Financial AID Programs
The federal government provides grant funds for students attending colleges, career schools, and universities. Grants, unlike loans, do not have to be repaid. The major federal student aid grant programs are briefly described below:
Federal Pell Grant
The Federal Pell Grant is available to students who have demonstrated the highest calculated need. It is estimated that this award will up to $8,895 for the 2022-23 award year. The Expected Family Contribution (EFC) calculated from the Free Application for Federal Student Aid (FAFSA) determines this award.
Federal Work-Study
The Federal Work-Study award provides employment opportunities in various campus offices. Work-Study awards are offered to students with financial need. Students are paid at an hourly rate and receive paychecks every two weeks for the hours worked. The Work-Study hourly wage begins at the current Florida State minimum wage rate. Work-Study will not be credited to the student’s account. Students are responsible for finding employment on campus.
Federal Supplemental Educational Oppotunity Grants (FSEOG)
The Federal Supplemental Educational Opportunity Grant is awarded to Federal Pell Grant recipients who have demonstrated the highest calculated need. The average award is up to $4,000 a year. Funds are limited and subject to availability.
William D. Ford Federal Direct Student Loan Program (Stanford Loans)
The William D. Ford Federal Direct Student Loan Program (Stafford Loans) provides low-interest long-term loans to students for education expenses. The lender of these loans is the federal government and repayment is to the U.S. Department of Education. The Federal Direct Subsidized Student Loan is awarded to students with financial need. The rate for loans first disbursed on or after July 1, 2022, and before July 1, 2023, the interest rate is 4.99%. Loan Fees for Direct Subsidized Loans and Direct Unsubsidized Loans are as follows: First Disbursement Date on or after Oct. 1, 2019, and before Oct. 1, 2020 the loan fee is 1.059%. For First Disbursement Date on or after Oct. 1, 2020, and before Oct. 1, 2023 the loan fee is 1.057%. For loans first disbursed prior to Oct. 1, 2019, have different loan fees. Certain types of enrollments may have caused you to become responsible for the interest that accrued on your Direct Subsidized Loans when the U.S. Department of Education usually would have paid it. This was called losing interest subsidy..
William D. Ford Federal Direct Parent Plus Loan Program
The William D. Ford Federal Direct Parent PLUS Loan Program is a loan program available the parents of a dependent student who is enrolled at least half-time in a degree program. The parent may borrow up to the student’s cost of attendance, minus other financial aid. For loans first disbursed on or after July 1, 2022, and before July 1, 2023, the interest rate is 7.54% ED is the lender; payment is owed to ED. The maximum amount is the cost of attendance (determined by the school) minus any other financial aid the student receives. The borrower is responsible for the interest from ten days after the date of disbursement. Repayment begins 60 days after the full amount borrowed is disbursed. This means that the PLUS borrower will begin repayment while their student is still enrolled.
If the borrower would like to postpone repayment of the PLUS loan, please visit My Federal Student Aid to view information about all of the federal student loans you have received and to find contact information for the loan servicer or lender for your loans.
Unsubsidized Direct Loan Terms – Undergraduate
The interest rates for Direct Subsidized Loans and Direct Unsubsidized Loans first disbursed on or after July 1, 2022 and before July 1, 2023 are as follows:
4.99% for Undergraduate Borrowers – Direct Subsidized Loans and Direct Unsubsidized Loans
There is a loan fee on all Direct Subsidized Loans and Direct Unsubsidized Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. The percentage varies depending on when the loan is first disbursed, as shown in the chart below.
Loan Fees for Direct Subsidized Loans and Direct Unsubsidized Loans
First Disbursement Date:
On or after Oct. 1, 2019, and before Oct. 1, 2020 – Loan Fee: 1.059%
On or after Oct. 1, 2020, and before Oct. 1, 2023 – Loan Fee: 1.057%
Loans first disbursed prior to Oct. 1, 2019, have different loan fees.
Unsubsidized Direct Loan Terms – Graduate or Professional
The interest rates for Direct Subsidized Loans and Direct Unsubsidized Loans first disbursed on or after July 1, 2022 and before July 1, 2023 are as follows:
6.54% for Graduate or Professional Borrowers – Direct Unsubsidized Loans
There is a loan fee on all Direct Subsidized Loans and Direct Unsubsidized Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. The percentage varies depending on when the loan is first disbursed, as shown in the chart below.
Loan Fees for Direct Subsidized Loans and Direct Unsubsidized Loans
First Disbursement Date:
On or after Oct. 1, 2019, and before Oct. 1, 2020 – Loan Fee: 1.059%
On or after Oct. 1, 2020, and before Oct. 1, 2023 – Loan Fee: 1.057%
Loans first disbursed prior to Oct. 1, 2019, have different loan fees.
Learn more about Interest Rates and Fees for Federal Student Loans