The Federal Pell Grant Program is intended to guarantee eligible low income students financial access to the school or college of their choice. You are not eligible for this grant if you have received an undergraduate or bachelor's degree. Subsidized Stafford loan eligibility is determined by the needs analysis calculation. These loans allow you to borrow money from a participating lender at low interest rates set by the federal government each July. Academic year borrowing limits will be discussed in your counseling sessions with a Financial Aid Administrator.
Some lenders require credit approval of the student borrower.
Funds from this program must be repaid. This loan program was created so that all students, regardless of income, would be able to obtain a Stafford loan. This loan program also offers additional loan assistance for independent undergraduates who need funding above the subsidized Federal Stafford loan limits. The terms and conditions of the unsubsidized loan, such as interest rates and deferments, with few exceptions, are the same as for the Subsidized Federal Stafford loan. But you will pay interest during in-school and deferment periods.