Grants are gift aid and do not require repayment. Half-time status is defined as 6 hours per term for all students. Loans must be repaid, but students are not required to do so until six months after they drop below half time status or cease to be enrolled. Parental PLUS loans are loans that a parent borrows to assist in funding the student s education. PLUS loan repayment begins 60 days after the loan is fully disbursed.
Interest begins accruing from the date of the first disbursement.
Pell Grants are federal need-based grants. Perkins Loans , formerly the National Defense Student Loan, are need-based loans. Perkins loans are awarded to students demonstrating the highest need, subject to available funding. Stafford loans are federal student loans. Students are required to repay these loans after they graduate or cease to be enrolled at least half-time.