Federal Student Aid
Federal student aid helps more than 10 million students each year with grants, low-interest loans and work-study programs. Federal student aid covers school expenses like tuition and fees, room and board, books and supplies and transportation. This aid can also help you pay for a computer and dependent child-care expenses.
The US Department of Education publishes an excellent FREE guide to help answer questions about federal aid:
Before you can get federal and state financial aid, you need to complete the Free Application for Federal Student Aid (FAFSA).
Or ask for a free copy by calling the Federal Student Aid Information Center:
- 1-800-4-FED-AID (1-800-433-3243)
- 1-800-730-8913 (if hearing impaired)
Following are some of the Federal programs offered:
- Pell Grant - The Pell Grant program is the country's largest grant program and is available for low-income students. When you file the Free Application for Federal Student Aid (FAFSA), you're automatically considered for a Pell Grant. Pell Grants, unlike a loan, do not have to be repaid.
- Federal Supplemental Educational Opportunity Grant (FSEOG) - The FSEOG is awarded to students with a significant financial need. Those students receiving a Pell Grant are given priority for FSEOG awards. Each school who participates in the FSEOG program decides how to award these funds. It is important to apply early to be considered. Check with your school's financial aid office to find out if they participate in this program. Like Pell Grants, FSEOGs don't have to be paid back.
- Federal Work Study - You can work part-time to earn money for your education. This program is available to full-time and part-time students and is managed by schools participating in the program. Check with your school's financial aid office to find out if they participate in this program.
- Federal Perkins Loan - Federal Perkins Loans are often available to students with exceptional financial need. The school makes this type of low-interest loan with government funds that the student must repay to the school. The amount received is determined by the school's financial aid office. You typically have up to 10 years to repay, depending on the amount owed. Check with your school's financial aid office to find out if they participate in this program.
- Stafford Loan - Federal Family Education Loan Program - This loan is provided by private lenders, such as banks, credit unions, and savings & loan associations. These loans are guaranteed against default by the federal government. You have between 10 and 25 years to repay, depending on amount owed and the type of repayment plan selected.
- Stafford Loan - Federal Direct Student Loan Program - The lender is the US Department of Education. You have between 10 and 25 years to repay, depending on amount owed and the type of repayment plan selected.