What types of federal student aid programs are available?
Federal student aid is made up of three main types of aid:
- Grants - funds for college that do not have to be repaid.
- Work-study - part-time employment where you can earn funds while enrolled.
- Loans - borrowed funds. You must repay loans, with interest.
See below for a more detailed listing of each type:
| Federal Student Aid Program |
Program Details |
Annual Award Limits (subject to change) |
|
Federal Grants – funds for college that do not have to be repaid.
|
|
Federal Pell Grant
|
- Generally awarded to students who have not earned a bachelor's or graduate degree
- If you are eligible for a Pell Grant, you will receive the full amount you quality for
|
$890 to $4,731 a year
|
|
Federal Supplemental Educational Opportunity Grant (FSEOG)
|
- For undergraduates with exceptional financial need
- Federal Pell Grant recipients receive priority
- Not all colleges participate in the FSEOG program
- Funds depend on availability at the college; you should
apply by your college's deadline, so that you are considered
|
$100 to $4,000 a year
|
|
Academic Competitiveness Grant (ACG)
|
First academic year
|
- Must be eligible for a Pell grant
- Must be a U.S. citizen
- Must have graduated from high school after Jan. 1, 2006.
- Must have completed a rigorous secondary school program of study
- For full-time students enrolled in an eligible program
- Funds depend on availability at the college
|
Up to $750 a year
|
|
Second academic year
|
- Must be eligible for a Pell grant
- Must be a U.S. citizen
- Must have graduated from high school after Jan. 1, 2005.
- Must have completed a rigorous secondary school program of study
- For full-time students enrolled in an eligible program
- Must have at least a 3.0 GPA for the first academic year in an eligible program
- Funds depend on availability at the college
|
Up to $1,300 a year
|
|
National Science and Mathematics Access to Retain Talent Grant (National SMART Grant)
|
- Must be eligible for a Pell grant
- Must be a U.S. citizen
- For full-time students in third or fourth academic year
- Must be enrolled in an eligible degree program majoring in physical,
life, or computer sciences, engineering, technology, mathematics or a critical-need foreign language
- Must have a minimum 3.0 cumulative GPA
- Funds depend on availability at the college
|
Up to $4,000 a year
|
|
Teacher Education Assistance for College and Higher Education Grant (TEACH Grant)
|
- For undergraduate, post-baccalaureate, or graduate students who intend to teach at least
four years in a public or private elementary or secondary school that serves students
from low-income families.
- Students must attend a participating college, meet certain academic achievement requirements,
- and sign a TEACH Grant Agreement to Serve.
- If the required teaching obligation is not completed, the grant must be repaid as a Direct
Unsubsidized Stafford Loan. Funds depend on availability at the college.
For more information see the
TEACH Grant Fact Sheet.
|
Up to $4,000
|
| Federal Student Aid Program |
Program Details |
Annual Award Limits (subject to change) |
|
Federal Work-study – part-time employment where you can earn funds while enrolled.
|
|
Federal Work-Study (FWS)
|
- For undergraduate and graduate students
- Jobs can be on campus or off campus
- Students are paid at least federal minimum wage
- Not all colleges participate in the Federal Work-study program
- Funds depend on availability at the college
|
No annual minimum or maximum award amounts
|
| Federal Student Aid Program |
Program Details |
Annual Award Limits (subject to change) |
|
Federal Loans – borrowed funds. You must repay loans, with interest.
|
|
Federal Perkins Loan
|
- Your college is the lender; payment is owed to the college that made the loan
- For undergraduate and graduate students
- Interest charged on this loan is 5 percent
- Funds depend on financial need and availability at the college
- Not all colleges participate in the Federal Perkins Loan program
|
- Undergraduate students – up to $4000 a year
- Graduate and professional degree students – up to $6,000
|
|
Subsidized Direct or FFEL Stafford Loan
|
- Your lender will pay the interest while you are in college and during grace and deferment periods
- You must be at least a half-time student
- You must have financial need
- For undergraduate and graduate students
|
- Between $3,500 and $8,500
- Depends on grade level
|
|
Unsubsidized Direct or FFEL Stafford Loan
|
- You are responsible for the interest on the loan while you are in college and
during grace and deferment periods
- You must be at least a half-time student
- For undergraduate and graduate students
|
- Between $3,500 to $20,500, (less any subsidized amounts received for the same period),
- Depends on grade level and dependency status
|
|
Direct or FFEL Parent PLUS Loan
|
- For parents of dependent students
- Borrower is responsible for all the interest
- Must not have negative credit history
|
Maximum amount is
cost of attendance
minus any other financial aid the student receives
|
|
Direct or FFEL PLUS Loans for Graduate and Professional Degree Students
|
- For graduate and professional degree students
- Borrower is responsible for all the interest
- Must not have negative credit history
- Must have applied for your annual loan maximum eligibility under the Federal
Subsidized and Unsubsidized Stafford Loan Programs before applying for a
Graduate/Professional PLUS loan
|
Maximum amount is cost of attendance minus any other financial aid the student receives
|
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