Aid Descriptions and Qualifications...Grants and Loans

Grants are considered "gifted aid" and therefore do 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 does not have to be repaid as a loan would. PELL Grants are only available for the first Bachelor's degree. You are considered to hold a Bachelor's degree when you have completed the requirements for the degree, even if the degree has not officially been awarded by the institution. Due to federal regulations, PELL grants are only available for the equivalent of 12 full-time semesters. 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
2013-2014 award year (July 1, 2013 to June 30, 2014) the Maximum yearly award can be up to $5,645 for full time enrollment (12 credits)

How is the "equivalent of six years" calculated?
Click on the following link: www.studentaid.ed.gov/pell-limit

How can I see my Lifetime Eligibility Used percentage?
You can log on to National Student Loan Data System (NSLDS) Student Access Web site using your Federal Student Aid PIN and view your Lifetime Eligibility Used (LEU). The LEU will be found on the Financial Aid Review page.

TEACH Grant

Eligibility Requirements and Application Process for TEACH Grant at ISU

Supplemental Educational Opportunity Grants (SEOG )

Federal SEOG is for undergraduate with exceptional financial need. PELL Grant recipients with the lowest EFC and all requested documents turned into the ISU Financial Aid Office will be the first to get FSEOGs. Just like PELL Grants, FSEOGs do not 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 availability of funds.

How do I qualify? The SEOG is intended to assist students who:

Enroll 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 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
Submit your FAFSA to the federal processor by March 1st
Be an undergraduate (academic and applied technology) or graduate student.

Work Study (WS)

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 an hour.

How do I qualify?

Demonstrate financial need
Be enrolled at least half-time (6 credits)

Loans...

You will have to sign a promissory note, a binding legal document that lists the conditions under which you are borrowing and the terms under which you agree to repay your loan.

Federal Perkins Loan Program (PERK)

This is a loan awarded by the Financial Aid Office annually based on your FAFSA information. Once awarded, ISU Perkins Loans are serviced by ECSI, a web-based provider, located at www.ecsi.net. For additional information call the ISU Perkins Office at (208) 282-2292.

How do I qualify? The Perkins Loan is intended to assist a student who:

Apply early
Demonstrate exceptional financial need
Enroll at least half-time (6 credits)
Are an undergraduate student (Junior or Senior) at ISU

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:

$4,000 per undergraduate in Junior and Senior years

When do I pay back my Perkins Loans? Repayment begins 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 Financial Services at (208) 282-3000.

Federal Direct Student Loan Program (FDSLP)

This is a low interest loan to help you pay for educational expenses. The U.S. Government is the lender and sets the fixed interest rate. Loans are determined by your year of study, federal limits, financial need, and other types of aid awarded. There are two kinds of Direct Loans. Graduate student can only receive Unsubsidized loans.

Federal Direct Subsidized (FDSL) - Time Limit for First-Time Borrowers on or after July 1, 2013
Federal Direct Unsubsidized (FDUL)

For the Subsidized Loan (FDSL) the government pays the interest while you are in school for at least 6 credits. To be awarded this loan a student must:

Be enrolled at least half-time (6 credits)
Undergraduate students who demonstrate financial need

For the Unsubsidized Loan (FDUL) interest will accrue while you are in school and is available to students who:

Enroll at least 6 credits (5 graduate credits for graduate students)

The loan proceeds are transmitted to ISU Financial Services Office and paid directly to the student's school account. Any balance remaining will be disbursed to the student from Financial Services at (208) 282-3000.

When a student leaves college or drops below half-time status (6 credits), they begin loan repayment after the one time six months grace period. Terms of Repeat Coursework apply for credit requirements. As of July 2012 interest begins accruing at the beginning of the grace period. Under some conditions, repayment may be deferred. Call your Loan Servicer for information. To determine who your loan servicer is see "Financial Aid Review" at:
National Student Loan Data System at http://www.nslds.ed.gov.

Are there any other fees for Federal Student Loans?

Loan Origination Fee is deducted from the gross amount of the loan that you accept.

Fall Semester Graduating Seniors... "Pro-rated" Loans

Federal regulations require student loans for undergraduates who will graduate at the end of fall semester be "pro-rated" for the fall term based on the number of credits enrolled.

Subsidized and unsubsidized loans are initially awarded based on full-time enrollment (12 or more credits).
Loan amounts must be adjusted to reflect actual enrollment if enrolled less than full-time. Ideally, students should contact the ISU Financial Aid Office prior to disbursement to request a revision to their award if attending less than full-time. If adjustments need to be made after disbursement, the student may incur a bill for the overaward.

You should enroll only in the classes you need to graduate.
Loan eligibility will be based upon the number of credits in which you enroll.
You must have a minimum 6 credits to be eligible for subsidized and unsubsidized loans.
- The ISU Repeat Coursework policy applies.

How much can I borrow?

Depending on your year of study, the federal government has limited the amount you can borrow. Your amount may very depending on financial need and other types of aid awarded. Loan amounts cannot exceed the annual or aggregate maximum. The federal loan limits are determined by the U.S. Congress and colleges have no authority to exceed these limits.

Time Limitation on Direct Subsidized Loan Eligibility for
First-Time Borrowers on or after July 1, 2013

Annual Maximum...

Independent Student Subsidized and Unsubsidized Direct Loans

Freshman year
- Up to $9,500
Sophomore year
- Up to $10,500
Remaining years of undergraduate study
- Up to $12,500 for remaining years of undergraduate study

Dependent Student 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

Graduate and Professional Student Unsubsidized Loans

Up to $20,500 - Graduate/professional students will only be eligible for
Unsubsidized student loans after July 1, 2012.

Direct Loan Limits include subsidized and unsubsidized amounts borrowed in the same school year. (See Aggregate Maximum)

Note: Dependent students whose parents cannot obtain a PLUS Loan, may also qualify for the following annual amounts through the Unsubsidized Direct Loan Program. See Parent PLUS below.

Freshman year
- $9,500 if you are 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 have 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 your have completed two years of study and the remainder of your program is at least a full academic year (no more than $5,500 or 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

See Annual and Aggregate Loan Limits

How far will these loans take you?

Approximately 4.5 years if a "dependent" student borrows the full annual amount available each year
Approximately 5 years if an "independent" student borrows the full annual amount available each year

Parent PLUS Loans

Parents of dependent undergraduates may receive a PLUS Loan for undergraduate students. PLUS Loan 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. PLUS Loans through the Direct Loan program have a fixed interest rate. This rate is set by the U.S. Government.

The student must be enrolled at least half-time (6 credits)

Repayment of Parent PLUS Loans 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? Parents may borrow the entire cost of attendance minus any other financial aid the student receives.
How do parents apply? Parents must complete a Parent PLUS Loan Application and return it to the ISU Financial Aid Office.

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. 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. 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 Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS Loan. Graduate/professional students will only be eligible for Unsubsidized student loans after July 1, 2012.

There has been no change in the aggregate maximum or annual award for graduates.

Note: Awarding for summer session financial aid is unique from fall and spring semesters.

For all forms of Federal Financial Aid the terms of Repeat Coursework apply to credit requirements.