FEDERALAID PROGRAMS
To applyfor
for moststudents.
formthe basiccoreof assistance
Federalaid programs
for FederalStudentAid (FAFSA)form
federalaid,youmustcompletea FreeApplication
determined.
assistance
forfinancial
to haveyoureligibility
aidofficeor yourhighschoolto obtainthe FAFSAor applythrough
thefinancial
Contact
The FAFSAschool codefor ValleyCity State
the internetat:www.fafsa.ed.gov.
for assistance
in thefallsemester(2009),you
Universityis 003008.To be considered
as soonas youhavecompleted
FAFSAfor processing
shouldsubmityourcompleted
your2008FederalTaxes.
FEDERAL
PELLGRANTPROGRAM
fromother
aidto whichassistance
of financial
FederalPellGrantsprovidea foundation
sourcesmaybe added.Thesefundsdo nothaveto be repaid.
federalandnon-federal
financial
students
whodemonstrate
FederalPellGrantsareawardedto undergraduate
requirements.
need,andmeetthefederaleligibility
year,awardsrangefrom$890to $4,731basedon need
academic
Forthe 2008-2009
of funds.
andfederalallocation
OPPORUNITY
GRANT( FSEOG)
A DUCATIONAL
L
F ED E R AS
L U P P L E ME N T E
PellGrant,an FSEOGdoesnothaveto be repaid.Unlikethe Federal
Likethe Federal
Thefederalgovernment
directlyfromthegovernment.
Pellgrant,it is notreceived
suppliesVCSUwitha limitedamountof moneyfor the purposeof awarding
fundsfor
thereareno additional
Oncedistributed,
grantsto itsstudents.
supplemental
program
is
it
because
a
campus-based
is
called
thatyear.Thistypeof award
byVCSU.
administered
financialneedand
whodemonstrate
students
FSEOG'sareawardedto undergraduate
Preference
is givento FederalPellGrant
requirements.
meetthefederaleligibility
need.
withthe highestdemonstrated
andstudents
recipients
of
uponneedandavailability
Awardsrangefrom$200to $900peryeardepending
grantfundsat VCSU.
supplemental
(FWS)
PROGRAM
WORK.STUDY
FEDERAL
programofferingstudentsan
is a federal,campus-based
FederalWork-Study
work.
to earnfinancialaidthrough
opportunity
whodemonstrate
financialneedandmeet
students
to undergraduate
FWSis available
requirements.
thefederaleligibility
need,
financial
Theamountyouwillbe ableto earnwilldependon yourdemonstrated
youare
assistance
and
the
amount
of
other
at
VCSU,
funds
of work-study
the availability
receiving.
LOAN
FEDERALPERKINS
program.
Ninetypercent
The FederalPerkinsLoanProgramis a federal,campus-based
percentby
government
provided
program
the
federal
and
ten
by
are
for
funds
the
of the
VCSU.VCSUadministers
the programanddetermines
whodoesanddoesnotreceive
assistance.
Thesefundsmustbe repaid.
FederalPerkinsLoansareawardedto undergraduate
studentswhodemonstrate
financialneed.
Dueto limitedfunding,minimum/maximum
amountof awardcanvaryeachyear.First
consideration
willbe givento full-timestudents.
Thecurrentinterestrateis 5%,butis notchargeduntilninemonthsafteryougraduate
or leaveschool.
Youmustbeginrepayingyourloanten monthsafteryouleaveschoolor dropbelowhalftimestatus.
FEDERAL
STAFFORD
LOAN
FederalStaffordLoansaregovernment-subsidized
loansavailable
to students
through
financialinstitutions.
A stateor privateguarantee
agencyinsurestheseloans.
FederalStaffordLoansareavailable
to undergraduate
andgraduatestudents
who
demonstrate
financialneedandmeetthefederaleligibility
requirements.
Undergraduate
applicants
are required
to havetheireligibility
for a FederalPellGrantdetermined
before
theymaybe certified
for a FederalStaffordLoan.
The maximumFederalStaffordlimitfor a freshmanis $3,500,sophomore
$4,500and
juniors/seniors
FederalStaffordundergraduate
$5,500.Accumulated
borrowing
cannot
exceed$31,500for an undergraduate
degree.
Twofeesare normallychargedto the borrower
andarededucted
formyourloanamount
beforeyoureceiveit; the origination
fee andthe guarantee
fee.At present,
thesefees
aresubtracted
by the lenderfromthe totalloanbeforethefundsaredisbursed.
Whilethe borrower
is in schoolat leasthalftime,
intereston a Subsidized
StaffordLoan
is paidby thefederalgovernment
on the borrower's
behalf,
Repayment
beginssix monthsafteryouleaveschoolor dropbelowhalf{imestatus.The
minimum
annualrepayment
is $600($50monthly).
Youmayhaveup to tenyearsto
repaydepending
uponyourloansize.
FEDERALUNSUBSIDIZED
STAFFORD
LOAN
The FederalUnsubsidized
StaffordLoanis designed
to assistyouin providing
additional
fundsto meetthe costof fundingyoureducation
whenthe federalneedanalylis
precludeyoufromborrowing
requirements
underthe Subsidized
StaffordLoin program.
The intereston a FederalUnsubsidized
StaffordLoanis dueon a quarterly
basisor may
be capitalized
on theprinciple
of yourloanwhileyouareenrolled
in school,duringthe
graceperiodfollowing
period,duringanydeferment
the in-school
periodandduring
periods.
repayment
Repayment
on the principal
amountwillbeginsix monthsafteryouceaseto be enrolled
at leasthalftime.
Deferments
maybe available
to unsubsidized
borrowers
andarethe sameas those
availablefor FederalStaffordborrowers.
underthe FederalStaffordand FederalUnsubsidized
Thecombinedamountsborrowed
program.
levelslistedin thesubsidized
programs
cannotexceedthe maximum
STUDENTS
FEDERALPARENTLOANSFORUNDERGRADUATE
These
PLUSloansprovidefundsto parentsto helpmeetthe costof youreducation.
programs.
fundsare in additionto thosereceivedunderthe Stafford
graduate
studentsmaybe eligible
anddependent
undergraduate
Parentsof dependent
for a PLUSloan.
minusotherfinancialaidequalsthe amountparentsmayborrowper
Costof education
year.
LOAN
STAFFORD
UNSUBSIDIZED
ADDITIONAL
loanto helpmeetcosts.
for an additional
studentsmaybe considered
Independent
andfor necessary
with
additional
concerns
your
aid
administrator
financial
Contact
forms.
application
LOANS
ALTERNATIVE
loansthatareverysimilarin contentto the
A numberof privatebanksmakeavailable
for an
up to the budgetestablished
borrow
may
Loans.A student
Unsubsidized
on campus
either
funds
awarded
already
to those
year.Thisloanis in addition
academic
coA borrowmusthavea credithistoryor havea credit-worthy
or fromout-sidesources.
please
contact
loan,
an alternative
in pursuing
lf youareinterested
signeron the loan(s).
(701)845-7412.
or applications
Aid Officefor moreinformation
the Financial