There are five federal financial aid loans and grants under the Title IV program. They are the Pell Grant, Academic Competitiveness Grant, Stafford Loans, Parent Plus Loans and Graduate Plus Loans. The Pell Grant and Academic Competitiveness Grant do not require repayment. Schools recognized by the Department of Education to receive Title IV program funds do not necessarily work with each of the Title IV programs.
Post-secondary schools apply to participate in Title IV federal financial aid programs through the Department of Education, using an online application process. If approved, they receive explicit approval from the Secretary of Education. They can lose their approval. If they lose their approval, they can apply for reinstatement.
There are a number of minimum requirements for schools seeking Title IV program participation approval. They include state authorization, admitting only students with a high school diploma or equivalent, at least one program that offers an associate's degree or higher or provides training for a specific form of employment, minimum program length of 10 weeks or 300 clock hours, accreditation from a recognized accrediting agency, proof of financial responsibility and proof of the capability to administer Title IV programs at the school.