Federal Financial Aid Available

Students who meet all eligibility requirements for financial aid will normally be awarded a financial aid package that combines funds from one or more of the following.

Federal Pell Grants

The Pell Grant Program provides federal grant funds for needy students who have not completed a first bachelor’s degree. To be eligible, the student must demonstrate financial eligibility as determined by the U.S. Department of Education. The grants range from $400 - $4310.

Federal Supplemental Educational Opportunity Grant (SEOG)

These federal grant funds administered by the university are awarded to students who have not completed degree requirements for a bachelor’s degree, and who demonstrate exceptional financial need on the FAFSA. The grant can range from $100 to $4,000 per award year and is awarded to the neediest student, ordinarily students with a zero EFC and the availability of funds.

Federal College Work Study Program (FWSP)

This federally funded employment program is administered by the university and provides part-time jobs on the Fayetteville State University campus for students who have financial eligibility as demonstrated on the FAFSA. Students normally work eight to ten hours per week in a University facility. Wages paid are above the minimum wage rate and are used to assist the student in meeting educational expenses.

Federal Perkins Loan Program (Formerly the National Direct/Defense Student Loan - NDSL)

The Perkins Loan Program is a federal loan program administered by the university to provide students with exceptional financial need long-term, low interest (5%) loan funds for educational expenses. Under this program students may borrow up to $4,000 per year to finance their education and must repay the loan after leaving school. This limitation is set to keep student indebtedness to a minimum since these funds must eventually be repaid.
Repayment begins six months after graduation or after the student ceases to be enrolled on at least a half-time basis. The student may take up to ten years to repay the loan. Interest on the loan does not begin to accrue until the end of the six-month grace period. All or a portion of the loan can be canceled by teaching in certain approved areas, by specified military service, by working in the law enforcement field, or by service as a Peace Corps or VISTA volunteer. The student must demonstrate exceptional financial need on the FAFSA to qualify for this program. A promissory note must be signed in the Business Office for each academic period (the regular academic year and Summer School) for which funds are received.

The Federal Family Education Loan Program (FFELP)

The Federal Family Education Loan Program is a low interest loan divided between subsidized and unsubsidized programs. These loans provide assistance to students in meeting educational expenses. Interest is deferred on the principal of the loan while the student maintains continuous enrollment. Depending on eligibility or unmet cost of attendance, a student may borrow up to:

• $3,500 a year during the first year;
• $4,500 a year during the second year o f undergraduate study;
• $5,500 a year for students at the junior or senior status.

To apply for FFELP Loans, the student must have a completed Financial Aid file by the applicable deadline dates:

Students must complete a Renewal or FAFSA each academic year by March 1 to be considered for loans.

Federal Direct Parent Loans for Undergraduate Students (PLUS)

PLUS loans are for parents of dependent students enrolled in college. The PLUS loan provides additional funds for educational expenses. Borrowers begin repayment of interest and principle within 60 days of the receipt of the loan funds, unless they are eligible for a deferment. The student must complete a FAFSA to determine eligibility for need-based financial aid funds prior to the completion of the PLUS promissory note.
To apply for Parent Plus Loans, the student must have a completed Financial Aid file by the applicable deadline dates:

Students must complete a Renewal or FAFSA each academic year by March 1 to be considered for loans.