Maximum Time Requirements for Federal Financial Aid
The period of time for which students are eligible to receive financial aid from federal sources depends on the duration of the program of studies as defined by the University. For this purpose, the University has determined the duration of its programs according to the number of credits they require. Students must complete their program of studies within a time period that does not exceed 150% of its duration. The courses considered in this percentage are those required by the selected program. Students also accumulate time for transferred credits.
Eligibility for the Federal Pell Grant expires when students complete the academic requirements for a first bachelor’s degree.
Upon finishing the second year of study, students must maintain a minimum grade point index of 1.50 as a requirement to receive federal financial aid.
Students will have 6 years registered full-time or 600% of the eligibility time for the Federal Pell Grant to complete the requirements of their study program. The time already used in any eligible institution counts to determine the eligibility of the Life Time Eligibility Used of the Federal PELL Grant.
The maximum time of eligibility to receive the Subsidized Direct Federal Loan will be equal to 150% of the duration of the study program in which students are registered. The 150% is also accumulated by previous programs for which payment of the subsidized loan was received.
Federal Pell Grant
This program was instituted by the United States Government as the basis for student financial aid programs. The original name was Basic Education Opportunity Grant (BEOG). Students may request this by Internet www.fafsa.ed.gov.
In order to submit the request, students must:
- Students, from their home or in the campus of their preference, will request the FSA ID. This is the password that will allow them to process the request for federal financial aid FAFSA. To acquire this identification, they must enter the Internet page WWW.FSAID.GOV https://fafsa.ed.gov/ or through the page FSA ID and select the link FSA ID.
- After acquiring their identification, students will complete the request for federal financial aid FAFSA through the Internet page https://fafsa.ed.gov/. During the process they will select the code of the campus of Inter American University in which they will study. The University will electronically receive the information on the eligibility of the applicant, will produce the Institutional Student Information Record (ISIR) and will communicate with the applicant. This form is advantageous because the process is made agile, errors are avoided and the applicant does not have to wait for the mail. Normally the answer is received in Inter American University within 72 work hours after having transmitted the request. In this manner the process is made agile because:
- The Free Request for Student Federal Aid is available by Internet and can be completed from the comfort of the home.
- It is not necessary to wait for the mail.
- If the request is not approved or if information in the approval process was assumed, the Director of Financial Aid is prepared to help and can communicate with the student. The Office of Financial Aid corrects the error in electronic form.
- If the request is approved, when the students select courses for registration, the letter offering aid is prepared.
- The process of registration payment is faster. In fact, it can be by mail.
- Upon receiving the answer of the request for federal financial aid, the system automatically determines the amount for which the participants will receive considering the Educational Cost, the Academic Load and the Family Contribution expected.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Inter American University of Puerto Rico distributes this grant to students who have not completed any Bachelor’s Degree. Awards go first to students with exceptional need. Priority is given to Pell Grant recipients.
Federal Direct Loans
The Federal Direct Loans Program offers both subsidized and unsubsidized loans. Subsidized loans are awarded on the basis of financial need and the federal government pays interest on the loan until the borrower begins to pay and during periods of authorized deferment. Unsubsidized loans are not awarded on the basis of need and interest is charged from the time the loan is disbursed until it is paid in full. Unsubsidized loans may not exceed the family contribution or the cost of education, whichever is less, within the limits established by the Program.
For the Federal Direct Loans program, students should apply directly to the University. After the full Free Application for Federal Student Aid (FAFSA) is reviewed the University will inform students of their loan eligibility. Students must be enrolled in an academic load of at least six credits.
If students are dependent students who have not graduated or independent students who have not graduated, they can borrow up to:
- $5,500.00 in a combination of subsidized and unsubsidized loans if they are first-year students enrolled in a program of study that is at least a full academic year in length. Up to $3,500 may be in subsidized loans.
- $5,500.00 in a combination of subsidized and unsubsidized loans if they have completed their first year of study and the remainder of their program is at least a full academic year in length. Up to $3,500 may be in subsidized loans.
- $7,500.00 in a combination of subsidized and unsubsidized loans a year if they have completed two years of study, and the remainder of their program is at least a full academic year in length. Up to $5,500 may be in subsidized loans.
Federal Work-Study Program (FWS)
The funds provided by the Federal Government to this Program are augmented by funds contributed by Inter American University unless the Institution is exempt from this requirement. Participants are assigned employment for which they receive compensation, which contributes toward payment of their educational expenses. When possible, students are assigned work related to their field of studies.