Financial Aid Eligibility Flashcards
Pell Grant
Regular undergraduate students. They can be full-time and less-than-full-time (including less-than-half-time).
Additionally, students must:
have an EFC that does not exceed a certain maximum, which changes from year to year;
not have a bachelor’s degree or equivalent (except in specific cases for students seeking required teacher certification at schools not offering degrees in education, among other criteria) or a professional degree;
not have exceeded the lifetime limit for Pell Grants, which is six Scheduled Awards (a Scheduled Award is the maximum Pell amount the student can receive if he attends full time for a full academic year);
have an ISIR or SAR on file with school;
demonstrate need according to the federal need analysis methodology;
not be incarcerated in a federal or state penal institution.
Status Effects Eligibility : FT = $5,730 (Maximum) 3/4 Time = $4,298 (Maximum) HT = $2,865 (Maximum) LTHT = $1,433 (Maximum)
Direct Subsidized Stafford Loan
Who Is Eligible:
Regular undergraduate, graduate, and professional students who are enrolled at least half time. Also eligible are students enrolled in courses (up to one year’s worth) that are prerequisites for degree or certificate programs and students enrolled in required teacher certification courses that meet specified criteria.
Additionally, students must:
have an ISIR or SAR on file with school;
demonstrate need according to the federal need analysis methodology;
if undergraduates, have their eligibility for a Pell Grant determined; and
not be incarcerated.
Direct Unsubsidized Stafford Loan
Who Is Eligible:
Regular undergraduate, graduate, and professional students who are enrolled at least half time. Also eligible are students enrolled in courses (up to one year’s worth) that are prerequisites for degree or certificate programs and students enrolled in required teacher certification courses that meet specified criteria.
Additionally, students:
must have an ISIR or SAR on file with the school;
do not have to demonstrate financial need;
if undergraduates, must have their eligibility for a Pell Grant determined;
must have their need for a subsidized Stafford Loan (DL) determined and, if that need exceeds $200, the students must be offered a subsidized loan; and
must not be incarcerated.
Direct PLUS Loan
Who Is Eligible:
Graduate or professional students and parents of eligible dependent undergraduate students. Also eligible are students enrolled in courses (up to one year’s worth) that are prerequisites for degree or certificate programs and students enrolled in required teacher certification courses that meet specified criteria.
Additionally:
Students must be enrolled at least half time.
Students do not have to demonstrate financial need.
Parents must meet the same citizenship requirements as eligible students.
Recipients must not have an adverse credit history.
Students for whom parents borrow must be eligible, regular students enrolled at least half time.
All students must complete the FAFSA, even those who will only receive a PLUS loan through their parent.
Federal Work-Study (FWS)
Who Is Eligible:
Regular undergraduate, graduate, and professional students who can be full-time or less-than-full-time (including less-than-half-time). Also eligible are students enrolled at least half-time in required teacher certification courses that meet specified criteria.
Additionally, students must:
have an ISIR or SAR on file with school; and
demonstrate need according to the federal need analysis methodology.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Who Is Eligible:
Regular undergraduate students. They can be full-time and less-than-full-time (including less-than-half-time). Priority is given to students with exceptional financial need (the lowest EFCs) who are eligible for Pell Grants.
Additionally, students must:
have an ISIR or SAR on file with school,
demonstrate need according to federal need analysis methodology, and
not have a bachelor’s degree or equivalent or a professional degree.
Perkins Loan
Who Is Eligible:
Regular undergraduate, graduate, and professional students who can be full-time and less-than-full-time (including less-than-half-time). Students are also eligible if enrolled at least half-time in required teacher certification courses that meet specified criteria. Priority is given to students with exceptional financial need as defined by the school.
Additionally, students must:
have an ISIR or SAR on file with school;
demonstrate need according to the federal need analysis methodology;
if undergraduates, have eligibility for a Pell grant determined;
not be in a medical internship or residency (however, students in dental residency programs may be eligible);
not be incarcerated.
Teacher Education Assistance for College and Higher Education Grant (TEACH Grant)
Who is eligible:
Regular undergraduate, post-baccalaureate, or graduate students, who can be enrolled full-time or less than full-time, including less than half-time.
Additionally, students must:
be enrolled at a postsecondary school that has chosen to participate in the TEACH Grant Program;
be enrolled in coursework that is necessary to begin a career in teaching;
adhere to an academic standard: with some exceptions, they must have a grade point average of at least 3.25 on a 4.0 scale, or the numeric equivalent, or must have scored above the 75th percentile on at least one of the batteries on a nationally-normed standardized undergraduate, postbaccalaureate, or graduate school admissions test; and
sign a TEACH Grant Agreement to Serve, which explains that students will agree to serve as highly qualified full-time teachers at low-income schools and within certain high-need fields for at least four academic years within eight years of completing the course of study for which a grant was received.
Iraq and Afghanistan Service Grants (IASG)
Who Is Eligible:
Regular undergraduate students. They can be full-time and less-than-full-time (including less-than-half-time).
Additionally, students must:
have had a parent or guardian in the Armed Forces of the United States who died as a result of performing military service in Iraq or Afghanistan after September 11, 2001;
have been less than 24 years old or enrolled at an institution of higher education at the time of the parent’s death;
not have exceeded the lifetime limit for the grants, which is six full academic years’ worth of the grant at full-time enrollment;
complete a Free Application for Federal Student Aid (FAFSA); and
meet all Pell grant eligibility requirements but must not have a Pell-eligible expected family contribution (EFC) and do not have to show need as with Pell grants.
