All federal financial aid programs require an assessment of individual financial need. Need is determined by the ability of the parents, student, and/or spouse to contribute toward educational expenses. Students must complete the Free Application for Federal Student Aid (FAFSA), available at the Financial Aid Office, at guidance offices at area high schools, and online at www.fafsa.gov. Renewal of aid is not automatic; students must reapply each year. Students should apply as soon as possible after January 1st for the upcoming fall semester classes.
Federal Pell Grant
The Federal Pell Grant program is the largest federal student aid grant program. These funds are available to eligible undergraduate students seeking a first baccalaureate degree who demonstrate financial need. Effective with the 2012-13 award year, the amount of Federal Pell Grant Funds a student may receive over his or her lifetime is limited by a new federal law to be equivalent to six years of funding. Since the maximum amount of Pell Grant funding a student can receive each year is 100%, the six-year equivalent is 600%. A student whose Lifetime Eligibility Used (LEU) is near, equal to, or exceeds 600% is no longer eligible to receive Federal Pell Grant funding. The Department of Education keeps track of your LEU by adding together the percentages of all your Federal Pell Grant awards. You can review your LEU percentage on the U.S. Department of Education’s central database for student aid – www.nslds.ed.gov. Regardless of your LEU percentage, Federal Pell Grant funding ends when you earn a baccalaureate degree.
Federal Supplemental Educational Opportunity Grant (SEOG)
Federal SEOG is a grant program administered by Northeast State. Eligible students must be undergraduate students pursuing a first baccalaureate degree. The awards average $800. Students may be eligible for higher amounts during summer terms. Funds are limited and, according to federal regulations, must first be awarded to students with the lowest family contributions, with preference given to Federal Pell Grant recipients.
Federal Work-Study Program (FWS)
The Federal Work-Study Program offers students an opportunity to earn money for educational expenses. Job placement will be arranged through the Financial Aid Office. Earnings may not exceed the amount of the award. To determine the amount of your eligibility, complete and submit the FAFSA. Students are paid an hourly wage rate for work performed. Checks are issued semimonthly. These funds are not used to pay tuition and fees. Typically, students work 10-20 hours per week. Eligible students may have the opportunity to perform community service on or off campus or work as tutors in local elementary schools for the America Reads Program. Additional information is available in the Financial Aid Office; C2406.
Federal Direct Consolidation Loan Program
You may be able to combine your existing Federal education loans into one new consolidated loan that offers several advantages. For more information, visit the Direct Consolidation Loan Program-Borrower Services.
Information about loan deferments and cancellations may be obtained at www.StudentLoans.gov or by contacting the Northeast State Financial Aid Office.
The Federal Student Aid Ombudsman of the Department of Education works with borrowers to resolve loan disputes and solve other problems on an informal basis. The Ombudsman Customer Service Line is: 1-877-557-2575