Aid Descriptions and Qualifications
Grants...
Grants are considered "gifted aid" and therefore does not need to be repaid. It is intended to assist students who have not yet earned or met the requirements for a first bachelor's degree and who are attending school at least part time.
Federal Pell Grant
A Federal Pell Grant, unlike a loan, does not have to be repaid as a loan would. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. (In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant.) Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added.
- Award determined by need.
- For the 2009-2010 award year (July 1, 2009 to June 30, 2010), the Maximum award is $5,350 for full time enrollment (12 credits).
Academic Competitiveness Grant (ACG)
The ACG is available for for the for first year students who graduated from high school after January 1, 2006, and for second year students who graduated from high school after January 1, 2005. The Academic Competitiveness Grant award is in addition to the student's Pell Grant award.
Smart Grant
The National Science and Mathematics Access to Retain Talent Grant, also known as the National Smart Grant is available during the third and fourth years of undergraduate study to full-time students who are eligible for the Federal Pell Grant and who are majoring in physical, life, or computer sciences, mathematics, technology, or engineering or in a foreign language determined critical to national security. The student must also have maintained a cumulative grade point average (GPA) of at least 3.0 in coursework required for the major. The National SMART Grant award is in addition to the student's Pell Grant award.
TEACH GRANT
Eligibility requirements for TEACH Grant at ISU
Supplemental Educational Opportunity Grants (SEOG)
Federal SEOG are for undergraduates with exceptional financial need. Pell Grant recipients with the lowest EFC will be the first to get FSEOGs. Just like Pell Grants, FSEOGs don't have to be paid back. This grant is funded by the federal government. At ISU, you may receive up to $600/year depending on
your need and the availably of funds.
How do I qualify? The SEOG is intended to assist students who:
- Be enrolled at least half-time (6 credits)
- Demonstrate exceptional financial need
Special Non-Resident Fee Waivers (SNRW)
This is a state and university sponsored form of financial assistance which waives the out-of-state tuition for a
limited number of students who are non-residents of the state of Idaho. You need to be aware that the time accrued
while receiving the Special Non-Resident Waiver will NOT contribute toward the length of time required for residency. Award is for the cost of out-of-state tuition.
How do I qualify? To be eligible for this program, a student must:
- Be a non-resident for tuition purposes
- Be enrolled as a full-time student (12 credits)
- Demonstrate exceptional financial need
- Mail your FAFSA to the federal processor by March 1.
- Be an undergraduate (academic and applied technology) or graduate student.
LEAP And SLEAP Grants
This grant is funded by the state and federal governments (Formerly called State Student Incentive Grant).
At ISU, you may receive up to $600/year depending on your need and the availably of funds.
How do I qualify? The LEAPP & SLEAPP are intended to assist students who:
- Apply Early
- Demonstrates exceptional financial need
- Be enrolled at least half-time (6 credits)
- Have not yet earned a first bachelor's degree
Federal Work Study (FWS)
Federal Work-Study (FWS) provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. Employment under FWS must be reasonably available. The student is responsible for obtaining qualifying employment. Most students work 10-20 hours per week. Minimum wage is $7.25.
- Demonstrates financial need
- Be enrolled at least half-time (6 credits)
LOANS...
Federal Perkins Loan Program (PERK)
This is a low interest loan (5%) through ISU that is available. ISU is the lender and the loan is made with
federal funds. Call ISU Perkins Office at (208) 202-2292 for additional information
How do I qualify? The Perkins Loan is intended to assist a student who:
- Apply early
- Demonstrate exceptional financial need
- Be enrolled at least half-time.
- Be an undergraduate (academic and applied technology) or graduate students.
How much can I borrow? Depending on your demonstrated need, funds available and the amount of other aid you receive, at ISU you can borrow up to:
- $1,000 Per undergraduate year*
- $1,000 Per graduate year*
Aggregate limits:
- $40,000 graduate/ professional
- $20,000 for students who have completed 2 years of an undergraduate bachelor program
- $8,000 for all others.
*Please note, federal limits are $4,000 and $6,000 per year.
When do I pay back my Perkins Loan? you begin repayment nine (9) months after you graduate, leave school or drop below half time enrollment. you may be allowed up to ten (10) years to repay the loan depending upon the cumulative amount borrowed. A $40 per month minimum payment is required, although your payment may be higher. You must repay this loan to ISU.
Federal Direct Student Loan Program (FDSLP)
This is a low interest loan to help you pay for educational expenses. The interest rate is fixed and has been set by the federal government. The U.S. Government is the lender. There are two kinds of Direct Loans available to students.
Determined by your year of study, federal limits, financial need, and other types of aid awarded.
- Types of loans: Subsidized (FDSL) and Unsubsidized (FDUL)
- Additional Unsubsidized Loan may be available to students whose parent cannot qualify for Parent Plus Loan.
For the Subsidized Loan (FDSL) the government pays the interest while you are in school. To be awarded this loan a student must:
- Be enrolled at least half-time (6 credits)
- Demonstrate financial need
For the Unsubsidized Loan (FDUL) interest will accrue while you are in school and is available to students who:
- Be enrolled at least half-time (6 credits)
The loan proceeds are delivered through ISU and paid directly to the student. Most students begin repayment six months after leaving college or when they drop below half-time status (6 credits). Under some conditions, repayment may be deferred.
How much can I borrow? Depending on your year of study, the federal government limits the among you can
borrow. These amounts are the maximum: your amount may vary depending on financial need and other types of aid awarded.
Subsidized and Unsubsidized Direct Loans
- Freshman year
- Up to $5,500
- Sophomore year
- Up to $6,500
- Remaining years of undergraduate study
- Up to $7,500 for remaining years of undergraduate study.
For dependent students, Direct Loan limits include unsubsidized and subsidized amounts borrowed in the same year. (See Aggregate maximum)
NOTE: Independent students and dependent students whose parents cannot obtain a PLUS Loan, may also qualify for these additional amounts through the Unsubsidized Direct Loan Program.
- Freshman year
- $9,500 if you're a first-year student enrolled in a program of study that is at least a full academic year (no more than $3,500 of this amount may be in subsidized loans)
- Sophomore year
- $10,500 if you've completed your first year of study and the remainder of your program is at least a full academic year (no more than $4,500 of this amount may be in subsidized loans).
- Remaining years of undergraduate study
- $12,500 if you've completed two years of study and the remainder of your program is at least a full academic year (no more than $5,500 of this amount may be in subsidized loans).
Aggregate Maximum (Effective July 1, 2008)
- Undergraduate Dependent Student $31,000 (no more than $23,000 of which can be subsidized).
- Undergraduate Independent Students: $57,500 (no more than $23,000 of which can be subsidized).
- Graduate and Professional Students: currently $138,500 (no more than $65,500 of which can be subsidized.
See Loan Limits Under H.R. 5715 (Effective July 1, 2008)
PLUS
Parents of dependent undergraduate may receive PLUS for Undergraduate Students. Plus eligibility is not based on financial need, but approval is dependent on the parent's credit history. The loans are made regardless of income level and are offered through the Direct Loan Program. The interest rate if variable, but has a cap of 9% set by the federal government. The student must:
- Be enrolled at least half-time (6 credits)
Repayment begins on the date the loan is fully disbursed. The first payment is due within sixty days of that date.
How much can I borrow? Parent may borrow the entire cost of attendance minus any other financial aid.
How do parents apply? Parent must request PLUS information from the Office of Financial Aid by phone or at our PLUS Info/Application site.
PLUS LOANS -Graduate or Professional Students
Graduate or professional students are now eligible to borrow under the PLUS Loan Program up to their cost of attendance minus other estimated financial assistance in both the FFEL and Direct Loan Program. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans. These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 8.5 percent in the FFEL program and 7.9 percent in the Direct Loan program. Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan.
There has been no change in the aggregate maximum or annual award for graduates.