Federal financial aid

Federal financial aid comes in three forms: grants, work study and loans.  The following web sites will explain the various federal financial aid options.

U.S. Department of Education - FREE Application for Federal Student Aid Web Site (FAFSA)

U.S. Department of Education - Federal student aid information.

The Student Guide is a comprehensive resource on student financial aid from the U.S. Department of Education.


Grants

Federal Pell Grant
Grant: does not have to be repaid
Details: Available almost exclusively to undergraduates; all eligible students will receive the Federal Pell Grant amounts they qualify for
Annual Award Amounts: $400 to $4,050 for 2004-2005; 2005-2006 amount will depend on program funding

Federal Supplemental Educational Opportunity Grant (FSEOG)
Grant: does not have to be repaid
Details: For undergraduates with exceptional financial need; priority is given to Federal Pell Grant recipients; funds depend on availability at school
Annual Award Amounts: $100 to $4,000

Work Study

Federal Work-Study
Money is earned while attending school; does not have to be repaid
Details: For undergraduate and graduate students; jobs can be on campus or off campus; students are paid at least minimum wage
Annual Award Amounts: No annual minimum or maximum award amounts


Loans

Federal Perkins Loan
Loan: must be repaid
Details: 5% loans for both undergraduate and graduate students; payment is owed to the school that made the loan
Annual Award Amounts: $4,000 maximum for undergraduate students; $6,000 maximum for graduate students;
no minimum award amount


Subsidized FFEL1 or Direct2 Stafford Loan
Loan: must be repaid; you must be at least a half-time* student
Details: Subsidized - U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods
Annual Award Amounts: $2,625 to $8,500, depending on grade level

Unsubsidized FFEL1 or Direct2 Stafford Loan
Loan: must be repaid; you must be at least a half-time student
Details: Unsubsidized - Borrower is responsible for interest during life of the loan; financial need not a requirement
Annual Award Amounts: $2,625 to $18,500, depending on grade level (includes any subsidized amounts received for the same period)

FFEL or Direct PLUS Loan
Loan: must be repaid
Details: Available to parents of dependent undergraduate students enrolled at least half time
Annual Award Amounts: Maximum amount is cost of attendance minus any other financial aid the student receives; no minimum award amount.