Grants
Federal Pell Grant
It is the basis of the Federal Financial Aid programs. It is available to those undergraduate students who demonstrate financial need and who maintain satisfactory academic progress. The interested party requests it directly from the Federal Department of Education through its website or by means of a form available at the Financial Aid Office, by mail, and at high schools.
Because this program is the foundation of all need-based aid, students are required to apply early to be eligible for other financial aid. Eligibility for the program is communicated directly to the student through the eligibility report. (SAR), about six (6) days after the Federal Application has been sent to the United States electronically. The amount to which the student is eligible is determined using a table that considers the cost of education, the academic load and the Family Contribution. The amount of the scholarship to which the student is entitled will be determined according to his/her academic load on the date of enrollment, if the documents are complete.
The 1992 amendments to the law provide that beginning in 1993-94, students are eligible to receive Pell Grants, as long as they maintain satisfactory academic progress, until they complete the requirements for a first baccalaureate degree or exceed the maximum credits established for the degree. A student may receive retroactive payment of Pell Grants for any period of study completed during the academic year. Only those credits completed by the student will be paid retroactively. No payment will be made for courses that the student did not attend or for courses from which the student has withdrawn.
This program must be applied for annually and is available to students with an academic load of less than half-time. Credits in which the student enrolls and do not correspond to the student's program of study are not eligible for payment.
As of July 1, 2012, the duration of Federal Pell Grant eligibility was limited to 600% or 12 semesters, or 6 years of full-time study. The Federal Department of Education has identified the percentage of Federal Pell Grants used with the term “Pell Lifetime Eligibility Used.” (LEU)".
With your name, social security number, date of birth and federal PIN you can access the page www.nslds.ed.gov to know its percentage of use”(LEU)” Pell Grant.
Federal Supplemental Educational Opportunity Grant (SEOG)
This is available to those undergraduate students who are eligible to receive a Pell Grant and who demonstrate the greatest financial need. The Federal Department of Education establishes that students with the greatest need who receive Pell Grants have priority in the distribution of this aid. In addition, to be eligible, the student must maintain Academic Progress. This aid is subject to the availability of funds.
Educational Opportunity Fund
Financial Aid Program is a donation of state funds, which are divided into a Supplemental Aid Program and the Scholarship Program. To be eligible for the Scholarship Program, the student must demonstrate financial need and graduate from High School with a grade point average of 3.00. This scholarship corresponds to new students only and is for their first year of studies. The Supplemental Aid fund is available to all students who can demonstrate financial need and who meet the application criteria of the Institution. These funds are available to undergraduate and graduate students who demonstrate exceptional financial need and maintain satisfactory academic progress.
Bank
Federal Perkins Loan (formerly NDSL)
This loan program is offered by the institution for undergraduate and graduate students with exceptional financial need. Funds are limited so not every eligible student receives this loan.
Low interest loan (5%) administered by the Institution. The loan is available to both undergraduate and graduate students and to those enrolled in a second bachelor's degree. Eligible students must have the intention to repay. A signed promise to repay and other documents are required.
As part of the requirements established by the federal government before the first disbursement, all students who will receive student loans must complete and sign a promissory note in addition to an Entrance Interview. Both requirements can be completed directly on the website www.studentloans.gov. Once the student completes his or her degree, enrolls in less than 6 credits in the undergraduate program, 3 credits in the graduate program, or interrupts his or her studies for any reason, he or she must complete an Exit Interview. This requirement can also be fulfilled on the website www.studentloans.gov. Student loans are submitted to the National Student Loan Data System (NSLDS) which is accessible to guarantor agencies, borrowers, and other educational institutions authorized to use the system.
The participant will begin paying principal and interest six or nine months, as applicable, after ceasing to study with a minimum load of six credits. Students may request payment deferral benefits under certain conditions. Maximums: $3,000 per year for undergraduate students $5,000 per year for graduate students. A student may accumulate up to $15,000 if he or she is an undergraduate and up to $30,000 if he or she is a graduate (including the total of loans taken out at the undergraduate level).
Federal Direct Loan and Stafford Loans (Subsidized and Unsubsidized)
Subsidized
These loans are made to eligible undergraduate students who demonstrate financial need to cover the costs of their education.
The Federal Department of Education, as well as commercial banks, provides the funds at a variable interest rate that changes every July 1st. For the new academic year, the Federal Government insures the loan and pays the interest while the participants study or enjoy the grace period, before starting the payments and during the deferral period.
The applicant must complete an application, an entrance interview and sign a payment commitment. The student does this directly through the website www.studentloans.gov. The Financial Aid Office will certify the study costs and determine the student's eligibility through a needs analysis.
The participant will begin paying principal and interest six months after discontinuing studies or if he or she is enrolled in less than six (6) credits.
Not subsidized
These loans are made to undergraduate and graduate students. The student does not have to demonstrate financial need to qualify for the loan.
This type of loan is available to students who are not eligible for a subsidized loan.
The applicant must complete an application, an entrance interview and sign a payment commitment. The student does this directly through the website www.studentloans.gov. The Financial Aid Office will certify the study costs and determine the student's eligibility. Interest accrues while the student is enrolled and during the grace period, which lasts six (6) months.
The student must pay the interest while studying, unless he or she decides to use the capitalization option. The principal and capitalized interest payments begin once the student stops being enrolled at least half-time or the grace period has expired.
Federal Direct Plus Loans (Parents Loans For Undergraduate Students)
These loans are made to parents who have students in an undergraduate program.
Plus loans are for parents of students dependents at undergraduate levelThese loans are made through the Federal Department of Education and Commercial Banks. The interest rate on these loans is variable and changes annually. These loans begin to be paid 60 days after the disbursement.
The amounts that can be taken in a subsidized loan and an unsubsidized loan
The amounts for which the student may be eligible depend on:
- what year are you studying at university?
- whether you are a dependent or independent student.
Below are the amounts and annual maximums for subsidized and unsubsidized loans for which you may be eligible.
| Year | Dependent Student | Independent Student |
|---|---|---|
| First year undergraduate student | Up to $5,500 in loans. No more than $3,500 can be subsidized | Up to $9,500 in loans. No more than $3,500 can be subsidized |
| Second year undergraduate student | Up to $6,500 in loans. No more than $4,500 can be subsidized | Up to $10,500 in loans. No more than $4,500 can be subsidized |
| Undergraduate student third year and above | Not applicable | $20,500 unsubsidized loan |
| Maximum added quantity | Up to $31,000 in loans. No more than $23,000 can be subsidized | Undergraduate Up to $57,500 in loans. No more than $23,000 can be subsidized Graduate Up to $138,500 in loans including all federal loans received for undergraduate studies. |
Note: The maximum total loan limits include any Stafford Loan you may have received from the Federal Family Education Loan (FFEL) Program. As a result of legislation, no more loans will be made under the FFEL Program as of July 1, 2010.
The amounts and annual maximums of Perkins loans for which you may be eligible.
Federal Study and Work
Participants are assigned a job for which they will receive a salary that will contribute to defraying educational expenses. The student will be evaluated by his or her supervisor. It is the student's obligation to sign the daily attendance sheet that will be used to certify the payroll.
ECONOMIC INCENTIVE PLAN
This is an institutional scholarship program for new students and regular students. Below are the criteria that govern the granting of this type of scholarship:
| New Students | Continuation Students | ||
|---|---|---|---|
| Required Admission Grade Point Average | Benefits of Aid for Enrolled Credits | Required Academic Average | Benefits Discount for Enrolled Credits |
| 3.75 | $30.00 aid per enrolled credit | 3.30 - 3.49 | 9 – 12 Cred = $5.00 12 – 14 Cred = $10.00 15 – or> Cred = $15.00 |
| All students (new and continuing) must be enrolled in no less than 15 credits and pass 90% of the courses enrolled in. | 3.5 or more | 9 – 12 Cred = $15.00 12 – 14 Cred = $20.00 15 – or> Cred = $30.00 | |