Federal Financial Aid Programs
The U.S. Department of Education has several financial aid programs available for full and part-time undergraduate and graduate students.
An applicant is required to complete the Free Application for Federal Student Aid (FAFSA). Grants are sources of financial assistance that do not have to be repaid. Cardinal Stritch University participates in the following programs.
Federal Pell Grant
A grant that does not have to be repaid and is awarded to undergraduate students who have not yet earned bachelor's degree. The amount awarded is based on need as determined by the EFC. The maximum grant will be up to $5645 for the 2013-2014 academic year.
Federal Supplemental Educational Opportunity Grant (SEOG)
A grant that does not have to be repaid. It is for undergraduates with exceptional financial need as determined by the FAFSA. Amount varies yearly. Limited funding is available.
A program that provides jobs for undergraduate and graduate students with financial need.
William D Ford Federal Direct Loan Program
This loan program enables students to obtain long-term, low-interest loans to help pay for their educational expenses. Any student with financial need who is enrolled at Stritch at least half time in a degree or certificate program, and who is a citizen or an eligible non-citizen may apply. Applicants must maintain satisfactory academic progress. A student must complete the FAFSA prior to applying for Direct Loans. Repayment begins 6 months after a student ceases to attend or falls below half-time enrollment.
Direct Loans are either subsidized or unsubsidized. Subsidized loans are awarded based on financial need. The government pays interest on the loan until repayment begins and during periods of deferment. An unsubsidized loan is not awarded based on need, and interest is charged from the time the loan is disbursed until it is paid in full.
More information on the Direct loan program can be found at www.direct.ed.gov.
Federal Perkins Loan
A federally funded loan program administered by the University. Perkins loans are for educational expenses are made at 5 percent annual interest (which begins accruing nine months after the student ceases to be a student at least half time). Repayment starts nine months after leaving Stritch, and the loan must be paid in 10 years unless extended by certain types of deferments. The Perkins Loan comes from a revolving fund. Prompt repayment allows Stritch to provide funds for other students needing financial aid.
More information on the Perkins loan program can be found at http://www2.ed.gov/programs/fpl/index.html
William D Ford Federal Direct PLUS Loan
The parents of a dependent* undergraduate student can apply for a low-interest PLUS loan to help the student pay for educationally related expenses. The PLUS loan is subject to credit approval. Students whose parents are denied a PLUS loan may be eligible for additional unsubsidized Direct loan funds.
*The federal government determines dependency status when a student completes the Free Application for Federal Student Aid (FAFSA)
More information on the PLUS Direct loan program can be found at www.direct.ed.gov/parent.html