FEDERAL FINANCIAL AID PROGRAMS

Specs Howard School participates in several federal financial aid programs.  In order to apply for federal financial aid funding you must complete the Free Application for Federal Student Aid (FAFSA). You can schedule an appointment with a Financial Aid Officer to assist you in completing the form or you can complete the form on-line at www.fafsa.ed.gov.
The following information listed below are brief descriptions of the types of Federal Financial Aid Programs offered at Specs Howard School. 

FEDERAL GRANT FUNDING

Federal Pell Grant
The Federal Pell Grant program is a form of financial aid that does not need to be repaid. Funds are awarded based on need, as determined by a standard formula, and are only available to students who do not already have a Bachelor’s degree. Students who wish to apply for a Federal Pell Grant must complete the Free Application for Federal Student Aid (FAFSA) form and meet with the Financial Aid Department at Specs Howard School, which will conduct a needs analysis.

Federal Supplemental Educational Opportunity Grant 
The Federal SEOG program is a form of financial aid that does not need to be repaid. This grant shall be awarded to students with a low family contribution who are eligible for the Federal Pell Grant during that same award year. The amount awarded to each student will be determined by the Financial Aid Department. If a student’s enrollment status changes prior to disbursement, his or her award may be given to another student, depending on the availability of remaining Federal SEOG funds.


FEDERAL STAFFORD LOAN FUNDING

Federal Subsidized Stafford Loan
The Federal Subsidized Stafford Loan is a low-interest loan made available to students to help fund their education. The Federal Subsidized Stafford Loan is need-based. In order to apply for this loan, the student must be in need of aid, as determined by a standard formula. Students who wish to apply for a Federal Subsidized Stafford Loan must complete the Free Application for Federal Student Aid (FAFSA) and meet with the Financial Aid Department at Specs Howard School, which will conduct a needs analysis for the student. Repayment of a Federal Subsidized Stafford Loan begins six months after the last date of attendance.

Federal Unsubsidized Stafford Loan
The Federal Unsubsidized Stafford Loan is a form of financial aid that is not need-based, although students who wish to apply for a Federal Unsubsidized Stafford Loan are still required to complete the Free Application for Federal Student Aid (FAFSA) form and meet with the Financial Aid Department at Specs Howard School. Repayment of the principle loan amount will begin six months after the student’s last date of attendance. Payment of interest on the unsubsidized portion is the responsibility of the student during school and the six months prior to repayment of the loan amount.

All stafford loan borrowers at Specs Howard School must complete Entrance and Exit Loan Counseling.  Loan counseling can be completed on-line by accessing the Mapping Your Future website at www.Mapping-Your-Future.org.  Entrance counseling is a federal government requirement that requires students to complete a student loan entrance counseling session prior to obtaining a Federal Stafford loan.  The purpose of entrance and exit counseling is to help the student understand your rights and responsibilities as a student loan borrower. 

FEDERAL PARENT LOAN FUNDING

Federal Parent Loans for Undergraduate Students
The Federal Parent Loan program is a form of financial aid that is not need-based, although students whose parents wish to apply for a Federal PLUS Loan are still required to complete the Free Application for Federal Student Aid (FAFSA) form and meet with the Financial Aid Department at Specs Howard School. Repayment of the Federal Parent Loan begins while the student is enrolled, unless other arrangements have been made with the lender.