Federal Pell Grant
A grant program which provides the base of all financial aid packages.
Eligible full-time students receive at least $200 but not more than
$4,310 per year. Awards are also available to students who are attending
less than full time.
Federal Supplemental Education Opportunity Grant (SEOG)
A grant program for students with financial need who, without the
grant, would be unable to continue their education. The award cannot
be less than $100 nor more than $4,000 per year.
Federal College Work-Study (CWS) Program
A program which provides jobs for students who have financial need
and who must earn a part of their educational expenses. Jobs are
provided both on and off campus. The pay rate can vary, and full-time
employment may be available during non-enrollment periods (summer
vacation, holiday breaks, etc.).
Federal Stafford Loan Program (Subsidized)
A program which enables the student to borrow directly from a local
bank or credit union. The loan is guaranteed by a loan guarantor
(State of Michigan). The interest rate is 6.8 percent simple for
the first four years of repayment. The subsidized Stafford loan
is based on financial need. Loan limits are $3,500 for first-year
students, $4,500 for second-year students. Aggregate loan limit
is $23,000.
Federal Stafford Loan Program (Unsubsidized)
A program whose provisions are identical to the subsidized Stafford
Loan Program except for the following:
- Student is responsible for all interest.
- Eligibility is based on cost less aid.
A variable interest rate (based on 91-day T-bill plus 1.7 percent) is capped at 8.25 percent as compared to a cap of 9 percent for PLUS. The aggregate loan limit using both the subsidized and unsubsidized program is $23,000.
Federal Parental Loans for Undergraduate Students (PLUS)
Loan restricted to parents who borrow for their dependent children,
who may be either undergraduate or graduate students. Borrowing
is based on a cost less aid formula with no annual or aggregate
loan limits. Financial need is not a requirement.