Federal Financial Aid is one of the most common ways in which students today pay for college. Flashpoint participates in a number of federal student aid programs in effort to help students find an affordable path to financing their education. In order to be eligible to receive federal student aid, applicants must meet the basic eligibility requirements as set by the Department of Education.
FEDERAL PELL GRANT
The Federal Pell Grant, unlike a loan, does not have to be repaid. The maximum Pell Grant for the 2015-16 award year (July 1, 2015 to June 30, 2016) is $5,775 and $5,815 for the 2016-17 award year. The amount awarded depends on your financial need, cost of attendance, and enrollment status.
FEDERAL SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT (FSEOG)
The Federal Supplemental Education Opportunity Grant is another fund source that does not require repayment. The FSEOG is a federal grant for students with exceptional need and was created to supplement other sources of financial aid for students with the highest need. At Flashpoint, FSEOG awards are $1,000 per academic year. To be considered for an FSEOG, you must fill out the Free Application for Federal Student Aid (FAFSA), be Pell-eligible, and enroll full-time. Funds are limited and awarded on a first-come, first-served basis.
Federal Work-Study is a need-based financial aid program. Through the Federal Work-Study program, students earn money by working part-time on-campus, or at an off-campus agency (limited availability). Funding and jobs are limited and awarded on a first-come, first-served basis, through the Student Services Department. The number of hours per week for which a student can be authorized to work depends on your unmet need as determined by Financial Aid.
DIRECT STUDENT LOANS
To receive a Direct Loan, a student borrower must meet the basic eligibility requirements for Federal Student Aid funds as set by the Department of Education. Unlike Pell Grants, the loan amounts do not vary by enrollment status (though the student must be enrolled at least half time for Direct and PLUS loan purposes). For more information on the Direct Loan program, please visit the Federal Direct Loan site at: studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized.
DIRECT PARENT PLUS LOANS
To borrow a Parent PLUS Loan, a parent borrower must meet the basic eligibility requirements for Federal Student Aid funds as set by the Department of Education. A parent with an adverse credit history is prohibited from obtaining a PLUS Loan unless the parent meets additional criteria. Additional information surrounding Parent PLUS Loans can be found on the Federal Direct Loan website at: studentaid.ed.gov/sa/types/loans/plus.
Borrowers of Direct Student Loans (Subsidized, Unsubsidized, and Parent PLUS) should know that the loan details will be submitted to the National Student Loan Data System (NSLDS). Via NSLDS, guarantee agencies, lenders, and schools determined to be authorized users of the data system will have access to view specifics regarding the loan(s).
Additional information about Federal Financial Aid may be found here.
HOW TO APPLY FOR FEDERAL FINANCIAL AID
Before you begin the FAFSA application, you will be prompted to register for a FSA ID. Register for a FSA ID at fsaid.ed.gov.
You will need to have copies of your and your parents’ latest tax return or W-2 in order to complete the FAFSA. If you do not have copies of the tax returns, the IRS Data Retrieval Tool can be used to transfer your tax information from the IRS website to your FAFSA. This method is the preferred route of providing financial information on your FAFSA as it ensures accuracy reduces the chance of error on the application.
Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov.
After successful completion of your FAFSA, Flashpoint will reach out to discuss the next steps in the financial aid application process.(Note: You will need to have an admissions application on file at Flashpoint in order to receive an Award Letter.)
ADDITIONAL INFORMATION ABOUT COMPLETING THE FAFSA
Need More Info?Contact Financial Aid for a Personal Consultation.
Our supportive and knowledgeable Financial Aid staff will work with you and your family to
build a financing plan that best suits your unique situation and needs.