Your tuition will depend on where you are from. If you are from out of the area the Stafford Loan may or may not cover your tuition. If needed, you may have to apply for a Direct Plus Loan or you may be eligible for a federal grant, see below. It is important to fill out the FASFA form ASAP!!

 

Submit your FAFSA by the following dates in order to receive financial aid before the fee payment deadline:

 

  • Fall – May 1
  • Spring – October 1
  • Summer – February 1

Stafford Loan

Year Dependent Students (except students whose parents are unable to obtain PLUS Loans) Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
First-Year Undergraduate Annual Loan Limit $5,500—No more than $3,500 of this amount may be in subsidized loans. $9,500—No more than $3,500 of this amount may be in subsidized loans.
Second-Year Undergraduate Annual Loan Limit $6,500—No more than $4,500 of this amount may be in subsidized loans. $10,500—No more than $4,500 of this amount may be in subsidized loans

 

DIRECT PLUS LOAN

Go To Direct Plus Loan

PLUS loans are federal loans that parents of dependent undergraduate students can use to help pay education expenses. The U.S. Department of Education makes Direct PLUS Loans to eligible borrowers through schools participating in the Direct Loan Program.

Here’s a quick overview of Direct PLUS Loans:

  • The U.S. Department of Education is the lender.
  • The borrower must not have an adverse credit history.
  • The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received.

PELL GRANT:

This federally funded grant pays education costs for eligible undergraduate students who have not earned a bachelor’s or professional degree. Amounts vary depending on eligibility.

Student’s eligibility is determined by family income and size, as well as other factors on the FAFSA. This information is also used to compute the Expected Family Contribution (EFC). As the EFC increases, the amount of the award decreases. If the EFC is zero, the student is eligible for the maximum Pell Grant.

Requirements to receive a Federal Pell Grant include the following:

  • Must be a U.S. citizen or eligible non-citizen.
  • Must have a high school diploma or GED certificate.
  • Must be admitted into a program consisting of at least 16 credit hours.
  • Must not have bachelor’s degree or higher degree.

FSEOG:

The Federal Supplemental Educational Opportunity Grant (FSEOG) is for undergraduates with exceptional financial need (students with the lowest EFCs) and gives priority to students who receive Federal Pell Grants.

Requirements to receive an FSEOG include the following:

  • Must be eligible for a Pell Grant and have an EFC between 0-200.
  • Must be a U.S. citizen or eligible non-citizen.
  • Must have a high school diploma or GED certificate.
  • Must be enrolled in a minimum of three credit hours in a valid program consisting of at least 16 credit hours.
  • Must not have bachelor’s degree or higher degree.

What is the difference between the FSEOG and Federal Pell Grant?

The U.S. Department of Education guarantees that each participating school will receive enough money to pay the Federal Pell Grants of its eligible students. There is no guarantee that every eligible student will be able to receive an FSEOG; students at each school will be awarded an FSEOG based on the availability of funds at that school.

Please call us for more information on additional financial aid @ 201-658-5547 or Email us at info@overdriveu.com