The federal government offers financial aid grant, loan, and work opportunity programs to assist students and their families in covering the cost of higher education. Eligibility for federal student aid is determined by the results of the Free Application for Federal Student Aid (FAFSA), which must be filed each academic year. In addition, eligible students must be enrolled in a degree program, maintain minimum standards of satisfactory academic progress and, for most federal programs, be enrolled at least half-time each semester. Federal aid programs include: Federal Pell Grant For 2008-2009, awards range from $890 to $4,731 per academic year. This program is designed to assist the neediest of undergraduate students earning their first baccalaureate or four-year professional degree. Supplemental Education Opportunity Grant (SEOG) SEOG grants can range from $100 to $4,000 per academic year, and typically range from $500 to $1,000 annually. Like the Pell Grant, this program is available to students with exceptional need who have not yet earned their first baccalaureate degree. Pell Grant recipients are given priority for SEOG funds. Academic Competitiveness Grant This federal grant is awarded to first and second year students who are Pell Grant eligible; have completed a rigorous high school program, as determined by the state; are US Citizens; and are enrolled full-time. For second year students, you must have a minimum GPA of 3.0. The first year award is $750 and the second year award is $1300. Should eligibility change at any time during the year, this award can be canceled. National Science and Mathematics Access to Retain Talent (SMART) This federal grant is awarded to third and fourth year students who are Pell Grant eligible; are US Citizens; are enrolled full-time; have a GPA of 3.0; and are pursuing a major in mathematics, science, technology, engineering, or a critical foriegn language. Current awards are $2,000 per academic year. Federal Work Study (FWS) An FWS award provides an opportunity to earn an hourly wage through an on-campus job. Thus, an FWS award is an earning eligibility rather than a guarantee of funds to be received. Awards usually range from $1,000 to $1,500 per academic year, are offered to eligible students on a first-come, first-served basis, and are limited by availability of funds. Federal Carl D. Perkins Loan The Perkins Loan carries a 5% interest rate. The loan is subsidized – which means that no interest accrues as long as the borrower is continuously enrolled at least half-time in a degree program. During a nine-month grace period after the student graduates, leaves school, or drops below half-time enrollment, no interest accrues and no payments are required. Awards range from $750 to $4,000. Perkins funds are reserved for students with exceptional financial need. William D. Ford Federal Direct Stafford Loan Depending on the results of the borrower's FAFSA, this loan may be subsidized (i.e. no interest accrues as long as the borrower is continuously enrolled at least half-time in a degree program), or unsubsidized (i.e. the borrower is responsible for the interest that accrues while he or she is enrolled in school). There are instances when the loan amount can be a combination of subsidized and unsubsidized. Repayment begins six months after the borrower graduates, leaves school, or drops below half-time enrollment. The fixed interest rate is currently 6.0%, for loans disbursed after July 1, 2008. As of July 1, 2008, Freshman may borrow $3,500; Sophomores $4,500; Juniors and Seniors $5,500. Students who are independent by federal definition and students who need additional funds may be eligible to borrow unsubsidized funds in the amount of $2000 per academic year.