Types of Financial Aid Programs

Federal Assistance

Saint Leo University (SLU) administers the following Federal student financial aid programs:

State Assistance

Saint Leo University (SLU) administers the following State student financial aid programs.

Private Assistance – Outside Scholarship Opportunities

Private Assistance – Loans

Corporate Assistance

Saint Leo University Privately–Funded Scholarship Opportunities

Saint Leo University Student Employment (non-federal)

Important Terms and Conditions

 

Federal Pell Grant A federal grant funded by the U.S. Government for undergraduate students. A grant does not have to be repaid.
Eligibility Requirements Go to financial aid web page Financial Aid Eligibility Requirements for general and program-related requirements.
Aid Awarded A full-time award will be made, if a student has a Pell Grant eligible expected family contribution (EFC) and meets all eligibility requirements. Note: In 2012-13, an EFC less than 4996 is Pell Grant eligible.
Annual Award Amount for an Academic Year The U.S. Department of Education announces the Pell Grant Payment Schedule each year; amounts vary from year to year. In 2012-13, an academic year award ranged from $5,550 (for a zero EFC) to $602 (for an EFC of 4901 -4995).
Disbursement A Pell Grant is awarded in two disbursements (one each term, i.e., semester) an academic year for students attending University campus. Term based students receive a disbursement each 8-week term.

Federal Iraq & Afghanistan Service Grant (IASG)Federal Iraq & Afghanistan Service Grant (IASG)

Federal Iraq & Afghanistan Service Grant A federal grant funded by the U.S. Government for undergraduate students. A grant does not have to be repaid.
Eligibility Requirements If a student is not eligible for a Pell Grant only because of that program's need requirements and the student’s parent or guardian died as a result of military service in Iraq or Afghanistan after Sept. 11, 2001, this service grant may be awarded. Other eligibility requirements may apply. Contact the Financial Aid Director for additional information.
Aid Awarded If a student is not eligible for a Pell Grant only because of that program's need requirements and the student’s parent or guardian died as a result of military service in Iraq or Afghanistan after Sept. 11, 2001, this service grant may be awarded. Please visit the Financial Aid Office at the University Campus or phone 1-800-240-7658.
Annual Award Amount for an Academic Year The U.S. Department of Education announces the Iraq & Afghanistan Service Grant award amount; amount varies from year to year. In 2012-13, an academic year award was up to $5,550 not to exceed the cost of attendance.
Disbursement The Iraq & Afghanistan Service Grant is awarded in two disbursements (one each term, i.e., semester) an academic year.

Federal Supplemental Educational Opportunity Grant (SEOG)

Federal Supplemental Educational Opportunity Grant A federal grant funded by the U.S. Government for undergraduate students. A grant does not have to be repaid.
Eligibility Requirements Go to financial aid web page Financial Aid Eligibility Requirements for general and program-related requirements.
Aid Awarded Awarded to undergraduate students that demonstrate exceptional financial need, are Pell Grant eligible, and have not earned a bachelor's degree. Funds are very limited.
Annual Award Amount for an Academic Year Awards range from $500 to $1,000 per academic year. Students with extenuating circumstances may be awarded up to $4,000, which is the federal regulatory maximum award allowed.
Disbursement The Federal Supplemental Educational Opportunity Grant is awarded in two disbursements (one each term, i.e., semester) an academic year.

Teacher Education Assistance for College and Higher Education Grant (TEACH Grant)

Teacher Education Assistance for College and Higher Education Grant A federal grant funded by the U.S. Government that provides funds to students who are completing or who plan to complete coursework that is required to begin a career in teaching, and who agree to teach full-time for at least four years. Terms and conditions of the grant include a service obligation. If the service obligation is not fulfilled, the grant converts to an unsubsidized loan.
Eligibility Requirements Recipient signs an Agreement to Serve (ATS) that states the student agrees to teach full-time for at least four years (i.e. service obligation):
  • As a highly qualified teacher;
  • At a school or educational service agency (ESA) servicing low-income students;
    and
  • In a high-need field.
Go to financial aid web page Financial Aid Eligibility Requirements for general requirements.
Aid Awarded Awarded to students enrolled in an eligible TEACH grant program and maintain at least a cumulative GPA of 3.25. The student must agree to the terms and conditions of the TEACH grant which includes a service obligation. If the service obligation is not fulfilled the grant (of a portion of the grant) is converted to a Direct unsubsidized loan.
Annual Award Amount for an Academic Year Awards range up to $4000 per year.
Complete TEACH Grant Counseling and Agreement to Serve (ATS) Complete TEACH Grant Initial and Subsequent Counseling (TEACH Grant counseling) each year that you receive a TEACH Grant before you sign an Agreement to Serve (ATS) for that year and prior to disbursement of aid.
Disbursement The TEACH Grant is awarded in two disbursements (one each term, i.e., semester) an academic year.

Federal Work Study Program (FWS)

Federal Work Study Program The Federal Undergraduate Work-Study Program provides, hourly-wage, part-time jobs for students with financial need. Due to limited Federal funds, student employment is based on a first come, first serve basis. Interested students must complete the FAFSA and indicate that they are interested in Federal Work Study and have eligibility. As Federal Work Study is awarded, deadlines will be placed on completing the employment paperwork prior to beginning of employment.
Eligibility Requirements Go to financial aid web page Financial Aid Eligibility Requirements for general and program-related requirements.
Aid Awarded Awarded to students with exceptional financial need, is based on fund availability. Students must file a Free Application for Federal Student Aid (FAFSA) as part of the application process for FWS assistance. For more information go to Work-Study/Student Employment.
Annual Award Amount for an Academic Year Maximum award amount : $3500
Disbursement Work study students receive a pay check on the 15th and last day of the month.

Federal Direct Loan – Subsidized and Unsubsidized

Federal Direct Loan A federal loan funded by the U.S. Government. A loan must be repaid with interest.
Eligibility Requirements Go to financial aid web page Financial Aid Eligibility Requirements for general and program-related requirements.
Aid Awarded Subsidized: (Only undergraduate students qualify for subsidized loan.) If an undergraduate student has financial need and meets all eligibility requirements, a subsidized loan may be awarded.
Unsubsidized: (Both undergraduate and graduate students qualify for unsubsidized loan.)
If a student has unmet need or unmet cost (including replacement of the expected family contribution) after subtracting grant assistance, subsidized loan, and other sources of aid, and the student meets all eligibility requirements, an unsubsidized loan may be awarded.
Annual Award Amount for an Academic Year A student's academic year loan amount depends on grade level, dependency status, student budget (i.e., cost), and unmet financial need after subtracting grant assistance and other sources of aid.
Loan Program-Related Eligibility Requirement--Grade Level.
Grade Level --
Undergraduate		 Dependent Independent
1st Year –
Less than 30 completed
credits		 $5,500 -Up to $3,500
may qualify as
subsidized loans.		 $9,500 -Up to $3,500
may qualify as
subsidized loans.
2nd Year –
31-59 completed credits		 $6,500 -Up to $4,500
may qualify as
subsidized loans.		 $10,500 -Up to $4,500
may qualify as
subsidized loans.
3rd Year and beyond –
60 or more completed
credits		 $7,500 -Up to $5,500
may qualify as
subsidized loans.		 $10,500 -Up to $5,500
may qualify as
subsidized loans.
Aggregate Borrowing
Limit for undergraduate
program(s)		 $31,000 -No more than
$23,000 of this amount
may be in subsidized
loans.		 $57,500 -No more than
$23,000 of this amount
may be in subsidized
loans.

Grade Level – Graduate
& Professional		                         Independent
Graduate Program

$20,500

Note: As of July 2012,
there is no eligibility for
subsidized loan
Aggregate Borrowing
Limit for graduate &
professional program(s)

$138,500

No more than
$65.500 of this amount
may be in subsidized
loans.

Direct Loan is awarded in two disbursements for each payment period in an academic year.
Interest Rate Subsidized
  • 3.4% fixed rate on loans disbursed after July 1, 2011
  • Interest is subsidized by the federal government during in-school period, and subsequent educational or deferment periods.

Unsubsidized

  • 6.8% fixed rate on loans disbursed after July 1, 2011
  • Interest begins to accrue after first disbursement. It may be paid quarterly while in school or capitalized and added to the principal (amount borrowed) at the beginning of the repayment period.
Fees 1% origination fee
Complete Entrance Loan
Counseling and a
Master Promissory Note
(MPN) prior to
Disbursement		 A first-time SLU borrower must complete Entrance Loan Counseling and a Master Promissory Note (MPN) prior to the disbursement of a loan. The first disbursement will be delayed for 30 days from the start of the semester.
Direct Loan is awarded in two equal disbursements in an academic year, i.e., each semester.
Enrollment Reporting
and
Exit Loan Counseling		 A student’s enrollment status is reported to the National Student Loan Data System (NSLDS) throughout her/his attendance at SLU. When a student graduates, withdraws, or drops to less than half-time enrollment, SLU will notify the student to complete Exit Loan Counseling. The U.S. Department of Education’s loan servicer will contact the borrower during the grace period to make arrangements for loan repayment.
Repayment Repayment begins six months after graduation or withdrawal from the School. It may be deferred for continued pursuit of education or other approved deferment. There are a choice of repayment plans, including standard, graduated, and income-based options. A standard repayment is up to ten years, but under other options the term may be extended. Loans may be consolidated.
Additional Information --
Borrower’s Rights and
Responsibilities, Loan
Repayment, Postponing
Repayment, and Loan
Default

Additional information on a Borrower’s Rights and Responsibilities, Loan Repayment, and Loan Consolidation is available in the U.S. Department of Education’s publication Funding Education Beyond High School.

At Federal Student Aid there is information on repayment plans with calculators, postponing repayment by qualifying for a deferment or forbearance, and consequences of defaulting on a loan.

Federal DirectGRAD PLUS loan (GRAD PLUS)

Federal Direct GRAD
PLUS Loan		 A federal graduate student loan funded by the U.S. Government. A loan must be repaid with interest.
Eligibility Requirements
Aid Awarded Up to the Cost of Attendance after subtracting all other sources of assistance
Annual Award Amount for an Academic Year Up to the Cost of Attendance after subtracting all other sources of assistance
Interest Rate 7.9% fixed rate
Fees 4.0% origination fee
Disbursement Master promissory note must be signed and loan approved. PLUS loan is awarded in two disbursements for each semester in an academic year.
Repayment Repayment begins six months after graduation or withdrawal from the School. It may be deferred for continued pursuit of education or other approved deferment. There are a choice of repayment plans, including standard, graduated, and income-based options. A standard repayment is up to ten years, but under other options the term may be extended. Loans may be consolidated.

Federal Direct Parent Loan (PLUS)

Federal Direct PLUS
Loan		 A federal parent loan funded by the U.S. Government. A loan must be repaid with interest. This loan is for parents of dependent undergraduate students.
Eligibility Requirements
  • Student must be dependent and undergraduate student that meets the general eligibility requirements and is enrolled at least half-time.
  • The parent borrower must be a U.S. citizen or permanent resident.
  • The parent must have a satisfactory credit history (income to debt ratio is not considered).
  • If parent applies and is denied a PLUS loan, the dependent student may apply for additional unsubsidized Direct Loan.
Aid Awarded Dependent student’s parent must request loan. PLUS Loan will be added to student aid package when approval is received.
Annual Award Amount
for an Academic Year		 Up to the Cost of Attendance after subtracting all other sources of assistance
Interest Rate 7.9% fixed rate
Fees 4.0% origination fee
Disbursement Master promissory note must be signed and loan approved. PLUS loan is awarded in two disbursements for each semester in an academic year.
Repayment The repayment period for a PLUS loan begins on the date the loan is fully disbursed. Payment can be deferred while the student is enrolled at least half-time, and for an additional six months after the student ceases to be enrolled half-time. Interest accrues and will be capitalized if not paid by the parent during deferment. Standard 10-year repayment for loans totaling under $30,000. Extends up to 25 years over $30,000.

State Assistance

Florida Resident Access Grant (FRAG)

Florida Resident Access Grant (FRAG) The William L. Boyd, IV, Florida Resident Access Grant (FRAG) Program provides tuition assistance to Florida undergraduate students.
Eligibility Requirements
  • Be a Florida resident and a U.S. citizen or eligible non-citizen.
  • Not owe a repayment or be in default under any state or federal grant, loan, or scholarship program unless satisfactory arrangements to repay have been made.
  • Not have previously received a baccalaureate degree.
  • Enroll for a minimum of 12 credit hours per term in an eligible baccalaureate degree program.
  • Meet Florida’s general eligibility requirements for receipt of state aid.
  • Not be enrolled in a program of study leading to a degree in theology or divinity.
Aid Awarded Saint Leo University will determine applicant eligibility.
Annual Award Amount
for an Academic Year

For additional information, please visit http://www.floridastudentfinancialaid.org/SSFAD/factsheets/FRAG.htm.
Disbursement OSFA allocates funds to Saint Leo University. Saint Leo University will distribute awards to eligible students.

Florida Student Assistance Grant (FSAG)

Florida Student
Assistance Grant
(FSAG)		 The Florida Student Assistance Grant (FSAG) Program is a need-based grant program available to degree-seeking, resident, undergraduate students who demonstrate substantial financial need.
Eligibility Requirements
  • Be a Florida resident and a U.S. citizen or eligible non-citizen.
  • Not owe a repayment or be in default under any state or federal grant, loan, or scholarship program unless satisfactory arrangements to repay have been made.
  • Not have previously received a baccalaureate degree.
  • Enroll for a minimum of 12 credit hours per term, or the equivalent, in an associate or baccalaureate degree program.
  • Enroll for 9 - 11 credit hours per term, or the equivalent in an associate or baccalaureate degree program.
  • Enroll for 6 - 8 credit hours per term, or the equivalent in an associate or baccalaureate degree program.
  • Meet Florida’s general eligibility requirements for receipt of state aid.
Aid Awarded Saint Leo will determine applicant eligibility amount.
Annual Award Amount
for an Academic Year

For additional information, please visit http://www.floridastudentfinancialaid.org/SSFAD/factsheets/FSAG.htm.
Disbursement OSFA allocates funds to Saint Leo University. Saint Leo University will distribute awards to eligible students.

Florida Bright Future

Florida Bright Future The Florida Bright Futures Scholarship Programestablishes three lottery-funded scholarships to reward Florida high school graduates for high academic achievement. The Florida Bright Futures Scholarship Program is comprised of the following three awards:
  • Florida Academic Scholars (FAS) award,including Academic Top Scholars (ATS) award
  • Florida Medallion Scholars (FMS) award
  • Florida Gold Seal Vocational Scholars (GSV) award
Eligibility Requirements
  • Be a Florida resident and a U.S. citizen or eligible non-citizen.
  • Not owe a repayment or be in default under any state or federal grant, loan, or scholarship program unless satisfactory arrangements to repay have been made.
  • Meet specific coursework and minimum grade point average (GPA) and test score requirements which are outlined on the Office of Student Financial Assistance (OSFA) website www.FloridaStudentFinancialAid.org/SSFAD/bf/acadrequire.htm.
  • ATS - The Academic Top Scholars award, announced by the Florida Department of Education before the end of the fall term after all term one disbursements are reported, is awarded to the Florida Academic Scholar with the highest academic ranking in each county (based on the product of multiplying the Bright Futures GPA and the highest qualifying SAT/ACT test score). The recipient receives a cost per credit hour award established by the Florida Legislature in the General Appropriations Act in addition to the Florida Academic Scholars award. For current year award amounts visit: www.FloridaStudentFinancialAid.org/SSFAD/bf/awardamt.htm.
  • NEW - Annually complete and submit the Free Application for Federal Student Aid (FAFSA). The FAFSA does not have to indicate financial need; however, must be complete and processed error free prior to a student’s first disbursement of the academic year. Visit the website at www.fafsa.ed.gov for online processing.
Aid Awarded Saint Leo University will determine applicant eligibility.
Annual Award Amount
for an Academic Year

For additional information, please visit: http://www.floridastudentfinancialaid.org/ssfad/factsheets/BF.htm
Disbursement Bright Futures funding is disbursed for fall through spring terms. Funds are not available for summer 2012 and 2013 awards.

Georgia Helping Outstanding Pupils Educationally (HOPE)

Georgia Helping
Outstanding Pupils
Educationally (HOPE)		 Georgia's HOPE Scholarship is available to Georgia residents who have demonstrated academic achievement. The scholarship provides money to assist undergraduate students attending Saint Leo University Educational Centers in the state of Georgia with their educational costs.
Eligibility Requirements
  • Meet one of the following academic requirements:
    • Graduate from a HOPE-eligible high school with a 3.0 grade point average.
    • Complete a HOPE eligible home study program with a 3.0 grade point average.
    • Graduate from an ineligible high school, complete an ineligible home study program, or earn a GED, and score in the national composite 85th percentile or higher on the SAT or ACT tests.
    • Graduate from an ineligible high school or complete an ineligible home study program, and then earn a 3.0 grade point average on 30 semester hours or 45 quarter hours of college degree-level coursework. This option allows for payment of the first 30 semester hours or 45 quarter hours after they are taken.
    • Earn a 3.0 grade point average at the college level on degree coursework after attempting 30, 60, or 90 semesters hours or 45, 90, or 135 quarter hours, regardless of high school graduation status.
    • Beginning with students graduating from high school on or after May 1, 2015, Students must meet additional rigor requirements.
  • Meet HOPE's U.S. citizenship or eligible non-citizen requirements.
  • Meet HOPE's Georgia residency requirements.
  • Be enrolled as a degree-seeking student at an eligible public or private college or university or technical college in Georgia.
  • Be in compliance with Selective Service registration requirements.
  • Maintain satisfactory academic progress as defined by the college.
  • Not be in default or owe a refund on a student financial aid program.
  • Be in compliance with the Georgia Drug-Free Postsecondary Education Act of 1990. A student may be ineligible for HOPE payment if he or she has been convicted for committing certain felony offenses involving marijuana, controlled substances, or dangerous drugs.
  • Meet additional rigor requirements, beginning with students graduating from high school on or after May 1, 2015.

For additional information, please visit: https://secure.gacollege411.org/financial_aid_planning/hope_program/georgia_s_hope_scholarship_program_overview.aspx.
Aid Awarded Saint Leo University will determine financial aid eligibility.
Annual Award Amount
for an Academic Year		 The money provided to HOPE Scholars varies and depends on the student’s enrollment. Please contact the financial aid office for additional information.
Disbursement For details, please contact the financial aid office.

Georgia Tuition Equalization Grant (TEG)

Georgia Tuition
Equalization Grant (TEG)		 The Georgia Tuition Equalization Grant is a Non-Need Based Grant for undergraduate students to encourage Georgia residents to attend Saint Leo University Centers in Georgia by providing grant assistance.
Eligibility Requirements
  • Be a U.S. citizen or national of the U.S. or have evidence from INS of eligible permanent resident alien status;
  • Be a legal resident of Georgia;
  • Be enrolled as a full-time student at an eligible private college or university in Georgia; Be an undergraduate student in a program of study leading to a college degree;
  • Maintain satisfactory academic progress, as defined by the college;
  • Be in compliance with Selective Service registration requirements;
  • Not be in default or owe a refund on a student financial aid program;
  • Be in compliance with the Georgia Drug-Free Postsecondary Education Act of 1990;
  • Must not have received TEG payment for more than 127 semester/190 quarter hours.
Aid Awarded Saint Leo University will determine financial aid eligibility.
Annual Award Amount
for an Academic year		 Recipients receive an award of $233 per quarter or $350 per semester and can receive payment for up to four quarters or three semesters per year. (Budgeted each year by the Georgia Legislature. The amount of the award may change during the award year.)
Disbursement Saint Leo University will determine financial aid eligibility.

Other state grant and loan programs

In addition, State student aid programs may provide need-based and non-need-based grants/scholarships and loan programs for residents. All students who consider borrowing funds to meet their educational costs should investigate the availability of state grant assistance, before taking a student loan. Information on state agencies and their web sites is available at: http://wdcrobcolp01.ed.gov/Programs/EROD/org_list.cfm?category_ID=SHE.

IMPORTANT TERMS AND CONDITIONS

The Office of Student Financial Services reserves the right to substitute, or reduce, institutional merit scholarships with need based grants or scholarships.

An adjustment in need-based aid will be required only if the total need-based aid exceeds the calculated need. Federal Loans and Federal Work-Study will be reduced before any adjustment to the grant portion of an award. An adjustment in merit-based aid will be required only if total awards exceed the cost of attendance.

Students are encouraged to seek out private scholarship funding. In most cases private scholarships are added to any existing financial aid, and do not result in a reduction of existing financial aid. In order to help you get started on your scholarship search, we have put together a list of specific private scholarships we believe may be of interest to Saint Leo students, as well as a list of scholarship search resources.

/resources/financial-aid/scholarships.aspx

For more information about financial aid, please visit www.saintleo.edu/finaid