Types of Financial Aid

Financial Aid is money provided to students to help them afford College.

Most aid fits into three categories:

• Grants and Scholarships, which usually do not have to be repaid
• Loans, which have to be repaid
• Federal Work-Study, a part-time job, usually on campus

Most, but not all, aid is based on demonstrated financial need, and for the most part college financial aid is provided by federal and state tax payers.

In December 2011 President Obama signed into law the Consolidated Appropriations Act, 2012 (Public Law 112-74). This law has significantly impacted the Pell Grant Program.

Beginning in Fall 2012, students are now limited to 12 semesters or (600%) of Pell Grant eligibility during their lifetime. This change effects all students regardelss of when or where they received their first Pell Grant.

Students that are currently receiving the Pell Grant in the academic year 2011-2012 and have already used the 600% of Pell grant eligibility will no longer be eligible to receive Pell starting Fall 2012.

If you have attended college for 4 years or longer, receiving Pell Grant each year, you are likely to exhaust or have already exhausted your lifetime eligiblity of 12 semesters.

Log on to www.NSLDS.ed.gov to view your Pell Grant information.

The percentages are based off the annual award at fulltime enrollment status. For students with an annual 2011-2012 academic year, at the maximum award, $5,550 and attended 12 or more credit hours in two semesters (Fall and Winter for example), the percentage used for the 2011-2012 academic year is 100%.