Federal Direct Stafford Loan Program
There are two types of Federal Direct Stafford Loan, subsidized and unsubsidized. Students apply for these loans directly throught the department of education. It is important to understand the terms "subsidized" and "unsubsidized" when discussing the loan programs. A subsidized loan means the federal government pays the interest while the student is attending college and during other periods when the borrower is not required to make payments. Once in repayment, students are then responsible for paying the interest on the loan. An unsubsidized loan means that the federal government does not pay the interest on behalf of the student. Instead, the borrower pays all the interest that accrues throughout the life of the loan, including the interest that accrues while the borrower is enrolled as a student. The borrower can pay the interest as it accrues or have it capitalized (added to the principal amount of the loan). Another major difference with the unsubsidized loan is that the expected family contribution (EFC) is not taken into consideration when determining eligibility. This has allowed many students who did not meet the eligibility requirements of a subsidized Federal Stafford Loan due to a large family contribution to apply for a loan under the unsubsidized calculation.
Additional unsubsidized Federal Stafford Loan eligibility is available for independent students and for certain dependent students (whose parents are denied the parent (PLUS) loan).
Federal PLUS Loan Program (PLUS)
The Federal PLUS Loan Program is designed for parents of dependent students and allows them to borrow federal money to help pay the cost of attending college. Parent PLUS loans are the financial responsibility of the parents, not the student. If the student agrees to make payments on the PLUS loan, but fails to make the payments on time, the parents will be held responsible.
Federal Work-Study Program
The Federal Work-Study (FWS) Program provides jobs for students who need earnings to meet a portion of their educational expenses. Each college is allocated a specific dollar amount of Federal Work Study funds that may be awarded. As a result, work study funds are limited. They may or may not be awarded as part of your financial aid package. The work-study allotment is not credited to a student’s account, since the student is paid directly as work is performed.
Work-study positions are available in various Hilbert departments and offices, such as the offices of the President, Student Life, and the reception area. The college also offers off-campus positions with public or private non-profit agencies and community organizations. Work-study students receive a paycheck every two weeks with normal withholding. Students are limited to 20 hours per week during the academic period and 40 hours per week during all breaks.
The primary benefit to the work-study student is that the income from this type of employment is exempt from the income reported on the subsequent year’s financial aid form. If a student works beyond the dollars offered through work-study, the additional income will have to be reported on the subsequent financial aid form.
The Office of Student Finance coordinates work-study employment opportunities available to students on-campus. Additional information may be obtained by contacting the office at 716-649-7900.
The Federal Pell Grant Program provides "gift" assistance to undergraduates who have not yet earned a bachelor’s degree. It is an entitlement award based upon "EFC", estimated family contribution, which is not dependent upon the availability of funds at a particular institution. The annual amount of a student's Pell Grant depends in part on the amount that Congress appropriates for the program. For 2014-2015, a student with an "EFC" of zero could receive the maximum annual Pell Grant award of $5,730. Students with an EFC greater than 5157 would not qualify for any Pell Grant funds.
The Federal Supplemental Educational Opportunity Grant (FSEOG) Program provides grant funds for exceptionally needy students who have not yet earned a bachelor's or professional degree. These funds are from a limited allocation provided to the College each year from the Federal Government. SEOG awards, if assigned, appear in a students award letter. Like Pell grants, elgibility is determined from the information provided by the FAFSA.
Perkins Loan Program
The Perkins Loan Program is a low-interest loan offered to students with exceptional financial need. This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government. The current interest rate is 5% and there is a 10-year repayment period. Hilbert has a very limited allotment of Perkins loan funds. Eligibility is determined from the information provided by the FAFSA.
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