What Federal Student Aid programs are available?
There are three categories of federal student aid: grants, work-study and loans. Check with your college to find out which programs your college participates in.
| Federal Student Aid Program | Type of Aid | Program Details | Annual Award Limits |
|---|---|---|---|
| Federal Pell Grant | Grant: does not have to be repaid | Available almost exclusively to undergraduates; all eligible students will receive the Federal Pell Grant amount they qualify for. | $400 to $4,310 (subject to change) |
| Federal Supplemental Educational Opportunity Grant (FSEOG) | Grant: does not have to be repaid | For undergraduates with exceptional financial need; priority is given to Federal Pell Grant recipients; funds depend on availability at the college. | $100 to $4,000 |
| Academic Competitiveness Grant (ACG) | Grant: does not have to be repaid | For undergraduates receiving Pell Grants who are U.S. citizens enrolled full-time in their first or second academic year of study. Funds depend on availability at the college. | |
| For first academic year students who have completed a rigorous secondary school program of study, graduated from high school after Jan. 1, 2006 and have not been previously enrolled in an undergraduate program. | First academic year students: up to $750 | ||
| For second academic year students who have completed a rigorous secondary school program of study, graduated from high school after Jan. 1, 2005 and have at least a 3.0 cumulative GPA at the completion of their first year of postsecondary study. | Second academic year students: up to $1,300 | ||
| National Science and Mathematics Access to Retain Talent Grant (National SMART Grant) | Grant: does not have to be repaid | 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. Funds depend on availability at the college. | Up to $4,000 for each of the third and fourth academic years |
| Teacher Education Assistance for College and Higher Education Grant (TEACH Grant) | Grant: does not have to be repaid if the student completes the required teaching obligation. |
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 Work-Study (FWS) | Money is earned while attending college; does not have to be repaid | For undergraduate and graduate students; jobs can be on campus or off campus; students are paid at least federal minimum wage. Funds depend on availability at the college. | No annual minimum or maximum award amounts |
| Federal Perkins Loan | Loan: must be repaid | Interest charged on this loan is 5 percent for both undergraduate and graduate students; payment is owed to the college that made the loan. Funds depend on availability at the college. | $4,000 maximum for undergraduate students; $6,000 maximum for graduate and professional degree students; no minimum award amount |
| Subsidized Direct or FFEL Stafford Loan | Loan: must be repaid | Subsidized: The U.S. Department of Education pays interest while the borrower is in college and during grace and deferment periods; you must be at least a half-time student and have financial need. | $3,500 to $8,500, depending on grade level |
| Unsubsidized Direct or FFEL Stafford Loan | Loan: must be repaid | Unsubsidized: The borrower is responsible for interest during the life of the loan; you must be at least a half-time student; financial need is not a requirement. | $3,500 to $20,500, (less any subsidized amounts received for the same period), depending on grade level and dependency status |
| Direct or FFEL Parent PLUS Loan | Loan: must be repaid |
|
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 | Loan: must be repaid |
|
Maximum amount is cost of attendance minus any other financial aid the student receives |
