Types of
State and Federal Financial
Aid Available to Students Who are
Academically and Financially Eligible Through the
Free Application for
Federal Student Aid (FAFSA)
Grants
Federal Pell Grants are given to students with financial need. These awards vary in amounts from $890 to $4,731 for a full-time student.
The Workforce Improvement Grant is funded by the state of Arkansas.
Federal Supplemental Educational Opportunity Grants (FSEOG) are intended to assist students with exceptional financial need. Priority is given to early applicants who have been determined to have a zero expected family contribution. The award amount depends on when the student applies, the students level of need, and the funding level at Arkansas Tech University.
Student Loan Programs
Federal Perkins Loans (formerly National Direct Student Loan) is a program that provides low-interest (5%) loans for students. Under this program, Tech makes the loans. A student who shows financial need and is Pell Grant eligible may borrow one of the following:
Students may borrow up to $20,000 for undergraduate students and $40,000 for graduate students.
The repayment period and the interest do not begin until six months after the student ceases to be enrolled. Repayment of principal may be extended over a ten-year period. The University approves and makes the loans and is responsible for collections. Repayment is deferred for as long as a borrower is enrolled at an institution of higher education and is carrying at least a half-time academic load. Under certain conditions, a part or all of the loan may be canceled if the student enters the teaching profession.
Federal Family Educational Loan Program is a program that provides low-interest loans for students and parents. Under this program, private lenders make the loans. An origination/guarantee fee of 1-4% may be assessed prior to each disbursement. If the student is financially eligible for the loan, the Federal government will pay the interest while the student is in school. If they are not financially eligible, the student is responsible for the interest and may pay it while attending school or have it added to the principal for later repayment. Repayment of principal and interest begins six months after the student ceases to be enrolled at least half-time.
Federal Stafford Loan
Additional Unsubsidized Stafford Loan
Independent students may borrow additional amounts listed. The student is responsible for the interest and may pay it while attending school or have it added to the principal for later repayment.
Parent Loan Undergraduate Student (PLUS) Program
Parents of students may borrow under the PLUS Program annually the amount of the student's cost of education minus other aid for each child who is enrolled at least half time and is a dependent undergraduate student. The interest rate is 8.5% with the borrower beginning payments within 60 days of the loan disbursement.
Student Employment
Federal Work-Study (FWS) Program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay educational expenses. Students must be enrolled at least halftime. An average of 20 hours per week at minimum wage constitutes a normal work load. Students are paid on the 15th of each month. Arkansas Tech University also provides opportunity for work in areas of community service.
Non Work-Study is a university student employment program established to employ qualified students who do not show financial aid eligibility. The normal work load is 20 hours per week at minimum wage. Students must be enrolled at least halftime and are paid on the 15th of each month.
Off-Campus Employment is occasionally available in Russellville and the surrounding areas.
[Tech Home] [SiteMap] [Search]
Copyright © Arkansas Tech University, Russellville, Arkansas.
All RIGHTS RESERVED.
All trademarks herein belong to their respective owners.