I. CAMPUS BASED PROGRAMS
The following student aid programs are funded by the federal government or University institutional funds and administered by the University of the Virgin Islands. In addition to the general eligibility requirements, to be considered for campus-based aid at UVI students must be full-time and enrolled in an undergraduate program.  Any changes in application data or in the amount and types of other aid received may result in the reduction or cancellation of these awards. In order to qualify for campus the based programs, the FAFSA must be received at the Federal Processing Center on or before March 1.
 
A.  Federal Supplemental Educational Opportunity Grant - The Federal Supplemental Educational Opportunity Grant, which does not require repayment, provides assistance to eligible students with exceptional financial need. Priority is given to students who receive Federal Pell Grants.
 
B.  University of the Virgin Islands Grant - These are funds, which do not require repayment. It is used to augment the resources of students with financial need.
 
C.  Federal Perkins Loan - A low-interest (5%), long-term loan available to undergraduate students with exceptional financial need. Students who accept the Federal Perkins Loan will be required to sign a promissory note prior to the disbursement of the loan proceeds. Full disclosure regarding payment and interest schedules is provided to the student prior to the signing of the promissory note. Repayment begins six months after the student graduates or withdraws from the University.
 
D.  University of the Virgin Islands Loan - A long-term, low-interest (5%) loan used to augment the resources of students with financial need. The recipients must sign a promissory note prior to the disbursement of the loan proceeds. Repayment begins six months after the student graduates or withdraws from the University.
 
E.  Federal / University of the Virgin Islands Need Based Work-Study - This work-study program is an employment program for undergraduate students with demonstrated financial need. Students are assigned to work up to 15 hours per week. Work-study students are paid via the University's regular payroll.
 

II.  NON CAMPUS-BASED PROGRAMS
Funded and administered by the Federal government's U.S. Department of Education, the programs below are available to eligible full-time and part-time students. Award amounts are established by the Federal government based on information received via the Free Application for Federal Student Aid (FAFSA).

A.  Federal Pell Grant – The Federal Pell Grant, which does not require repayment, is funded by the federal government to provide a foundation of financial aid for eligible undergraduate students who have not earned a bachelor’s or professional degree. The amount of a Federal Pell Grant is based on the number of credits for which a student enrolls.

B.  William D. Ford Federal Direct Loan  -  Federally funded loan program that provides students with long-term, low-interest loans for postsecondary educational expenses. Direct loans are either subsidized or unsubsidized. When a loan is subsidized , the Federal government pays the interest on the loan until the student begins repayment. To qualify for a subsidized loan the student must demonstrate financial need. With an unsubsidized loan, the interest on the loan is charged from the time the loan is disbursed. Students can elect to allow the interest to accumulate (the interest will be capitalized and will increase the amount you have to repay) or pay the interest as it accumulates. Selecting to repay the interest as it accumulates results in paying less in the long run. Financial need does not have to exist for a student to apply for an unsubsidized loan.

C.  Federal PLUS Loans -  PLUS loans enable parents with good credit histories to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half-time.  Students must be enrolled at least half-time (six credits) to participate in the loan program(s). Funds are provided directly to the student borrower from the federal government; private lenders are not involved. Repayment begins six months after the student graduates or withdraws from the University.

D. Consolidation Loans -  Consolidation Loans are designed to help student and parent borrowers simplify loan repayment by allowing borrowers to consolidate several types federal loans with various repayment schedules into one loan.
A Consolidation Loan simplifies the repayment process because you make only one monthly payment.