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 publications 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 StudentAid.ed.gov