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The Federal government offers the following programs to help pay for college:
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Pell Grant
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Supplemental Educational Opportunity Grant (SEOG)
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TEACH Grant
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College Work Study
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Perkins Loan
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Direct Stafford Loan Programs
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Direct Parent PLUS Loan
Federal Pell Grant:- Must file FAFSA (Free Application for Federal Student Aid) at fafsa.gov
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Based on Need
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Up to $5,500 (proposed for 2011-2012)
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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)
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Must file FAFSA
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Based on need
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Limited funds
TEACH Grant:-
Teacher Education Assistance for College and Higher Education (TEACH) Grant Program
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Maximum Award:
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Up to $4,000 per year.
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Eligibility Criteria:
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enrolled in an eligible program, and
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agree to teach
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in a critical subject,
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in a critical geographical area,
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for at least four years within eight years of completing the program for which the TEACH Grant was awarded.
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Failure to teach requires repayment under terms of an unsubsidized Direct Loan.
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How to apply:
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Check with the financial aid office at your institution for availability and application procedures
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May not show on award letter unless you ask
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Federal College Work Study:-
Must file FAFSA
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Based on need
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Limited funds
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Students work up to 20 hrs/week- earn a paycheck.
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Usually on campus
Federal Perkins Loan:-
Federal Loan Program
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5% Interest
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Subsidized – No interest accrues while in school
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Administered by the College
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Need-based loan
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Funds are limited
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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 UnsubsidizedSubsidized Loan
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Must file FAFSA
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Need-Based Loan
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Interest paid by government while in school
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6 month grace period prior to repayment
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Interest rate: 3.4% fixed
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Fees: .5%
Unsubsidized Loan-
Must file FAFSA
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Not need-based
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Interest NOT paid but deferred while in school
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6 month grace period prior to repayment
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Interest rate: 6.8% fixed
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Fees: .5%
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Forgiveness for Teachers
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Five years of teaching service at a low income school anywhere in United States
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$5,000 in forgiveness
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Math, Science and Special Education teachers - $17,500 in forgiveness
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Public Service
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120 on time payments, remaining balance is forgiven
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To Apply
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Your school will provide instructions in the award letter.
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www.studentloans.gov
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Federal Direct Parent PLUS Loan:Loan made to parent of an undergraduate student-
Approval based on creditworthiness
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FAFSA normally not required (some schools may require)
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Loan limits based on ability to pay, can not exceed ‘cost of attendance’
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Payments begin 60 days after final disbursement of the loan or 6 months after the student exits school
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Interest rate: 7.9% fixed, unsubsidized
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Fees: 2.5 - 4%
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Your school will provide instructions on how to apply in the award letter
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