Federal Programs
Several federally funded programs are available to qualified students who are U.S. citizens or eligible non-citizens.
Federal Pell Grants
Pell Grants are funded by the federal government and are designed to provide financial assistance to undergraduate students who exhibit financial need pursuing their first undergraduate degree. Pell awards are based on the federally calculated EFC and the student's enrollment. The maximum award is $6,095 for an academic year.
Federal Supplemental Educational Opportunity Grant (SEOG)
SEOG awards are provided by federal and institutional funds and are restricted to undergraduate students who demonstrate exceptional financial need. Grants range in amounts from $100 to $4,000 a year.
Federal College Work-Study (CWS)
Work-Study is funded by federal and institutional sources. Students who qualify for this program may be assigned a part-time job on campus. Earnings assist in meeting the cost of attending college. Students are paid bi-weekly at a rate established in accordance with federal and University standards.
Federal Perkins Loan
The Perkins Loan is a low-interest loan that students may borrow to assist in meeting the cost of a college education. No interest accrues while the student is enrolled on at least a half-time basis. Payment of the loan begins nine months after graduation, or after a change in enrollment to less than half-time or withdrawal from the University. As of 2015, the Federal Perkins Loan is being phased out by the Federal Government. There is limited to no availability.
Federal TEACH Grant
The TEACH Grant Program is a non-need based federal program that provides up to $4,000 per year to students enrolled in a TEACH Grant eligible program and who agree to teach as a high-qualified teacher in a high-need field at a low-income elementary or secondary school for at least four years within eight years of completing the program for which the TEACH Grant was awarded. If the grant recipient fails to complete the required teaching service, the TEACH Grant is converted to a Federal Direct Unsubsidized Loan with interest accruing from the date the grant was disbursed.
GI Bill/Yellow Ribbon Program
The Yellow Ribbon GI Education Enhancement Program (Yellow Ribbon Program) is a provision of the Post-9/11 Veterans Educational Assistance Act of 2008. This program allows institutions of higher learning (degree-granting institutions) in the United States to voluntarily enter into an agreement with VA to fund tuition and fee expenses that exceed the national maximum amount payable under the Post-9/11 GI Bill ($22,805.34 as of the 2017–2018 academic year). Sacred Heart University and VA will contribute up to the remainder of the tuition and fees not covered by the national maximum. Only individuals entitled to the maximum benefit rate (based on service requirements) may receive this funding. Students may be eligible if they served an aggregate period of active duty after September 10, 2001 of at least 36 months if they were honorably discharged from active duty for a service-connected disability and served 30 continuous days after September 10, 2001 or if they are dependents eligible for Transfer of Entitlement under the Post-9/11 GI Bill based on a veteran’s service under the eligibility criteria listed above. Active duty service members and spouses of active duty service members using Transferred Entitlement are not eligible for the Yellow Ribbon Program. Under Transferred Entitlement, a child of an active duty service member is eligible for the Yellow Ribbon Program if the service member qualifies for the maximum benefit rate. For additional information, please visit http://www.sacredheart.edu/officesservices/registrar/vabenefits/yellowribbonprogram/.
Applicants are also encouraged to visit http://explore.va.gov/education-training.
Federal Direct Stafford Loan (Subsidized and Unsubsidized)
The Subsidized Stafford Loan is available to eligible students who demonstrate financial need. The government pays the interest on the loan while the student is in school.
The Unsubsidized Stafford Loan is available to eligible students regardless of financial need (i.e., regardless of family income). Students are responsible for interest payments on the loan while attending college, or they may choose to have the interest capitalized.
Students start repayment of the loan(s) (plus interest) six months after they graduate, withdraw, or change to less than half-time status. Repayment of principal and interest is spread over a 10-year period. Other repayment options are available. Undergraduate freshmen may borrow up to $5,500 per year (no more than $3,500 of this amount may be subsidized); sophomores may borrow up to $6,500 per year (no more than $4,500 of this amount may be subsidized); and juniors and seniors may borrow up to $7,500 per year (no more than $5,500 of this amount may be subsidized).
Independent undergraduate students and dependent students whose parents cannot borrow a PLUS Loan can receive an additional $4,000 for their freshman and sophomore years and $5,000 for their junior and senior years. Students must be enrolled at least half-time and must be making satisfactory academic progress.
Federal Direct Parent Loan (PLUS)
The Parent PLUS is a fixed-interest loan for parents with good credit histories who have dependent undergraduate students in school. The federal government requests that a student complete a FAFSA before the parent can receive a Direct PLUS Loan.
The yearly loan limit is the cost of education minus financial assistance. Parents are expected to begin making payments once the loan is fully disbursed. Parents may request a deferment of payments while the student is enrolled at least half-time. Parents also may take up to 10 years to pay back the loan.