guide to financial aid
Post on 25-May-2015
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Guide to Financial Aid
Financial Aid helps students pay for college or a career school. It comes in the form of Grants, Scholarships, Loans and Work-Study programs.
FREE MONEY
Grants• Awarded based on a student’s financial
need, such as low income
Scholarships• Awarded based on a student’s financial
need or merit, such as exceptional academic achievement or a special talent
Free MoneyFinancial Aid that does not have to be repaid
• There are 4 Federal Grants designed to support students attending four-year universities, community colleges and career schools.
Grants
FEDERAL PELL GRANT
• Designed for anyone who qualifies
• Designed for students with exceptional financial need
FEDERAL SUPPLEMENTAL
EDUCATION OPPORTUNITY
GRANT
FEDERAL TEACH GRANT
• Designed for students wishing to teach in a high need field for a low income area
• Designed for students who lost a parent overseas and were enrolled or under the age 24 at the time of their parent’s death
FEDERAL IRAQ & AFGHANISTAN
SERVICE GRANT
Federal Grants
• There are thousands of Scholarships, which can come from Schools, Employers, Individuals, Private Companies, Nonprofit Organizations, Communities and Religious Groups.
Scholarships
EARNED & BORROWED MONEY
Loans• Allows students to pay for college with
borrowed money
Work-Study• Allows students to pay for college with
earned money
Earned & Borrowed Money
Private Loans• Distributed by private lenders, such as
banks, credit unions, state agencies and schools
Federal Loans• Distributed by the Federal Government
through either the Perkins Loan or William D. Ford Direct Loan Program
LoansFinancial Aid that must be paid back with interest
Federal Perkins Loan• Offers financial assistance to
students with exceptional need
William D. Ford Direct Loan Program• Offers 4 Direct Loan options
Federal Loan Programs
William D. Ford Direct Loan ProgramDirect Subsidized Loans• Available to undergraduate students
demonstrating financial need
Direct Unsubsidized Loans• Available to undergraduate, graduate and
professional students regardless of financial need
Direct PLUS Loans• Available to graduate, professional and parents of
dependent undergraduate students
Direct Consolidation Loans• Available to federal loan recipients and allows any
existing loans to be consolidated into a single loan
• Work-study programs offer part-time work to undergraduate, graduate and professional students with financial need.
Work-StudyFinancial Aid that is earned working on or off campus
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