Government Aid Programs
understanding what's available from the federal government
Government (Federal) aid programs include student loans, grants, and work study. Depending on your financial need, your college can help tailor a aid program that helps pay the cost of college.
Below are six (6) quick summary federal aid programs for college
Page Topics:
government aid programs
Perkins Loans
Low-interest (5% percent) federal student loans awarded to undergraduate and graduate students with exceptional financial need.
The loan does not charge origination fees (unlike the Stafford and PLUS loans). Your school becomes the lender using funds shared by the federal government. You must repay this loan to your school. Your school must participate in the Federal Perkins Loan Program.
Loan Amounts
- up to $5,500 for each year of undergraduate study
- $8,000 for each year of graduate or professional study
- the total amount you can borrow as an undergraduate is $27,500 after you complete two years of undergraduate study; $60,000 for graduate and professional
- must be repaid to the school that made the loan
Interest Rates
- Current Rate: 5.0%
- there is no origination fees for this loan
- fixed interest rate loans that remain fixed for the entire term of the loan.
How do you apply for this loan?
- Your school is the lender. Not all school participate in the Federal Perkins Loan program. So first check your school financial aid office.
View more detail information and illustrations
(note: links to our companion site
www.SayCampusLife.com)
government aid programs
Stafford Student Loans
The most popular loan for education. The Stafford student loan is a federal government "direct" loan made by the government to student who qualify for student loans.
The Stafford loan is a guaranteed fixed rate student loan that covers all or part of your education-related expenses as certified by the institution. The loan is available for both undergraduate and graduate level programs.
Two types of Stafford (Direct) Loans:
- Subsidized Loan:
For undergraduate students only. No interest will be charged while you are in school at least half-time and during deferment periods. Eligible to those student who demonstrate need. - Unsubsidized Loan:
For undergraduate, graduate and professional degree students. Interest is charged on the loan during all periods that loan is outstanding.
Loan Amounts
- Varies by student grade level. The higher your credit earned, the higher amount of loan amounts: see loan chart
- repayment on the amount borrowed begins 180 days after graduation or separation from school.
- deferment plans are available
Interest Rates and Fees
- Current Rate: see rates
- your interest rate is fixed for the life of the loan
- interest on eligible amounts may be subsidized and unsubsidized
- no credit check or co-borrower needed
- loan fee that is a percentage of the borrowed amount will be charged when you take out your loan - so the amount you actually receive will be less than the amount you have to repay. This is the origination fee for the loan
How do you apply for this loan?
- Get with your college's financial aid office. They will have the information you need to complete and application and get approved based on your financial aid need.
View more detail information and illustrations
(note: links to our companion site
www.SayCampusLife.com)
government aid programs
PLUS Loans
Parents of undergraduate students - and graduate and professional students - are eligible under the PLUS program to borrow up to 100% of the undergraduate, graduate and professional education-related expenses as certified by the institution.
Who get this loan:
- Parents of Dependent Undergraduate Students:
eligible to borrow up to 100% of the cost of attendance (tuition, room and board, books, and even travel) minus any financial aid received by the student. Repayments begin 60 days after the first loan disbursement. - Graduate or Professional Degree Students:
eligible to borrow in your own behalf up to 100% of the cost of attendance (tuition, room and board, books, and even travel) minus any financial aid received. Repayments are deferred for 6 months after you cease to be enrolled at least half-time.
Loan Amounts:
- Eligible to borrow in your own behalf up to 100% of the cost of attendance (tuition, room and board, books, and even travel) minus any financial aid received
- You must apply for the annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a PLUS loan
- The federal government offers flexible repayment plans that can fit your budget
Interest Rates and Fees
- Current Rate: see rates
- federal PLUS loans are fixed rate loans that remain fixed for the entire term of the loan
- in order to qualify for the loan, you must pass a credit check as set by the federal government.
- loan fee that is a percentage of the borrowed amount will be charged when you take out your loan - so the amount you actually receive will be less than the amount you have to repay. This is the origination fee for the loan
How do you apply for this loan?
- Get with your college's financial aid office. They will have the information you need to complete and application.
View more detail information and illustrations
(note: links to our companion site
www.SayCampusLife.com)
government aid programs
Federal Grants
Grants are available to qualifying undergrad and graduate students that meet certain criteria. Grants are applied to the cost of education and do not need to be paid back.
Pell Grant
The most common federal grant. It is awarded to undergraduate students only (and in some cases, post-baccalaureate students in teacher certification programs). The amounts awarded range from $400-to-$5,775 per academic year. The Pell Grant is reserved for the neediest students.
See your school's financial aid office.
FSEOG Grant
The Federal Supplemental Education Opportunity Grant (FSEOG) is available for qualified undergraduate applicants who show exceptional financial need.
The amount you will receive will depends on the amount of other aid you get and the availability of FSEOG funds at participating schools. The amounts awarded range from $100-to-$4,000.
See your school's financial aid office.
TEACH Grant
The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program, provides up to $3,782 a year in grant assistance to students who are completing or who plan to complete course work needed to begin a career in teaching.
In exchange for the grant, a student must sign an agreement to serve as a full-time teacher at certain low-income schools or within certain high-need fields for at least four academic years.
See your school's financial aid office.
Iraq-Afghanistan Service Grant
If you are not eligible for a Pell Grant but your parent or guardian was a member of the U.S. Armed Forces and died as a result of service performed in Iraq or Afghanistan after Sept. 11, 2001 ...
... you are under 24 years old or enrolled in college at the time of your parent's or guardian's death, ...
... you will be eligible to receive an Iraq and Afghanistan Service Grant equal to the amount of a maximum Pell Grant for the award year, except that the amount will not exceed that cost of attendance for that award year.
See your school's financial aid office.
government aid programs
Work Study Programs
Federal work-study programs are available for both undergraduate and graduate students. The student works part-time on campus or in the community to earn money to help pay for school expenses. The amount of work is determine by the college and cannot exceed the work-study award.
The student works part-time on campus or in the community to earn money to help pay for school expenses. The goal is to provide work-aid for students who need extra funds. The school administers the program.
Contact your school's financial aid office for more information.
Award Amounts
- students are paid at the federal minimum wage (or more) on an hourly basis
- the wage is dependent upon your skill set and work requirement. Graduate students may be paid hourly or by salary
- work assignments can be on-campus and off-campus work in public-related services
- the amount of work is determined by your school and cannot exceed the Federal work-study award.
government aid programs
Military Service
Federal-merit scholarship program that will pay for college and provide a monthly allowance. Program available at approximately 600 colleges nationwide.
You must meet specific academic or physical fitness requirements to join. You will be required to complete a period of military service after you graduate.
For Information
Helpful Tools
Some helpful tools for making decisions:
(from our companion site: www.SayStudent.com)
