What aid is available through the Federal Government?*
Federal Pell Grant:
This is a federally administered grant program. Students apply for this grant by completing the Free Application for Federal Student Aid (FAFSA). Eligibility is based on financial need and the award amounts range from $600 to $5,550 annually.
Federal Supplemental Education Opportunity Grant (SEOG):
This is a federal grant administered by the University to the most needy students. Award amounts are determined by the Financial Aid Office and range from $200 to $600.
Federal Direct Loan:
This is a student loan guaranteed by the federal government that may be subsidized (no interest while the student is enrolled full-time in college) or unsubsidized (interest will accrue while the student is enrolled, but may be deferred). The student qualifies for this by completing the FAFSA (Free Application for Federal Student Aid). Freshman students may borrow up to $3,500 for the year, sophomore students up to $4,000, and junior and senior students may borrow up to $4,500. Federal
Fixed interest rate of 5%. Interest does not accrue while in school at least 1/2 time. There is a 9 month grace period and 10 year repayment period. The Perkins Loan is awarded to full-time undergraduate students who are Pell Grant eligible and demonstrate exceptional need. Loan amounts range from $1,000 - $5,500 and are renewable based on the availability of funding.
Students with the greatest need are selected each year to receive Federal Work-Study Awards. Student Administrative Services will assist interested students in finding jobs. Work-study earnings are not used toward the student’s bill. Instead, every two weeks the student receives a paycheck for the hours worked.
Federal Direct Parent Loan:
A parent may borrow up to the Cost of Attendance minus any financial aid received. The interest rate is a fixed rate, which is deteremined by the lender that you choose.
*Students who are still “enrolled in high school” are not eligible for any Federal Aid.
The term “enrolled in high school” includes, but is not limited to, the concurrent pursuit of a high school diploma while enrolled in The Clarkson School.
It also includes:
(1) a student who has completed the requirements for his/her high school diploma but not yet received it and is taking coursework for which his/her high school will give the student credit or (2) a student who has not received a high school diploma and is considered by his/her high school to be enrolled, e.g., as a requirement for participation on an interscholastic sports team or in any other curricular or extracurricular activity for which enrollment in the high school is a prerequisite.