Federal Funds

Maximum Time Requirements for Federal Financial Aid

The period of time for which students are eligible to receive financial aid from federal sources depends on the duration of the program of studies as defined by the University. For this purpose, the University has determined the duration of its programs according to the number of credits they require. Students must complete their program of studies within a time period that does not exceed 150% of its duration. The courses considered in this percentage are those required by the selected program. Students also accumulate time for transferred credits.

Eligibility for the Federal Pell Grant expires when students complete the academic requirements for a first bachelor’s degree.

Upon finishing the second year of study, students must maintain a minimum grade point index of 1.50 as a requirement to receive federal financial aid.

Students will have 6 years registered full-time or 600% of the eligibility time for the Federal Pell Grant to complete the requirements of their study program. The time already used in any eligible institution counts to determine the eligibility of the Life Time Eligibility Used of the Federal PELL Grant.

The maximum time of eligibility to receive the Subsidized Direct Federal Loan will be equal to 150% of the duration of the study program in which students are registered. The 150% is also accumulated by previous programs for which payment of the subsidized loan was received.

Federal Pell Grant

The Federal Pell Grant is only awarded to undergraduate students who demonstrate exceptional financial need and who have not earned a bachelor's, graduate, or professional degree. The Federal Pell Grant, unlike a loan, does not have to be repaid. Federal Pell Grant funds cannot be received from more than one university at a time.

How to file the application

All applicants must have an FSA ID. The credential is a username and password combination that you will use to log in to the US Department of Education (ED) online systems, sign the application electronically, correct the application, understand its status or access the response. A student who is a dependent of his or her parents will need one of his or her parents to apply for an FSA ID to sign the Free Application for Federal Student Aid (FAFSA®) electronically to speed up the process. You can apply for the FSA ID by accessing: https://studentaid.gov/ fsa-id/ or when completing the FAFSA.

After acquiring the FSA ID credential, you will proceed to complete the Free Application for Federal Student Aid (FAFSA®) through the website
https://studentaid.gov

The documents required to complete the application are:

Social Security Number (yours and your parents', if you are a dependent student).
Date of birth of parents and student.
Driver's License Number
Income Tax Return with all the schedules and the corresponding withholding receipts (W-2), from two tax years prior to the one you are requesting, of the student and of the parents if dependent.
Information on other income received in the household, except Social Security benefits and Nutrition Assistance Program (PAN) benefits, if applicable.
Name and address of the high school
Federal Code corresponding to your Campus.
o Aguadilla 003939
o Arecibo 005026
o Barranquitas 005027
o Bayamón 005028
o Fajardo 010763
o Guayama 010764
o Metro 003940
o Ponce 005029
o San Germán 042542
o Faculty of Law G42509
o Optometry G42510

Upon receiving the response to the federal financial aid application, the system automatically determines the amount at which the participant is considered according to the cost of education, the academic load and the Expected Family Contribution (EFC).

Maximum Time Requirements to Receive Federal Financial Aid

The length of study during which a student is eligible for federal financial aid depends on the length of his or her study program as defined by the University. For these purposes, the University has defined the duration of its study programs according to the number of credits required to complete them. The student must complete his or her study program within a period of time that will not exceed 150% of the duration established by the program. The student also accumulates study time for transferred credits.

Eligibility for the Federal Pell Grant expires when the student completes the academic requirements for a first baccalaureate.

At the end of the second year of study, the student must maintain the minimum academic index of 1.50 as a requirement to receive federal financial aid. There are some academic programs that will require a higher minimum GPA.

Students will have 6 years of full-time enrollment or 600% of the time of Federal Pell Grant eligibility to complete the requirements of their study program. Time already spent at any eligible institution counts toward determining Federal PELL Grant Maximum Time Eligibility Used eligibility.

For more information, visit the inter.edu electronic portal in the Financial Aid section.

Federal Supplemental Educational Opportunity Grant (FSEOG)

Inter American University of Puerto Rico distributes this grant to students who have not completed any Bachelor’s Degree. Awards go first to students with exceptional need. Priority is given to Pell Grant recipients.

Federal Direct Loans

The Direct Loan Program offers subsidized and unsubsidized loans. The subsidized loan is awarded based on financial need and the federal government pays the interest on the loan until the student begins repayment or during authorized deferment periods. An unsubsidized loan is not based on financial need and will accrue interest from the time of disbursement until it is paid in full. The unsubsidized loan cannot exceed the family contribution or the cost of education, whichever is less, within the limits established by the program.

Federal Direct loans must be applied for directly at the University. After the student processes their Free Application for Federal Student Aid (FAFSA), the University will review the results and inform them of their eligibility. The student must have enrolled a minimum academic load of 6 credits at the undergraduate level per academic term.

If the undergraduate student is dependent or independent, he or she may borrow annually up to:

$5,500.00 in combination of subsidized and unsubsidized loans if you are in your first year (Freshman) as a dependent student, enrolled in a program of study that lasts at least one full academic year. Up to $3,500 can be in subsidized loans. If you are an independent student, you can apply for up to $9,500.00 in combination, of which $3,500 can be in subsidized loans.
$6,500 combined subsidized and unsubsidized loans if you are in your second year of study (Sophomore) as a dependent student, and the remainder of your study program lasts at least one full academic year. Up to $4,500 can be in subsidized loans. If you are an independent student you can apply for up to $10,500.00 in combination, of which $4,500 can be in subsidized loans.
$7,500.00 combined subsidized and unsubsidized loans per year if you are in your third year or later (Junior or Senior) as a dependent student, and the remainder of your program lasts at least one full academic year. Up to $5,500 can be in subsidized loans. If you are an independent student you can apply for up to $12,500.00 combined, of which $5,500 can be in subsidized loans.

The loan programs have maximum accumulated totals allowed according to the level of study.

For purposes of establishing the annual federal student loan limit, the University determines the progress within a student's classification per 29 credits approved, as described below:

Freshman – 0-29 credits
Sophomore – 30 – 59 credits
Junior – 60 – 89 credits
Senior – 90 – infinite credits

Federal Work-Study Program (FWS)

The funds provided by the Federal Government to this Program are augmented by funds contributed by Inter American University unless the Institution is exempt from this requirement. Participants are assigned employment for which they receive compensation, which contributes toward payment of their educational expenses. When possible, students are assigned work related to their field of studies.