- Federal Pell Grant: A need-based grant for undergraduate students
that does not have to be paid back. Federal Pell Grants are available
to full-time, half-time, and less than half-time students. Federal
regulations require that students seeking any form of federally funded
financial aid first apply and be considered for a Federal Pell Grant
before any other type of award can be made. Federal Pell Grants
are for the first undergraduate degree only.
- Eligibility:
- Must apply to the federal processors using the FAFSA and undergo formal
review by the BCC Financial Aid Office .
- Must be a matriculated student.
- May not already have received a baccalaureate degree.
- Must maintain satisfactory academic progress.
- Must be registered for three (3) or more credit hours
- Must be a U.S. citizen or permanent resident.
- Must not be in default on a student loan or owe a refund on a federal
grant.
- Must be registered with the Selective Service if male and over 18.
- Federal Supplemental Educational Opportunity Grant (SEOG): An award for undergraduate students with the highest financial need
that varies according to students' need and the level of federal funds
available. SEOG is a grant that does not have to be paid back. Students
awarded SEOG must already be eligible for and awarded a Federal Pell
Grant.
- Eligibility:
- Same eligibility criteria as the Federal Pell Grant.
- Must be registered for a minimum of six (6) credit hours.
- Must already be awarded a Federal Pell Grant.
- Not available for summer terms.
Federal Loan Programs
- Federal Stafford Loan: A low-interest, need-based, federally subsidized loan for undergraduate students, registered at least
half-time, made by local lenders in conjunction with the a State Guarantee
Agency and backed by the Department of Education. The federal government
assumes responsibility for interest payments while the student is in
school. These loans have federal limits and may not exceed the cost
of attendance minus family contribution minus any other financial aid
or resources. Federal loan limits are: $3,500 for freshman; $4,500 for sophomores; $5,500 each for juniors and seniors; and $8,500 per year
for graduate students.
- Federal Unsubsidized Stafford Loans: A loan program with the
same terms, conditions, and interest rates as the Federal Stafford Loan
program, except that the undergraduate or graduate student borrower
assumes responsibility for payment of the accrued interest while in
school and during the loan period. This loan program is available to
students who do not qualify, or qualify only in part, for a Federal
Stafford Loan up to the federal loan limits. For dependent students
supported by their parents, the combined total of the subsidized and
unsubsidized loans may not exceed the subsidized loan limits noted above.
Independent students are eligible for amounts equal to the Stafford
loan limits plus additional amounts of $4,000 per academic year for
freshmen and sophomores; $5,000 each for juniors and seniors; and $10,000
per academic year for graduate students.
- Federal PLUS Loan: A parental loan established for parents
of undergraduate dependent students. These loans are limited to the
cost of attendance minus other financial aid and resources for which
the student is eligible. As the other federal financial aid programs
carry more favorable terms, students therefore are encouraged to apply
for and be considered for all other student grants and loans first.
Parent borrowers must undergo a credit check by the lender and have
no adverse credit history before a Federal PLUS loan can be processed.
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