Federal Aid
Overview
Yes, it is possible to use financial aid for Global PACT programs provided you are registered to receive course credit from your home institution. Keep in mind that financial aid procedures take additional time and planning.
The FAFSA determines your eligibility for all financial aid. The Free Application For Federal Student Aid (FAFSA) can be found at: http://www.fafsa.ed.gov/
- The deadline for academic year 2008- 2009 this July 30, 2009. Yes, it is possible to apply retroactively for funding!
- It is important to add a Summer term to your FAFSA so that you may receive more aid for the additional fees associated with summer programs. Then contact your financial aid office to check your amount of aid and ensure that all documentation has been completed.
Note: Students are usually discouraged when they are offered primarily alternative/private loans, and while this is an individual decision we want you to keep in mind that this really is the opportunity of a lifetime and something that could very well be worth taking out a loan for.
You should contact your institution’s financial aid office since there is a possibility that not all of the aid will transfer to the program.
Award Types:
http://studentaid.ed.gov/students/attachments/funding/PerkinsLoanInfo.pdf
- Pell Grants: unlike typical need-based awards, the Pell Grant does not require repayment. The Pell Grant is reserved for students with the most financial need, but it does not run out and there is no state or school deadline.
- Supplemental Education Opportunity Grants (SEOG): the student’s college selects recipients and decides the amount of each award. Eligibility is based on extreme financial need with first priority given to Pell Grant recipients.
- Perkins Loans are offered by participating schools to full- or part-time undergraduate students who demonstrate the greatest financial need. Recipients repay the university for the loan.
- Stafford Loans are available to eligible students enrolled at a participating post-secondary school on an at least half-time basis. The post-secondary institution certifies the student’s eligibility for the loan. The student is allowed a grace period (usually six months) after leaving school or dropping below half-time enrollment before repayment begins. Repayment of the loan is scheduled over a maximum 10-year period.
- PLUS Loans: http://www.parentplusloan.com/. The Federal PLUS loan is available to an eligible parent of a dependent undergraduate student attending a participating post-secondary school on at least a half-time basis. This program is also available to graduate students, as the GradPLUS program. The parent may borrow up to the cost of education minus any financial assistance that the dependent student is expected to receive. A PLUS loan borrower must be creditworthy or must obtain a creditworthy endorser on the loan. The parent borrower is responsible for paying to the lender the interest that accrues on the loan from the time the loan is disbursed until it is paid in full, over a maximum of 10 years.
