Gift aid programs—scholarships and grants—do not require repayment or a work obligation. For loans, repayment is required, but terms vary based on the type of loan.

Grants

Saint Leo University Grants

As a full time undergraduate student at the University Campus, you are considered for Saint Leo University Grant funds. These awards are made on the basis of financial need and fund availability.

1. Out-of-State Grants
   Grants of $2,000 are awarded to all first-time and transfer students who reside outside the state of Florida. These awards are applied to the student’s tuition and are renewable each year contingent upon satisfactory academic progress.
2. Other Grants
   Additional grants may be offered by the institution as funds allow.

Federal Grants

1. Federal Pell Grant
   Another possible aid option for you is the Federal Pell Grant. The Federal Pell Grant is an entitlement program for undergraduate students who have not received a bachelor’s degree and who are enrolled in an undergraduate degree or certificate program. The federal government determines eligibility at the same time your EFC is calculated based upon the information you provide on the FAFSA. Awards may range from $1,176 to $5,550.
2. Federal SEOG
   The Federal Supplemental Educational Opportunity Grant (SEOG) is awarded by Saint Leo University to students who demonstrate exceptional financial need, who are enrolled as undergraduates, and who have not earned bachelor’s degrees. Funds are very limited and awarded on a first-come, first-served basis to students who are eligible to receive a Pell Grant. SEOG annual award amounts may range from $500 to $1,000.

State of Florida Grants

1. Florida Resident Access Grant (FRAG)*
   The State of Florida provides assistance to Florida residents who are undergraduate students and who attend private colleges within the state of Florida. The Florida Resident Access Grant award for the 2011-2012 academic year is $2,149. Although it is not based on financial need, the FAFSA application is required to be considered for the FRAG.
2. Florida Student Assistance Grant (FSAG)*
   Saint Leo University awards the Florida Student Assistance Grant to undergraduate full-time students based on fund availability and financial need. Funds are limited, so act quickly. You may receive an award up to $1,808 per academic year. Application is made through the FAFSA.

*The FRAG and FSAG renewal eligibility consists of completing 24 new credit hours and maintaining a 2.0 cumulative grade point average.

Loans

Federal Direct Loan Program

Dependent students are eligible for the amounts of loans as follow:

The federal government also regulates the aggregate, or total, amount of loan funds allowed. Dependent undergraduate students may borrow up to $31,000 in combined subsidized and unsubsidized Stafford Loans.

Federal Stafford Loan Program

1. The Federal Subsidized Stafford Loan Program
   
   The Federal Subsidized Stafford Loan Program is a cooperative effort between the federal government and schools that provides you with low interest, long-term loans to help you meet your educational costs. Saint Leo University determines the maximum amount of your loan eligibility, which is based on your financial need and class standing. Students who choose to accept a subsidized Stafford Loan must complete a promissory note before the funds can be disbursed.
   The federal government pays the interest rate, which currently is a fixed rate of 3.4%, when you are enrolled in an approved program and during eligible deferment periods. There is no penalty for prepayment.
2. The Federal Unsubsidized Stafford Loan Program
   
   The Federal Unsubsidized Stafford Loan Program is a companion to the Federal Subsidized Stafford Loan Program. The interest rate is 6.8%. Eligibility for the Unsubsidized Stafford Loan is not based on financial need. Since this is not a need-based loan, interest begins immediately on the loan amount borrowed.
   
   You can elect to either pay the interest while attending school or to capitalize the interest while attending school. When interest is capitalized, the accrued interest is added to the principal outstanding.
3. Federal Stafford Loan Limits
   
   The annual amount you can borrow from the Federal Stafford Loan Program is determined on the basis of your dependency status and class standing.

For both the Subsidized Stafford Loan and Unsubsidized Stafford Loan, at the time of loan disbursement, an origination fee of up to 3%, as well as an insurance fee of up to 1%, is deducted from the loan proceeds. For more information go to www.studentloans.gov. At any time, you may view your consolidated loan information on the National Student Loan Database system available online at www.nslds.ed.gov.

Federal Plus Loan Program

If you are a dependent student and the financial aid awarded to you is not sufficient to meet your educational costs, your parent may apply for the Federal PLUS Loan Program. Parents may borrow up to the cost of education less any anticipated financial aid. The interest rate on this loan is 7.9%. Eligibility for this loan is not based on financial need. Unless your parent qualifies for a deferment, repayment begins after the second disbursement of the loan.