Federal student
aid
Federal Student
Aid Information Center
1-800-4-FED-AID (1-800-433-3243)
TTY:
1-800-730-8913
Websites:
www.studentaid.ed.gov
www.students.gov
There are 3 types of Federal Student Aid:
1
- GRANTS: Grants are not
required to be repaid.
Federal Pell Grant
·
Available
almost exclusively to undergraduates
·
All
eligible students will receive the Federal Pell Grant amount they qualify for
Federal Supplemental Educational
Opportunity (FSEOG)
·
For
undergraduates with exceptional financial need
·
Priority
is given to Federal Pell Grant recipients; funding depends on available funds
at the educational institution.
2
- WORK-STUDY: Money is
earned while in school and is not required to be repaid.
For undergraduate and graduate students;
jobs can be on campus or off campus; students are paid at least federal minimum
wage
3
- LOANS: MUST be repaid
Federal Perkins Loan
·
Interest
charged on this loan is 5% for both undergraduate and graduate students
·
Payment
is owed to the school providing the loan
·
$4,000
maximum for undergraduate students
·
$6,000
maximum for graduate and professional students
Subsidized Direct or FFEL Stafford Loan
·
Subsidized:
U.S. Department of Education pays interest while borrower is in school and
during grace and deferment periods
·
You
must be at least a half-time student
Unsubsidized Direct or FFEL Stafford Loan
·
Unsubsidized:
Borrower is responsible for interest during life of the loan
·
You
must be at least a half-time student; financial need is not a
requirement
Direct or FFEL PLUS Loan
·
Available
to parents of dependent undergraduate students who are enrolled at least half-time
·
Maximum
amount is cost of attendance minus any other financial aid the student
receives
All of the identified types of aid can be
applied for immediately by filling out the FAFSA (Free Application for Federal
Student Aid)
If you need help completing the FAFSA it is free of charge, beware of scams that may charge you.
Federal student aid is financial assistance
through the U.S. Department of Education that's available if you're enrolled in
an eligible program as a regular student at a school participating
in our federal student aid programs.
Federal student aid covers school expenses such
as tuition and fees, room and board, books and supplies and transportation.
This aid can also help you pay for a computer and dependent child-care
expenses.