Federal Aid Programs - Overview

(grants, loans, work study with descriptions of major federal programs)

There are many student aid programs that an applicant might qualify for. It is important for you to understand the differences between these programs so you can accurately assess the strengths of each award, especially if you are looking into more than one college or comparing award letters.

Generally there are three main types of financial aid, grants, loans and work study. The Federal Government has created aid programs in each of these categories. The following will help you learn more about the most common Federal Aid programs:

Federal Pell Grant - Need based grant program for undergraduate students. Eligibility is based on Federal EFC (Awards in 1999 - 2000 up to $3,125) 

Federal Supplemental Education Opportunity Grant (FSEOG) Grant - Need based grant program for undergraduate students provided to colleges. The College, within Federal guidelines, establishes eligibility criteria. 

Federal Perkins Loan - Subsidized loan with a 5% fixed interest rate, flexible repayment terms and numerous deferment options 

Federal Stafford Loan - Funded by private lenders and guaranteed by Federal government, both need based (Subsidized) and non-need based (Unsubsidized) loans are available. (see Loan Terms) 

Federal Work Study - The college creates on-campus or community service positions for students who are paid for their work.

ED Link - Visit the Department of Educations website for additional programs. The Department of Education publishes the Student Guide. This annual publication provides an excellent overview on college selection, financial aid application and award process. You can access the online version of the Student Guide at the following link:

Student Guide Link

State Agencies:

Virtually all states have financial aid programs for students who are either residents of or are attending college in a particular state. Some programs offer in-state residents low cost tuition to public schools. Other programs offer direct scholarship or loan programs to students. You should check for information about your own state's programs, eligibility and application requirements. Follow this link to the U.S. Department of Education's list of state scholarship agencies.

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