Grants and Loans
The following is a list of grants and loans available. Grants do not have to be repaid. Loans, however, must be repaid. For more information, contact the Office of Financial Aid.
Grants
Pell Grants
Sources: Federally Funded
Award: Variable ($609-$5,350 annually as of 2009-2010)
Criteria: Award amount is based on a federal formula according to need and enrollment status(full time: 12 or more credits; three quarter time: 9-11 credits; half-time:6-8 credits, less than half-time 1-5 credits). Open to U.S. residents and permanent residents. Students must reapply each year by completing the FAFSA application at www.fafsa.ed.gov
Supplemental Educational Opportunity Grant (SEOG)
Sources: Federally Funded
Award: Variable ($200-$1,400 annually)
Criteria: Available to students enrolled in degree-seeking undergraduate programs. Award amounts are based on enrollment status, need, and availability of funds. Students must reapply each year by completing the FAFSA. Students who submit the FAFSA and any requested documentation by March 1st will be given priority consideration.
University Grants
Sources: Institutionally Funded
Award: Variable ($200-$3000 annually)
Criteria: Degree seeking undergraduates. Amount varies according to enrollment status, need, and availability of funds. Students must reapply each year by completing the FAFSA. Students who submit the FAFSA and any requested documentation by March 1st will be given priority consideration.
Loans
The Federal Direct Stafford Loan (Subsidized and Unsubsidized)
Source: Funds for this loan program are made available through the United States Department of Education.
Criteria: This program is open to all undergraduate and graduate students who are US citizens or to those who are permanent residents.
Award: Award amounts vary on depending on the students need based federal formula and the availability of funds. This loan must be repaid. First time borrowers are required to have loan counseling prior to school certification of the loan application. Subsidized loans are need-based with interest subsidies while the student is enrolled at least 1/2 time. Unsubsidized loans are not based on need, but interest begins to accrue as soon as the loan is disbursed. For details on maximum award allowances, click HERE.
The Federal Direct Parent Loan For Undergraduate Students (PLUS)
Source: Funds for this loan program are made available through the United States Department of Education.
Criteria: Applicants must be U.S. Citizens or permanent residents and the student must be in a degree program.
Award: Parents may borrow up to the cost of attendance for a full time student less any other financial assistance received. This loan is subject to credit approval by the U.S. Department of Education and repayment is the responsibility of the Parent.
The Perkins Loan Program
Criteria: This program is open to all undergrad and grad students who are US citizens or to those who are permanent residents.
Award: Award amounts vary depending on the students need based federal formula and the availability of funds. Deferments and cancellations are available for those who qualify.
The University of Maryland Eastern Shore is a 100% Direct Lending School. The Office of Student Financial Aid is unable to certify any loans from lending institutions in the Federal Family Education Loan Program (FFELP). The OSFA does provide information to students and parents about the availability of other alternative loans. However, we do suggest full utilization of the low interest federal loan programs prior to seeking alternative loan sources.