Campus Based Aid Programs
Loyola University participates in three "campus-based" aid programs administered by the Department of Education:
- Federal Work-Study ("FWS")
- Federal Supplemental Education Opportunity Grants ("FSEOG")
- Federal Perkins Loans
Congress reauthorized funding for these programs in the Higher Education Opportunity Act (HEOA , P.L. 110-315). Funding is currently authorized through Fiscal Year 2014
- Learn more about Student Aid Funding and the Federal Budget Process . This is especially important after the November 2010 elections.
- Federal Campus Based Programs Data Book 2011
The final funding authorization for each Campus-Based program is the amount of funding the school is authorized to receive from the Department of Education (the Department) for an Award Year.
A school’s final funding authorization for each Campus-Based program is based on the applicable statutory formula and on the amount of funds appropriated by Congress for that program.
The Department of Defense and Full-Year Continuing Appropriations Act of 2011 (P.L. 112-10) was enacted on April 15, 2011 and provided final funding for these programs for the 2011 Fiscal Year. P.L. 112-10 reduced funding for the SEOG Program by $20 million and BOTH the SEOG and FWS Programs were subject to an additional reduction of 0.2%
The total 2011-2012 Federal funds available for allocation to schools under the Federal Work Study,and Federal Supplemental Educational Opportunity Grant ("SEOG") and Federal Perkins Loan programs are as follows:
|Program||Fiscal Year 2010||Fiscal Year 2011||Difference|
NOTE: ***The Department of Education is no longer providing an annual "capital contribution" to a university's Perkins Loan account. The amount that a university has each year to award under the Perkins Loan Program is solely based on the amount collected from former borrowers who are in repayment.
How the Campus-Based Awards for a School are Determined
A school’s final funding levels for each of the Campus-Based programs are determined in accordance with provisions of the Higher Education Act of 1965, as amended (HEA), and by the implementing regulations at 34 CFR Part 673.
Schools submit an annual report to the Department of Education which documents the "federal need" for each currently enrolled student who is partipating in any federal financial aid program. The Department takes uniform information from every participating school and calculates the institution's "fair share" of the funds available for the upcoming award year
Families do need to understand that, during difficult economic times, more people enroll in school and are generally "needier" according to federal financial aid program guidelines. The Department of Education has encouraged schools to be especially sensitive to the needs of dislocated workers, displaced homemakers, and homeless youth. This increases the overall demand on a limited "pot" of federal funds.
Updated April 17, 2012