Types of Federal Student Aid

Most JIU students who are U.S. citizens or eligible non-citizens admitted to a JIU degree program and attending at least half-time may be eligible to receive student load assistance across the years of their academic programs. Click here to find out if you are eligible to receive Federal Student Aid.

The following are the types of aid that JIU offers to its students through participation in the Federal Student Aid Program:

Federal Pell Grant—A Federal Pell Grant, unlike a loan, does not have to be repaid. You may receive a Pell Grant if you are pursuing your first baccalaureate degree and can demonstrate financial need by filing a federal student aid application.

Direct Stafford Loans—These low-interest loans do not require credit checks or collateral. The interest rate is variable and is set annually on July 1. The 2007-2008 rate is 6.8% and the maximum rate is 8.25%. The amount you may borrow is determined by your financial need (for subsidized loans), cost of attendance and federal loan maximums. Click here for the annual loan limits for subsidized and unsubsidized Stafford loans.

• Direct Stafford Loan (subsidized)—A subsidized loan is awarded on the basis of financial need. While you are in school and during grace and deferment periods, the federal government pays the interest on this loan. If you maintain half-time enrollment, you can defer repayment until you complete your JIU program.
• Direct Stafford Loan (unsubsidized) —An unsubsidized loan is not awarded on the basis of need. If you maintain half-time enrollment, you can defer repayment of principal and interest until you complete your JIU program; however, interest begins accruing while you are in school.

Direct PLUS Loan—If you are a dependent, undergraduate student, your parents may borrow an unsubsidized PLUS Loan at 7.9% for 2007-2008 to cover educational costs not covered by Pell Grant, Direct Stafford Loans or other financial aid. You do not have to demonstrate financial need to receive this loan.