The maximum Pell Grant award for 2011-2012 award year will be $5,550.
Pell Grants are awarded to students with financial need. The amount of your Pell Grant depends on your expected family contribution, cost of attendance, and enrollment status (full- or part-time).
Beginning with the 2011-12 academic year, both the Academic Competitiveness Grant and the National SMART Grant have been discontinued by the U.S. Department of Education.
Beginning July 1, 2009, Direct Subsidized Loans originated on or after this date will have expanded annual loan limits. They are as follows:
- Undergraduate freshman limit = $3,500
- Undergraduate sophomore limit = $4,500
- Undergraduate junior/senior limit = $5,500
Interest Rate Reductions for Direct Subsidized Loans will be reduced on the following schedule:
- 5.6% = if the first disbursement of the loan is made on or after July, 1, 2009 and made before July 1, 2010
- 4.5% = if first disbursement of the loan is made on or after July 1, 2010 and made before July 1, 2011
- 3.4% = if first disbursement of the loan is made on or after July 1, 2011 and made before July 1, 2012
Beginning July 1, 2006, the interest rate on Direct PLUS loans disbursed on or after this date will be fixed at 7.90% for Direct Plus Loans and guaranty fees will remain at 3% and 1% respectively.