OperatingBudgetManual2015

Operating Budget Manual – August 2010

Federal Supplemental Educational Opportunity Grant (SEOG) Program – Fund #267-BF SEOG is for undergraduate students with exceptional financial need with priority given to students who receive Federal Pell Grants. Like the Pell Grant, SEOG does not have to be repaid. SEOG awards are determined by the institution and range from $100 to $4,000 per year, depending upon the student’s need, the funding level of the school, and the policies of the financial aid office. The Federal Work-Study (FWS) Program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay educational expenses. The program encourages community service work and work related to each student’s course of study. Federal Work-Study Program – Fund#267-9W Students employed through the FWS Program earn at least the current federal minimum wage, but the amount might be higher depending on the type of work performed and the skills required. The total FWS award depends upon the level of need and the funding level of the school. Schools are required to match federal dollars on a 75% to 25% ratio. If a school returns more than 10% of its FWS allocation for an award year, the school’s allocation for the second succeeding award year will be reduced by the dollar amount returned. Federal Perkins Loan Program – Fund#221-xx Federal Perkins Loans are low-interest (5 percent) loans for both undergraduate and graduate students with financial need. The school is the lender. Dollars collected on loans in repayment are deposited into a revolving fund and are re-awarded. Each school contributes a percentage match (33 1/3%) of the new federal monies awarded in the program (when available). Students can borrow up to $5,500 for each year of undergraduate study with a maximum cumulative loan amount of $27,500 or $8,000 for each year of graduate or professional study with a maximum value of $60,000, including any undergraduate Federal Perkins Loans borrowed. Many cancellation provisions exist in the Perkins Loan Program allowing students to have all or a portion of their loan cancelled for working in certain service areas. Federal Academic Competitiveness Grant (ACG) – Fund#267-BF The Academic Competitiveness Grant was made available for the first time for the 2006-07 school year for first-year college students who graduated from high school after January 1, 2006, and for second-year college students who graduated from high school after January 1, 2005. To be considered for an ACG, the student must first be Pell eligible, first-year recipients must have completed a “rigorous” secondary school program of study and second-year students must have at least a cumulative 3.0 grade average. An Academic Competitiveness Grant provides $750 to qualifying students for

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