Federal Government

Federal PELL Grant

The U.S. Department of Education determines eligibility for this need-based grant from the FAFSA form.

Federal Supplemental Educational Opportunity Grant

This federal grant is based on financial need as determined from the FAFSA. Priority is given to the “neediest” PELL Grant recipients.

Federal Work-Study

Students must demonstrate financial need in order to be eligible for the Federal Work-Study program. Employment in Rockford University’s student employment program is not guaranteed. Students may not exceed the awarded amount but there is also no guarantee that the entire amount will be earned. Students will receive a check every two weeks for the hours that have been worked. The amount of the award determines the number of hours a student may work. These funds are not subtracted from the student’s tuition bill.

Federal Perkins Loans

This need-based loan program (formerly National Direct Student Loan) can provide an annual maximum of up to $5,500. Applicants must demonstrate financial need. Recipients will repay their Perkins Loan over a period of up to 10 years at a 5 percent annual interest rate, beginning nine months after they graduate or drop below half-time status. This loan has certain forgiveness options at repayment.

Federal Subsidized Direct Loan

Students may borrow up to $3,500 as first-year students, up to $4,500 as sophomores, up to $5,500 as juniors and seniors. Repayment begins six months after students graduate or drop below half-time status. Recipients will have up to 10 years to repay the loan. Federal Direct Stafford Loans are currently a variable-fixed rate based on the 10-year Treasury bill plus a percentage add-on of 2.05 percent for both subsidized and unsubsidized loans. The rates were set off of the May 11th Treasury note, so loans with a 1st disbursement after July 1, 2016 would be 3.76 percent for both subsidized and unsubsidized loans.

Federal Direct Parent Loan for Undergraduate Students (PLUS)

Parents of dependent students enrolled at least half-time may borrow up to the full cost of education minus any other financial assistance. Repayment begins immediately. The rates for the Parent Plus loan are at a variable-fixed rate based on the 10-year Treasury bill plus a percentage add-on of 4.6 percent. The rates were set off of the May 11th Treasury note, so loans with a 1st disbursement after July 1, 2016 would be 6.31 percent (capped at 10.5 percent)

Additional Unsubsidized Federal Direct Loans

Independent students may borrow up to $6,000 per year as first-year students and sophomores and up to $7,000 as juniors and seniors. Graduate students can borrow up to $20,500 per year. Repayment schedules are currently the same as subsidized Direct Loans. Dependent students may borrow up to $2,000 in unsubsidized Direct Loans. The rates for unsubsidized direct loans are set at a variable-fixed rate based on the 10-year Treasury bill plus a percentage add-on of 2.05 percent for undergraduates and 3.6 percent for graduates. Currently, the rates were set off of the May 13th Treasury note, so loans with a 1st disbursement after July 1, 2016 would be 3.76 percent for undergraduates (capped at 8.25 percent) and 5.31 percent for graduates (capped at 9.5 percent).