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The federal government provides more than $80 billion each year in grants (which don't have to be paid back) and loans (which have to be repaid after you graduate).
To find out what aid you are eligible for, you have to start by submitting the Free Application for Federal Student Aid (FAFSA) to the U.S. Department of Education.
Most federal aid programs are based on financial need. To be eligible for these programs, you must: - be a U.S. citizen or an eligible noncitizen;
- have a valid Social Security number;
- have a high school diploma or the equivalent;
- be enrolled or accepted for enrollment in an eligible program of study pursuing a degree, a certificate, or another recognized credential;
- maintain satisfactory academic progress in college by completing courses according to school standards; and
- not have eligibility suspended or terminated due to a drug-related conviction.
Males ages 18 to 25 also must be registered with the Selective Service.
If you are eligible for one or more of these programs, it will be listed on your Financial Aid Award Notification letter.
To find out more about these grants and loans, go to http://studentaid.ed.gov.
Grant
| Award amount
for 2010-11 | Additional eligibility requirements | Pell Grants
| Up to $5,550 | Primarily for undergraduate students who have not earned a bachelor’s (four-year) or a professional degree. | Academic
Competitiveness Grants
| First undergraduate year: up to $750
Second undergraduate year: up to $1,300 | Must be a U.S. citizen and Pell Grant recipient and must have successfully completed a rigorous high school curriculum.
Second-year students must maintain a cumulative grade point average (GPA) of at least 3.0 on a 4.0 scale. | Teacher Education Assistance for College and Higher Education (TEACH) Grant Program
| Up to $4,000 per year | Must score above the 75th percentile on a college admissions test or maintain a cumulative GPA of at least 3.25, and must be enrolled in or plan to complete coursework necessary to begin a teaching career.
Must agree to teach full time in a high-need field in a school that serves low-income students for at least four academic years. | Federal Supplemental Educational Opportunity Grants
| $100 to $4,000
per year | Priority given to undergraduate students who receive a Pell Grant. | National Science & Mathematics Access to Retain Talent (SMART) Grants
| Up to $4,000 per year for the third and fourth years of undergraduate study | For full-time students in their third or fourth year of a math, science, or other eligible bachelor’s (four-year) degree program. Must be eligible for a Pell Grant and a U.S. citizen and must have a cumulative GPA of at least 3.0 on a 4.0 scale. |
Loan
| Maximum amount that can be borrowed for 2009-2010 | Interest rate for 2009-10 | Perkins Loans
| Undergraduate — up to $5,500 a year (maximum of $27,500)
Graduate — up to $8,000 a year (maximum of $60,000, including amount borrowed as an undergraduate) | 5 percent | Stafford Loans
| Up to $5,500 for dependent,
undergraduate first-year students
Up to $20,500 per year for graduate or professional degree students
Note: In addition to filling out the FAFSA, you will need to sign a master promissory note, specifying the conditions under which you are borrowing and the terms for repaying the loan.
| Subsidized —
4.5 percent (when first disbursement of the loan is after July 1, 2010, and before July 1, 2011)
Unsubsidized and Graduate —
6.8 percent | | Parent or Graduate/Professional PLUS Loans | Your cost of attendance minus other aid you receive.
Note: To apply, you will need to complete an application, which you can get from the financial aid office, and a master promissory note.
| 7.9 percent or 8.5 percent, depending on the type of loan |
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