Federal Aid Programs, Southeast Missouri State University


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Southeast Missouri State University

Federal Aid Programs

NEW INFORMATION

Beginning April 1, 2007, Federal Student Aid will provide a new tool to help students and their families plan for college. FAFSA4caster will estimate eligibility for federal financial aid, including grants and can reduce the time it will take to complete the Free Application for Federal Student Aid (FAFSA). FAFSA4caster only provides an early estimate. You must complete the FAFSA to apply for federal aid. Students can access the FAFSA4caster at www.FederalStudentAid.ed.gov/.

To be eligible for any of the federal aid programs, you must first complete the Free Application for Federal Student Aid (FAFSA). If you have not already done so, you may want to read the information on Applying for Financial Aid. Federal aid is regulated by the U.S. Department of Education and is funded by the federal government. However, the amount and type of your award may vary based on the school you choose to attend, the date of your application and your enrollment. To be awarded the most aid you are eligible for at Southeast, you must have your FAFSA processed by our early application date of March 1.

Federal aid is awarded through:

Grants
Work
Loans

Grants

Federal Pell Grant: The Federal Pell Grant is the largest federal need-based aid program and does not have to be repaid. Eligibility for this program is determined by your Expected Family Contribution (EFC), which is calculated from information you and/or your parents provided on the FAFSA. Currently, you would be eligible for a Pell Grant if you have an EFC below 4617 and have not yet received a bachelor’s degree. Once initial eligibility is determined, the number of credit hours you are enrolled in is taken into account to determine the amount of Pell Grant you qualify for. Even though you may initially be eligible for the Pell Grant, the number of hours you are enrolled in may reduce the Pell Grant award to zero. For the 2009-2010 academic year, Pell Grants range form $488 to $2,675 per semester based on EFC and enrollment status.

Federal Academic Competitiveness Grant (ACG): The Federal Academic Competitiveness Grant (ACG) is a grant program for first and second-year students who graduated from high school after January 1, 2005. To be eligible, students must be a U.S. citizen or eligible non-citizen, be a Federal Pell Grant recipient, be enrolled full-time (at least half-time for 09-10 academic year), and complete a rigorous high school program approved by the Secretary of Education. For second year renewal, students must have at least a cumulative 3.00 grade point average on a 4.00 scale. The ACG will provide up to $750 for the first year of undergraduate study and up to $1,300 for the second year of undergraduate study.

The National Science & Mathematics Access to Retain Talent Grant (National SMART Grant): The National Science & Mathematics Access to Retain Talent Grant or National SMART Grant is available during the third and fourth years of undergraduate study for students that are enrolled full-time (at least half-time for 09-10 acadmic year). To be eligible, students must be a U.S. citizen or eligible non-citizen, be enrolled in a degree program at a four-year, degree-granting institution, major in physical, life or computer science, engineering, mathematics, technology, or a critical foreign language, have at least a cumulative 3.00 grade point average on a 4.00 scale in the coursework required for the major, and have less than 120 cumulative hours. A national SMART Grant will provide up to $4,000 for each of the third and fourth years of undergraduate study.

Teacher Education Assistance for College and Higher Education Grant Program (TEACH): Southeast Missouri State University plans to participate in the TEACH Grant program for the 2008-2009 academic year. Please click on the TEACH Grant link to learn more about the program. Please be advised that if the student does not fulfill the requirements of the program, this grant will convert to a loan, with interest retroactive from first date of disbursement.

Federal Supplemental Educational Opportunity Grant (FSEOG): This is a campus-based federal aid program with limited funds that does not have to be repaid. To be considered for this grant at Southeast, you must have the FAFSA processed by our early application deadline of March 1. To be eligible, you must have an exceptionally low Expected Family Contribution (EFC) as determined by the FAFSA, be enrolled at least half time and have not yet earned your bachelor’s degree. Eligible students at Southeast currently receive $300 per semester.

Work

Federal Work Study (FWS): FWS is a campus-based federal work program with limited funding. To be considered for FWS at Southeast, you must have the FAFSA processed by our early application deadline of March 1, have indicated on the FAFSA an interest in student employment and have financial need. Once you have been awarded FWS, it is your responsibility to find on-campus employment. (More information regarding on-campus employment can be found on our Student Employment page). FWS funds are earned through employment and are paid through bi-weekly paychecks. FWS earnings are not applied to your University account.

Loans

Federal Perkins Loans: This program provides students who have high levels of financial need the opportunity to borrow money for their education at a low-interest rate (5 percent). Students who borrow through this program are not required to begin repaying the loan until nine months after they graduate, leave school or drop below half-time enrollment. During this time, students are not charged any interest on the amount borrowed. This program is a campus-based federal aid program with limited funding. To be considered, you must have the FAFSA processed by our early application deadline of March 1 and have indicated on the FAFSA an interest in student loans. Half-time enrollment is required for eligibility. Southeast awards a maximum of $4,000 per academic year. However, the actual amount awarded is based on your EFC and other aid received at Southeast.

Federal Stafford Loans: Southeast provides Stafford Loans through the Federal Family Education Loan (FFEL) Program, which receives its funds from private lending institutions. These loans have a variable interest rate of 6.0% on the Subsidized Stafford Loans and 6.8% on the Unsubsidized Stafford Loans. To be considered for a Stafford Loan, you must complete the FAFSA. Your eligibility will be based on the Expected Family Contribution (EFC), as determined by the FAFSA, Southeast’s Cost of Attendance (COA), other aid received and your grade level. If you are a Freshman with zero to 29 credit hours earned, you have a maximum annual eligibility of $5,500 ($3,500 base amount, plus an additional $2,000 in unsubsidized). If you are a Sophomore with 30 to 59 credit hours earned, you have a maximum annual eligibility of $6,500 ($4,500 base amount, plus an additional $2,000 in unsubsidized). If you are a Junior or Senior with 60 or more credit hours earned, your maximum annual eligibility will be $7,500 ($5,500 base amount, plus an additional $2,000 in unsubsidized). The actual amount you qualify for may be lower if your total aid awarded would exceed the COA at Southeast.

If you are determined to have financial need, you will be awarded a Subsidized Stafford Loan. The federal government will pay the interest on this loan while you are enrolled at least half-time and for six months after you graduate, leave school or drop below half-time enrollment. After this time period, you will be required to begin repayment and you will become responsible for the interest and principal payment.

If you do not have financial need or you have loan eligibility in excess of your financial need, you will be awarded an Unsubsidized Stafford Loan. Although you will not be required to begin repaying the principal of this loan until six months after you graduate, leave school or drop below half-time enrollment, you will be responsible for all interest that accrues during this time. You can choose to pay the interest as you attend college or to capitalize the interest and have it added to the loan principal when you begin repayment.

Federal PLUS Loans: The Federal Parent Loan for Undergraduate Students (PLUS) allows parents of dependent, undergraduate students with good credit histories to obtain educational loans for their dependents. While PLUS is a federal loan, the funding is provided by private lending institutions. You do not have to have financial need to be awarded a PLUS Loan; however, you must complete a FAFSA with parental income information and indicate an interest in student loans on the FAFSA.

A parent may apply for the entire cost of education for an academic year LESS any other financial aid the student is eligible to receive. The parent borrower is responsible for all interest that accrues on the PLUS loan and must begin repayment within 60 days after the loan i fully disbursed. PLUS Loans have a fixed interest rate of 8.5% throughout the life of the loan and a 3% origination fee will be deducted from each disbursement by the lender.

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