FAFSA

To become eligible for any federal aid, with the exception of a PLUS loan, a FAFSA (Free Application for Federal Student Aid) is required. Please file an electronic FAFSA at http://www.fafsa.ed.gov.

Federal Grants

Pell Grant

The Federal Pell Grant assists undergraduate students who have high financial need. Award amounts are based on the student’s Estimated Family Contribution (EFC) and enrollment status.

The Federal Supplemental Educational Opportunity Grant (SEOG)

SEOG is a “campus-based” award for undergraduate students receiving Pell Grant. Because funding is limited, not all eligible students will receive a SEOG award.

Federal Academic Competitiveness Grant (ACG)

Freshman and sophomore students who are eligibile for a Pell Grant and U.S. citizens may also receive a new Federal Academic Competitiveness Grant (ACG) of up to $750 for their first year and $1,300 for the second year. To qualify, students must have a successfully completed a rigorous high school programas recognized by the U.S. Secretary of Education. Second-year students must also have maintained at least a 3.0 GPA.

Federal National SMART Grant

The new National SMART Grant provides up to $4,000 for both the third and fourth years of undergraduate study to full-time students who are eligible for a federal Pell Grant, U.S. citizens and majoring in physical, life, or computer sciences, mathematics, technology or engineering, or in certain foreign languages. Students must also have maintained a GPA of at least 3.0 in course work required for their major.

Recent updates to the SMART grant regulations state that students must be enrolled in at least one course that meets the specific requirements of the student's National SMART Grant-eligibile major in the payment period to be eligibile for a disbursement. Any student who is not taking at least one course specific to and required for the National SMART Grant-eligible major is not eligible for a National SMART Grant payment for that payment period.

Federal Loans

Please note that once awarded a federal loan, students still needs to apply for or claim their loan in order for it to be credited to their student account. For more details, please go to the appropriate loan below.

Federal Stafford Loan

There are two types of Stafford Loans: Subsidized (STFL) and Unsubsidized (USFL). To qualify for a Subsidized Stafford Loan, you must demonstrate financial need. The federal government pays (“subsidizes”) the interest on this loan from the time of disbursement until six months after you graduate, withdraw or drop to less than half-time status. The Unsubsidized Stafford Loan does not require financial need. You are responsible for repaying all the interest that accrues on this loan from the time of disbursement until the loan is fully repaid. The Stafford Loan interest rate is adjusted annually and capped at 8.25%. Repayment begins six months after you graduate, withdraw or cease to be enrolled at least half-time. The amount of Stafford Loan (Subsidized, Unsubsidized or combination) for which you are eligible is based on financial need and academic class level. The annual borrowing limit for the first year of undergraduate study is $3,500; for the second year, $4,500; for third and subsequent years, $5,500. You are not required to borrow the full amount for which you are eligible; borrow conservatively to minimize indebtedness.

If you have been awarded a Stafford Loan on your Financial Aid Award Letter, apply for your Stafford Loan, click here .

Federal Parent Loan for Undergraduate Students (PLUS)

The Federal PLUS Loan is a credit-based loan for parents of dependent undergraduate students.The PLUS Loan annual borrowing limit is equal to the student’s Cost of Education minus any other financial aid received. The annual minimum is $150. The interest rate varies annually but will not exceed 9%. Repayment begins within 60 days after the loan is fully disbursed.

To apply for your PLUS Loan, click here.

Federal Perkins Loan (PRKL)

The Federal Perkins Loan is a low-interest rate loan for undergraduate students who demonstrate exceptional financial need. This loan program is currently available only to continuing students.The interest rate is fixed at 5%, and begins accruing nine months after graduation, withdrawal or dropping to below half-time status. Repayment also occurs at this time. The Federal Perkins Loan is a campus-based federal loan program; therefore you will make your loan payments directly to PLNU. Because of the limited availability of funds, there is no guarantee that you will continue to receive Perkins Loan funding in subsequent years.

If you have been awarded a Perkins Loan on your Financial Aid Award Letter, apply for your Perkins Loan, click here.

Federal Nursing Student Loan (FNSL)

FNSL is a federally subsidized, low-interest rate loan for juniors and seniors enrolled in the PLNU Nursing program who demonstrate exceptional financial need. The interest rate is fixed at 5% andbegins accruing nine months after graduation, withdrawal or dropping to less than half-time status. Repayment also occurs at this time. If you are awarded FNSL, you must complete entrance counseling (available at the SFS Office) and sign a promissory note each semester before funds can be applied to your account. This is a campus-based federal loan program; therefore you will make your loan payments directly to PLNU. Because of the limited availability of funds, there is no guarantee that you will continue to receive FNSL funding in subsequent years.

If you have been awarded a Nursing Loan on your Financial Aid Award Letter, to claim your Nursing Loan, please contact Student Financial Services the first two weeks of each semester to sign your promissory note. (619) 849-7092.

Federal Work-Study (FWS)

Federal Work-Study is a self-help financial aid program. The student obtains on-campus employment and receives the FWS money in the form of bi-weekly paychecks for hours worked. FWS is intended to help pay college living expense costs while providing the student with an opportunity to gain valuable work experience. The Student Employment Office, located in the Bond Academic Center, posts a wide variety of available positions in its office and online at http://www.pointloma.edu/work. As the student, it is your responsibility to secure employment, to work enough hours to reach the earnings limit, and to budget the money earned wisely throughout the year to meet necessary college costs.