Grants & Loans

Many Financial Aid packages include a combination of grants and loans, in addition to scholarships and direct payments. A grant does not usually require repayment, however, a loan always requires repayment. Find out more about the type of grants and loans that may be available to you below.

Federal Financial Aid

Pell Grants are awarded based solely on financial need. Unlike loans, grants usually don't have to be repaid. The maximum Pell Grant amount for 2023-2024 is $7,395. Pell Grant is based on enrollment status. 

This is a federally-funded grant for undergraduates who also qualify for a Federal Pell Grant. Awards are generally about $500.00 per year and are very limited. 

Loans, unlike grants or work-study, are borrowed money that must be repaid. These loans are a serious obligation. The school will electronically disburse your loan(s) each semester approximately three weeks after classes begin. No installment will be greater than half the amount of your loan. Your loan funds must first be used to pay for your tuition, fees, Southeast Tech laptop, and Southeast Tech housing. If loan funds remain, you will be issued a refund by the school's business office. You must be enrolled at least half-time (classes required towards your program) to be eligible to receive Direct Loans.
Federal Direct loans are either Subsidized or Unsubsidized. 
  • Subsidized loans are loans that the federal government will pay the interest on the loan while you are enrolled at Southeast Tech at least half-time. 
  • Unsubsidized loans have all the same terms as the subsidized Direct loan; however, the interest is accruing at all times. The federal government DOES NOT pay any interest for you. 

As of July 1, 2023, the interest rate is fixed at 5.50% for both Subsidized and Unsubsidized loans. 

Annual Limit Dependent Undergraduate Independent Undergraduate
First Year $5,500.00 – no more than 
$3,500.00 of this amount 
may be in subsidized loan
$9,500.00 – no more than 
$3,500.00 of this amount 
may be in subsidized loan 
Second Year $6,500.00 – no more than 
$4,500.00 of this amount 
may be in subsidized loan
$10,500.00 – no more than 
$4,500.00 of this amount 
may be in subsidized loan
Aggregate Limit $31,000.00 – no more than 
$23,000.00 of this amount 
may be in subsidized loan 
$57,500.00 – no more than 
$23,000.00 of this amount 
may be in subsidized loan 
The Federal PLUS Loan is intended for parents of dependent undergraduate students to help pay for their student's cost of education. Approval is based on credit guidelines set by the federal government, not based on need or income, and requires no collateral. As of July 1, 2023, the interest rate is fixed at 8.05% for Direct Parent Plus Loans. To apply online for the PLUS loan at Southeast Tech, please click here. 


Alternative Loans

Before a student applies for an alternative loan, we recommend the student fill out the FAFSA form to determine their eligibility for federal financial aid. If you determine after receiving all federal financial aid that additional funding is needed, alternative loans are a great option. These are credit-based loans. Most alternative loan payments can be deferred while in school. Students may use any lender of their choice for alternative loans. 

Fast Choice

Terms and Conditions

Most early awards are made on the assumption of full-time attendance for Fall and Spring semesters and that Satisfactory Academic Progress is met. Actual award amounts will be adjusted to your enrollment and eligibility status as appropriate. The award year begins with Fall semester and ends with Summer semester. To receive financial aid, you must contact the Financial Aid Office to request an adjustment of your awards. 

To receive financial aid, classes must be required for your program(s). 

Full-time: 12 or more credit hours; Three-quarter-time: 9 to 11 credit hours; Half-time: 6 to 8 credit hours; Less than half-time: 5 credit hours or less. You must be enrolled in at least 6 required credits to be eligible to receive Direct Loans.

Classes must be required for program(s) to receive financial aid. 
  • Any changes in enrollment status before or during the award year must be reported to the Financial Aid Office. These changes could affect the amount of assistance you may receive.
  • Awards are subject to change based on fund availability and/or adjustments made to the financial need of the student.
  • Southeast Tech reserves the right to adjust financial aid based on award changes or additional information that is received by Southeast Tech. If an award is adjusted, there is no carry-over to another year of any amount that was adjusted. 
  • You must be enrolled and attending classes each semester for which aid is received.
  • The responsibility for paying for your education rests primarily with you and your family. Financial aid is designed to provide assistance to those students who would not be able to attend Southeast Tech without that help. The Financial Aid Office has carefully assessed your need for assistance, along with other information pertinent to the decision-making process. 
  • If you do not plan to attend Southeast Tech, please contact the Financial Aid Office to cancel awards.