Government Grants Guide
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Federal Student Aid at a Glance
What is Federal Student Aid?Federal student aid is financial help if you’re enrolled in an eligible program* at a school participating in our federal student aid programs. (By “school,” we mean a four-year or two-year public or private educational institution, a career school, or a trade school.) Aid covers school expenses, including tuition and fees, room and board, books and supplies, and transportation. Most federal aid is need-based. The three most common types of aid are grants, loans, and work-study.
GRANTS, financial aid that does not have to be repaid. Generally, grants are for undergraduate students, and the grant amount is based on need, cost of attendance*, and enrollment status. Federal Pell Grants for the 2002-2003 school year ranged from $400 to $4,000. At the time this Guide was published, the maximum grant amount for 2003-2004 had not been determined. Federal Supplemental Educational Opportunity Grants (FSEOG) range from $100 to $4,000.
WORK-STUDY, lets students earn money while enrolled in school to help pay for education expenses.LOANS, borrowed money that must be repaid with interest. Both undergraduate and graduate students may borrow money. Parents may also borrow to pay education expenses for dependent undergraduate students. Maximum loan amounts depend on the student’s year in school.
Federal Stafford Loans are made to students and PLUS loans are made to parents through two loan programs.William D. Ford Federal Direct Loan (Direct Loan) Program: Eligible students and parents borrow directly from the federal government at participating schools. Direct Loans consist of Direct Stafford Loans, Direct PLUS Loans, and Direct Consolidation Loans.
Federal Family Education Loan (FFEL) Program: Private lenders provide federally guaranteed funds. FFELs consist of FFEL Stafford Loans, FFEL PLUS Loans, and FFEL Consolidation Loans. Perkins Loans are offered by participating schools to students that demonstrate the greatest need.
Who gets Federal Student Aid?
Some of the requirements (a complete list is available by clicking here) to receive aid from the U.S. Department of Education’s FSA programs are that you must be a U.S. citizen or eligible noncitizen* with a valid Social Security Number;
have a high school diploma or a General Education Development (GED)* certificate or pass an approved ability-to-benefit (ATB) test;
enroll in an eligible program* as a regular student* seeking a degree or certificate; and register (or have registered) with the Selective Service if you’re a male between 18 and 25.
How do you apply for Federal Student Aid?
1. Complete the Free Application for Federal Student Aid (FAFSA).
You have to submit your complete, correct FAFSA, but be sure to check the deadlines for state aid that the FAFSA lists. You might have to submit your FAFSA sooner than June 30; schools and states often set deadlines early in the calendar year that students must meet to receive certain types of funds. Apply as early as you can; you don’t want to miss out on other aid!You can get a FAFSA
online at www.studentaid.ed.gov;
from a high school guidance office;
from a college financial aid office;
from a local public library; or
from the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243)2. Review your Student Aid Report (SAR).
One to four weeks after you submit your FAFSA, we’ll send you a SAR (or a SAR Information Acknowledgement if you applied via the Internet). The SAR confirms the information reported on your FAFSA and will list your Expected Family Contribution (EFC)—see more info here. The EFC is an index of need that your financial aid administrator will use to determine the amount of federal student aid you qualify for.3. Contact the school(s) you may attend.
Talk with the financial aid administrators at the schools you’re interested in attending. They’ll review your SAR and prepare a letter outlining the amount of aid (from all sources) that their schools will offer you.
Federal Student Aid at a Glance
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