Holy Family University Undergraduate Studies 2012-2013 > Financial Information > Financial Aid > Federal Assistance

Federal Assistance

All federal aid is based on the federal methodology need analysis that analyzes information from the student’s FAFSA and calculates the Expected Family Contribution (EFC). This is the amount that the federal government calculates the family can reasonably be expected to provide toward the cost of nine months of education. After completing the FAFSA, the student will receive a Student Aid Report (SAR) which will contain the EFC and information about Federal Pell Grant eligibility. A student’s financial need is determined by subtracting the EFC from the Cost of Attendance (COA), which includes tuition, fees, room/board, living expenses, books, and other personal expenses. Students must be U.S. citizens or eligible non-citizens and enrolled half-time (at least six credits unless otherwise noted) in a degree program to be considered for these federal aid programs.

Federal Pell Grant – This is the foundation for all need-based financial aid. Federal Pell Grant awards are based on the student’s EFC: the lower the EFC, the higher the award. Students enrolled less than half-time (below six credits) may be eligible to receive Federal Pell Grants.

Federal Supplemental Educational Opportunity Grant (SEOG) – Administered through Holy Family’s Financial Aid Office, this grant is used to supplement a student’s Federal Pell Grant award and is given to full-time (at least twelve credits) students with the most need as determined by the FAFSA.

Direct Federal Stafford Loan – This loan is borrowed through the federal government. There are two types of Direct Federal Stafford Loans, Subsidized and Unsubsidized. The Subsidized Loan is available to students that demonstrate financial need. The principal is deferred while the student is enrolled at least half-time (six credits). The interest rate is 6.8% for 2012-2013 and does not accrue until after the student either graduates or drops to a less than half-time enrollment status (fewer than six credits). The Unsubsidized Loan is available to students regardless of financial need. The principal is deferred while the student is enrolled at least half-time (six credits). The interest rate is 6.8%, which the student either pays or allows to accrue.

For both types of loans, a 1% origination fee is deducted from the loan before it is disbursed. Repayment of both interest and principal begins six months after the student graduates or drops to a less than half-time enrollment status (fewer than six credits). Please see the chart below for the amounts a student can borrow.


ANNUAL AND AGGREGATE LOAN LIMITS
Dependent Students			Independent Students *
Academic Year	Maximum Federal Stafford (Sub & Unsub)			Maximum Federal Subsidized Stafford				Maximum Federal Stafford (Sub & Unsub)
ANNUAL LIMITS
Freshmen	$5,500 ($3,500 max subsidized)				$3,500			$9,500
Sophomore	$6,500 ($4,500 max subsidized)				$4,500			$10,500
Junior, Senior, Teacher Certification coursework	$7,500 ($5,500 max subsidized)				$5,500			$12,500
AGGREGATE LIMITS
Dependent Undergraduate		$23,000 subsidized, $8,000 unsubsidized				n/a	n/a
Independent Undergraduate		n/a				$23,000	$57,500

* Dependent students whose parents are denied a PLUS loan can borrow the same amount of unsubsidized loan as an independent student.

Federal Perkins Loan – This is a university-administered loan program that is awarded usually to first and second year full-time (at least 12 credits) students as a supplement to the Direct Federal Stafford Loan. Federal Perkins Loan money is awarded on the basis of the student’s need and availability of funds. Payments of interest and principal are required to begin nine months after the student graduates or drops to less than half-time status (fewer than six credits).

Federal Nursing Loan – This is a university-administered loan program that is awarded usually to first and second year full-time (at least 12 credits) students pursuing a nursing degree. Payments of interest and principal are required to begin 9 months after the student graduates or drops to less than half-time status (fewer than six credits) or withdraws from the nursing concentration.

Federal Work-Study Program (FWSP) – This program is administered through Holy Family’s Financial Aid Office. Full-time (at least 12 credits) students are eligible and the amounts awarded are based on a student’s need and annual funding. Students are awarded FWSP and seek one of the many jobs that are available on campus. Positions are not guaranteed since availability depends on student schedules, skills, departmental needs, federal funding and student initiative.Time sheets are submitted for hours worked and bi-weekly paychecks are issued directly to students rather than to student billing accounts. Work-study earnings are intended to help assist with the cost of living expenses, books and supplies.

Direct Federal Parent Loan for Undergraduate Students (PLUS) – This loan is available from the federal government for parents of dependent undergraduate students. Based on credit worthiness, parents can borrow up to the cost of attendance minus expected financial aid. The interest rate is 7.9% and begins accruing on the date of the first disbursement. A 4% origination fee is deducted from the loan before it is disbursed. Repayment can begin either 60 days after the loan is fully disbursed or deferred until six months after the student graduates or drops to less than half-time (fewer than six credits).

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