Federal Supplemental Educational Opportunity Grant Program
Grants ranging from $100 to $600 a year are awarded to students with exceptional financial need who for lack of financial means would not be able to attend college. Supplemental Grants are restricted to undergraduates and may be received through the period required for degree completion.
Federal Perkins Loan Program
Perkins Loans are available to students who are enrolled on at least a half-time basis (6 semester hours) attending Cleveland campus, and who demonstrate a financial need. Subject to the availability of funds, an eligible undergraduate may borrow up to $3,000 per academic year or a maximum of $15,000 in undergraduate studies. While the borrower is enrolled at least half-time, there is no repayment of the loan and no interest accrues. Repayment of the loan begins nine months after graduation or termination of studies. The interest rate is five percent (5%) on the unpaid balance. However, deferments extending the repayment period may be made for a member of the armed forces of the United States, a volunteer under the Peace Corps, a member of VISTA or a full-time law enforcement officer.
Federal Direct Subsidized Loan Program
This program enables a student to borrow directly from the U.S. Department of Education. It is a need-based loan that is awarded by completing the FAFSA. It is only awarded to those who have unmet need. The loan is guaranteed by the federal government and does not accrue interest while the student is enrolled. The maximum amount which may be borrowed per year is $3500 for freshmen, $4500 for sophomores, and $5500 for juniors and seniors.
The total amount which may be borrowed for undergraduate study is $23,000. Repayment is made to the Department of Education, and payments begin six (6) months after the student graduates or drops below half-time status. The amount of repayments depends upon the size of the debt. Deferment from repayment is granted for up to three (3) years while a borrower serves in the Armed Forces, Peace Corps, VISTA or in full-time study. Information and application forms are available from the U.S. Department of Education at www.studentloans.gov.
Federal Direct Unsubsidized Loan Program
The Federal Direct Unsubsidized Loans are for students who do not qualify, in whole or in part, for Federal Subsidized Stafford Loans as well as providing additional loan funds to students who need additional funding. The terms of the Unsubsidized loan are the same as the terms for the Federal Subsidized Loans, except that the federal government does not pay interest on the student’s behalf while they are enrolled. Monthly or quarterly interest payments may be made during the time of enrollment in school, during the grace period, or during any period of deferment or repayment. The loan is deferred while you are enrolled at least half-time, but interest does accrue.
Federal Work Study Program
This is a federal aid program administered by Lee University which provides part-time employment on campus for a limited number of both undergraduate and graduate students with a demonstrated need as determined by the FAFSA. Some positions are available through the Community Service Learning Program. Each student worker is normally employed for 10 hours a week at the current minimum wage rate.
For a list of available job openings or to submit a resume online, please visit our Job Board.
Federal Direct Plus Loan Program
The Federal Direct Plus Loan is for parents of Dependent Undergraduate Students or Graduate students. The program enables borrowers to borrow a loan for an amount up to the Cost of Education less other aid received. They will run your credit to determine if the loan will be approved. Forty-five days after the loan is processed, payments begin. Borrowers do have the option to defer the loan while the student is enrolled. You may apply online at www.studentloans.gov. Choose Plus Loan Request and complete the application and promissory note. The Department will notify the Financial Aid Office of the loan approval or denial.
Loan Entrance Counseling
Federal Regulations require all students who participate in one of the Federal Student Loan programs to complete Loan Entrance Counseling. The purpose is to provide loan information to students who anticipate receiving a Federal Student Loan. All first-time borrowers at Lee University are required to complete Loan Entrance Counseling prior to receiving the first disbursement of their loan. This requirement can by fulfilled by going to www.studentloans.gov.
Stafford Loan Entrance Counseling
Grad Plus Loan Entrance Counseling
Loan Exit Interview
Federal regulations require all students who participated in one of the Student Loan programs to attend an Exit Interview conducted by the Financial Aid Office. The purpose of the Exit Interview is to review loan history and repayment terms with each student borrower. The Exit Interview is required for graduation and must be completed before a diploma will be issued. Part of the requirement requires completing online counseling as well. The links are below.
Stafford Loan Exit Counseling
Perkins Loan Exit Counseling
Grad Plus Loan Exit Counseling
More information about above loans are available on the Loans page.
Other Federal Programs:
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Description |
| Air Force Aid Society |
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The Air Force Aid Society, Inc. (AFAS) is the official charity of the United States Air Force. Its three-pronged charter promotes the Air Force mission by providing worldwide emergency assistance to members and their families, sponsoring educational assistance programs, and offering a variety of base community enhancement programs that impact member/family welfare.
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| Americorps |
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The AmeriCorps program provides full-time educational awards in return for work in community service. You can work before, during, or after your postsecondary education, and you can use the funds either to pay current educational expenses or to repay Federal student loans.
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| Army Emergency Relief |
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The MG James Ursano Scholarship Fund administered by AER is for students who study at an undergraduate, technical or vocational institution accredited by the U.S. Department of Education and approved for Title IV funds.
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| Coast Guard Mutual Aid |
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Coast Guard Mutual Assistance is a non-profit organization providing financial assistance to the Coast Guard community. Coast Guard Mutual Assistance offers aid to the entire Coast Guard family; active duty and retired military personnel, civilian employees, commissioned officers of the Public Health Service serving with the Coast Guard, Reservists, Auxiliaries, and their families.
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| Funding your Future |
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This is an introductory publication that gives an overview of the Student Financial Assistance Programs and how to apply for aid. General information about the U.S. Department of Education's federal student financial aid programs is provided.
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| I.R.S. Tax Benefits |
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For more information on the Hope Credit, the Lifetime Learning Credit, and other tax benefits for postsecondary students, see the Internal Revenue Services Publication 970.
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| National Student Loan Database System (NSLDS) |
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NSLDS is the U.S. Department of Education's central database for student aid. It receives data from schools, agencies that guarantee loans, the Direct Loan program, the Pell Grant program, and other U.S. Department of Education programs. NSLDS provides a centralized, integrated view of Title IV (student) loans and Pell grants that are tracked through their entire cycle; from aid approval through repayment.
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| Navy Marine Corps Relief Society |
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The Navy-Marine Corps Relief Society is a nonprofit, charitable organization that provides financial, educational, and other assistance to members of the Naval Services of the United States, and their eligible family members and survivors, when in need. To do this, counseling, loans, grants, various services, and referral to other community resources are available. There are no fees for such help.
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| Student Guide |
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The Student Guide tells you about Federal student financial assistance (SFA) programs and how to apply for them. Approximately two-thirds of all student financial aid comes from federal programs administered by the U.S. Department of Education.
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| Veterans Benefits |
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If you (or your spouse) are a veteran or the dependent of a veteran, veterans' educational benefits may be available. For current VA information you may call 1-800-827-1000. This number is available from any location in the United States and will connect the caller to the nearest regional office.
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