• The Federal government offers the following programs to help pay for college:
    • Pell Grant
    • Supplemental Educational Opportunity Grant (SEOG)
    • TEACH Grant
    • College Work Study
    • Perkins Loan
    • Direct Stafford Loan Programs
    • Direct Parent PLUS Loan
    Federal Pell Grant:
    • Must file FAFSA (Free Application for Federal Student Aid) at fafsa.gov
    • Based on Need
    • Up to $5,500 (proposed for 2011-2012)
    • Award based on enrollment status, FT, PT or Less than half-time
    Supplemental Educational Opportunity Grant (SEOG):
    •  Up to $4,000 a year (Depending on school)
    • Must file FAFSA
    • Based on need
    • Limited funds
    TEACH Grant:
    • Teacher Education Assistance for College and Higher Education (TEACH) Grant Program 
    • Maximum Award:
      • Up to $4,000 per year.
    • Eligibility Criteria:
      • enrolled in an eligible program, and
      • agree to teach
        • in a critical subject,
        • in a critical geographical area,
        • for at least four years within eight years of completing the program for which the TEACH Grant was awarded.
    • Failure to teach requires repayment under terms of an unsubsidized Direct Loan.
    • How to apply:
      • Check with the financial aid office at your institution for availability and application procedures
      • May not show on award letter unless you ask
    Federal College Work Study:
    • Must file FAFSA
    • Based on need
    • Limited funds
    • Students work up to 20 hrs/week- earn a paycheck.
    • Usually on campus
    Federal Perkins Loan:
    • Federal Loan Program
    • 5% Interest
    • Subsidized – No interest accrues while in school
    • Administered by the College
    • Need-based loan
    • Funds are limited
    • Forgiveness for Teaching and Health Related Professions
    Federal Direct Stafford Loan:
     Loan made to the student:
     Loan Limits are based on grade level:  Freshman is $5500 combined between Subsidized and Unsubsidized

    Subsidized Loan

    • Must file FAFSA
    • Need-Based Loan
    • Interest paid by government while in school
    • 6 month grace period prior to repayment
    • Interest rate: 3.4%  fixed
    • Fees: .5%
    Unsubsidized Loan
    • Must file FAFSA
    • Not need-based
    • Interest NOT paid but deferred while in school
    • 6 month grace period prior to repayment
    • Interest rate: 6.8% fixed
    • Fees: .5%


    • Forgiveness for Teachers
      • Five years of teaching service at a low income school anywhere in United States
        • $5,000 in forgiveness
        • Math, Science and Special Education teachers - $17,500 in forgiveness
    • Public Service
      • 120 on time payments, remaining balance is forgiven
    • To Apply
      • Your school will provide instructions in the award letter.
      • www.studentloans.gov
     Federal Direct Parent PLUS Loan:
    Loan made to parent of an undergraduate student
    • Approval based on creditworthiness
    • FAFSA normally not required (some schools may require)
    • Loan limits based on ability to pay, can not exceed ‘cost of attendance’
    • Payments begin 60 days after final disbursement of the loan or 6 months after the student exits school
    • Interest rate:  7.9% fixed, unsubsidized
    • Fees: 2.5 - 4%
    • Your school will provide instructions on how to apply in the award letter