www.studentaid.ed.gov<\/a> for more information.<\/p>\nAcademic Competitiveness and SMART Grants<\/strong>
\nThese programs are for qualifying recipients of Pell Grants. For incoming freshmen and sophomores, there are Academic Competitiveness Grants. Recipients must have completed a rigorous high school curriculum and meet other requirements. SMART Grants are available to juniors and seniors pursuing certain areas of study, including math, engineering, and critical foreign languages.<\/p>\nFederal Supplemental Educational Opportunity Grant (FSEOG)<\/strong>
\nThese grants are for students with exceptional need who have not yet earned a bachelor’s or first-professional degree, and can range from $100 to $4,000. The FSEOG is a campus-based program; the amount awarded depends on available funds at each participating school, the college’s policy, the total tuition cost, and the amount of other aid awarded. Priority is given to federal Pell Grant recipients with the highest need.<\/p>\nFederal Perkins Loan<\/strong>
\nThis low-interest loan program, the oldest administered by the U.S. Department of Education, is open to college, graduate, and professional students. Interest does not accrue while the borrower is enrolled at least half time and repayment begins nine months after graduation or after the borrower is no longer enrolled at least half time. Under certain conditions (e.g., teaching in a low-income school district, serving in the Peace Corps, etc.), the loan amount may be forgiven or reduced.<\/p>\nFederal Work-Study (FWS)<\/strong>
\nBoth undergraduate and graduate students can qualify for Federal Work-Study (FWS) awards. The number of hours worked and wages earned vary from school to school, but students must be paid at least the minimum wage. The government pays about 75 percent of the wages and the school provides the rest. This award must be earned and is coordinated through the college financial aid office. Work can either be on or off campus, at the school’s discretion.<\/p>\nFederal Stafford Loans (Subsidized)<\/strong>
\nStafford loans are available from lenders to both undergraduate and graduate students who attend a school that participates in the Federal Family Education Loan (FFEL) Program. The interest is paid by the government while the borrower is in school and during a grace or deferment period. The interest rate is fixed at 6.8 percent (or less in some cases).<\/p>\nWilliam D. Ford Direct Stafford Loans (Subsidized)<\/strong>
\nThis program is almost identical to the Federal Stafford Loan program, except the funds are from a different source and there are slightly different application and repayment processes. This loan is only available at schools that participate in the U.S. Department of Education’s Direct Loan Program<\/p>\nNon-Need-Based Federal Student Aid Programs<\/h2>\n
Federal Stafford Loans (Unsubsidized)<\/strong>
\nUnsubsidized Stafford loans made under the FFEL Program provide assistance to undergraduate and graduate students who do not demonstrate need but could benefit from a low-interest loan. These loans are funded by lenders. Students must either pay the interest as it accrues or repay it after leaving school. The interest rate is fixed at 6.8 percent. This loan may be used to replace the Expected Family Contribution.<\/p>\nWilliam D. Ford Direct Loans (Unsubsidized)<\/strong>
\nThis program is almost identical to the Federal Unsubsidized Stafford Loan program, except there are slightly different application and repayment processes. The loans are funded by the U.S. Department of Education.<\/p>\nFederal PLUS Loans<\/strong>
\nThis is a FFEL Program loan intended to help parents of undergraduate students finance their education. A parent cannot borrow more than the student’s cost of attendance minus other financial assistance. The interest rate is fixed at 8.5 percent. Repayment begins 60 days after the money is advanced, and fees of up to four percent may be subtracted from the loan amount. There is a credit check.<\/p>\nDirect PLUS Loans<\/strong>
\nThis program is almost identical to the Federal PLUS Loan, except there are slightly different application and repayment processes. The interest rate is fixed at 7.9 percent. The loans are funded by the U.S. Department of Education.<\/p>\n<\/p>\n