Federal Student Aid
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 $4,731 annually
- Based on EFC
Federal Supplemental Education Opportunity Grant
- Available to extremely needy undergraduates only
- Up to $4,000 annually
- Average award tends to be $1,000
- Based on EFC and, generally must be Pell eligible
- School determines eligibility (campus-based aid program)
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.
- Fixed interest rate of 6.8%
- Up to 25 years to repay
- Available to Undergraduate and Graduate Students
- Range from $3,500 to $18,500 depending upon grade level/dependency status
- For more detailed information see: Loans
Federal Perkins Loan
- Available to needy undergraduate and graduate students
- Maximum award is $3,000
- Average award is $1,000
- School determines eligibility (campus-based aid program)
- 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
- For more information see: Loans
Federal PLUS Loan
- Available to parents of undergraduate students
- Fixed interest rate of 8.5%
- Payment usually begins 45 to 60 days after second disbursement
- Up to 10 years to repay
- Borrow up to Cost of Attendance minus financial aid including other loans
- Must be creditworthy
- For more information see: Loans
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 — see Loans)
The Department of Education has more information on programs available to students. I strongly encourage you to visit: