the amount of your loans and rights and responsibilities in repaying these loans.
|
|
