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Federal Pell Grant: A need-based grant program for undergraduate students only. Pell Grant awards vary in amount each year and are based on student aid index (SAI) and hours of enrollment (enrollment intensity).
- Federal Supplemental Educational Opportunity Grant (FSEOG): A need-based, grant program award to early applicants who demonstrate the greatest financial need on a “first come-first-serve” basis.
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Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant: A non-need-based grant program that helps students pay for college while preparing to teach in a high-need area. The grant is awarded to students who agree to teach a subject in a low-income school for a minimum of four years after graduation. The grant will be converted to an unsubsidized loan if the requirement to serve is not met.
- Federal Work Study: A need-based student employment program that provides part- time jobs for students with financial need, allowing them to earn money to help pay educational expenses.
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Federal Direct Subsidized Loan: Loans offered to eligible undergraduate students who demonstrate financial need. Interest is subsidized while a student is enrolled in school at least half time.
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Federal Direct Unsubsidized Loan: Loans offered to eligible undergraduate and students, but eligibility is not based on financial need. Interest begins accruing on the date the loan is received. Applicants may choose to pay the interest only or allow it to accumulate and capitalize (added to the principal amount of the loan) until they graduate or leave Oakwood.
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Federal Direct PLUS Loan: Loans offered to eligible graduate studies students or parents (of dependent undergraduate students). Eligibility is not based on financial need, but a credit check is required.