Federal Assistance
If you want to be considered for Federal financial
assistance, you must complete the Free Application for Federal
Student Aid (FAFSA). The quickest way to do this is online
at:
http://www.fafsa.ed.gov
The FAFSA can be filed no earlier than January 1st of the
year you will be attending. By filing the FAFSA, you college
will be able to tell you what types and amounts of Federal
financial aid resources you are qualified for.
Federal financial aid comes in three forms: grants, work
and loans.
Grant Programs
Federal Pell Grant
Available to the neediest students only
Up to $3125 annually
Based on EFC
Federal Supplemental Education Opportunity Grant
Available to extremely needy undergraduates only
Up to $3,000 annually
Average award tends to be $1,000
Based on EFC and must be Pell eligible
Work Programs
Federal Work Study
Available to students with need
Average award is $1,600 but can be more
Earnings excluded from Student Contribution portion of EFC
Can participate in Community Service positions off-campus
depending upon availability.
Award is paid directly to the student as a paycheck
Loan Programs
Federal Stafford Loan
FFELP/Direct
Subsidized - government pays interest for you
Unsubsidized - you pay the interest or defer interest until
graduation/cessation of attendance.
Variable interest rate capped at 8.25%
Up to 25 years to repay
Available to Undergraduate and Graduate Students
Range from $2,625 to $18,500 depending upon grade level
Federal Perkins Loan
Available to needy undergraduate and graduate students
Maximum award is $3,000
Average award is $1,000
School determines eligibility
5% fixed interest rate
No interest charged while enrolled at least half time
Payment begins 9 months after graduation or cessation of enrollment
on at least a half time basis
Federal PLUS Loan
Available to parents of undergraduate students
Variable interest rate capped at 9.00%
Payment begins after first or second disbursement depending
on lender
Up to 10 years to repay
Borrow up to Cost of Attendance minus financial aid including
other loans
Must be creditworthy
In all cases, your school's financial aid office will determine
your eligibility for the above sources of assistance. However,
you are free to select your lender (except for schools that
participate in Direct Lending)
The Department of Education has more information on programs
available to students. I strongly encourage you to visit:
The U.S. Department of Education
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