Federal Financial Aid

In order to be considered eligible for federal financial aid, you must meet the following conditions:

• You must possess a high school diploma, GED or State Certificate.
• You must be formally admitted to a degree or eligible certificate program.
• You must be a US Citizen or permanent resident.
• You must be enrolled or planning to enroll on at least a half-time basis (4 units per trimester for graduates, 6 units for undergraduates). (With one exception: You may receive a federal Pell Grant for less than half-time enrollment.)
• You must enroll in classes for which you will receive credit. Pass/Fail or Audit classes are not eligible for financial aid.
• You must be registered with Selective Service (if you are so required).
• You must be making satisfactory academic progress as defined by the Financial Aid Office at GGU. See the SAP Policy page for more information.
• You must not be in default on a federal loan or owe a refund on a federal grant.
• You must complete a Free Application for Federal Student Aid at http://www.fafsa.ed.gov
• You must complete a Golden Gate University FinAid.App.Fa10-Spr11 In order to receive federal financial aid, note the following:
• In order for GGU to disburse federal title IV funds to your account, you must sign the loan master promissory note and complete an online entrance counseling session at www.studentloans.gov. Upon ceasing to be enrolled half-time or upon graduating, you must also complete exit counseling.
• In order for GGU to disburse a Federal Perkins loan to your account, you must sign the loan master promissory note and complete the online entrance counseling session at www.fc.campusoncall.com. Upon ceasing to be enrolled half-time or upon graduating, you must also complete exit counseling.

If you drop/withdraw from all courses during a term, there may be ramifications to your financial aid award. You can find the complete policy in the university catalog.

If you cease enrolling on at least a half-time basis or upon graduation, you must complete loan exit counseling.

• For Perkins, Direct Loans,Direct PLUS and Direct Graduate-PLUS loans, you may complete exit counseling online at www.nslds.ed.gov/nslds_SA/.
• For Perkins loans you may complete exit counseling online at www.fc.campusoncall.com.

Federal Direct Loans are available in two types, subsidized and unsubsidized:

The type of Direct Loan a student is awarded is based on the FAFSA information and determined by U.S. Department of Education calculations and Cost of Attendance at the educational institution.

• Subsidized Federal Direct Loans have their interest subsidized (paid for) by the federal government while you are enrolled at least half time.
  
• If you borrow an Unsubsidized Federal Direct Loan, you are responsible for paying the accrued interest from the beginning of the loan, even during periods of enrollment.

For both loans, the federal government may deduct up to 4 percent total fees from the total amount borrowed. For example, if you borrow $5,500, you will receive only $5,280, or 96 percent of the amount borrowed. However, the full $5,500 must be repaid.

Six months after you graduate or cease to be enrolled half time, you enter repayment with monthly payments of interest and principle. During repayment, interest accrues annually at an annual variable rate with a cap of 8.25 percent. Interest rates on loans may vary depending on when a student received the loans, undergraduate or graduate and/or subsidized or unsubsidized. The minimum monthly payment is $50 with a maximum repayment term of 10 years. The number of years of repayment may be extended depending on the amount of loan debt. You may visit the www.studentloans.gov website to calculate what your monthly payment will be if you are able to extend the number of repayment years. Please keep in mind the longer the payment plan the more interest you will pay on your loan debt.

Federal Direct Loan Annual Borrowing Limits: *

Grade Level	Dependent Students	Independent Students
Freshmen	$3,500	$9,500
Sophomores	$4,500	$10,500
Juniors/Seniors	$5,500	$12,500
Graduate/Professional	not applicable	$20,500

EFFECTIVE JULY 1, 2008

* The amounts shown represent the total combined eligibility for subsidized and unsubsidized Direct loans.

• Federal PLUS loans enable parents or stepparents to borrow up to the total cost of their dependent child's education, minus any other aid he or she may receive. PLUS loans are for undergraduate student only and are not based on the family's income or assets. These loans are always unsubsidized. Currently, the interest rate is 7.9% per annum and is subject to change every July 1st. A separate loan application is required and credit worthiness check will be done by the U.S. Department of Education.

• Federal Graduate PLUS loans are for graduate students who have educational expenses beyond the Federal Direct loans and/or other financial aid. Currently, the interest rate is 7.9% per annum and is subject to change every July 1st. The Cost of Attendance (COA) minus awarded financial aid equals the amount of a potential Federal Graduate PLUS loan. COA includes actual tuition plus general budgets for Books, Supplies, Room/Board, Transportation and Personal expenses. A separate loan application is required and credit worthiness check will be done by the U.S. Department of Education.

Determining Federal Direct Graduate PLUS loan amounts
COA	$25,000
Minus Federal Stafford Loans	$20,500
Minus GGU Scholarship	$500
Amount of Potential Direct Graduate PLUS Loan	$ 4,000

the amounts used above are for concept purposes only

The potential Direct Graduate PLUS loan amount would be on a separate loan application, require a credit worthiness check, the interest rate is 8.5% per annum (until July 1, 2009) and the federal government may charge fees. This loan is not automatically awarded to graduate students. The Federal Direct Graduate PLUS loan program became available as of July 1, 2006. For further information contact Student Financial Planning at finaid@ggu.edu or call 415-442-7270.

The amount of a Perkins Loan varies but seldom exceeds $4,000 per year. The federal regulations permit undergraduates to be considered for $5500 per year and graduates to be considered for $8000 per year. Perkins loan is dependent on the student's need according to the FAFSA calculation, revolving institution funds from prior Perkins loans collections and other variable established by the educational institution. Loans are repayable at a 5 percent annual interest rate beginning nine months after an individual ceases to be at least a half-time student. A student may have up to ten years to repay the loan at a minimum of $40 per month, depending on the amount owed. The maximum amount that a student may borrow through the Perkins Loan program at all institutions is $27,000 for undergraduates and $60,000 for graduates (including Perkins loans as an undergraduate per Higher Education Opportunity Act (HEOA) August 14, 2008)

Federal Pell Grants are awarded to undergraduate students with very low family contributions (high need) and can range from $330 to $5550 per 2010-11 academic year based upon the student's financial need and enrollment status. Federal Pell Grants are the only form of aid available to students enrolled less than half time.

FSEOG awards are offered to undergraduate students with the greatest need, typically as a supplement to the Federal Pell Grant. Amounts may vary from school to school, based upon available funding. GGU typically offers FSEOG awards of up to $750 per trimester, depending on enrollment status. Due to limited funds, SEOG may not be awarded to students who are receiving Cal Grants, tuition reimbursement or other types of educational benefits.

FWS provides federally subsidized work opportunities. FWS jobs typically are on-campus, but some off-campus positions may be available in nonprofit community service agencies. Students must demonstrate financial need according to the FAFSA. Pay rates are competitive and vary depending on the position. A student worker will be paid twice a month.