Financial Aid at ECU

  Glossary

College Work Study - This is a federal work program and you must be eligible for financial aid.

 

FAFSA - Free Application for Federal Student Aid - Complete this form either in paper booklet form or online to determine if you are eligible for financial aid.

 

Federal Perkins Loan - A loan for undergraduates and graduates with financial need. The maximum award is $4000 per year with a lifetime maximum of $20,000. The interest rate is 5 percent.

 

Federal Stafford Loan - These are government loans and can be unsubsidized or subsidized. The amount awarded varies by the need and classification of the student. Loans must be repaid.

 

Financial Aid - Aid both the government and college gives a student if he or she is eligible.

 

Grant - Money received, based on need, that you do not repay.

 

GSL - Federal Stafford Loan Program

 

Loan - Money borrowed that you must repay with interest. Some loans are based on need.

 

OHLAP - Oklahoma Higher Learning Access Program - This grant is awarded during 8th, 9th and 10th grades. For more OHLAP information, talk to your high school guidance counselor or visit  http://www.okhighered.org/okpromise/.

 

OTAG - Oklahoma Tuition Aid Grant Program - This is a need-based grant for Oklahoma undergraduates enrolled full or half time at eligible colleges.

 

Pell Grants - Funds provided to every eligible student. These funds do not have to be repaid.

 

Academic Competitiveness Grant (ACG) - The Academic Competitiveness Grant is a new grant awarded to students that complete a rigorous secondary school program of study. Only students that graduated high school after January 1, 2005 are eligible to receive these grants.

 

SMART Grants - The SMART grant is a new grant designed for students that are degree seeking in certain majors. The maximum award for a SMART grant is $4000 per academic year. A student may only receive the award for a maximum of two years.
 

 

PLUS - These are loans parents take out to help students pay for college. Graduates and professional degree students are now eligible to borrow under the PLUS program.

 

Regular Student Employment - These are campus jobs that do not require that students qualify for financial aid.

 

SEOG - Federal Supplemental Educational Opportunity Grants - This type of grant is for students with considerable need. They do not need to be repaid. Amounts awarded range from $100 to $4000 per year.

 

subsidized - The U.S. Department of Education pays interest accrued on subsidized loans while students are enrolled at least half time.

 

unsubsidized - Interest accrues from the time the loan is disbursed until the loan is paid in full. Student may choose to pay the interest quarterly or they can allow the interest to accrue and be added to the principal amount of their loan.