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).
The programs are:
Federal Stafford Loan
This loan program enables student to obtain long-term, low-interest loans to help pay for their educational expenses. The loans are obtained from a bank or credit union, insured by the federal government, and guaranteed by a guarantee agency. In most cases, Cardinal Stritch University utilizes Great Lakes Higher Education as the guarantee agency. 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 the Stafford Loans.
Stafford 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.
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. Grants range from $400 to $4,050 per 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.
Federal Perkins Loan
A federally funded loan program administered by the University. Loans 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.
Federal Work-Study
A program that provides jobs for undergraduate and graduate students with financial need.
Federal 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. PLUS loans are obtained from a bank or credit union, insured by the federal government, and guaranteed by a guarantee agency. The PLUS loan is subject to credit approval. Students whose parents are denied a PLUS loan may be eligible for additional Stafford loan funds.
*The federal government determines dependency status when a student completes the Free Application for Federal Student Aid (FAFSA)