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Your financial aid package is likely to include funds from the federal student aid programs. These programs, described below, are administered by the U.S. Department of Education. It is important to note that not all schools participate in all federal student aid programs. Check with your high school guidance counselor or your school’s financial aid office to make sure your school participates in the federal program(s) you are interested in.
Federal Programs
With few exceptions Federal Pell Grants are available to undergraduate students only. Grants usually do not have to be repaid. Currently, the maximum annual amount is $5,550.
Current federal law has created several new student aid grant program called the Academic Competitiveness Grant (ACG). First-year undergraduate students will be eligible to receive up to $750. Second-year undergraduate students will be eligible to receive up to $1,300. To be eligible for an ACG each academic year, a student must be: a U.S. citizen, Federal Pell Grant eligible, enrolled full-time in a degree program, enrolled in the first or second academic year of his or her program of study at a two-year or four-year degree-granting institution, have completed a rigorous high school program of study (after January 1, 2006, if a first-year student, and after January 1, 2005, if a second year student). If a first-year student, not have been previously enrolled in an undergraduate program; and if a second-year student, have at least a cumulative 3.0 grade point average on a 4.0 scale for the first academic year. At the time that you complete your application, FAFSA on the Web will predetermine if you are eligible to answer the ACG questions.
The National Science and Mathematics Access to Retain Talent Grant (National SMART grant) is another new program. Third- and fourth-year undergraduate students will be eligible to receive up to $4,000 per year. To be eligible for a National SMART grant each academic year, a student must be: a U.S. citizen, Federal Pell Grant eligible, enrolled full-time, major in mathematics, science, technology, engineering, or a critical foreign language, enrolled in the third or fourth academic year of his or her program of study at a four-year degree-granting institution, have at least a cumulative 3.0 grade point average on a 4.0 scale.
The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program is available to students who plan to teach. In order to be eligible for awards of up to $4,000 per year, the candidate must have at least a 3.25 GPA for each payment period. Upon graduation, the student must teach full-time for at least four years within eight years of completing their program, in a school designated as Title I by the U.S. Department of Education, in a high needs subject area. Failure to fulfill the obligation causes the award to convert to a Federal Direct Unsubsidized Stafford Loan.
You may contact the financial aid office at your school for assistance regarding either of these two new grants.
Federal Stafford Loans are student loans that must be repaid and are available to both undergraduate and graduate students. As a result of the SAFRA Act, which was part of the Health Care and Education Reconciliation Act, beginning July 1, 2010, all new Stafford, PLUS, and Consolidation Loans will come directly from the U.S. Department of Education under the Direct Loan Program. First-year undergraduates are eligible for loans up to $3,500. Amounts increase for subsequent years of study, with higher amounts for graduate students. The interest rate for unsubsidized loans is fixed at 6.8 percent for loans disbursed on or after July 1, 2006.
The interest rate on subsidized Stafford Loans first disbursed between July 1, 2010 and June 30, 2011 is a fixed 4.5 percent. The interest rate on subsidized loans first disbursed to undergraduate students between July 1, 2011 and June 30, 2012 will be a fixed 3.4 percent.
If you qualify (based on need) for a subsidized Stafford loan, the government will pay the interest on your loan while you are in school, during grace periods and during any deferment periods. You are responsible for paying all of the interest that accrues on an unsubsidized Stafford Loan.
Federal PLUS Loans are unsubsidized loans made to parents. If you are independent or your parents cannot get a PLUS loan, you are eligible to borrow additional Stafford Loan funds. The interest rate is fixed at 8.5 percent for loans disbursed on or after July 1, 2006.
Campus-Based Programs
Campus-Based Programs are administered by participating schools. There are three of these programs:
Federal Supplemental Educational Opportunity Grants are grants available for undergraduates only; annual awards range from $100-$4,000.
Federal Work Study provides jobs to undergraduate and graduate students, allowing them to earn money to pay education expenses.
Perkins Loans are low-interest (5 percent) loans that must be repaid; the maximum annual loan amount is $5,500 for undergraduate students and $8,000 for graduate students.
State/School Programs
The financial aid office at the school you plan to attend is the best place to begin your search for free information. The financial aid administrator can tell you about student aid available from your state, the school itself and other sources.
The school is required to inform you of its aid procedures and deadlines, and how and when you’ll receive your aid award. Be sure that you’ve read and understood each school’s satisfactory academic progress policy and keep copies of your enrollment agreement, the school’s catalog, and all financial aid documents (especially loan documents) you receive.
You can also find free information about federal, state, school and private student aid in your local library’s reference section (usually listed under “student aid” or “financial aid”).
Student aid information may also be available from foundations, religious organizations, community organizations and civic groups, as well as organizations related to your field of interest, such as the American Medical Association or American Bar Association. You can also check with your parents’ employers or unions to see if they award scholarships or have tuition payment plans.
Source: FAFSA on the Web, US Department of Education (www.fafsa.ed.gov)
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