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Financial Aid Programs

 

 

 

PELL Grant

The Federal Pell Grant Program provides need-based grants to low-income undergraduate and certain postbaccalaureate students to promote access to postsecondary education. Students may use their grants at any one of approximately 5,400 participating postsecondary institutions. Grant amounts are dependent on: the student's expected family contribution (EFC) (see below); the cost of attendance (as determined by the institution); the student's enrollment status (full-time or part-time); and whether the student attends for a full academic year or less.
 

Students may not receive Federal Pell Grant funds from more than one school at a time.


Financial need is determined by the U.S. Department of Education using a standard formula, established by Congress, to evaluate the financial information reported on the Free Application for Federal Student Aid (FAFSA) and to determine the family EFC. The fundamental elements in this standard formula are the student's income (and assets if the student is independent), the parents' income and assets (if the student is dependent), the family's household size, and the number of family members (excluding parents) attending postsecondary institutions. The EFC is the sum of: (1) a percentage of net income (remaining income after subtracting allowances for basic living expenses and taxes) and (2) a percentage of net assets (assets remaining after subtracting an asset protection allowance). Different assessment rates and allowances are used for dependent students, independent students without dependents, and independent students with dependents. After filing a FAFSA, the student receives a Student Aid Report (SAR), or the institution receives an Institutional Student Information Record (ISIR), which notifies the student if he or she is eligible for a Federal Pell Grant and provides the student's EFC.

Federal Pell Grants are direct grants awarded through participating institutions to students with financial need who have not received their first bachelor's degree or who are enrolled in certain postbaccalaureate programs that lead to teacher certification or licensure. Participating institutions either credit the Federal Pell Grant funds to the student's school account, pay the student directly (usually by check) or combine these methods. Students must be paid at least once per term (semester, trimester, or quarter); schools that do not use formally defined terms must pay the student at least twice per academic year.

 

Pell Grant Chart 

Assuming your EFC is 0, the following chart illustrates how your Pell Grant will change based on changes in your enrollment if you add or drop classes.

2014-2015

Enrollment Status (Credits Enrolled) Fall Spring Total
Full Time (12 or more credits) $2865 $2865 $5730
Three Quarter Time (9, 10 or 11 credits) $2149 $2149 $4298
Half Time (6, 7 or 8 credits) $1433 $1433 $2866
Less Than Half Time (1 or 5 credits) $717 $717 $1434

 

FSEOG (Federal Supplemental Education Opportunity Grant)


The FSEOG Program provides need-based grants to help low-income undergraduate students finance the costs of postsecondary education. Students can receive these grants at any one of approximately 3,800 participating postsecondary institutions. When making FSEOG awards, the institution must give priority to those students with “exceptional need” (those with the lowest Expected Family Contributions, or EFCs, at the institution) and those who are also Federal Pell Grant recipients.

To get an FSEOG, you must fill out the Free Application for Federal Student Aid (FAFSASM) so your college can determine how much financial need you have. Students who will receive Federal Pell Grants and have the most financial need will receive FSEOGs first. The FSEOG does not need to be repaid.

If you're eligible, EGSC will credit your student account.

 

Federal Work-Study

 

 

Federal Work-Study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the student’s course of study.

Here’s a quick overview of Federal Work-Study:

  • It provides part-time employment while you are enrolled in school.
  • It’s available to undergraduate, graduate, and professional students with financial need.
  • It’s available to full-time or part-time students.
  • It’s administered by schools participating in the Federal Work-Study Program.

You’ll earn at least the current federal minimum wage, and work no more than 19 hours a week. The hours worked will not interfere with your class schedule.

 

Direct Loans: Subsidized and Unsubsidized

NOTE: Student must be enrolled in at least 6 credit hours to be eligible for any loans

You will not be awarded Financial Aid until you have been admitted by Admissions. Once you have been admitted and your financial aid file is complete you will be awarded. Any grants that you are eligible for will be automatically awarded.

A Loan Offer Request Form, accessible via your MYEGSC, under the "on-line forms" tab, must be submitted and reviewed before a loan offer can be made.

Also, please note that an MPN (Master Promissory Note) and Entrance Counseling must be complete, via www.studentloans.gov,  before loans will disburse.