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 accumulate time for transferred credits.

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 additional aid to economically disadvantaged students. The Financial Aid Office determines the eligibility of the student based on an analysis of economic need. The aid is granted to students who have not completed any bachelor degree. Students with exceptional need are taken care of first in this program. The participants of Beca Pell have priority.

Perkins Federal Student Loan Program

This is a low interest loan available to students whose studies lead to a degree. Students must demonstrate their intention to pay. They are required to sign a promissory note and other documents. Participants will begin payment on principal and interest from six (6) to nine (9) months after the last term in which they studied with an academic loan of at least six (6) credits. Students may apply for deferral and cancellation of installments. The annual interest rate after October 1, 1981 is 5%. These funds are assigned preferably to students with exceptional needs. These funds are matched with Inter American University funds.

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:

1. $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.

2. $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.

3. $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:

1. Freshman – 0-29 credits

2. Sophomore – 30 – 59 credits

3. Junior – 60 – 89 credits

4. Senior – 90 – infinite credits

Federal Work-Study Program

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.