Types of Financial Assistance for Summer

Filmstrip-Jesse Hall, SFA Reception Desk, The Columns on Francis Quadrangle, SFA Reception Desk

Types of Financial Assistance for Summer

In most cases, a student is only eligible for loans during the summer session. Scholarships typically do not apply during the summer, and there is usually no grant money available. Graduate students should visit the Funding Opportunities section of the Graduate School web site for more information on fellowships, scholarships, and fee waivers. To be considered for summer aid, students must submit the 2007-2008 FAFSA.

Grants:
Federal Pell Grant — this need-based grant is awarded to the neediest students according to a federal eligibility formula. Only undergraduate students who have not earned a bachelor's degree are eligible. Students who were not full-time or did not attend during the regular academic year could receive Federal Pell Grant during the summer. The amount of the grant depends on your enrollment status.

Loans based on need:
Ford Federal Direct Subsidized Loans (FFDL/S) — are "subsidized" by the federal government and the government will make the interest payments as long as a student is enrolled at least half-time and for a 6 month grace period. For more information on this loan, check out the Ford Federal Direct Loan Web site.

Loans NOT based on need:
Ford Federal Direct Unsubsidized Loans (FFDL/U) — are not subsidized by the federal government and the student is responsible for the interest. For more information on this loan, check out the Ford Federal Direct Loan Web site.

Federal Parent Loan for Undergraduate Students (PLUS) — are loans available to a dependent student's parent(s) and are limited to the cost of education minus any financial aid awarded to the student. Repayment on the loan begins 60 days after the loan is totally disbursed. For more information on this loan and to apply online, check out our information page for PLUS loans.

Private Alternative Loans — Private alternative loans are an additional option a student may want to consider for financing his/her education. Alternative Loans are not one of the federal financial aid programs. Because of the higher interest rates associated with private loans, we recommend applying for all types of federal aid before pursuing an alternative loan. For more information on alternative loans, check out our printable Alternative Loans (pdf) information sheet.