Federal Grants

Federal Pell Grant

Award amounts are determined by using the results from filing the FAFSA. Amounts range from $600 to $5,550 for the 2012-2013 academic year. The amount a student is eligible for is directly related to the Expected Family Contribution (EFC) calculated based on the information reported on the FASFA.

Federal Supplemental Educational Opportunity Grant (FSEOG)

Awards are based on exceptional financial need. To receive an FSEOG, the student must also be eligible for the Federal Pell Grant. At SRU, award amounts range between $200 and $500 per year. This amount may vary from year to year based upon federal funding and student eligibility.

The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program

This grant program provides up to $4,000 per year to students enrolled in specific bachelor's and master's degree programs in the College of Education at SRU who intend to teach in a public or private elementary or secondary school that serves students from low-income families. This program requires a service obligation. Recipients of this grant who fail to complete the service obligation will have their entire TEACH Grant(s) converted to a Federal Direct Unsubsidized Loan with interest accruing retroactively from the date the grant(s) was disbursed.

RETURN OF TITLE IV FUNDS POLICY

The Financial Aid Office is required by federal statute to recalculate federal financial aid eligibility for students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term. The federal Title IV financial aid programs must be recalculated in these situations.

If a student leaves the institution prior to completing 60% of a payment period or term, the financial aid office recalculates eligibility for Title IV funds. Recalculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:

Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.

Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:

Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.

If a student earned less aid than was disbursed, the institution would be required to return a portion of the funds and the student would be required to return a portion of the funds. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the institution.

If a student earned more aid than was disbursed to him/her, the institution would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student's withdrawal.

The institution must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student’s withdrawal.

Refunds are allocated in the following order:

o Unsubsidized Federal Stafford Loans

o Subsidized Federal Stafford Loans

o Unsubsidized Direct Stafford Loans (other than PLUS loans)

o Subsidized Direct Stafford Loans

o Federal Perkins Loans

o Federal Parent (PLUS) Loans

o Direct PLUS Loans

o Federal Pell Grants for which a Return of funds is required

o Federal Supplemental Opportunity Grants for which a Return of funds is required

o Other assistance under this Title for which a Return of funds is required (e.g., LEAP)

Contact Information	1 Morrow Way Slippery Rock PA 16057	107 Maltby Center
724.738.2044 724.738.2922 (fax)	Financial.aid@sru.edu	M-F: 8:00-4:30 Summer: 8:00-4:00