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Types of Financial Aid

In addition to scholarships, many other types of Financial Aid are available to CCSU students including grants, loans, and the work-study program.

Have more questions? Contact us.

Grants

Work-Study Program

Loan Programs

 

Federal Pell Grants

The Federal Pell Grant Program provides grants (funds that do not require repayment) to matriculated undergraduates working on their first Bachelor's Degree. Full-time awards range from $605 - $5,645 per academic year. The amounts are adjusted per registration.

Lifetime Limit for Pell Grants

Pursuant to federal regulations, effective with the 2012-2013 Award Year, a student's eligibility to receive a Federal Pell Grant will be 12 semesters (or its equivalent). This equates to a 6-year limit to receive Federal Pell Grant funds for undergraduates

For information on how the lifetime limits for Pell Grants are calculated for the "equivalent of six years" visit: 
http://studentaid.ed.gov/PORTALSWebApp/students/english/PellLimit.jsp

 

Connecticut State University Grant (CSUG)

State University Grants (CSUG) are awarded to matriculated undergraduate students. This grant can be awarded to students who submitted their FAFSA by the priority deadline and demonstrate financial need. Eligible students are required to enroll at least half-time (6 credits).


Federal Supplemental Educational Opportunity Grants (FSEOG)

Federal Supplemental Educational Opportunity Grants are awarded to undergraduates who demonstrate exceptional financial need.

 

Iraq & Afghanistan Service Grant

For students who are not Federal Pell Grant eligible; whose parent or guardian died as a result of military service in Iraq or Afghanistan after 9/11/01; and who, at the time of the parent's or guardian's death, were less than 24 years old or were enrolled at least part-time at an institution of higher education. The maximum award is $5,550 and is adjusted for less-than-full time study.

 

Federal Work-Study Program (FWSP)

The Federal Work Study (FWS) Program provides funds to employ students who qualify for financial aid.  Students will be considered for an award by having submitted their FAFSA by the priority deadline, and having submitted any requested documents and demonstrating financial need greater than $1,000. Students must be enrolled at least half-time to be considered for this program.

It is recommended that the job search process begin as early as possible to ensure the best selection of jobs. Remember, jobs and funds are limited and we cannot guarantee that you will find a job. Failure to secure a position during the beginning of the semester will result in cancellation of this award.

 

Federal Perkins Loan

The Federal Perkins Loan Program provides a long term, low interest student loan. Award amounts are based on financial need. Awards range between $200 - $4,000 per academic year. Repayment begins nine months after you are no longer enrolled at least half time at an eligible institution. The interest rate is 5%.

 

William D. Ford Federal Direct Loan Programs

The Federal Direct Loan Program provides low-interest, long-term loans through the University. These funds must be repaid. Funding for these loans comes from the Department of Education. These loans can be subsidized or unsubsidized. Eligible students must be admitted, in good academic standing, and enrolled in at least half time in a program leading to a degree or certificate. If you drop below half time during a term or semester, the remainder of your loan may be canceled. Beginning 2012-2013, graduate students will no longer be eligible to borrow a SUBSIDIZED Federal Direct Loan due to recent federal legislation.  Graduate students will be eligible to only borrow an Unsubsidized Federal Direct Loan up to $20,500 for the academic year.

 

Loan Types

If you are eligible for a Federal Direct Loan, we have recommended one (either subsidized or unsubsidized or a combination of both) as part of your financial aid award. Read the following paragraphs to learn the differences between the subsidized and unsubsidized Federal Direct Loans. If you decide to borrow a Federal Direct Loan, you are required to attend an Entrance Interview Session and sign a loan promissory note, which the university will forward to the Direct Loan Servicing Center.

 

Subsidized Federal Direct Loan

The amount of a subsidized Federal Direct Loan you can borrow is the difference between the cost of education and your resources (family contribution, financial aid, and any other assistance you receive from the school and outside sources). However, you cannot borrow more than the federal maximum. If you are eligible for a subsidized Federal Direct Loan, the federal government pays the interest for you until your repayment begins.

 

Unsubsidized Federal Direct Loan

The unsubsidized Federal Direct Loan can replace all or part of the family contribution. However, the amount of the loan cannot be more than the difference between the cost of education and any financial assistance you will receive from the school and any outside source (including the subsidized Federal Direct Loan). If you are a dependent student, your total Federal Direct Loan (subsidized, unsubsidized, or a combination of both) cannot exceed the federal maximum for a subsidized loan. Interest accrues on the unsubsidized Federal Direct Loan while you are in school and during the six-month grace period before repayment begins. You have the option of paying the interest or to add the interest to the principal.  

Loan Eligibility

The amount you may borrow is determined by your financial aid specialist. The federal maximums are:

 

Federal Direct Stafford Loan Limits

 

Years

Dependent Undergraduate Student

Independent Undergraduate Student*

Graduate/Professional Student

*Also applies to dependent undergraduate students whose parent was denied a PLUS loan and post-baccalaureate students.

1st Year/Freshman
(0 - 24 credits)

$5,500—No more than $3,500 of this amount may be in subsidized loans.

$9,500—No more than $3,500 of this amount may be in subsidized loans.

$20,500 Unsubsidized. 

There are no longer any Subsidized loans for Graduate students.

2nd Year/Sophomore
(25 - 55 credits)

$6,500—No more than $4,500 of this amount may be in subsidized loans.

$10,500—No more than $4,500 of this amount may be in subsidized loans.

3rd Year/Junior
4th Year/Senior
(56+ credits)

$7,500—No more than $5,500 of this amount may be in subsidized loans.

$12,500—No more than $5,500 of this amount may be in subsidized loans.

Maximum Total Debt from Stafford Loans When You Graduate (i.e., your aggregate loan limits)

$31,000—No more than $23,000 of this amount may be in subsidized loans.

$57,500—No more than $23,000 of this amount may be in subsidized loans.

$138,500

  • Total maximum amount of Direct Loans allowed for Undergraduates is $57,500 ($31,000 dependent maximum) of which no more than $23,000 may be in subsidized funds.
  • Seniors graduating in the fall semester are subject to proration of their Direct Loan amount, based on the number of their registered units. This is a federal requirement.
  • Total maximum amount of Direct Loans allowed for Master's degree students is $138,500.

First-time Borrower Requirements

Before receiving a William D. Ford Federal Direct Loan, first-time student borrowers must complete a Loan Entrance Counseling Session and Electronic Master Promissory Note (EMPN). You may fulfill both requirements by going online to StudentLoans.gov.

Interest Rate, Origination Fees, and Repayment

For the 2013-2014 academic year the interest rate is fixed at 3.86% for undergraduate subsidized and unsubsidized loans and 5.41% for graduate unsubsidized loans. There is a 1.072% origination fee.

Repayment normally begins six months following graduation or when you cease to be enrolled at least half-time. Payments and length of repayment period depend on the size of your debt but must be a minimum of $600 per year. Under special circumstances, repayment of Federal Direct Loan that is not in default may be deferred or canceled. Repayment, deferment and cancellation are handled by the Direct Loan Servicing Center.

Teacher Loan Forgiveness/Repayment Programs

If you have borrowed a Federal Student Loan that is in good standing (Stafford/Direct/Perkins) and you intend to teach in the K-12 school system full-time, you may qualify for two Loan Forgiveness Programs.

  1. The Federal Teacher Loan Forgiveness Program offers cancellation of up to $5,000.00 of your Stafford/Direct loan for five years of teaching in a low-income school and up to $17,500.00 if you teach math, science or special education in high school or special education in elementary school. To learn more, visit the Federal Student Aid website.
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