Sources of Financial Aid - Federal Aid Programs

ECPI is approved by the U.S. Department of Education to participate in each of the below sources of Federal Student Aid. For information about these programs, eligibility requirements, and the application processes, the Department of Education provides Funding Education Beyond High School, The Guide to Federal Student Aid.

This institution is approved to offer GI Bill® educational benefits by the Virginia State Approving Agency.

Federal Pell Grant – A Federal Pell Grant, unlike a loan, does not have to be repaid. Federal Pell Grants usually are awarded only to undergraduate students who have not earned a bachelor's or professional degree. The maximum award is based on award years that run July 1 through June 30 each year. For the current year maximum award, visit Federal Pell Grants | Federal Student Aid . Effective July 1, 2012 students receive the Federal Pell Grant for no more than 12 semesters. Students can apply at www.ecpi.edu/fa. The resulting Institutional Student Information Report, with an official EFC must be received by ECPI while the student is enrolled and eligible but not later than applicable deadlines established and published by the Department of Education.

Federal Supplemental Educational Opportunity Grant (FSEOG) Award amounts depend upon the applicant’s financial need and funding availability. Priority is given to Federal Pell Grant recipients.

Iraq and Afghanistan Service Grant –The student may be eligible for this grant if their parent or guardian was a member of the U.S. armed forces and died as a result of military service in Iraq or Afghanistan after the events of 9/11 and they were under 24 years of age or enrolled in college at least part-time at the time of their parent’s or guardian’s death. The student should inform their financial aid advisor if they believe they may qualify. The grant award is equal to the amount of a maximum Federal Pell Grant for the award year but cannot exceed the student’s cost of attendance for that award year. For the current year maximum award please visit https://studentaid.gov/understand-aid/types/grants.

Federal Work-Study – The Federal Work-Study Program provides on- and off-campus part-time employment, while enrolled in school to undergraduate, graduate, and professional students. Students earn at least current federal minimum wages and this employment is awarded based on financial need and funding availability.

Federal Direct Subsidized Loan –The Federal Direct Subsidized Loan is a financial need-based, low-interest, fixed rate loan available to undergraduate students directly from the Department of Education.

To apply for Federal Direct Loans you must first complete the FAFSA application, be enrolled at least half time, and your school determines the actual loan amount you may be eligible to receive each academic year. The maximum that can be borrowed in the first year is $3,500. Annual loan limits depend on what year the student is in school and whether they are a dependent or independent student. There are also limits to the total amounts that the student may borrow for undergraduate studies and the program length.

The U.S Department of Education pays the interest while the student is in school at least half-time, for the first six months after you leave school (grace period), and during a period deferment. Loan repayment begins six months after graduation, withdrawal, or dropping below half-time enrollment status.

Federal Direct Unsubsidized Loan – Federal Direct Unsubsidized Loans are available to undergraduate and graduate students. The annual loan limit is $2.000 for dependent undergrad students, $6,000 for independent undergrad students, and $20,500 for graduate/professional students. If you are a dependent student whose parents are ineligible for a Direct PLUS Loan, you may be able to receive additional Direct Unsubsidized Loan funds. Other limits also apply to the annual and total amounts you may receive. Your school determines the actual loan amount you may be eligible to receive each academic year.

You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods. If you choose not to pay interest while you are in school and during grace, deferment, or forbearance periods, interest accrues and is capitalized (added to the principal amount of your loan). Loan repayment begins six months after graduation, withdrawal, or dropping below half-time enrollment status.

Federal Direct PLUS Loan for Parents of Dependent Undergraduate Students (PLUS) – PLUS loans provide funds to help meet educational expenses. They are low-interest, fixed rate loans made directly from the U.S. Department of Education. Borrowers must not have an adverse credit history. The maximum loan amount is the student’s cost of attendance determined by the school minus any other financial aid received. Repayment begins once your loan is fully disbursed.

Federal Direct Grad PLUS Loan for Graduate or Professional Degree Students – This is a low interest/fixed rate loan provided directly from the U.S. Department of Education to borrowers who do not have an adverse credit history. The maximum loan amount is the student's cost of attendance determined by the school minus any other financial aid received. 

Repayment begins once your loan is full disbursed, however, these loans are placed into deferment while you are enrolled at least half-time and for an additional six months after you cease to be enrolled at least half-time. During deferment periods interest will accrue. You may opt to pay the interest when the deferment period ends.

Gaining Early Awareness and Readiness for Undergrad Programs (GEAR UP) - The GEAR UP program is a federal grant program funded by the U.S. Department of Education and administered by the state. Applicants must be eligible for Pell Grants and demonstrate financial need in addition to other eligibility requirements. Maximum award amounts are determined each year by the state and are contingent upon available funding.

Supplemental Loan Programs – ECPI has arranged for other student loan programs to be made available. The lenders and terms on these loan programs vary, and your financial aid officer can help you find the one that best fits your needs.