Financial Student Aid Summary
Do you need help paying for college or for a career or vocational school? This section is a quick reference to our federal student aid programs and how to apply for this aid. The rest of this pubications provides more detail of what you need to know.
|Federal Student Aid
|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 for 2007-2008|
|Federal Supplemental Educational Opportunity Grant (FSEOG)||Grant that 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 school.||$100 to $4,000|
|Academic Competitiveness Grant (ACG)||Grant does not have to be repaid||
For undergraduates receiving Pell Grants who are US citizens enrolled full-time in their first or second academic year* of study.
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.
For second academic year* students who have completed a rigorous secondary school program of study, graduated form 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.
First academic year* students:
Second academic year* students:
|National Science and Mathematics Access to Retain Talent Grant (National SMART Grant)||Grant does not have to be repaid||For undergraduate receiving Pell Grants, who are US 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.||Up to $4,000 for each of the third and fourth academic years*|
|Federal Work-Study (FWS)||Money is earned while attending school; 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.||No annual minimum or maximum awards 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 school that made the loan.||$4,000 maximum for undergraduate students;
$6,000 maximum for graduate and professional degree students; no minimum award amount
|Subsidized Direct of FFEL Stafford Loan||Loan: must be repaid||Subsidized: US Department of Education pays interest while borrower is in school 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 of FFEL Stafford Loan||Loan: must be repaid||Unsubsidized: Borrower is responsible for interest during life of loan; you must be at least a half-time* student; financial need is not a requirement.||$3,500 to $20,000 (less any subsidized amounts received for the same period), depending on grade level and dependency status|
|Direct or FFEL Plus Loan||Loan: must be repaid||
Available to parents of dependent undergraduate students and graduate and professional students enrolled at least half-time* Financial need is not a requirement.
PLUS Loans are unsubsidized: Borrower is responsible for interest during the life of the loan.
|Maximum amount is cost of attendance* minus any other financial aid the student receives; no minimum award amount.|
The information in this guide was complied in summer 2007. For any changes to the federal student aid programs since then, visit FederalStudentAid.ed.gov and click on "Students, Parents and Counselors." Any new information will appear in the "Announcements" section.