Federal Aid Programs

Federal Pell Grant
All students applying for a Federal Pell Grant (and all other federal financial aid) must complete the Free Application for Federal Student Aid (FAFSA). Students can apply using the paper FAFSA, the FAFSA renewal application (for returning and transfer students), or by using FAFSA on the Web (www.fafsa.ed.gov). Within six weeks of mailing the form, the U.S. Department of Education will send the student a Student Aid Report (SAR) to be submitted to the university Financial Aid office.

Based on the information in the SAR, the Financial Aid office will determine if the student is eligible to receive the Pell Grant. The aid amount for this program ranges from $400 to $4,731.

Federal Supplemental Educational Opportunity Grant (FSEOG)
A Federal Supplemental Educational Opportunity Grant (FSEOG) is a federally funded program provided for undergraduate students with exceptional financial need. Priority is given to Federal Pell Grant recipients. The amount of the grant depends on the amount of verified need (as determined by the SAR) and on the availability of federal funds provided to the institution. The aid amount for this program ranges from $400 to $4,731.

Federal Perkins Loan Program
A Federal Perkins Loan is a low interest loan to help pay for education costs while attending university. These loans are for students with exceptional need, and priority is given to Federal Pell Grant recipients.

Repayment begins nine months after a student graduates, leaves school, or drops below half-time. He or she may be allowed up to ten years to repay. The amount of each payment depends upon the size of the debt and the length of the repayment period, but usually the payment must be at least $40 per month. The aid amount for this program ranges from $500 to the full cost of the student's education.

Federal Work-Study Program
The Federal Work-Study Program (FWSP) provides jobs for students who are determined eligible by their FAFSA application. The salary is at least equal to the current minimum wage. Some examples of FWSP jobs at Southeastern University include: library assistant, laboratory assistant, office assistant, and grounds keeper.

The amount of the work-study award depends on the financial need (as determined by the SAR), on the amount of other aid received, and on the availability of federal funds provided to the institution. The aid amount for this program ranges from $1,250 to $3,000.

Federal Stafford Loan Program
Federal Stafford Loans are low interest loans made to eligible students attending a post-secondary school at least half-time. Loan funds are provided by a lender and insured by the federal government. While the student is attending school, the federal government pays the interest on the loan and defers (postpones) repayment of the principal. A required origination/insurance fee of four percent is deducted by the lender from each loan check prior to disbursement to the student.

Repayment of this loan begins six months after the student graduates, leaves school, or drops below half-time. The repayment term is normally five to 10 years, depending on the amount of the loan. Applications are available in the university Financial Aid office. The aid amount for this program ranges from $500 to the full cost of the student's education.

Federal Unsubsidized Stafford Loan Program
Federal Unsubsidized (non-need based) Stafford Loans are low interest loans made to eligible dependent and independent students attending a post secondary institution at least half-time. Loan funds are provided by a lender and insured by the federal government. The federal government does not pay the interest on this type of loan while the student is in school or in deferment. Unsubsidized borrowers are responsible for all interest beginning at disbursement.

An origination/insurance fee may be deducted by the lender from each loan check or electronic funds transfer (EFT) prior to disbursement to the student.

Repayment of this loan can be deferred (postponed) until six months after the student graduates, leaves school, or drops below half-time status. However, as noted above, the student is responsible for all interest that accrues during the deferment period. Applications are available in the university Financial Aid office. The aid amount for this program ranges from $500 to the full cost of the student's education.

Federal Parent Loan for Undergraduate Student (PLUS)
Federal PLUS loans are for parents who want to borrow to help pay for their student's education. These loans enable parents with good credit histories to borrow for each dependent child who is enrolled at least half-time. An origination/insurance fee of three percent is deducted by the lender from each loan check prior to disbursement.

Interest rates are fixed at 8.5 percent. Repayment begins 60 days after the second disbursement of funds. Depending on the amount borrowed, parents may have up to 10 years to repay. Students must complete a FAFSA and submit a valid SAR to the Financial Aid office in order to determine the amount of the parent's eligibility for a Federal PLUS loan. The aid amount for this program ranges from $500 to the full cost of the student's education.