Grants

A Federal Supplemental Educational Opportunity Grant provides aid to undergraduate students who would not otherwise be financially able to attend college. A student must be accepted for enrollment, show evidence of academic promise, and be capable of maintaining good standing in the chosen course of study. Grants may be renewed for the four years of undergraduate study, subject to the availability of funds, unless a major change in the family's financial condition causes the student to be ineligible. Grants are awarded in compliance with eligibility based on federal guidelines.

The Federal Pell Grant Program assists eligible students by providing help in meeting the cost of postsecondary education. To be eligible, a student must meet the following criteria:

1. Establish financial need;
2. Be enrolled in an eligible program;
3. Be a U.S. citizen or in the U.S. for other than a temporary purpose and intend to become a permanent resident or be a permanent resident of the Trust Territories of the Pacific Islands.

The Alabama Student Assistance Program is a state/federal aid program designed to provide Alabama residents financial assistance for undergraduate postsecondary education. Grants are awarded for one year. The grants are renewable, but new applications must be made each year. All awards are determined by student eligibility requirements, available funds, and student need. Students should contact the Office of Financial Aid for information regarding eligibility, application, selection, and awards procedures.

Loans

The Federal Stafford Loan Program(subsidized and unsubsidized) provides federal backing for loans made through private lending agencies such as banks, savings and loans, and credit unions. A maximum of $2,625 per academic year may be applied for in most states for freshmen, $3,500 for sophomores, $5,500 for juniors and seniors, and $8,500 for students enrolled in graduate school if the educational costs warrant borrowing this much money. Total loans outstanding may not exceed $23,000 for undergraduates. The aggregate maximum may be extended to $65,500 for students who borrow for graduate study.

Federal PLUS Loans are for parents to assist with payment of education expenses for sons and daughters. These loans provide additional funds for education expenses and are not need-based. Funds are provided by banks, credit unions, or savings and loan associations. Each year parents may borrow up to the cost of education less financial aid.

Campus-Based Programs

Federal Supplemental Educational Opportunity Grants are grants available for undergraduates only; awards range from $100-$4,000.

Federal Work Study provides jobs to undergraduate and graduate students, allowing them to earn money to pay education expenses.

Perkins Loans are low-interest (5 percent) loans that must be repaid; the maximum annual loan amount is $4,000 for undergraduate students and $6,000 for graduate students.

Visit the Federal Financial Aid site for more information.

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