Types of Federal Financial Aid
Available to Students Who are Academically and Financially Eligible Through the Free Application for Federal Student Aid (FAFSA)
Federal Pell Grants are given to students with financial need. These awards vary in amounts from $602 to $5,550 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 undergraduates and $40,000 for graduates.
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 Direct Loan Program is a program that provides low-interest loans for students and parents. 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 Direct Subsidized Stafford Loan
Students may borrow up to $23,000 for undergraduates.
Additional Unsubsidized Stafford Loan
Dependent students may borrow $2,000 per year for four years.
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.
Dependent students may borrow a maximum of $8,000. Independent students may borrow
a maximum of $57,500 for undergraduates and $138,500 for graduates, which includes
undergraduate loan amounts.
Federal PLUS Loan
Parents of students may borrow 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. PLUS is limited to parents who do not have an adverse credit history. Late payments on outstanding obligations are not to be considered as having adverse credit history. The interest rate is 7.9%, with the borrower beginning payment within sixty days of final loan disbursement for the school year. Graduate students may also borrow under the PLUS loan program. They have to meet the same credit history requirements, must apply for Federal financial aid and may borrow up to the cost of attendance less other financial aid. As with the Parent PLUS, the interest rate is 7.9%. Some lenders may require in-school deferments each term.
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.