Daemen College : Admissions : Financial Aid : Federal & State Aid Programs : Federal Aid Programs
Federal Aid Programs
Federal PELL Grant
These grants are based are based on financial need and are for undergraduates. Grants range from $555 to $5,550 per year depending on EFC (Estimated Family Contribution) as determined by the Federal Government through the completion of the Free Application for Federal Student Aid (FAFSA).
Federal Supplemental Educational Opportunity Grant (FSEOG)
Awarded to undergraduate students with high financial need. Priority is given to Federal PELL grants recipients. Award ranges can vary between $100 to $1,000 per year at Daemen. Eligibility is based on FAFSA.
Direct Federal Subsidized Stafford Loan
You are eligible for a subsidized Stafford Loan if you are in school at least half time and have financial need. With a subsidized Stafford Loan, the Federal government will pay the interest while you are enrolled at least half time. A 1.0% default fee and a 0.5% rebate for a total of 0.5% is deducted from the value of the student loan prior to disbursement. Repayment begins six months after the student graduates, leaves college, or ceases to be enrolled at least half time. The interest rate is fixed at 3.4% for undergraduate students for the 2011-2012 academic year. The FAFSA application is required to determine loan eligibility.
Direct Federal Unsubsidized Stafford Loan
Unsubsidized Stafford Loans are for students who do not have financial need. With an unsubsidized Stafford Loan, the borrower is required to pay interest while in school. The interest rate is fixed at 6.8%.
Annual Loan Limits - Direct Stafford Loans
Dependent Student
Base Amount Additional Unsubsidized Loan Total
Freshman $3,500 $2,000 $5,500
Sophomore $4,500 $2,000 $6,500
Junior or Senior $5,500 $2,000 $7,500
Independent Students
Freshman $3,500 $6,000 $9,500
Sophomore $4,500 $6,000 $10,500
Junior or Senior $5,500 $7,000 $12,500
Graduate Students $8,500 $12,000 $20,500
Federal Perkins Loan
This is a federally funded program based on financial need. The interest rate is at 5%. Repayment begins 9 months after the student graduates, leaves college, or ceases to be enrolled at least half time. FAFSA is required to determine eligibility.
Direct Federal Parent (PLUS) Loan
This is an Unsubsidized Federal Loan that allows parents to borrow on behalf of their dependent undergraduate children who are enrolled at least half time. Borrowers are responsible for the interest that accrues on a PLUS loan and repayment begins usually sixty days after the funds are disbursed. The interest rate for the 2011-2012 academic year is fixed at 7.9%. A 3% origination fee and 1% default fee and a 1.5% rebate for a total of 2.5% is deducted from the value of the loan prior to disbursement.
Direct Federal Graduate (PLUS) Loan
This is a Unsubsidized Federal Loan that allows graduate students to borrow on his or her own behalf up to the cost of attendance minus other financial aid. Note: Parents are not eligible to borrow Federal PLUS Loans for graduate and professional students. The interest rate for the 2011-2012 academic year is fixed at 7.9%. A 3% origination fee and 1% default fee and a 1.5% rebate for a total of 2.5% is deducted from the value of the loan prior to disbursement.
Federal Work Study
This is a federally funded work program based on financial need. Students typically work 10 hours per week during the academic year and receive a bi-weekly paycheck. Participants in the Federal Work Study program are primarily employed on campus, however there are occasions were students work off-campus in community service positions. Students are paid the minimum hourly wage. An award of Federal Work Study does not guarantee job placement.
Service Learning
The Service Learning program at Daemen educates students through a variety of community service opportunities in the local community, nationally, and internationally. All Daemen students fulfill a three-credit hour Service Learning requirement, and many choose to volunteer additional service in the community.