Paying For College
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Read More »Federal Aid
Federal Grants
Federal grants are often called "gift aid" because they do not have to be repaid. Eligible students must be enrolled and considered degree-seeking. Federal grants require the completion of the Free Application for Federal Student Aid (FAFSA) annually. The three types of federal grants offered to students are listed below:
A need-based grant program available to students seeking their first undergraduate degree. Eligibility is determined by the student's financial need and cost of attendance. For full-time students, the maximum Pell Grant award amount is determined annually. Less than full-time students may receive Pell Grants, but awards will be pro-rated based on the enrollment status on the last day to add/drop a course without record. Pell Grant funds are disbursed to the student account at the beginning of each semester.
A need-based grant program available first to students who receive the Federal Pell Grant and who have the most financial need. Federal allocations are limited, so priority is given to students who meet the March 1 FAFSA priority date. Amounts range from $400 to $800 per year. FSEOG funds are disbursed to the student account at the beginning of each semester.
A non-need based grant program that provides up to $4,000 per year to students who are planning a career in teaching and agree to serve as a full-time teacher in a higher-need field for four years at a school that serves low-income students. The required four years of teaching must be completed within eight years after graduation.
Note: If you do not meet the requirements of your service obligation, all TEACH Grants you received will be converted to direct unsubsidized loans. You must repay these loans in full, with interest charged from the date of each TEACH Grant disbursement. TEACH Grant funds are disbursed to the student account at the beginning of each semester.
TEACH Grant Eligibility
To be eligible for a TEACH Grant at USF, you must do the following:
- Meet the basic eligibility criteria for the federal student aid programs.
- Complete the Free Application for Federal Student Aid (FAFSA) form.
- Be enrolled in a TEACH Grant eligible program, which prepares the student to teach in a high-need field.
- Score above the 75th percentile on one or more portions of a college admissions test or maintain a cumulative GPA of at least 3.25.
- Complete TEACH Grant counseling* that explains the terms and conditions of the TEACH Grant service obligation.
- Sign a TEACH Grant Agreement to Serve or Repay* in which the student agrees to serve as a full-time teacher for four elementary or secondary school years at a school or educational service agency that serves low-income students. A listing of schools designated as low-income schools can be found in the Department of Education's Low-Income School Directory.
- Submit the USF Intended Teaching Plan* form.
- Upon graduation or withdrawal from a TEACH Grant Eligible Program, you must complete TEACH Grant Exit Counseling.
*Required each year to apply for TEACH Grant funds.
Questions? Email finaid@usiouxfalls.edu or call 605-331-6623
More Funding Options
Scholarships
USF provides merit-based and educational scholarships along with a listing of outside funding sources. Browse our full list of scholarships and find ways to fund your education.
Read More »Work-Study Job Opportunities
The Federal Work-Study Program provides students who have financial need with an opportunity for flexible part-time employment.
Read More »
Federal Loans
Student loans are borrowed money that must be repaid, with interest, just like car loans and home mortgages. Loans are legal obligations, so before you take out a student loan, think about the amount you'll have to repay over the years and borrow wisely.
Federal student loans require the completion of the Free Application for Federal Student Aid (FAFSA) annually.
Additional Resources
- How to Cancel a Loan
- Entrance Counseling
- Master Promissory Note (MPN)
- Exit Loan Counseling
- Borrow Wisely
- Student Loan Ombudsman - The U.S. Department of Education has established a Student Loan Ombudsman as a liaison for student complaints and for resolution of student loan problems. You may contact the Ombudsman's Customer Service Line.
Subsidized and unsubsidized direct loans are available for undergraduate, graduate and professional degree-seeking students who are enrolled at least half-time (6+ credits hours for undergraduate; 4.5+ credit hours for graduate) and have completed the FAFSA (Free Application for Federal Student Aid). Repayment begins six months after the student graduates, leaves school, or drops below half-time enrollment.
Students borrowing federal direct loans need to complete entrance counseling. The goal of entrance counseling is to help you understand what it means to take out a federal student loan, how to manage your educational expenses and your rights and responsibilities as a borrower.
Students must also complete a Master Promissory Note (MPN). This is a legal document in which you promise to repay your loan and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan.
The Parent Loan for Undergraduate Students (PLUS) is a government-guaranteed loan that families can use to cover all or a portion of their student's educational expenses and is available to families of all income brackets. Students must be enrolled at least half-time (6+ credit hours) per semester to be eligible for a Federal PLUS Loan. A FAFSA (Free Application for Federal Student Aid) is required for a Parent PLUS loan.
As a parent of a dependent, undergraduate student, you may complete the following steps to apply for a Federal Direct Parent PLUS Loan.
- Complete and sign the PLUS Loan Application.
- Complete and sign a PLUS Master Promissory Note (MPN).
Once the USF Financial Aid office has received your completed PLUS Loan application, you will be notified if any further information or steps are required.
Consolidating Your Loans
Student and parent borrowers can consolidate (combine) multiple federal student loans with various repayment schedules into one loan through a Direct Consolidation Loan (through the Department of Education). The result is a single monthly payment instead of multiple monthly payments, which makes it easier for borrowers to manage their debt.
- During your grace period.
- Once you've entered repayment.
- During any period of deferment or forbearance.
