Oklahoma Panhandle State University

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Need Based Loans and Grants

FEDERAL PELL GRANTS

Federal Pell Grants are awards which require no repayment. Grants range from $600 to $5,550. The amount of the grant varies according to the calculated financial need of the family.

The Higher Education Opportunity Act enacted on August 14, 2008, authorizes schools to disburse up to two Pell Grants in a single award year beginning with the 2009-10 award year. It is the policy of Oklahoma Panhandle State University to pay Pell Grant awards during the transition period (Summer 2010) from the 2009-10 award year. A student who uses the entire amount of the first scheduled Pell award during Fall 2009 – Spring 2010, then enrolls in a minimum of six credit hours for summer 2010 and is otherwise eligible for Pell awards, will be eligible for a second Pell award.

Beginning Summer 2011 the summer session will be considered a cross-over period. Students who have received 100% of the 2010-2011 Pell award and are eligible for a second Pell Award, will be paid Pell out of the 2010-2011 or 2011-2012 award year whichever provides the most Pell Grant funding.

The Act also established eligibility limits as follows: Students who receive their first Pell Grant on or after July 1, 2009 may receive Pell Grants for as many as 18 semesters (or their equivalent).

FEDERAL PERKINS LOANS

Federal Perkins Loans are 5 percent fixed interest loans provided to students with significant financial need. Repayment of these loans begins after the student leaves school or drops below half-time enrollment.

FEDERAL SUBSIDIZED STAFFORD LOANS

Federal Subsidized Stafford Loans are provided through banks, savings and loan associations, credit unions and other commercial lenders. These loans require repayment after the student leaves school or drops below half-time enrollment. Loans carry a variable interest rate not to exceed 8.25 percent. The government pays interest on the subsidized loans while the student is in school. Annual loan limits are $3,500 for freshmen, $4,500 for sophomores and $5,500 for juniors and seniors. First-time borrowers must complete an an entrance counseling session and master promissary note prior to check disbursement. Go to studentloans.gov to complete these steps.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS

Federal Supplemental Educational Opportunity Grants (SEOG), like Pell Grants, do not need to be repaid. SEOG grants are made to students with very high financial need and for whom other aid sources are insufficient to meet that need. SEOG grants range from $200 to $1000 each year.

FEDERAL WORK-STUDY

Federal College Work Study provides part-time job opportunities for students to supplement financial aid. Work-study students work up to 20 hours per week on campus and can earn approximately $2,300 each year.