Federal Financial Aid

There are several sources available to help you search for federal financial aid.

Federal Pell Grants
Grants are awarded based solely on financial need. Unlike loans, grants don't have to be repaid. Maximum Pell Grant amount for 2009-2010 is $5350.

Federal SEOG (Supplemental Educational Opportunity Grant)
This is a federally-funded grant for undergraduates who also qualify for a Federal Pell Grant. Awards are generally about $500 per year and are very limited.

Academic Competitiveness Grant (ACG)
The ACG is for undergraduate students who are enrolled in their first or second academic year in an eligible program in any field, who have completed a rigorous secondary school program of study. Students must have at least a 3.0 cumulative GPA for the second academic year. Amounts for ACG grant are: 1^st-year = $750 / 2^nd-year = $1300.

Federal Stafford Loans
Loans, unlike grants or work-study, are borrowed money that must be repaid. These loans are a serious obligation, so think about the amount you'll have to repay over the years before you take out the loan. The school will disburse your loan in at least two installments; no installment will be greater than half the amount of your loan. Your loan funds must first be used to pay for your tuition, fees, STI laptop, and STI housing. If loan funds remain, you will be issued a refund by the school's business office.

Stafford loans are either subsidized or unsubsidized.

Subsidized loans are loans that the federal government will pay the interest on the loan while you are enrolled at STI at least half-time.
Unsubsidized loans have all the same terms as the subsidized Stafford loan; however, the interest is accruing at all times. The federal government DOES NOT pay any interest for you.

Interest Rates: As of July 1, 2009 the interest rate is fixed at 5.6% for subsidized Stafford loans and 6.8% for unsubsidized stafford loans.

Annual Limit	Dependent Undergraduate	Independent Undergraduate
1^st Year	$5,500 – no more than $3,500 of this amount may be in subsidized loan.	$9,500 – no more than $3,500 of this amount may be in subsidized loan.
2^nd Year	$6,500 -- no more than $4,500 of this amount may be in subsidized loan.	$10,500 -- no more than $4,500 of this amount may be in subsidized loan.
Aggregate Limit	$31,000 -- no more than $23,000 of this amount may be in subsidized loan.	$57,500 -- no more than $23,000 of this amount may be in subsidized loan.

Federal PLUS Loans
The Federal PLUS Loan is intended for parents of dependent undergraduate students to help pay for their student's cost of education. Approval is based on credit guidelines set by the federal government, not based on need or income, and requires no collateral. To apply online for the PLUS loan at STI, please click here.