Grants
Pell Grant
A federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded only to students who have not earned a bachelor’s degree. Pell Grant eligibility is determined by the results of the Free Application for Federal Student Aid (FAFSA), or Student Aid Index (SAI). The amount awarded will depend on your enrollment status as a full-time or part-time student.
Supplemental Educational Opportunity Grant
The Federal Supplemental Educational Opportunity Grant (SEOG) program is for undergraduates with exceptional financial need. Pell Grant recipients with the lowest EFC will be considered first for a SEOG. Just like the federal Pell Grant, the SEOG does not have to be repaid. Funds for this program are limited.
Work Study
The Federal Work Study Program (FWSP) allows undergraduate students who show financial need to earn money to assist with their educational expenses. Students interested in FWSP must file a FAFSA each year. This program has limited funding.
Employment through FWSP allows students the flexibility of participating in either on-campus employment or in a community service, family literacy or tutoring capacity. Inquiries may be made in the Financial Aid Office as to the procedures for filling work study positions.
Information to know regarding Federal Work Study Program (FWSP) employment:
- Be registered for 6 or more credit hours throughout the semester.
- Hold a GPA of 2.0 or greater.
- FWSP students are allowed to work up to 20 hours a week during the semester.
Loans
Direct Loan Interest Rates for 2026-2027
On May 12, 2026, the U.S. Department of Treasury held a 10-year Treasury Note auction that resulted in a high yield of 4.468%. The chart below shows the interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2026, and before July 1, 2027. Thank you for your continued support of the federal student aid programs.
Interest Rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans First Disbursed on or After July 1, 2026, and Before July 1, 2027.
| Loan Type | 10-Year Treasury Note High Yield | Add-On | Fixed Interest Rate |
| Direct Subsidized Loans and Direct Unsubsidized Loans for Undergraduate Students | 4.468% | 2.05% | 6.52% |
| Direct Unsubsidized Loans for Graduate and Professional Students | 4.468% | 3.60% | 8.07% |
| Direct PLUS Loans for Parents of Dependent Undergraduate Students and for Graduate or Professional Students | 4.468% | 4.60% | 9.07% |
Federal Direct Subsidized Stafford Loan
Awarded on the basis of the student's financial need. The federal government does not charge interest on these loans while borrowers are enrolled at least half-time, during a six-month grace period, or during authorized periods of deferment. Payments are not required while borrowers are enrolled at least half-time, during a six-month grace period, or during authorized periods of deferment.
Federal Direct Unsubsidized Stafford Loan
This loan is not based on the student's financial need. Interest is charged throughout the life of the loan. The borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized (added to the loan principal). Payments are not required on the principal of the loan while borrowers are enrolled at least half-time, during a six-month grace period, or during authorized periods of deferment
The current interest rate on Direct Subsidized/Unsubsidized Loans certified after July 1, 2026 is 4.468%. The current fee rate on these loans is 2.05%. These rates combined, total to a fixed interest rate of 6.52% for the life of the loan.
Direct PLUS Loan - Parent Loans for Undergraduate Students
Parents of a dependent undergraduate student may apply for the PLUS Loan to assist with the student's educational expenses. The loan amount awarded is a calculation based on the student’s educational expenses up to their cost of attendance minus all other financial assistance received.
The current interest rate on a Direct PLUS Loan certified after July 1, 2026 is 4.468%. The current fee rate on this loan is 4.60%. These rates combined, total to a fixed interest rate of 9.07% for the life of the loan.
Apply for the Direct PLUS Loan here.
Private Loan Information
Private loans are available to students who have exhausted all federal financial aid (grants and loans) and who need additional funds to meet direct University educational related expenses.
Private loans are expensive. These loans do not offer the same benefits as Federal Financial Aid and are subject to higher interest rates because they are not guaranteed by the federal government. Since this type of loan is based on credit history, it may require a cosigner.