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Understanding Federal Loans | Federal Loans You May Qualify For
New to financial aid? Start with the basics.
Understanding Federal Loans
To be considered for federal financial aid, you must be a U.S. citizen or an eligible non-citizen admitted as at least a half-time student to a degree program.
If you are taking courses but are not yet admitted into a degree program, then you do not qualify for federal or state aid.
- Federal aid recipients must meet full Federal Eligibility Requirements.
- To apply for federal funds, you must also complete a Free Application for Federal Student Aid (FAFSA) form and all forms required by your individual school. Loan borrowers must complete a Loan Entrance Interview.
- In addition, to preserve your aid eligibility, you must maintain Satisfactory Academic Progress.
It is your responsibility to supply accurate and complete information on the FAFSA and to notify your financial aid office immediately of any changes in your enrollment plans, housing status, or financial situation, including information about any institutional or outside scholarships you will be receiving.
Determination of your financial need may be based upon the number of courses for which you register. If you enroll in fewer courses than you initially reported, your financial aid may be reduced or eliminated.
University-administered federal awards are not automatically renewed each year. Continuing students must submit a Renewal FAFSA each year by their financial aid office's deadline. Renewal depends on the annual re-evaluation of your need, the availability of funds, and satisfactory progress toward the completion of your degree requirements.
The information in your financial aid file may be disclosed to third parties as authorized under routine uses in the Privacy Act notices called "Title IV Program Files" (originally published on April 12, 2004, Federal Register, Vol 59 p. 17351) and "National Student Loan Data System" (originally published on December 20, 1994, Federal Register, Vol 59 p. 65532). Thus, this information may be disclosed to federal and state agencies, private parties such as relatives, present and former employers and creditors, and contractors of the Department of Education for purposes of administration of the student financial assistance program, for enforcement purposes, for litigation where such disclosure is compatible with the purposes for which the records were collected, for use by federal, state, local, or foreign agencies in connection with employment matters or the issuance of a license, grant, or other benefit, for use in any employee grievance or discipline proceeding in which the Federal Government is a party, for use in connection with audits or other investigations, for research purposes, for purposes of determining where particular records are required to be disclosed under the Freedom of Information Act, and to a Member of Congress in response to an inquiry from the congressional office made at your written request.
Federal Loans You May Qualify For
|If you are...||You may qualify for a...|
an undergraduate student
an undergraduate student with demonstrated financial need
a graduate student
a graduate student who is credit-worthy
a parent who is credit-worthy