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Federal Financial Aid Options

Federal Pell Grant
The Federal Pell Grant program provides free funds to needy undergraduate students. Pell grants do not need to be repaid.
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Federal Supplemental Educational Opportunity Grant (FSEOG)
The Federal Supplemental Educational Opportunity Grant (FSEOG) provides free funds to exceptionally needy undergraduate students.   The FSEOG does not need to be repaid.
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Federal Teacher Education Assistance for College and Higher Education Grant (TEACH)
The Federal TEACH grant assists students that are planning to teach in high need fields in school districts that serve low-income students.   To remain a grant, students must meet specific employment requirements after finishing their program.   The federal TEACH grant does not need to be repaid unless the employment requirements are not met.
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Federal Stafford Loans
Federal Stafford loans are low-interest loans offered by the U.S. Department of Education to help cover some of the immediate costs associated with graduate or undergraduate programs. Loans must be repaid including interest.   Stafford loans come in two forms, subsidized and unsubsidized. Undergraduate students are subject to annual loan limits that range from $5,500 to $12,500 per year, and graduate students are subject to annual loan limits of $20,500 per year.
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Federal Parent Loan for Undergraduate Students (PLUS loan)
The Federal Parent Loan for Undergraduate Students (PLUS) are loans that may be available to biological, adoptive, and in some cases stepparents of dependent undergraduate students to cover some or all of the immediate costs associated with college. A pre-approval process will determine if a parent is able to borrow based on a credit review. PLUS loans will always remain in the parent’s name and must be repaid including interest.   The maximum amount that a parent may borrow is the cost of attendance minus any other aid.  Students that have parents that are denied a PLUS loan may be eligible for an additional unsubsidized Stafford Loan.
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Federal Work Study
The Federal Work Study program provides part-time employment to needy students allowing them to earn money to help pay for college.   Most work-study positions at McPherson College are on campus.  Students are paid on a monthly pay cycle and earnings may be used for college or personal expenses.  Students that desire to have all or a portion of their earnings accessed directly to their account must provide written authorization.  The starting pay rate is at federal minimum wage, however, there is an opportunity for incremental pay increases.  Students that work a work study position earn an average of $1000 per year.
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