Federal Pell Grant - Award amounts are determined by using the results from filing the FAFSA. Amounts range from $400 to $4731  for the 2008-2009 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 a FSEOG, the student must also be eligible for the Federal Pell Grant. At SRU, award amounts range between $200 and $1700 per year. This amount may vary from year to year based upon federal funding and student eligibility.

Federal Academic Competitiveness Grant (ACG) - This federal grant is designated for full-time students in Year 1 (0-23 credits earned) and Year 2 (24-47 credits earned) who also receive a federal Pell Grant.  Award amounts are up to $750 for Year 1 students and up to $1300 for Year 2 students.  To be eligible for consideration, students must be U.S. citizens and must have completed a "rigorous high school program" as verified by the Offices of Admissions and Academic Records.  Additional details about this grant program are found on the federal student aid webpage. 

National Science and Mathematics Access to Retain Talent (SMART) Grant - This federal grant provides up to $4,000 for each of the third and fourth years of undergraduate study to full-time students who are U.S. citizens, eligible for a federal Pell Grant. and majoring in a physical, life, or computer sciences, mathematics or technology at SRU.  The student must also maintain a 3.0 cumulative QPA.  Additional details about this grant program are found on the federal student aid webpage. 

The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program is a new federal grant program with a required service obligation.   The Department of Education is in the process of developing the regulations to implement the program.   At Slippery Rock University, we anticipate entering the TEACH Grant program for the 2009-2010 academic year.  At that time, we will make available to students in the education programs guidance on the application process and service obligation.

The TEACH Grant program will provide grants to education majors in high-need fields in exchange for completing a service obligation in those high-need fields in schools serving low-income students. If a recipient fails to complete the service obligation within a specified time period, the grant reverts to an unsubsidized Stafford Loan with interest accumulating retroactively from the date that the grant was first disbursed.  Because the service obligation may be difficult for many students to complete, and as a result could become an unanticipated loan to repay, we are waiting for final regulations and the development of administrative processes including detailed counseling programs for students before we enter into this new program.  Students can access additional information on the federal student aid webpage.  

 Federal Perkins Loan - Awards from this federal loan program range from $500 to $2000 per year at SRU. Repayment of this loan to SRU begins nine months after the student ceases to be enrolled on at least a half time basis. During the repayment period, the student will be charged five percent interest on the unpaid balance of the loan principal. Certain loan cancellation and deferment benefits for certain borrowers are available. Specific information about these provisions can be found on the federal student aid webpage (click on the "Repaying" tab).

Students who are awarded a Federal Perkins Loan will be required to sign a Perkins Loan Master Promissory Note.  Student borrowers will be notified by SRU's Office of Student Accounts when it is time to sign the note, and they will receive directions to go to the  website of our Perkin's Loan Servicer, ECSI.   Once on that site, students will click on the "Students" login tab, and then click on  "eSign a Promissory Note" link.   

 Federal Work Study (FWS) - Students must demonstrate financial need as determined by the FASFA to be considered for FWS. Student employment positions are posted with Career Services located in Maltby Center and on the Career Services website at www.sru.edu/pages/13368.asp.  Students must find their own jobs by completing a student employment application for each position desired and submitting that application to the student employment supervisor whose name and location are listed on the job description. No student is guaranteed a job. Employers are made aware of students who are eligible for FWS and these students are to be given priority in the hiring process. A maximum of twenty hours per week may be worked during periods of enrollment. The current wage rate is $7.15/hour. Students are paid on a bi-weekly basis for the number of hours worked.

 Community Service Work Study - Federal work-study eligible students may wish to seek employment through the Community Service Work Study program. Several areas on campus offer Community Service positions including the SGA Child Care Center, the Institute for Community Service and Learning, the Macoskey Center, the Aebersold Recreation Center and the Women's Center. Students must be eligible for Federal Work Study in order to apply for a Community Service position. Additional information can be obtained from the SRU Financial Aid Office.

 Federal Stafford Loan - Students can borrow through the Federal Stafford Loan program to assist in meeting their educational expenses. To apply for a Stafford Loan, a student must complete the FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) and complete a Master Promissory Note (MPN). Information from the FAFSA determines the amount and type of Federal Stafford Loan eligibility; subsidized or unsubsidized. A "subsidized" loan means that the federal government pays the interest while the student is enrolled in school. An "unsubsidized" loan means that the student is responsible for paying the interest. The interest can be paid quarterly or the student can request that the interest be capitalized.  The 2008-09 interest rate is a fixed 6.0% for the subsidized Stafford Loan, 6.8% for the unsubsidized Stafford Loans.

The maximum amounts that a student may be eligible to borrow are $3500 for the first year of undergraduate study, $4500 for the second year, $5500 for the third and fourth years and $8500 for each year of graduate study.

All dependent undergraduate students may be eligible to borrow an additional $2,000 through the Unsubsidized Stafford Loan Program. The maximum aggregate amount for dependent students for all undergraduate years is $31,000 (no more than $23,000 of the aggregate can be through the Subsidized Stafford Loan Program). Independent undergraduate students may be also eligible to borrow additional loan funds through the Federal Stafford Unsubsidized program; limits are $6000 for each of the first two years of undergraduate study, $7000 for each year of additional undergraduate study, with an aggregate maximum of $57,500 (no more than $23,000 of the aggregate can be through the Subsidized Stafford Loan Program). Graduate students may be eligible to borrow additional loan funds through the Federal Stafford Unsubsidized program in the amount of $12,000 per year, with an aggregate maximum of $138,500 graduate and undergraduate loans combined (no more than $65,500 of the aggregate can be through the Subsidized Stafford Loan Program).

 Prior to disbursing the loan funds to the school for the student, the lending institution may deduct both an origination fee and a guarantee fee.   

 Federal PLUS Loans - Parents of dependent students may borrow up to the cost of education less any other financial aid received through the PLUS Loan program. Interested parents can learn more about the PLUS Loan program through the AES/PHEAA website, under Student Loans.

In addition, graduate students are now eligible to borrow through the  Federal PLUS Loan program. Click here for additional details.

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 Academic Competitiveness Grant for which a Refund of Funds is required.

o       National SMART Grant for which a Refund 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)

To return to the Financial Aid Homepage, click here.