5.11.1. Federal Pell Grant
The Federal Pell Grant is a federal aid program that provides non-repayable funds to eligible students with exceptional financial need. Eligibility is based upon the results from the FAFSA.
5.11.2. Federal Supplemental Educational Opportunity Grants
Federal Supplemental Educational Opportunity Grants (FSEOG) are awarded to undergraduate students with exceptional financial need who also qualify for the Federal Pell Grant. The FSEOG is a grant and does not require repayment.
5.11.3. Federal Work-Study Program
Federal Work-Study Program (FWSP) permits a student to earn part of his or her educational expenses. The earnings from this program and other financial aid cannot exceed the student’s financial need and Cost of Attendance budget. Students eligible for this program work part- time primarily on the Oglethorpe campus, but a limited number of community service positions are available at locations near the campus. Students seeking consideration for federal work-study must first file a FAFSA.
5.11.4. Federal Perkins Loans
Federal Perkins Loans are long-term, low-cost educational loans to students who have demonstrated exceptional financial need as determined by the FAFSA. Funding for this program is extremely limited. Interest is charged beginning nine months after the borrower ceases to be enrolled at least a half-time (a minimum course load of 6 semester hours). Information regarding repayment terms, interest rates, deferment, and cancellation options is available in the enrollment services area.
5.11.5. William D. Ford Federal Direct Stafford (Subsidized and Unsubsidized) Loans
William D. Ford Federal Direct Stafford (Subsidized and Unsubsidized) Loans are long-term loans available through the U.S. Department of Education. Completion of the FAFSA and at least half-time attendance is required. The federal government pays all interest accruing on Subsidized Stafford Loans as long as the student remains enrolled at least half-time. Students are responsible for paying accruing interest on any Unsubsidized Stafford Loan. Federal regulations allow dependent students to borrow the following total maximum amounts: $5,500 per academic year for freshmen ($3,500 subsidized and $2,000 unsubsidized); $6,500 per academic year for sophomores ($4,500 subsidized and $2,000 unsubsidized) and up to $7,500 per academic year for juniors and seniors ($5,500 subsidized and $2,000 unsubsidized). Undergraduate students who are classified as independent by the FAFSA may be eligible to borrow additional amounts. Students may borrow up to $23,000 in cumulative Subsidized Stafford Loans toward undergraduate study. Combining both subsidized and unsubsidized, dependent students may borrow up to a total of $31,000 in Stafford Loans for undergraduate study, while independent students may borrow up to a total of $57,500. All first-time borrowers must complete a Master Promissory Note (MPN) and entrance counseling online at www.studentloans.gov. Information regarding repayment terms, deferment and cancellation options are available in the enrollment services area or online at www.studentloans.gov.
5.11.6. William D. Ford Federal PLUS Loans
William D. Ford Federal PLUS Loans are long-term loans available to credit-worthy parents of dependent undergraduate students through the U.S. Department of Education. Undergraduate parents desiring to seek a loan from this program should complete an application and credit check online at www.studentloans.gov and should also complete Oglethorpe’s PLUS application available on our website. Credit-worthy parents may borrow up to the student’s cost of attendance annually.