Money you do not have to pay back. Federal Pell Grants are offered to eligible students pursuing their first undergraduate degree. Money borrowed that must be repaid with interest. Subsidized FSL eligibility is based on financial need.
Interest is subsidized by the federal government.
The student is responsible for the interest while in school or may defer payment of the interest until principal payments begin. Students requiring less than an academic year to graduate will have their loan eligibility prorated in accordance with federal regulations. Federal Perkins Loans are offered to eligible full-time students. These funds are awarded in classification order. Typically all funds are exhausted after freshmen and sophomore classes are awarded.