Federal Aid

 

Federal Pell Grant

Federal Pell Grant is awarded to undergraduate students who are enrolled in an eligible program, have not received a bachelor's degree, and who demonstrate financial need. Eligibility is determined based on the expected family contribution (EFC) as a result of completing the Free Application for Federal Student Aid (FAFSA), the cost of attendance, and enrollment status.

 

Federal Supplemental Educational Opportunity Grant

Federal Supplemental Educational Opportunity Grant is awarded to students demonstrating exceptional financial need and determined based on the results of the FAFSA (EFC). Students showing exceptional need will be given first consideration for these grants as long as funds are available.

 

Federal Work Study

Federal Work Study allows the students to meet a portion of their financial need by working at assigned tasks supervised by faculty, staff, or administrative personnel. Students will be paid each pay period for hours worked and approved by their supervisor. Time sheets must be turned in on time. Late time sheets will be audited for payment in the next payment period. The work-study Programs are only offered to Traditional Day Students. The Federal College Work-Study Program is for students demonstrating financial need. Students must perform work to earn this aid. Federal Work-Study is need based and awarded on a first-come, first-serve basis.

To receive loans, a student must be enrolled at least half-time per semester (typically two courses). All new borrowers are required to complete Entrance Counseling and complete a signed Master Promissory Note (MPN). Repayment and deferment guidelines are included in the required Loan Entrance Counseling Session. Students must complete the FAFSA form each year. Additional information can be found at https://studentaid.gov or by contacting the Financial Aid Office.

• William D. Ford Federal Direct Loan Program is designed to help students and their families meet college costs.
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     Federal Direct Stafford Loans are student loans with repayment deferred until the student separates college or drops below half time status.
    • Direct Subsidized Stafford Loans- loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education.
    • Direct Unsubidized Stafford Loans- loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need.
    • The maximum amount an undergraduate student can borrow each year in Direct Subsidized Loans and Direct Unsubsidized Loans ranges from $5,500 to $12,500 per year, depending on your year in school and your dependency status.
    • If you are a graduate or professional student, you can borrow up to the annual cost of attendance for your program, not to exceed $20,500 each year in Direct Unsubsidized Loans.
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      Federal Direct Plus Loans are loans made to parents of dependent undergraduate students and graduate or professional students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.
    • If you are a parent of a dependent undergraduate student, you can receive a Direct PLUS Loan for the remainder of your child’s college costs not covered by other financial aid.
    • If you are a graduate or professional student, Direct PLUS Loans can also be used for the remainder of your college costs not covered by other financial aid, if you have exhausted your Federal Direct Unsubidized loan eligibility.
• Entrance Counseling is required for all new Direct Loan borrowers to ensure that you understand the responsibilities and obligations you are assuming.​
  • Instructions for Completing Loan Entrance Counseling
    • You can complete the requirement by visiting: https://studentaid.gov.
    • Click on ‘Complete Aid Processes’, then select ‘Complete Entrance Counseling’
    • Click the Blue “Login” Button.
    • Enter your Federal Student Aid (FSA) login information.
    • Click the first Blue “Start” button under“Entrance Counseling”
    • Select “Limestone University” from the drop down menu on the left side and select the “Undergraduate”option for Student Type. Click “Continue.”
    • Answer all questions in the green “Check Your Knowledge” boxes.
    • Limestone University will receive an electronic confirmation once completed.

• Direct Loan Master Promissory Note (MPN)  a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). A Master Promissory Notes must be completed for all new Direct Loan borrowers.

  • Completing the Master Promissory Note (MPN)
    • You can complete the MPN requirement by visiting https://studentaid.gov.
    • Click on ‘Complete Aid Processes’, then select ‘Complete Master Promissory Note’
    • Click the Blue “Login” Button, if necessary.
    • Enter your Federal Student Aid (FSA) login information
    • Click the first blue “Start” button beside the MPN you need to complete “MPN for Subsidized/Unsubsidized Loans” 
    • Enter all of your (student) information and Select “Limestone University” from the drop down menu. Click “Continue”.
    • List two persons with different U.S. addresses who have known you for at least three years.
      • The first reference should be a parent or legal guardian.
      • References must have different addresses and telephone numbers.
    • Limestone University will receive an electronic confirmation once completed.