Title IV Federal Student Aid Programs
Federal Aid Eligibility
Students seeking federal financial aid must submit a Free Application for Federal Student Aid (FAFSA). Students must meet the following criteria to be eligible for Title IV Federal Student Aid Programs:
1. Have financial need, except for some loan programs
Federal Pell Grant
Federal Pell Grants, unlike loans, do not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor or professional degree. For many students, Pell Grants provide a foundation of financial aid to which other aid may be added. The maximum Pell Grant award amount for the 2013-2014 academic year is $5,645. The amount of the award is based on the EFC, cost of attendance, part-time or full-time status, and the number of semesters attended in the academic year.
Federal Supplemental Educational Opportunity Grant (SEOG)
Supplemental Educational Opportunity Grant (SEOG) awards are based on exceptional financial need. Priority for the SEOG grant is given to Pell Grant recipients. Like the Pell Grant, the SEOG does not have to be repaid.
Federal Work-Study Program
The Federal Work-Study Program provides jobs for students with financial need, helping them to earn money to help pay educational expenses. Finlandia University employs many students through the workstudy program. Not all work-study-eligible students will receive work-study positions due to limited funding. Hourly work-study wages vary according to the type of work and level of responsibility involved. Most jobs require an average of 4.5-6.5 hours of work per week. Students are expected to perform work functions for all hours documented on their time sheets. Federal and state taxes are deducted from earned work-study wages. Checks are issued bi-weekly directly to students.
Direct Loan Program - Subsidized & Unsubsidized
Students attending the university at least half time may be eligible for the Direct Loan Program.
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution.
With Direct Loans, you borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center—for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
The responsibility for understanding the conditions and regulations of the loan and repayment process rests with the student. Students may contact the Office of Financial Aid or the lending institution for this information. Federal student loans are debts incurred by the student, not the family.
Direct Subsidized Loan
Direct Subsidized Loans are for students with demonstrated financial need, as determined by federal regulations. No interest is charged while you are in school at least half-time.
Direct Unsubsidized Loan
Students must be enrolled at least half time to be eligible for an unsubsidized loan. Unsubsidized loans are not awarded on the basis of financial need. The federal government does not make interest payments for borrowers; interest is charged during all periods. The variable interest rate, which is not to exceed 8.25%, is charged from the time the loan is disbursed until it is paid in full. Independent students, and dependent students whose parents are not eligible for a PLUS Loan (see below), can borrow up to $6,000 for each of the first two years of study (until a student reaches the junior level), and up to $7,000 for each of the last two years of study (at a junior and senior level status, according to financial aid guidelines). The maximum amount students may borrow in any single year is equal to the cost of attendance minus the sum of all financial aid already awarded, not to exceed the limits outlined above.
Unsubsidized Loan For Parents (Direct PLUS)
The parents or guardians of dependent students enrolled at least half time are eligible to apply for PLUS loans. Parents or guardians applying for the loans must be citizens or residents of the United States, pass a credit check, and not be in default or owe a refund to any student financial assistance program. The yearly limit of a PLUS loan is equal to the cost of attendance minus any other financial aid that the student is awarded. The interest rate is currently fixed at 7.9% and begins to accrue as soon as the loan is disbursed, with repayment beginning within 60 days thereafter. Fees may be deducted from the loan prior to Finlandia receiving the loan. Parents do have the option to defer the payments on the loan while the student is attending school at least half-time. Parents should visit the Direct PLUS Loan Application Process page for more information regarding the steps of the program.