Federal Financial Aid Programs
The Federal Pell Grant
The Federal Pell Grant Program awards grants to eligible undergraduate students as determined by a formula used by the Department of Education. An undergraduate student is defined as one who has not received a bachelor’s degree or a professional degree in any area. Graduate students are ineligible for this grant.
The Federal Supplemental Educational Opportunity Grant (SEOG)
The Federal Supplemental Educational Opportunity Grant Program awards grants to eligible undergraduate students. Awards are dependent on the availability of funds. Graduate students are ineligible for this type of grant.
The Federal College Work Study Program (FCWS)
Provides students with part-time employment on campus. In order to be eligible for work study, the following guidelines are applicable to all students:
1) must be enrolled at Livingstone College
2) must be a citizen or permanent resident of the United States
3) must be capable of doing acceptable work
All students awarded Federal Work-Study as part of their financial aid package will be required to have a Federal Work-Study Referral/Authorization Form on file. Students who have been awarded Federal Work-Study will be assigned a position through the Office of Financial Aid. The student must report to the Office of Financial Aid to receive the Referral/Authorization Form. The form indicates the department the student is assigned, the supervisor’s name, the year of the work assignment and the rate of pay along with the student’s earnings limit. A student should not begin work until the completed Referral/Authorization Form is on file in the Office of Financial Aid.
The Federal Direct Stafford Loan Program
A Federal Direct Stafford Loan (subsidized and unsubsidized) is a low interest loan made to students. Stafford loans are available to graduate and undergraduate students. At least half-time attendance (6 credit hours per semester) is required in order to be eligible.
Subsidized loans are awarded to students on the basis of financial need. The federal government pays the borrower’s accrued interest during certain periods, such as when the student is in school, thereby “subsidizing” these loans.
An unsubsidized loan is not awarded on the basis of need. You’ll be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accumulate while you are in school or during other periods of nonpayment, it will be capitalized-that is, the interest will be added to the principal amount of your loan and additional interest will be based upon the higher amount.
Before you borrow, please remember that loans must be repaid. Consider carefully how much you will need to borrow and the burden your loans will impose after you leave school.
The Federal Direct Parent Loan for Undergraduate Students (PLUS)
Federal PLUS loan is a low interest loan program for parents of eligible dependent undergraduate students. The amount parents may borrow is the Cost of Attendance (COA) minus any other aid (grants, scholarships, loans and work-study) the student will receive for the academic year. Parent must begin repaying both principal and interest within sixty days after the loan is disbursed. The current interest rate is 7.9%
Additional information about the Federal PLUS Loan program may be found at PLUS Loan Basics.