Federal Grants are typically associated with criteria for need. Successfully filling out the Free Application for Federal Student Aid (FAFSA) is the first step to being evaluated for federal grants. Federal grants do not need to be paid back and are based on the FAFSA every year. Grants are credited directly to the student's account at Otis on a per semester basis. Federal grants require students meet Satisfactory Academic Progress.
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor's or a professional degree. Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added. The maximum award for the 2013 -2014 award year is $5,645. The maximum can change each award year, and depends on program funding. The amount received depends not only on financial need, but also on costs to attend school, status as a full-time or part-time student, and plans to attend school for a full academic year or less. The Department of Education limits a Pell grant recipient to 6 years of full funding.
Supplemental Educational Opportunity Grant
Federal Supplemental Educational Opportunity Grants (FSEOG) are for undergraduates with exceptional financial need. Pell Grant recipients with the lowest EFCs will be the first to get FSEOGs. Like the Pell Grants, FSEOGs don't have to be paid back. The maximum award for the FSEOG at Otis is $1,500.