Federal Financial Aid Programs
Federal Pell Grant - This federal grant is available to undergraduate students who have NOT received a baccalaureate degree. Eligibility is determined by the Expected Family Contribution (EFC) as calculated using information provided on the Free Application for Federal Student Aid (FAFSA). Funds from this award will be divided equally between Fall and Spring semesters and will be credited to the student's account accordingly. Complete the FAFSA online at www.fafsa.ed.gov
Federal Supplemental Educational Opportunity Grant (SEOG) - This federal grant is awarded based on the student's EFC and the availability of funds. The Office of Student Work and Financial Aid using information from the student's FAFSA determines eligibility. This grant is available to undergraduate students who have not received a baccalaureate degree. Funding is limited and priority is given to Pell Grant recipients.
Federal Perkins Loan - This federal loan is originated by the school rather than an outside lender. It is awarded based on the student's EFC and the availability of funds. This is a long-term, low-interest (5%) loan, which enters repayment nine months after the student ceases to be enrolled at least half time. The maximum Perkins Loan is $4,000 per year for undergraduates. Funding is limited and priority is given to Pell Grant recipients.
Federal Subsidized Stafford Loan - This is a low-interest loan that enters repayment six months after the student ceases to be enrolled at least half time. The term "subsidized" means the government pays the interest on the loan while the student is enrolled in school and during the six-month grace period after a student ceases to be enrolled at least half time. Freshmen may be eligible to borrow up to $2,625, sophomores up to $3,500, and juniors and seniors up to $5,500. Your may check on the status of your loan by accessing ELM Resources. www.elmresources.com
Federal Unsubsidized Stafford Loan - This loan program provides financial assistance to all students regardless of income. It is very similar to the Subsidized Stafford Loan in that the repayment terms and loan limits by class standing are the same. The difference is that the student, rather than the federal government, is responsible for paying the interest on the loan while he or she is enrolled. Loan proceeds from the Unsubsidized Stafford Loan will be disbursed like the Subsidized Stafford Loan above, and the total amount of both the Subsidized and Unsubsidized Stafford Loans must not be more that the annual loan limits set for the student's class standing. You may check on the status of your loan by accessing ELM Resources. www.elmresources.com
Federal College Work-Study - This federal program provides part-time employment for eligible students. Students usually work 10 to 20 hours per week and receive a paycheck biweekly. The paycheck is made out to the student and the student chooses how to use the money. Eligibility for this program is determined by the Office of Student Work and Financial Aid and is based on demonstrated need and the availability of funds.
Federal Parent Loan for Undergraduate Students (PLUS) - This federal loan is a long-term, low-interest loan available to parents of dependent students regardless of income level. The annual loan limit is equal to the cost of attending Berry College, less any financial assistance the student is eligible to receive. This loan enters repayment 45-60 days after the last disbursement.