What are campus-based funds, grants, loans

The government gives each institution a pot of funds to award to students. The following are Lane’s campus-based funds.

• Federal Supplemental Educational Opportunity Grant (SEOG) ~ Grant (FWP) ($300 term / $900 yr)
• Federal Work Study (FWS) ~ Employment Opportunity (SFWP) ($4,200 yr)
• Federal Perkins Loan ~ Loan (SFWP) ($2,400 yr)
  

Grants
Grants are awarded based on financial need. Unlike loans, grants do no have to be repaid.

Federal Pell Grant: This is a need-based program that is available during summer, fall, winter and spring to eligible students. The Pell Grant is prorated for less than full-time enrollment levels.

Oregon Opportunity Grant: This need-based program is administered by the Oregon Student Assistance Commission (OSAC) and may be available to Oregon residents who are enrolled in at least 6 credits during fall, winter and spring. Students should apply early for consideration of this grant.

Federal Supplemental Educational Opportunity Grant (SEOG): This is a need-based program and is available fall, winter and spring to students enrolled in at least 6 credits. To be considered for this grant, apply for the financial aid by February 15.

Academic Competitiveness Grant (ACG): This is a need-based program available summer, fall, winter and spring to students enrolled in at least 6 credits. Students must have completed a rigorous program of study in high school and meet other eligibility criteria.

Loans
Loans must be repaid. Students who borrow money for school must complete Entrance Counseling requirements and a master promissory note. The student must be enrolled in at least 6 credits.

Federal Perkins Loan: This is a need – based program that has a fixed interest rate of 5%. Repayment on the Perkins loan begins 9 months after a student either graduates, stops attending or drops below half-time enrollment. Students must apply for financial aid by February 15. This loan is only given to second year students with 45 credits or more.

Federal Direct Stafford Loan (subsidized): This is need-based program with a variable interest rate. Repayment on this loan begins 6 months after a student either graduates, stops attending or drops below half-time enrollment. The interest is subsidized by the federal government while a student is enrolled at least halftime and until repayment begins.

Federal Direct Stafford Loan (unsubsidized): This is not a need-based program. The interest rate is variable and the student is responsible for the interest accrued while in school.

Federal Parent PLUS Loan: This program is available to parents of dependent students. The interest rate is variable and begins to accrue at the time the first disbursement is made. Repayment on this loan begins 60 days after disbursement. The parent is the borrower of the loan.