Federal Student Aid Program

Type of Aid

Program Details

Annual Award Limits

Federal Pell Grant

Grant:  does not have to be repaid

Need-based

Available almost exclusively to undergraduates; all eligible students will automatically receive the Federal Pell Grant amount for which they qualify.

$400 to $4,731 for 2008-09

Federal Supplemental Educational Opportunity Grant (FSEOG)

Grant:  does not have to be repaid

Need-based

For undergraduates with exceptional financial need; priority is given to Federal Pell Grant recipients; funds depend on availability at school.

Minimum Award = $100.  Maximum award limited by funding

Academic Competitiveness Grant (ACG)

Grant:  does not have to be repaid

Need-based

For undergraduates receiving Pell Grants who are US citizens enrolled full-time in their first or second academic year of study.

For first academic year students who have completed a rigorous secondary school program of study, graduated from high school after January 1, 2006, and have not been previously enrolled in an undergraduate program.   

For second academic year students who have completed a rigorous secondary school program of study, graduated from high school after January 1, 2005, and have at least a 3.0 cumulative GPA at the completion of their first year of postsecondary study.

First  academic year students:  up to $750 

Second academic year:  up to $1,300

National Science and Mathematics Access to Retain Talent Grant (National SMART Grant)

Grant:  does not have to be repaid

Need-based

For undergraduates receiving Pell Grants, who are US citizens enrolled full-time in their third or fourth academic year of an eligible degree program majoring in physical, life, or computer sciences, engineering, technology, mathematics, and or critical-need foreign language and have at least a 3.0 cumulative GPA.   

Up to $4,000 for each of the third and fourth academic years

Federal Work-Study (FWS)

For more info, click HERE.

Money is earned while attending school; does not have to be repaid

Need-based

For undergraduate and graduate students; jobs are on-campus.  Students are paid at least federal minimum wage. 

$500 minimum award.

Federal Perkins Loan

For more info, click HERE.

Loan:  must be repaid

Need-based

Interest charged on this loan is 5 percent for both undergraduate and graduate students; payment is owed to the school the made the loan.   

No minimum award amount. Maximum awards limited by funding

Subsidized Stafford Loan

For more info, click HERE.

Loan:  must be repaid

Need-based

Subsidized:  US Department of Education pays interest while the borrower is in school and during grace and deferment periods; you must be at least a half-time student and have financial need.

$3,500 to $8,500 depending on grade level

Unsubsidized Stafford Loan

For more info, click HERE.

Loan:  must be repaid

Not

Need-based

Unsubsidized:  Borrower is responsible for interest during life of the loan; you must be at least a half-time student; financial need is not a requirement.  

 $3,500 to $20,500 (less any subsidized amounts received for the same period), depending on grade level and dependecy status

PLUS Loan

For more info, click HERE.

Loan:  must be repaid

Not

Need-based

Available to parents of dependent undergraduate students who are enrolled at least half-time.  The PLUS loan Program is now also available to graduate and professional degree students. Financial need is not a requirement. 

PLUS Loans are unsubsidized:  Borrower is responsible for interest during the life of the loan.