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What Am I Applying For? FAQ
- Are graduate students eligible for Pell Grants?
- How much Pell money can I receive?
- Can I receive a Federal Pell Grant if I am enrolled less than half time?
- Why is it important for me to use the same lender every semester?
- Do I have to be a full time student to be eligible for a Student Loan?
- What is a Master Promissory Note?
- What is the difference between a subsidized and unsubsidized Stafford Loan?
- Who is my lender?
What Am I Applying For FAQs
1. Are graduate students eligible for Pell Grants?
No. The Federal Pell Grant is funded only for financially eligible undergraduate students (as determined by the FAFSA) who have not completed a Bachelor's or professional degree.
2. How much Pell money can I receive?
In 2007-2008 the minimum Pell grant award for full-time students is $400 for the academic year, and the maximum is $4310. Your award will be prorated if you are enrolled less than full time. If your Expected Family Contribution (EFC) is greater than 4110 you do not qualify for Pell grants. These amounts are determined by Congress.
3. Can I receive a Federal Pell Grant if I am enrolled less than half time?
Yes, if you are otherwise eligible. You will receive a prorated amount based on the number of hours that you are enrolled in.
4. Why is it important for me to use the same lender every semester?
There is no requirement for students to use the same lender every year; however, when you enter repayment you will have fewer complications and generally a smaller monthly payment.
5. Do I have to be a full time student to be eligible for a Student Loan?
No, you must be enrolled in at least six hours (3 of them being college credit).
6. What is a Master Promissory Note?
A promissory note is the legal agreement between you and your lender stating they agree to disburse the funds on your behalf and you agree to repay the loan in due course.
7. What is the difference between a subsidized and unsubsidized Stafford Loan?
If you are eligible for and take out a subsidized Stafford loan, the federal government will pay the interest for you while you are in school and up to six months after you cease to be student(at least half-time), at which time you will need to begin repaying the loan.If you are eligible for and take out an unsubsidized Stafford loan, you are responsible for all the interest that accumulates. You will have the option of either paying the interest as it accumulates or capitalizing the interest (adding it to the principal balance). If you choose to pay the interest back as it accumulates you will pay less in interest overall. Like a subsidized loan, you will have to begin payment six-months after you cease to be a student (at least half-time).
8. Who is my lender?
You can find out who your lender is by clicking on the following link: Loan LocatorYou can find out more detailed information about who your lender is and loan amounts by clicking: NSLDS. You must have your PIN in order to access this site.
