FEDERAL STUDENT AID
Whatever type of school beyond high school you attend – whether it's a university, trade school, or community college - you have to be thinking about how you're going to pay for it. The cost of education continues to rise, but if you're determined to achieve the success that education beyond high school can bring, the investment is worth it. Federal Student Aid can help!
There are three different Federal Student Aid Programs:
GRANTS
Money that does not need to be paid back.
FWS
Federal Work-Study is money earned while attending school and does not need to be repaid.
LOANS
Money that must be repaid.
GRANTS
Federal Pell Grant
This grant is available almost exclusively to undergraduates. All eligible students will receive the Federal Pell Grant amount they qualify for. For the 2007-08 school year, the annual award limit for this grant is $400 to $4,310.
Federal Supplemental Educational Opportunity Grant (FSEOG)
This grant is for undergraduates with exceptional financial need. Priority is given to the Federal Pell Grant recipients and funds depend on availability at each school. The annual award limit for this grant is $400 to $4,000.
Academic Competitiveness Grant (ACG)
The ACG is for undergraduates receiving Pell Grants who are U.S. citizens enrolled full-time in their first or second academic year of study. For an applicants first academic year, the annual award limit is $750. For applicants in the second academic year, the annual award limit is $1,300.
National Science and Mathematics Access to Retain Talent Grant (National SMART Grant)
This grant is for undergraduates receiving Pell Grants, who are U.S. citizens enrolled full-time in their third or fourth academic year of an eligible degree program majoring in physical, life, or computer sciences, engineering, technology, mathematics or a critical-need foreign language and have at least a 3.0 cumulative GPA. The annual award limit is up to $4,000 each of the third and fourth academic years.
FEDERAL WORK-STUDY
Federal Work-Study
This program is for undergraduates and graduates. Jobs for this program can be found on or off campus and students are paid at least federal minimum wage. There are no minimum or maximum award amounts.
LOANS
Federal Perkins Loan
Interest charged on this loan is 5% for both undergraduate and graduate students. Payment is owed to the school that made the loan. The annual award limit is $4,000 for undergraduates and $6,000 for graduate and professional degree students.
Subsidized Direct or FFEL Stafford Loan
Subsidized: The 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 and have financial need. The annual award limit is $3,500 to $8,500 depending on grade level.
Unsubsidized Direct or FFEL Stafford Loan
Unsubsidized: The borrower is responsible for interest during life of the loan. Student financial need is not required for this program, however you must be at least a half-time student. The annual award limit is $3,500 to $20,500 (less any subsidized amounts received for the same period), depending on grade level and dependency status.
Direct or FFEL PLUS Loan
This loan is available to parents of dependent undergraduate students and graduate and professional students enrolled at least half-time. Financial need is not a requirement. PLUS loans are unsubsidized loans, which means the borrower is responsible for interest during the life of the loan. The maximum amount awarded is the cost of attendance (less any other financial aid the student receives). There is no minimum award amount.